Ladies and gentlemen, good day and welcome to the Mankind Pharma Q3 and Nine-Month FY 2026 Results Conference Call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference, please signal an operator by pressing * then 0 on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Abhishek Agarwal, Head Investor Relations and AVP Strategy at Mankind Pharma. Thank you, and over to you, sir. Thanks, Darwin. Good evening, everyone, and welcome to our third quarter and nine-month FY 2026 earnings call. On the call today, we have Mr. Rajeev Juneja, our Vice Chairman and Managing Director, Mr. Sheetal Arora, Chief Executive Officer and Whole-Time Director, Mr. Arjun Juneja, Chief Operating Officer, Mr. Sudipta Roy, Senior President Sales and Marketing, Mr. Ashutosh Dhawan, Global Chief Financial Officer, and Mr. Prakash Agarwal, President Strategy. We will begin with Rajeev Juneja's providing quarterly overview, followed by business insights shared by Mr. Sheetal Arora. Mr. Ashutosh Dhawan will then share the detailed financial performance, and after which we will move to the Q&A. Please note that this call may include forward-looking statements that represent management's current expectations. These are subject to risk and uncertainties, and actual results differ materially. Mankind has no obligation to update or revise these statements going forward. For detailed disclaimers, please refer to our investor presentation uploaded on our website. Now I hand it over to Rajeev sir for his comments. Over to you, Rajeev sir. Thank you, Abhishek, and a very good evening to all. Welcome to quarter three, nine-month FY 2026 earnings call. In quarter three, our overall revenue increased by 11.5% year-on-year, to INR 3,567 crore, with the adjusted EBITDA margin of 25.9%. In nine months, 2026 revenue increased by 18.7% year-on-year, to INR 10,835 crore, with adjusted EBITDA margin of 24.9%. The past few months have been pivotal for the company, as the disruptive changes undertaken have led to meaningful improvement in our workforce stability, and teams gradually gaining maturity and confidence. Simultaneously, we sharpened our focus on optimizing brand portfolio, reinforcing our presence in core markets, with an improved emphasis on key therapies, and expanding our corporate hospital penetration. These actions are now translating into trends of gradual recovery. In quarter three, our domestic business recorded a year-on-year growth of 11.1%, supported by improving volume growth in Mankind's domestic pharma business, continued strong momentum in the chronic performance, and strong growth from BSV domestic portfolio. In Mankind's overall, PCPM has also improved to INR 7.2 lakh as on December 31, 2025, from INR 6.5 lakh as of March 31, 2025, on a trailing 12-month basis. Further, our secondary sales during the quarter grew by 8.5% year-on-year. We continue to do well in our focus area of chronic therapies, as we witnessed strong growth of 16.7% in cardio and 14.4% in antidiabetic in quarter three. In nine months, financial year 2026, our chronic contribution increased by 200 basis points year-on-year, to 36.7% versus 34.7% last year, primarily led by continued outperformance of 1.2x IPM ex-GLP1. We outperformed IPM by 1.2x, 2x in cardio and 2.2x in anti-diabetic ex-GLP1. While acute segment remained softer in quarter three, we expect gradual recovery from coming quarters, driven by strategic initiatives undertaken in last few quarters. Our focus on building scale and maximizing reaching translated into strong brand performance during MAT December 2025. One of the chronic brands, Glizid, which we acquired from Panacea in 2022, is now INR 200 crore+ family, growing at a CAGR of 30%. In total, four brand families crossed an important revenue milestone, as the count of INR 200 crore+ brands increased from 11 in financial year 2025 to 13, and INR 50 crore brands have also increased from 49 in 2025 to 51 in MAT December 2025. In parallel, our digital transformation initiatives are shaping a new-age organization, driven by enhancing agility and efficiency. These efforts, combined with improving trends across the business, strengthen our position to deliver sustainable long-term growth. I now invite Sheetal to provide more details on our business performance. Good evening, everyone, and thank you for joining us today. It's a pleasure to welcome you all in quarter three and nine-month financial year 2026 earnings call. Let me begin with an update on our domestic business, which continues to show steady and healthy momentum. In quarter three financial year 2026, our domestic revenue grew 11.1% year on year to INR 3,046 crore, supported by strong organic growth of 9.1%, excluding OTC. For the first nine months of financial year 2026, domestic revenues increased 14.8% to INR 9,331 crore, with organic growth of 8.2%, excluding OTC. I'm particularly encouraged by the strong traction in our new launches during this quarter. Our inhaler portfolio, including Symbicort and Combihale, continued to grow at 30%, delivering 1.3x the growth of the IPM. In gastro, Vonalong recorded an impressive 86% year-on-year growth, significantly outperforming the IPM growth of 54%, and achieved the number one rank in nine-month financial year 2026. In cardio, Crenzlo has emerged as a number one brand in the branded generic category, with strong 92% year-on-year growth. During the year so far, we have introduced niche chronic therapies, including Adliv for chronic liver disorder, HER2 pertuzumab-based biosimilar, and two products in neuro CNS segment, Eptoin and Siera. All these brands are seeing encouraging early traction. Moving to our OTC business, performance improved sequentially during the quarter. OTC revenue grew 5.2% year-on-year in quarter three compared to the decline in quarter two. For nine-month financial year 2026, OTC revenues increased 5.6% despite some softness in the general trade channel, which we expect to improve in the coming quarter. Our key OTC brands continue to perform well at the consumer level. Secondary sales of Gas-O-Fast, Manforce, and Unwanted grew 33%, 8%, and 36% respectively during quarter three. Modern trade and e-commerce channels registered over 40% growth, increasing their contribution to 13% of OTC sales, up from 10% last year. Coming to our international business, export revenues grew 14% year-on-year to INR 521 crore in