Thank you, Yashaswi. Good evening, everyone. Thank you for joining us for our first quarter FY 2027 earnings conference call. On call today, we have Mr. Rajeev Juneja, our Vice Chairman and Managing Director, Mr. Sheetal Arora, Chief Executive Officer and Whole Time Director, Mr. Sudipta Roy, Senior President, Sales and Marketing, Mr. Ashutosh Dhawan, Global Chief Financial Officer, Mr. Prakash Agarwal, President, Strategy. We will commence today's call with opening remarks from Mr. Rajeev Juneja, who will provide an overview of the quarter, followed by key business updates from Mr. Sheetal Arora. Mr. Ashutosh Dhawan will share the detailed financial performance for the quarter, following which we will open the floor for the Q&A session. Before we begin, please note that today's discussion may include certain forward-looking statements based on management's current expectations. These statements are subject to various risks and uncertainties that may cause actual results to differ materially. Mankind does not undertake any obligation to update or revise these statements in the future. Please refer to the detailed disclaimer available in the investor presentation uploaded on the website. With that, I now hand over the call to Rajeev sir for his speech. Thank you, Abhishek. A very good evening to all. Welcome to Quarter one 2027 earnings call. Our disciplined execution and strengthening business fundamentals resulted in improvements across key operating and financial metrics in Quarter one 2027, laying the foundation to deliver a sustainable growth. During the quarter, overall revenue increased to INR 4,031 crore, up 13% year-over-year, with an EBITDA of INR 1,060 crore and EBITDA margin improving by 250 basis points year-over-year to 26.3%. Revenue from the domestic business, excluding consumer healthcare, increased by 11% year-over-year to INR 3,180 crore. Quarter one 20 27 led by double-digit growth in base business and a strong growth momentum in chronic and BSV specialty business. The secondary sales as per IQVIA grew 12.7% during the quarter, led by healthy volume growth of 4.7%, which increased by 220 basis points year-over-year. Growth was supported by continued strong momentum in chronic portfolio and outperformance in the gastro vitamins gynic segment, which led to growth recovery in acute business. In recent months, IPM has witnessed a significant shift towards chronic and specialized therapies, driven largely by the rising prevalence of chronic diseases and changing lifestyle. In line with this trend, we are steadily expanding our presence in chronic and specialty therapies while continuing to strengthen our multi-specialty business. I'm delighted to share that our focused initiatives across key chronic therapies have translated into increase of 80 basis points year-over-year in our chronic share, excluding BSV, to 40%, primarily driven by strong growth of 19.4% in cardiac, 12.7% in antidiabetic. We will remain focused on increasing our chronic share to 50% in medium term. To further strengthen our presence in multi-specialty business, we have launched a new division, Vistar, which would help scale some of the lesser-focused brands in existing divisions. Our consumer healthcare business delivered a revenue of INR 246 crore in Quarter one FY 2027, partly impacted by discounted cash and carry business. Despite softer growth, we gained market share in key brands Manforce, Prega News, Gas-O-Fast. Our modern trade and e-commerce share increased to 15% from 11% a year ago, supported by 38% growth in that channel. Innovation and specialization continue to remain central to our long-term strategy, and we are steadily building differentiating science-led pipeline that complement our existing portfolio. We have also partnered with Denovo Sciences to launch an AI-led drug discovery program, making an important step in strengthening our innovation-driven and technology-enabled R&D capabilities. We remain committed to deliver innovative science-backed products at affordable prices, ensuring across the country and driving sustainable long-term growth. I will now invite Sheetal to walk you through more details on our business performance. Good evening, everyone, and thank you for joining us for Mankind Pharma's Quarter one Financial Year 2027 Earnings Call. It is a pleasure to connect with all of you today. Financial Year 2027 started with a healthy growth rate, carrying forward the momentum from last few quarters as we continue to witness sequential improvement across our businesses. Let me begin with our overall domestic business. In Quarter one Financial Year 2027, revenue