quarter three this year. For 9-month financial year 2026, exports increased 51% to INR 1,503 crore. As part of our ongoing commitment to global quality standards, our Udaipur facilities have received EU GMP certification, further strengthening our international capabilities. Turning to the BSV business, the portfolio delivered double-digit growth in quarter three, driven by strong performance across both domestic specialty and exports. The restructured prescription portfolio, which transitioned to Mankind effective 1st of November 2025, has performed really well. For the nine-month financial year 2026, the BSV prescription business has already surpassed financial year 2025 sales. As we move forward, our focus remains firmly on disciplined execution and sustainable growth. The corrective actions we have taken are strengthening our foundation, and we expect their impact to become increasingly visible in the coming quarters over the next few years. With clear strategic priorities and a strong portfolio, we remain confident in our ability to create long-term value for our investors. With that, I will now hand over to Ashutosh Ji, who will take you through the financial performance in detail. Thank you so much. Thank you, Sheetal Ji. Good evening, everyone. I'm delighted to have you all with us on our Q3 and nine-month FY 2026 earnings call. As you are aware that BSV acquisition got completed in Q3 FY 2025 last year, therefore this quarter will have comparative figures, including BSV. However, the same is on a partial basis, as BSV was consolidated for 69 days in Q3 FY 2025 last year as compared to the full quarter in Q3 FY 2026. Accordingly, the gap between organic and inorganic has reduced significantly in this quarter, and from the next quarter, the same will get normalized. Let me give you a brief of the financial highlights of our quarterly performance for quarter three FY 2026. Our revenue from operations during quarter three FY 2026 has increased by 11.5% year-over-year basis, to INR 3,567 crore as compared to INR 3,199 crore in Q3 FY 2025. This is driven by 11.1% growth in domestic business and 14.1% growth in the export business year-on-year basis. Our gross margins for the quarter have increased by 170 basis points year-on-year basis, to 72.6% from 70.9% in Q3 FY 2025. This increase is a combination of sales price increase effect, favorable sales mix, and release of certain inventory-related accruals which we made in Q1 FY 2026, as we were able to liquidate some of the slow and non-moving stocks during the current quarter. However, on a YTD basis, the gross margin for the nine-month FY 2026 stands at 71.4%, in line with the gross margin for the nine-month FY 2025. Our adjusted EBITDA margin for the quarter is 25.9% as compared to 27.6% in Q3 FY 2025. This decline of 170 basis points is largely attributable to an increase in R&D cost by 70 basis points, and the balance is due to higher employee cost. Accordingly, the adjusted EBITDA margin for nine-month FY 2026 is 24.9%, which is closer to the lower end of our EBITDA guidance. Our reported EBITDA margin for the quarter is 22.9%, which is lower by 300 basis points as compared to the adjusted EBITDA margin of 25.9% in Q3 FY 2026. This decrease is attributable to exceptional items comprising new labor code adoption, stamp duty on slump sale of BSV branded generic business within the group, and impairment of some non-current surplus assets. The R&D expenses for the quarter were INR 102 crore, which is at 2.9% of the sales, and the same is higher than the R&D spend of 2.2% of sales during Q3 FY 2025. The R&D expense for Q3 FY 2026 remains within the range of 2.5%-3% of our guidance for the full year. The finance cost for Q3 FY 2026 has decreased to INR 157 crore from INR 170 crore in Q2 FY 2026. This reduction is primarily driven by repayment of the last tranche of commercial papers worth INR 1,500 crore in October 2025. In Q3 FY 2026, the depreciation and amortization expenses have increased to INR 223 crore as compared to INR 187 crore in Q3 FY 2025, which is primarily driven by the full quarter impact of depreciation and amortization impact related to BSV assets. The current quarter depreciation and amortization expense is in line with the previous quarter expense, which was at INR 222 crore. The consolidated effective tax rate for nine-month FY 2026 was at 17.6%, which is lower than the consolidated effective tax rate of 21.2% in nine-month FY 2025. The profit after tax for Q3 FY 2026 has grown by a 9.5% year-on-year basis, to INR 414 crore, with a PAT margin of 11.6% during the quarter as compared to 11.8% in quarter three FY 2025, resulting in a drop of 20 basis points, which is primarily due to the drop in the EBITDA margins partially offset by a reduction in the finance cost. Our diluted EPS is INR 9.9 per share of INR 1 paid for the current quarter. The cash EPS, which is EPS adjusted for non-cash items like depreciation and amortization, has increased during the quarter to INR 15.6 from INR 13.9 in quarter three FY 2025, which is an increase of 12.1% year-on-year basis. The net operating working capital days for the quarter on a trailing 12-month basis is at 51 days as compared to 52 days in the corresponding period. The working capital in value terms has decreased by INR 110 crore between the current quarter and the previous quarter. During the nine-month FY26, our CFO-to-EBITDA ratio has increased to 93% as compared to 68% in nine-month FY 2025. This is primarily on account of improvement in the working capital as well as realization of certain government receivables. Our CapEx spend for nine-month FY 2026 was INR 473 crore, which is 4.4% of total revenue, and the same is in line with our guidance of 4%-5% of revenue. In line with our prudent financial strategy, we continue to strengthen our balance sheet and have reduced our net debt to INR 4,294 crore as of 31st December 2025, resulting in a net debt-to-adjusted EBITDA ratio of 1.3x in Q3 FY 2026 on a trailing 12-month basis, which has improved as compared to a net debt-to-adjusted EBITDA ratio of 1.4x as of 30 September 2025. With this, we conclude our financial update and welcome any questions which you may have. Over to you, Abhishek. Thank you, Ashutosh Sir. And thanks, Darwin. So Darwin, you can open the forum for Q&A. Certainly, sir. Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to please use handsets while asking a question. Ladies and gentlemen, we will now wait for a moment while the question queue assembles. Our first question comes from the line of Tushar Manudhane from Motilal Oswal Financial Services Limited. Please go ahead. Thanks for the opportunity. Sir, on the prescription side, where the industry growth itself is a bit slow at about 4%, and as a part of acute therapy, that forms a considerable portion for the Mankind portfolio. So how we sort of intend to grow in this therapy as such, where the industry growth itself is struggling, or what are the countermeasures so that the proportion of anti-infectious reduces over a period of time so that we are able to outperform the industry on an overall portfolio level? That's my question. Hey, Tushar. Thank you so much for the question. I mean. If you see several of our therapies which are showing consistent growth quarter-on-quarter, if you see gynec have shown from quarter one, 4% to 11.3% in quarter three, gastro has grown from almost negligible growth to 7%. Even chronic segment has grown from every quarter has shown the growth of 12%-15%. Even our inhaler like Symbicort, Combihale is showing a growth of 30%. So however, very rightly said, performance in the anti-infectious segment for Mankind has been relatively muted. So why? Because this category is people and relationship-driven, when prescription typically ranging from three-five days. So as our team gets settled and doctor relationship will become mature, we expect consistent growth over the coming quarter. If you see overall the industry, even the anti-infectious segment of IPM is not doing great. For us, yes, definitely, when the relationship will mature, then quarter-over-quarter, you will see gradual improvement in our growth of anti-infectious segment. Got it, sir. In fact, from that perspective, if you could highlight what is the share of in-licensed or the specialty portfolio now in the RX field, combining all the therapies in V5 to sort of us. Tushar, as of now, the portion of specialty portfolio or the in-licensed portfolio in particular is quite negligible. It is less than 2% or so in the overall sales mix. So Tushar, this share is for in-licensed portfolio. We have not specifically called out for specialty portfolio. This is for in-licensed. Sure. Got it. And secondly, on the therapy level, respiratory also, compared to industry, the growth has been a bit soft at 7.6%. If you could call out any factors on this therapy? Yeah. Hi, Tushar. This is Sudipta here. In respiratory, as you rightly said, though this is looking a little softer, but if you see, as Sheetal Sir has rightly said, that our inhaler therapy has done pretty well. Even the new launches have done very well. Our slight gap has come in cough therapy, which we are, again, relooking into some of the strategies in cough portfolio, which will come in next quarter. And just lastly, the CFO-to-EBITDA ratio is very strong for FY 2026 compared to FY 2025. So Ashutosh Sir, if you could highlight factors driving this and how sustainable this is going forward. I understand you are asking about. Tushar, can you repeat your question once again, please? CFO-to-EBITDA ratio has come very strong. I mean, this has been the thing for FY 2026 full year compared to FY 2025 in the range of 92%-93%, which was 80% in FY 2025. So if you could highlight. So historically, if you see our CFO-to-EBITDA ratio has been in the range of 75% or so. In this particular quarter, it is high because of one is that we have been able to optimize on the working capital, so on a year-on-year basis, so that has released. Second factor is because we were able to realize some of the government receivables. So because of that, also, the cash flow has improved. And if you look at the tax element also, there is a drop in the value term. So these are the three factors because of which you see a spike of 25% increase in the CFO-to-EBITDA ratio. But having said that, it will taper down in the near quarters. Thank you, sir. That's it from me, sir. Thank you. Our next question comes from the line of Chintan Sheth from Girik Capital. Please go ahead. Thank you for the opportunity. Am I audible? Sir, you are audible. You may proceed. Thank you. Thank you. Ashutosh, on the interest cost saving, we have seen a sequential drop in almost INR 500 crore from September to December, despite we have paid almost INR 1,500 crore of CP in October. Plus, we have the current quarter, OCF has been pretty decent. The net debt figure looks a little high. If you can touch upon why is that, that would be helpful. So if I've understood your question correctly, you are trying to analyze that the interest cost drop is not commensurating with the drop of the outstanding loan amount. Is that the question? Also, the absolute net debt number also has not seen a similar drop or sequential. No. So see, net debt, it's okay because the debt has to be realized over a period because how the debt was structured was that the repayments were coming on a six-monthly basis. So that is why the net debt is improving, but the overall debt is not because there is a time gap. There is a six-month time gap. That's why there is a lag in that. So sorry, I couldn't understand. So September, we have INR 4,714 crore of net debt. We repaid INR 1,500 crore in October. The number in December is INR 4,243 crore. So there is a drop sequentially of INR 500 crore despite INR 1,500 crore of repayment which we have seen. Plus, the OCF we have generated, as in that OCF were used for working capital. And we have seen working capital improvement sequentially. So as you mentioned, INR 110 crore absolute from September to December, there is a drop in absolute working capital. So over there also, we have not utilized much of the capital. And CapEx number is also more or less in the band of under INR 200 crore. So I'm trying to understand that we have not utilized the capital anywhere. Working capital is low. Incremental CapEx spend for the quarter is also under INR 200 crore. Still, the net debt number sequentially has not been reflective of the INR 1,500 crore repayment figure. I'm trying to understand the requirement. I think there are multiple. Our apologies, we are not able to hear you properly. I think there are multiple questions, sir, framed into this one single question. So yeah. So we can take