from our domestic business increased by 10.5% year-on-year to INR 3,426 crore. This growth was driven by a 15.8% increase in our chronic portfolio, growth recovery in the acute portfolio, and strong double-digit growth in BSV. Let me share some key highlights for the quarter. Starting with our chronic business, an important long-term growth driver for us. In anti-diabetes, excluding tirzepatide, we outperform IPM by 1.1x. The Glyzade brand family continues to demonstrate strong momentum, delivering 29% year-on-year growth in Quarter one Financial Year 2027. In cardiac, we outperform IPM by 1.1x, growing 19.4% year-on-year. Our Telmikind family grew approximately 21% year-on-year, while Lipirose and Statpure grew 30% and 31% respectively. Coming to acute therapies, our acute portfolio has steadily recovered and is now broadly in line with IPM growth, improving from 6.1% in quarter one Financial Year 2026 to 10.9% in quarter one Financial Year 2027. Our gastro portfolio outperformed the market by 1.2x of IPM, growing at 13.6% year-on-year with 1.8 times outperformance in Pantoloc. In gynecology, we delivered 12.7% year-on-year growth ahead of IPM growth of 12.1%, primarily led by continued strong double-digit growth in our IVF portfolio. Up 39% in both Foligraf and Humog, and 20% growth in Diaderone, that is 1.5 times of market growth. We continue to see healthy momentum in VMN growing 19.3% year-on-year, while anti-infectives saw steady recovery from -1.1% in quarter four Financial Year 2026 to 3.6% year-on-year in quarter one Financial Year 2027. Our prescription leadership continues to remain one of the strongest indicators of the sustainability of our business. We continue to hold the number one position in prescription with 15.2% prescription share in quarter one FY 2027. This leadership is underpinned by the trust we have earned from doctors over decades, driven by consistent quality, affordability, and disciplined field execution. Moving to our international business. Revenue for the quarter grew 29% year-on-year to INR 605 crore. As we move forward, our strategic priorities remain clear. To drive scale with profitability, strengthen our presence in chronic and specialty therapies, expand our global footprint with differentiated portfolio, accelerate innovation and execution. Equally important in our commitment in fostering talent and nurturing a culture of collaboration and excellence. We aim to build a future-ready healthcare organization that delivers sustainable long-term growth, while staying true to our purpose of making quality healthcare more accessible and affordable. With that, I would now like to hand over the call to Ashu Dhawan who will take you through the financial performance in greater detail. Thank you so much. Thanks, Sheetal. A very good evening, everyone. It's good to have you all with us today. I will now take you through the quarter one FY 2027 financial update. Our revenue from operations during quarter one FY 2027 has increased by 12.9% year-on-year basis, INR 4,031 crore as compared to INR 3,570 crore in quarter one FY 2026. This was led by strong growth in BSV specialty business and 29% growth in the international business. Our gross margins for the quarter has increased by 230 basis points year-on-year basis to 72.8% from 70.5% in quarter one FY 2026, and 60 basis points increase on quarter-on-quarter basis. This year-on-year increase is primarily driven by three factors. Firstly, the impact of sales price increase, what we have taken. Secondly, a better sales mix as our chronic contribution has increased by 120 basis points on a year-on-year basis. Lastly, there has been a favorable base effect as quarter one last year, the gross margins were compressed due to certain inventory-related accruals taken for slow and non-moving items. Our reported EBITDA margin for the quarter has increased to 26.3% as compared to 23.8% in quarter one FY 2026. This increase of 250 basis points is primarily driven by two factors. 