them, we can take them offline also, these particular questions. We can break it and take it offline. Yeah. Okay. Got it. And if you can help me with. Sorry to interrupt, Chintan. Sorry to interrupt, Chintan. You do have a lot of background disturbance on your line, and you do sound a little muffled. May I request you to please check the device mode you're using? This is okay. This is audible now? Yes. This is much better. Please go ahead. Thank you. And the export, if you can split between BSV and organic growth for us, that would be helpful. Members of the management, if you are speaking at the moment, you are not audible. So basically, the quality of voice, we are not able to understand the questions properly. So, request if you can repeat that. Whoever be asking the question, they can use headphones instead of speakers. So yeah. Certainly. Okay. So this is audible? This is audible? Yeah. This is audible. Yeah. I was asking export revenue split. What's the organic growth current quarter? Organic growth current quarter. In Sheetal Ji's comment, it is mentioned that the Mankind exports is mid-single digit, and the remaining is from BSV consolidation. Sure. And lastly, on the restructuring and the improvement that you are talking about, it will still take more quarters or more months to recoup back to the IPM or above IPM growth for us, or the process we have started on the corrective measures, how soon we expect or any guidance around that because last five months, we have seen we are lagging behind IPM growth. How soon we expect them recovering back to the normal 1.2x, 1.3x IPM growth, which traditionally Mankind was delivering? Shall I take this question? Yeah, please. Sudipta? Yes, sir. So the point basically is what? I mean, you're supposed to understand we have gone for a major kind of a transformation in Mankind in the last, I'll say, 12-15 months' time. Two, three things have happened. Try to understand. One basically is what? We started taking a transformation in the form of hiring of approximately 15%-20% field force, reps, and managers, leaders as well, and then hiring people. In this process, what basically happened, we overestimated our power of executing and making sure that the new people, those who join Mankind, understand the culture of Mankind. We overestimated this, and we did not understand properly and deeply - I should really confess it - the problems. Whenever any kind of a situation happens and people are being asked to leave, some kind of an insecurity creeps in people's mind. In this process, good people also went. It has taken 12-15 months. Once you realize this fact that despite taking actions, why the response is not coming, then you go even deeper down. That made us more wiser in the form of that culture of Mankind was not properly being understood by the people because Mankind is a very unique kind of an organization. There are no targets. We believe only in daily sales. Please mind it, daily sales, not weekly sales. In the end of the month, we just want the total sales should not be more than 40% of sales done in 1st-21st. We are so rigid about these things, rigid. Rigid means rigid. We'll not let anybody do, I'll say, more primary sales to meet the targets because there are no targets. We are always behind growth, right? Once you believe so much in hygiene and you bring new people and you bring transformation, it takes time. That basically has taken time. Now we see in the last couple of quarters that attrition, which was happening, has gone down drastically. Initially, we asked people to leave. During this process, even good people left. Then we saw huge attrition because naturally, insecurity crept in people's mind, happened in people's mind. When we went, talked to people, brought everything transparently in front of everybody, and the new leadership see, naturally, new leadership also came. They came from different companies. This time, we took people from those companies, those who were very good in the chemists and market of specialties, chronic side, upper crust of the market, right? We've always been a bottom-up kind of a company. So what basically happened, even those people took time to understand the culture. They came from Cipla. They came from Alkem. They came from Sun Pharma. They come from every best company, right? So over there, the culture is different. Culture is target. Culture is other things. Good. They are good. We are good. This is not a point that we should say that our culture is good. But now everything has been understood. So now how a person should really see how we see everything. We see everything on three, four basis, whether our sales month after month is increasing or not increasing. That is what our quarter after quarter, things are improving or not improving, number one. That is what we see. At the same time, we keep a very close eye on our daily sales. If daily sale is good, it is good because, please understand, it's a basic common sense because we have built this company with our own hands. Every department, we have created ourselves, right? So we understand it very well. The simple logic is prescription is sale. That's all. Correct. Rest, all is farce. Only prescription is sales. So we believe totally in that. So once you start building this kind of a culture, which is totally unique, which is totally different, it has taken time. Honestly, we confess it very, very I mean, truly, that we expected that we will be able to transform it in nine months' time. It has taken more time. I mean, we also feel I mean, a bit sorry that we should have really, I'll say, dived deeper in the initial phase, but don't really I mean, we cannot change that. Now things are absolutely right on track, that I can assure you. And that's one reason we are seeing our sales traction. See, for example, it was volume growth in these nine months is 1.9% versus last year, it was quite less. So right now, if you just compare industry to industry, that would not be right. And I give you one more example. Our growth in chronic side is approximately continuously from last quarter-on-quarter increasing and in the range of approximately 14%-15%. Look at industry. Industry growth quarter-on-quarter was 9%, 10%, 11%. Only last quarter, only third quarter, it is showing 16%. So this basically is beyond my apprehension because chronic is not acute. Chronic is not antibiotics, that some kind of epidemic came, some problem came, and it really increased. There can be 10,000 reasons for that. So right now, we're just focusing that relatively, quarter-after-quarter, month after month, are we on a path of right improvement or not, strong right improvements or not. This is what we and we are very confident that we'll be doing much better. Great, sir. All the very best, and thank you for answering. No problem. Thank you for answering the questions. All the best. I'll join back in a queue. Thank you. Ladies and gentlemen, we request you to please use the handset mode when you're asking your questions for optimum audio quality. Our next question comes from the line of Kunal Dhamesha from Macquarie. Please go ahead. Hi. Good evening. Thank you for the opportunity. First, a few clarities. Have you shared the organic growth in the domestic prescription business for this quarter? Yes, sir. Kunal, we have shared. We have shared for quarter three, it's +9%, and for nine months, it's 8.2% excluding OTC. Hello? Hello? Can you hear me? Hello. So please go ahead. You're audible. Yeah. The second clarity on the restatement of the revenue, so when I look at the quarter three FY 2025 revenue, it's been restated by about INR 31 crore -INR 32 crore. Can you share what it is related to? So, restatement is-- So that is based the restatement is on account of the-- So restatement is on account of Mahananda. As you know, that we have sold Mahananda in the month of February. So we have restated all the financial statements for the past few quarters to align with the and give apple-to-apple comparisons. Okay. Then lastly, when I look at the BSV revenue, we have suggested it's growing at a double-digit pace. When I put the organic numbers and I adjust the Q3 FY 2025 number by that adjustment of 62 days out of 91 days, then it seems like BSV revenue seems to be flat to me in quarter three FY 2026 on a year-on-year basis. So I'll give you some color on the BSV numbers. So Q3, I've seen a very strong growth in BSV upwards of +20% overall. No, but numbers are not suggesting that, right? +20% has been better than the international business. Can you share the total BSV revenue, please? Because numbers are not aligning with what you've been sharing. It's coming out to be around INR 395 crore for me, the BSV revenue for this quarter. We can take this offline. I think the growth is +20% for BSV total, including the RX business. We can share the number. There is no issue. The absolute number is INR 464 crores -odd, including RX and other businesses. Okay. I think we need to kind of touch base on this because my numbers are totally different. And lastly, on the consumer business, I see we have been sharing that the secondary sales growth has been very strong for most of our key brands, but it doesn't get reflected in the primary sales, right? So there's been a trend for the last three quarters wherein all our secondary sales has been growing 15% upwards, but then our nine-month primary sales growth is only around 5.5%. So what explains this gap? See, if you just look at our OTC side, the second quarter was approximately minus growth because of this GST and all other things. On the second side, this third quarter, our growth in e-commerce business is upward of 30%-40%. In modern trade, it's upward of 30%-40%. And at some of the places, we have put brakes. And that basically is the reason the growth has not come. There's some business called cash and carry. And in that business, what happens, people, those who buy, instead of selling in the I'll say to the consumer, they were selling to our own customers. So that basically was creating a kind of I mean, the rate cuts in the market that we just taken a I mean, hard stance on that without taking any other thing in mind. In Mankind, again, I must reiterate, hygiene is very, very important. We don't want to, really, I mean, inflate the sales, and tomorrow, it really comes back to us. That's the main reason for that. Otherwise, if you look at the secondary side, it's better. What's the rate? At some point, secondary sales should match up to the primary sales, right? There might be inventory corrections. For the last three quarters, we have been seeing double-digit secondary sales growth, but then primary is not coming up. See, last three quarters or four quarters, what we have done, we have taken plenty of transformation. I mean, maybe I mean, we mentioned in the past that from a few thousand stockists, we reduced down the number of stockists. Those would be responsible for doing our OTC business. That's also one of the major reasons that this kind of a reflection is coming. But health of the organization is always a secondary, and that we are doing. Soon, you will see upward improvements in OTC. That we can assure you. Sure, sir. And lastly, on the-- The last quarter, you need to look at differently because of the GST impact. There was a discount. So because of that also, the primary sale got impacted. So that is why the mismatch between and secondly, as Rajeev Ji has highlighted, that once you increase the portion, the non-GST portion, which is the other components, modern trade and quick commerce, etc., so there also, the revenue recognition is at a lower rate because of the accounting policy. So that's another reason why you see a subdued primary sales. So these are the two factors why there is a reconciling that these two numbers are not reconciling. Okay. And lastly, I mean. Let me add one more thing. I mean, see, let me add one more thing here. I mean, these good questions really, I mean, steer our mind as well, made us more I mean, give us more resolve to act faster, that you can take in account. Sure, sir. Sure. And lastly, one for Ashutosh, sir. Yeah. If you compare the brands also for quarter two and quarter three, so some of the brands are common, which is showing strong secondary growth, and some of the brands are different also. But I think Manforce and Gas-O-Fast are the key brands, right? So. Anyways, the last question is on the impairment we have taken. Brands also. Sure. The last question for Ashutosh, sir, on the impairment of the INR 13 crore charge that we have taken related to BSV's Hyderabad facility, I would say what has changed between, let's say, our purchase price allocation exercise to now, which has led to this impairment being taken