230 basis points increase is from the gross margin expansion, and the balance 20 basis points benefit has come from the operating leverage. The R&D expenses for the quarter was INR 98 crores, which is at 2.4% of sales and is higher than R&D spend of 2.2% of sales as incurred during quarter one FY 2026. This 2.4% is lower than our guidance of 2.8%-3% for the full year FY 2027. The finance cost for quarter one FY 2027 has declined to INR 110 crores from INR 142 crores during Q4 FY 2026. This reduction was primarily driven by the impact of repayment of NCD tranche of INR 12.50 crores in quarter one FY 2027. In quarter one FY 2027, the depreciation and amortization expenses was broadly in line at INR 226 crores as compared to INR 219 crores in quarter one FY 2026. The effective tax rate for quarter one FY 2027 was at 25.4% as compared to 17.7% in quarter one FY 2026. This increase in effective tax rate is due to adoption of new tax regime this financial year following the expiry of tax exemption period for our Sikkim plant. The profit after tax for quarter one FY 2027 grew by 29.1% year-on-year to INR 574 crores with PAT margin improving to 14.2% during the quarter as compared to 12.5% in quarter one FY 2026, resulting in an increase of 170 basis points. This growth was primarily driven by stronger EBITDA margins and lower financial cost, which has got offset by increased effective tax rate. Our diluted EPS is INR 13.7 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 19.2 from INR 15.9 in quarter one FY 2026, which is an increase of 20.8% year-on-year basis. The net operating working capital days for the quarter on trailing 12-month basis has increased to 52 days as compared to 48 days in the corresponding period last year, which is mainly due to increased inventory levels. In quarter one FY 2027, our cash flow to EBITDA ratio has decreased to 77% as compared to 99% in quarter one FY 2026. This drop of 22% in cash flow to EBITDA ratio is a combination of higher effective tax rate, working capital, and base effect in quarter one FY 2026. Our CapEx spend during the quarter has increased to INR 198 crores in quarter one FY 2027 as compared to INR 127 crores in quarter one FY 2026. The CapEx as a percentage of revenue is 4.9% of the total revenue, which is lower than our guidance of 6%-7% of revenue for FY 2027. In line with our prudent financial strategy, we reduced our net debt to INR 3,377 crores as of 30th June 2026, resulting in the net debt to adjusted EBITDA ratio of 0.9x in Q1 FY 2027, and we remain on track to repay the acquisition-related debt by FY 2028. With this, we conclude our financial update and welcome any questions which you may have. Over to you, Prakash. We are open for questions. Thank you very much. Yes, thank you very much. We will now begin with the question and answer session. Kindly announce your company name and then proceed with your question. Allow us a moment, please. Mr. Pankaj Tibrewal. Please announce your company name and proceed with your question. Yeah. Thank you. This is Pankaj Tibrewal from IKIGAI Asset Manager. Am I audible? Yes. Yes, you are audible. Just from an India business perspective, just wanted to get a sense that always we have talked about India business growing at 1.2 to 1.3 times the IPM growth. Last year was obviously not a great year, and this year also the start has not been as great because the IPM itself, the market has been very strong. How do you foresee the remaining nine months for this year from an India growth perspective? Then I'll come to my second question on BSV. Thank you. Pankaj, if you are asking about the Indian growth perspective, I will tell you that we have already returned to double-digit growth. Yeah. More importantly, the quality of growth has improved. If you see our chronic portfolio, which is growing by 15.8%, acute has also recovered to around 10.9%. BSV is showing strong growth in first quarter of this year. Even the volume growth has improved to 4.7%, which was 2.3% in last financial year, 2026. If looking at to answer your question of nine months looking ahead, we are confident of progressively outperforming IPM because our growth is being driven by structural levers, not short-term factors. The building blocks are in place. We are increasing our chronic mix, where we are currently at about 40%, and see the potential to move towards 50% over the next four to five years. Second, we are scaling our hospital business, where our market share is still significantly below our peers, giving us a long runway for growth. Third, we are launching a new focus division with non-focus brands in existing divisions. Fourth, improving performance in under-penetrated state, where our market ranking is below our national standing, creating a meaningful opportunity to gain share. These are the long-term growth drivers that should enable us to consistently gain market share and progressively outperform IPM. I hope. Thank you. In terms of, can we from here on expect Mankind to consistently outperform IPM with this field force change, everything we have done and all the long-term drivers we are talking about? Is it a fair expectation? Yeah. We will definitely grow double-digit, the measure we are taking. Increasing our hospital penetration. The