now? Okay. That's a good question, Kunal. So this was a land which was there in the BSV books, okay? And since we are building up the facility at Vadodara, so therefore, this particular piece of land has been classified as a surplus land. So therefore, we are in the process of returning it back to the authorities, this land. So because in order to monetize this asset and returning it back, so whatever is the difference between the realizable value and the book value, that has been recorded as the impairment cost for this. Okay. Thank you, and all the best. Thank you. Our next question comes from the line of Neha Manpuria from Bank of America. Please go ahead. Yeah. Thanks for taking my question. So while I got the background in terms of what led to the litigation and how we are seeing an improvement, just wanted to get a sense. Do you think we get back to higher-than-industry growth, let's say, in 12 months' time, 18 months' time? Based on what you're seeing on the ground, how soon do you think we can get to, let's say, in line with industry growth or better-than-industry growth? Do you think this would be a much more longer process, or just trying to get a sense based on given that you've done so much work on the ground? Neha, hopefully, I mean, all things are done because see, we've always seen, I mean, more growth than the industry, always been like that. We're so used to it that when it did not come, it gave us a surprise, rather shock. And once you basically go through that kind of a phase, you go yourself, check everything, recheck it, and you do a bit of micromanagement as well in the sense that why it is not happening, why these things are there. And once you start seeing it, we found out the reasons and started acting faster. And the answer I gave you in the past as well, I mean, just a few minutes back as well, then we are seeing the traction is right. See, to build a right kind of organization because this is our only thing we do 24/7, 365 days, to think about Mankind only. We just believe in the strongest of the foundation, that it should be daily sales, hygiene should be amazing, whatever we speak should be really I mean, should be true. We should not give I mean, overestimation to people. We have always been conservative. For the first time, we saw that and got surprised why it happened. But what we see right now, confidently, things are really on a right track. The kind of I'll say the pulse, the kind of feel we want in Mankind, we are having that. See, what basically has happened? So when this transformation happened, the transformation happened in wraps, first lines, and in top line as well. And when top line came from different companies, they are able people, talented people, amazing people. We need those people. But there is a huge difference in culture of Mankind, and I can tell you honestly, with the rest of the industry. No targets, daily sales, last-week sales, should not happen. Who does it? Nobody does it. So we are a different company. I mean, most of the pharma companies do what? They have different style. This style is good, but our style is very unique, right? In one division, 1,700 people versus any other pharma company would be having 300, 400 people, having 30, 40 brands, right, in one division versus I mean, four, five, or maximum 10 brands working. So our working is totally different, 500,000+ doctors' coverage, deepest coverage. There's a formula that 20% results come from 80%, 80% comes from 20%. But we didn't follow that. Our 70% sales come from 70% doctors. That kind of a philosophy we have always followed, never followed anything, whatever everybody is doing. So once you start working in this kind of a—I mean, organization, it takes time to explain to everybody as well that why this is happening. But honestly, we are very confident things will improve. Things have really come to a right, right? Right, I'll say that stage, actually, which are giving us comfort and confidence. Understood, sir. But also. Neha, if I can add to Rajeev Sir's point, what he has said, one thing I would like to add that if you see the stability in the team, in every quarter, team is becoming more stable. Attrition has gone down. That gives us a full confidence that in a quarter going forward, every quarter, things will need to improve, and Mankind will be back to its original Mankind. Got it, sir. Prakash, since you also spoke of BSV's upward that you gave for the quarter, would this number be higher quarter on quarter or flattest quarter on quarter? What would be your sense? What would be this number for second quarter? We are giving growth numbers. Q1, BSV grew mid- to high-single-digit. Q2 was mid- to high-single-digit, and Q3, it is upwards of 20%. Overall, in nine months, it's about double-digit, early teens. Overall. Okay. Got it. And the 9.1% organic growth that we mentioned for Mankind domestic, 9.0%, that does not include the TTK portfolio that we have moved, right? Or that includes the TTK portfolio that has been moved to Mankind? It happened during the quarter. When we are given BSV guidance, we have included the RX. But however, 9% would have an element of few days coming into Mankind. No, sorry. 9% include TTK portfolio, Mankind, BSV, both. So basically, this 9%, if you're talking about, it's only Mankind excluding TTK portfolio, excluding OTC. Sorry, Abhishek. I lost you, but no worries. I can take that offline. So basically, let me repeat what I'm saying. 9.1% includes only Mankind. It does not include OTC. It does not include BSV portfolio. It does not include TTK portfolio. Okay. Got it. Okay. Thanks for clarifying that. And my last question is on the consumer health business, the stockist that we have reduced, etc. Would that mean that our sales have been reset lower for the next few quarters? This is the new base that we should build in for the OTC business. And how should we look at growth in the next year then for the OTC business? Yeah. Prakash could answer that. Would you like to take outlook for OTC for Q1? Yeah, yeah. I gave my answer. I gave my answer. I gave the answer that see, in the last couple of quarters, a lot of things we have undertaken. BSV is one. Consumer is one. Total Mankind is one. A lot of things we have done all in the last 15 months' time. And don't forget that we took I mean, BSV in the month of November only. So in the consumer side, we took many transformative actions that the number of stockists were reduced. Then we saw that it's unlike prescription kind of a thing. It only depends upon the demand. So there's some part of push and some part of pull. Both sides are there. Then you make sure that it should be right. It should not become imbalanced, imbalanced that you end up putting more primary sales and secondary sales less. So during this total process, we got certain success in e-commerce a lot, in this modern trade a lot. Then we saw one thing that this cash-and-carry kind of a business was there that we stopped. So we see all the things have been done. I've explained to you that. And we hope that going forward, next year, double-digit growth, good double-digit growth will be there. All right. Thank you so much, sir. As said, if you look at the 5.2% growth, it looks muted because last year, the last quarter grew by 30%. So it's a base effect as well. That's why this is looking a bit muted. And the quarter prior was impacted because of monsoons and GST-2 impact. So we are hopeful that going forward, we are on the path of recovery for this business. Okay. Thank you so much, sir. Thank you. Our next question comes from the line of Sidharth Negandhi from Chanakya Wealth Creation. Please go ahead. Hi, sir. Thank you. I think there has been a fairly good understanding on what transformation has happened on the people front. If I would ask on how do you see the product portfolio to supplement this, right? You've highlighted about how you outpaced ex-GLP-1 growth, but then GLP-1 is a reality of the future, right? And therefore, in terms of the impact that GLP-1 has had on your own existing portfolio, if you could share some color on that and your own plans on launching GLP-1s, that was question number one. Question number two, on the acute side of the portfolio, are you seeing the growth being impacted more by trade generics or by loss of share to sort of other IPM players? How are you seeing that? That's question number two. Question number three, you spoke about e-commerce and modern trade growing about 30%-40% in OTC. Certain quick-commerce players have highlighted the fact that sexual wellness for them has grown multifold, sort of upwards of 100%. Within this, if you could give some color on how your growth has been and how a share looked like for you. And then fourth, you mentioned about the NSV for quick-commerce and modern trade being lower than GT. How does the EBITDA profile in that case compare to GT? And therefore, how should we think about profitability for that business as these channels sort of gain more salience? Yeah. I can take a lot of questions. So the first one was on GLP. So it's currently an innovator market, and we are on track for a day one launch. It would be around March, somewhere around March end. So we are on track, and we expect to be a participant in the launch in day one. So that's your first question. On the acute side, you talked about the impact of trade generics, etc. I think, first of all, the impact is our internal corrective action that we are taking, and that's why the growth has been muted than the market. As Sheetal Ji in the opening also said that there's already some recovery that you've seen in Gynaec and Gastro. So apart from Cardiac, which has been consistently outperforming IPM, we have now seen good recovery in Gynaec and Gastro also. Only anti-infective is the area where we are still underperforming. There, that is a space where there's a lot of work going on. We have increased the GP penetration, which we had lost due to the team rejig that happened. So this will also eventually come back. And that's why we have full confidence that we'll be able to outperform IPM going forward. It might take a little time, but we are on track with that. From a trade generic side, I think the market is much bigger. It caters to a certain population. We cater to the prescription market, and there, we expect that healthy market growth of 8%-10% is possible. And going forward, we'd like to our endeavor is to outperform that. From an e-comm entry side, I think NSV is generally lower given that the quick-commerce keeps their margin, etc. But we can't give you a specific on margins and growth of sexual wellness. We don't give a product-wise breakup. Overall, we expect that Q4, you would start seeing double-digit growth. And for the guidance for next year, we'll come back to you on Q4. Sure. So just to follow up on that, you. Can we take the last two questions, please? Sure. Certainly, sir. Our next question is from the line of Kunal Randeria from Axis Capital. Please go ahead. Hi. Good evening. Sir, I appreciate Rajeev Ji's explanation on what things went wrong and how you're kind of rectifying it. Sir, it clearly seems looking at the therapy growth that it's not a systemic issue. So I'm just wondering, how come this came out in the first place, number one? And number two, are there external factors in play also, or maybe something like trade generics impacting our business, something like that? I should answer this, Prakash. The question basically is about external impacts, right? External factors, sir. How does the trade generic is there and was there? Yeah, yeah. The trade generic was there and is there and would be there. There's no doubt about that. But being a dynamic kind of a company, we should really take these things in stride. The point basically we explained to you is that still, approximately 60% or 61% business of Mankind comes from the acute side, which depends upon relationship with people, doctors. All sorts of things are there. That is the only thing in Mankind we feel, nothing else. I mean, as far as this question's answer is concerned. Sure, sir. So I understand that. Sir, what I didn't understand, pardon my ignorance here, is see, Cardiac and Diabetes is doing extremely well, right? So the cultural issue that you spoke of obviously doesn't seem to be in those divisions. So how come it came from the acute division, especially when you don't give aggressive targets to the salesperson? So again, understand the point. The point basically is what? When you're dealing in the acute side, you bring daily prescription. In the chronic side, while the prescription is there, it's yours. You keep working. I mean, whatever new prescriptions you generate, that really adds to your growth. That's the answer, actually. I