non-focus brand will be promoted during event. Definitely double-digit growth will come in a time to come. Okay. The second question in on BSV. I remember last year when we started, we spoke about 18%-20% growth on BSV, whereas actual growth was about 5%-6%, and largely coming from export and domestic saw a decline. When you look at this year now, obviously first quarter has started on a decent note. How do we see BSV growth panning out for this year? Let me correct you, Pankaj. Last year, BSV growth was around the early teens, well spread across domestic and international. This quarter, the growth is around 21%. We have given guidance of high double-digit growth, which is high teens. If we break that into domestic and export, how should we think about? Yeah. BSV domestic is around 17%. International is around 25%. Okay. That helps us. Thank you, and wish you guys all the best. Thank you so much. Thank you. Next is Rashmi Shetty. Rashmi, kindly announce your company name and proceed with your question. Yeah. Hi. Am I audible? Yes, you are. Yeah. Thanks for the opportunity. I'm from Dolat Capital. One question on this networking capital. You mentioned that the inventory has been increased and currently the working capital is around 52 days. At the end of the year also, it will remain elevated, or it is expected to decline? Yeah. We expect it to come down by the year-end because of some price advantages, et cetera. The inventory levels are, I would say, slightly above the normal trends, what we used to maintain. We can expect rationalization in the inventory levels in the coming quarters. Okay. This inventory level, which was high, was it because of high raw material prices, anything which you all have witnessed during the quarter? Since we were sitting on a comfortable inventory level, therefore, if you would have observed, the gross margins are pretty healthy. They are at 72.8%. The price increase impact has not flown into the financials because of the good inventory level. However, the next quarter or so, we may see a compression in the gross margins level because the prices of the commodities and the dollar, et cetera, has increased. Having said that, we would like to maintain the same guidance, what we gave, the gross margins to be upward of 71% and the EBITDA guidance to be 25.5%-26.5%. Okay, which is taking into account even the impact coming from the high raw material prices. Absolutely, yes. Yeah, and other inflationary cost. Yeah. Okay. On the consumer healthcare business, I'm seeing that, again, you all have given a very low growth of around 3.8%, you all have discontinued some cash and carry business. If you can explain that in detail, what exactly you all have done, and how should we look at this piece of business? Mankind, wherever we basically do any kind of a business, it should have a very strong foundation. Wherever we found that something has to be done, we have done that. I mean, cash and carry business was basically impacting the general trade, we just stopped sales over there. As a whole, market has been a bit softer. On the second side, as far as the market share is concerned, Manforce condom share has been increased, Prega News share has been increased, Gas-O-Fast share has been increased. We see, going forward, high teen to double-digit growth in second quarter onwards. High single digit to double digit in second quarter onwards. Okay. That is in the remaining nine months you are expecting? Correct. Okay. What about the debt levels? We are expecting a complete repayment by FY 2028? Yeah. Acquisition-related debt. Acquisition-related debt. Okay. Should be positive. Yeah, okay. That was the doubt. Thank you so much. That's it from my side. Thank you. Next question is from Kunal Dhamesha. Kunal, kindly announce your company name and proceed with your question, please. Hi, this is Kunal here from Macquarie. First question for Ashutosh. On the cash EPS number that you were sharing of around INR 19 for the quarter, that excludes the entire depreciation and amortization or just the acquisition-related amortization for BSV? This is after all these adjustments. This is the reported EPS after adjustments of all the tax and depreciation amortization. The full depreciation amortization has been taken out? Yeah. Sir, that's not the normal practice the way large pharma does, right? They just remove the acquisition-related amortization to arrive at cash EPS. For the cash EPS, yeah. Cash EPS is after depreciation, amortization, and impairment expenses. The cash EPS is the cash portion. Yeah. Right. If I just remove the acquisition-related amortization, let's say BSV related amortization, then what would be the cash EPS for the quarter, and keep the Mankind-related depreciation and amortization still in the numbers? Only the total depreciation is in the range of INR 225 crore, out of that, you can broadly 50% allocate it towards the acquisition-related depreciation. Okay. We can do the calculation and share with you the numbers subsequently. We can take this offline. Yeah. Because large pharma company only takes the acquisition-related amortization out when they calculate cash EPS. Second question on, let's say, with the launch of the GLP-1 molecules, then we are kind of excluding tirzepatide when we kind of say that we are outperforming the anti-diabetics. Just from the covered market perspective, how would have we moved, let's say, from a three-year perspective, let's say maybe FY 2022, what was the proportion of IPM was under our covered market versus what it would be now? Has there been a meaningful change there, which is what is leading to this gap between the IPM growth versus our growth? What's the strategy to kind of come back to that covered market proportion that we earlier had? Kunal, if you see the molecules that we've been launching over the last three years, if you see Glyzade, if you see the newer molecules on DPP4, SGLT2, we are among the top eight, top nine players. Historically, we were always in the older molecules. In the diabetes space, we have also launched insulin. There's a lot of new initiative in terms of launches and being the top seven, top eight players. Historically, we were not very big in anti-diabetes, and if you see, we have been outperforming anti-diabetes as a segment of 1.2 to 1.3 times. Having said that, post GLP, et cetera, since we are very cautious, very strategic in terms of launching GLP. Excluding that, we are still outperforming. Now, GLP, since it's generic, we have taken that into base. We are just saying excluding tirzepatide, XGLP, we would have done better. 1.2 to 1.3x, we hope that we'll come back to that overall covered market that we were doing. Covered market, except for tirzepatide, you don't think that there is meaningful change for us? Yeah, exactly. Okay. Lastly, for Rajeev sir, what's driving the cautiousness around launching the GLP-1? We have always been aggressive in terms of new product launches. Why the conservatism here? Especially, if we are doing well in some of the newer therapies of oral anti-diabetic like SGLT2 and DPP4, why are we holding back? When we have the advantage of launching some product in the first phase, in the sense that your first three, four companies are launching, and we are one of those, we surely go all out. Somehow, when we saw that so many companies are launching, right now, if you see, I mean, more than 20 companies, 35+ kind of brands are there. Everything is there, vial, injectable, single. Our thought was, let this storm pass. Let's wait sideways and see what basically happens. Along with this, not only launching this as a one molecule, launch it as a therapy. That kind of approach we have taken, it's not a caution approach. It's a strategical approach, actually. Why to even put your resources in something which tomorrow is very competitive? That was the thought, and honestly, to some sense, we are quite right in that. We are now working on, we have launched two brands from two divisions, one in dietary and one is this diabetic division. Along with protein, along with other supplements, so that we can basically focus on the complete therapy instead of only this GLP. Okay. I still don't get it, because I still believe hypertension would be more competitive than GLP-1, right? We are there in hypertensive therapy, why the cautious approach? Since we have always been aggressive, and we have done well historically. It's not a cautious approach. It's a strategical approach. Maybe let the time pass. Let few quarters pass, you'll see that. Kunal, just to give a data point to you, five years back, Fiscal 2021, our covered market was only 56%, and we were ranked 10 in anti-diabetes segment. If I see Fiscal 2026, our covered market has increased to 74% of the market, and we are ranked seven overall, and with a market share of 4.5%. There is a big change in the covered market, and our ranks have also improved by three positions. This increase in covered market, shouldn't it have accelerated our growth vis-a-vis market? Yeah, that's what we said. If you have these products and you are among the top seven, top eight players, so you would have seen an accelerated growth with these SGLT2 and DPP4 as launches. This is for anti-diabetes you are talking on, not