mean, we could have expected more growth in chronic as well. So we're not happy with 15% growth as well. So it's always, I mean, continuous hammering, continuous reminders to the customers. It's like this only. And plus, in the chronic side, a lot of our brands have become quite big, and big becomes bigger. In chronic, very fast. Again, let me add one more thing. If I talk about the anti-infective side, our maximum sales come from oral therapies, oral side. In the industry, it is approximately, I mean, 60% oral, 40%, I'll say, injectable. That's another thing. Right. Thank you. Thank you. Just one more, if I can. So you have a fantastic last three-four years in export growth. This quarter, you mentioned some mixed single-digit growth. So I'm assuming it's in rupee terms. So in dollar terms, I think there would have been a decline, I guess. So will this continue because of the base, or you expect that to recover maybe in the coming quarters? See, Kunal, we have always maintained our stand that wherever we go, we go with a complex niche molecule, which are difficult to manufacture. If you see, last year, our US sales and growth was mainly opportunity-based because of an eyedrop was there. And in ROW, we are in the process of sending the dosage to different countries. The commercialization will happen after a couple of years, maybe 2028, 2029. So our main focus will remain in domestic, still 85%. In the U.S., whenever any opportunity will come, definitely, we're going to go for that. But we won't compromise on EBITDA, and we will go for a niche, complex molecule. In ROW, it will take another three, four years. So our focus was domestic and will remain domestic. Got it, sir. In line with our guidance, what we gave for the year. Sure. Sure, sir. Thank you. Thank you. I hope it's clear to you. Sir, the current participant has left the queue, sir. You take the last question. Yes. We have the last question from the line of Dheeresh from WhiteOak Capital Management. Please go ahead. Yeah. Thank you for the opportunity. So this transformation thing, I think we started about a year back at the same time as the BSV acquisition. So now, one year out since we started this, what and you can give me an approximate number also. What percentage of our field force, including managers and all, would be new to Mankind, meaning they've joined new in these last 12 months? And what percentage of our client-facing field force is old, which is aware of the Mankind culture that you talked about in the call today as well? Approximately 20%-25% is new. Yeah, Dheeresh. So we're still here. Yes. 80%, including all new managers and field force. It is overall around 20%. This 20% also, it's not at one go. So it happened in phases. So it is not about one year we are having 20% new people. So it is in phases. So, sir, [Foreign language], only 20% is new to the culture. Why is the impact so much? Why is it taking so much time? Because [Foreign language] attrition [Foreign language] Normal attrition in the industry is quite high. So 20% new to culture is not that big a number. And why is it taking so much time to get to the rhythm of Mankind? I'm not able to understand. See, I think Rajeev Sir has already told. See, our 60% business is more of acute. And within that 60% also, it is more of GP-dominated, right? So in GP cases of business, our relations, personal relationship with the people matters a lot. So when the faces change, that relations and the impact also goes away. So that created a lot of impact, especially in our deep interiors and our deep reaches. So I think what you are asking, that's why 20% is giving so much of impact, this is one of the reasons because, one, our portfolio was dominated by acute, and major support was coming from GPs. One thing I would like to add that Rajeev Ji, we have done so many things in the last one year or four, maybe BSV acquisition, restructuring of OTC, then correction in Mankind Pharma. And Mankind was very strong in UP. And if very strong in UP, the little attrition happened in UP. And because of that, it took a little time, a little time where the PCPM was huge in some part of UP, some district of UP. So that's why so many things have happened simultaneously at the same time in the last 16, 18 months. But now, if you see the quarter-on-quarter going forward, every quarter, the anti-infective will grow. So things will be much better. All right, sir. Looking forward to better quarters. Let me add something. 20%-25% was, I think, this is on a year-on-year basis. So you know around 15-18 months has been involved in this strategic measure. So basically, 20%, you can say, part was impacted in the last financial year, and part of which is impacted in this financial year. So broadly, a slightly bigger number, which you can say is a new field force. Okay. Abhishek, let me answer this in a different manner. Abhishek, let me answer. Can I answer in a different manner? Hi, sir. [Foreign language]? Yes, sir. I'm listening. Tell me. See, it's all a matter of heart only. I mean, for example, if in your office, 20% people are being asked to leave systematically, what kind of energy would be there in the total team? Just think about that. That's the right answer. It's not only numbers that matter. Whatever numbers are left, what kind of a heart and mind they are giving in the work, that also matters a lot. We are always that kind of organization because where energy is everything. Don't look only numbers, numbers, right? See the force behind numbers. If 80% people start giving 100% kind of their energy or 110% kind of energy, wonders can be done. If same 80%, only 80% people start giving half of their energy because they're also insecure. They also need some kind of reassurance. Understand that from that perspective. We think from that line only. Understood. Thank you. Thank you. Ladies and gentlemen, we will take that as a last question for today. I would now like to hand the conference over to the management for closing comments. Over to you, gentlemen. Thank you, Darwin. Thank you, everyone. For any further queries or clarification, please feel free to write to us on investor.relations@mankindpharma.com. Thank you and stay happy, stay healthy. Thank you. Thank you. On behalf of Mankind Pharma Limited, that concludes this conference. Thank you all for joining us. You may now disconnect your lines.