for the Mankind. That's right. Yeah. Anti-diabetes. Okay. Yeah. I missed that. That's fine. Our market in anti-diabetes has increased from 56% to 74%. As you know, we launched insulin, DPP4, and SGLT. Okay. My question was more from overall market perspective, like Mankind's overall domestic formulation business perspective as to have we seen a different swing in terms of the covered market, which could also be one of the driver for us to be kind of missing on the IPM growth? No. In terms of covered market, from the IPM perspective, we have added, for example, respiratory inhalation product, which was not there. If you see in the anti-diabetes, as I just mentioned, insulins, which was not there. Respiratory inhalers, which was not there, we have added that. Cardio, a lot of cholesterol-lowering, lipid-lowering profile products we have launched. There's a lot of increase in covered market. It is also with the focus of some of the in-licensing products. For example, recently we had a CNS Rivotril from Roche. There's a lot of initiative in adding chronic as well as specialty products to increase our covered market. If you are referring to new launches, new launches have been softer as compared to IPM. If you look at Q1, the new introduction, NI contribution is 2.8% as compared to IPM 4.1%. If you are referring to the slower growth rate- Yeah This is one of the contributor to that. Okay. Yeah. Okay. IPM would include all the GLP-1s for the NI, do you think? Because, yeah, that's happened in last one. That is correct. Okay. 4.1 is including GLP. Okay. Thank you, and all the best. Thank you. Next question is from Neha Manpuria. Neha, kindly announce your company name and proceed with your question. Yeah, thanks for taking my question. This is Neha from Bank of America. First, just an extension on the new products question. I think we had mentioned last year that because of the change in the MR, et cetera, we weren't launching as many new products, which was one of the reasons for the lag. Now that things are normalized, should we expect a higher launch momentum, excluding Sema, of course, but a higher launch momentum and therefore that growth to narrow meaningfully going forward? Do you think that takes time to play out? Sudipta, can you take this, please? Yeah. If you see today, our launches are very strategic, I think what Rajeev sir has told. We specifically launch limited products and individual products try to make it big. If you see in recent launches, our vonoprazan has become number one, which is our Vonalong. Even in case of anti-diabetics like empagliflozin, if you see today, it is within the top three brands of new launches. Wherever we are launching new brands, we are making it big. Yes, we are being selective in new launches, and that has been a very strategic move for us. Understood. My second question is on the gross margin. Ashutosh, you mentioned gross margin guidance of 71%+, I think, for the full year. Given where we are in the quarter, I understand there's some cost pressure from West Asia that we might see. Is any reason for the conservatism besides the West Asia impact that we might see, particularly given the higher chronic mix that we're seeing versus last year? Sorry, yeah. Can you please repeat the question? I lost your last few words on that. Okay. Are you referring to the conservativeness on the gross margins part? Yes, sir. I mean, other than the West Asia crisis, any other reason for us to be conservative, given that our India growth is picking up, even within that, our chronic share is picking up, it seems like the revenue mix is in our favor. As against the 72.5%, why the 71% guidance? Yeah. That's the only caveat we are putting. Because of the West Asia crisis, we are taking a conservative approach. All right. Okay. The only reason is West Asia. There's nothing else in that. Neha, the overall EBITDA guidance has not changed. That's a reliable guidance of 25.5%-26.5%. All right, sir. Okay, thank you so much. Thank you. Next question is from Bino Pathiparambil. Kindly announce your company name and go ahead with your question, please. Hi, good evening. This is Bino from Elara. Just one quick follow-up question. Recently, you had acquired this brand, Rivotril from Roche. How big is that, and what is the potential there? Rivotril, if you see the IQ numbers, it is in the region of INR 20-30 gross. We expect that it will give entry to a lot of specialists, because it is a textbook brand in terms of the molecule. We expect that the growth will start, but first, the entry to doctors is important, so that we are following on the process and making progress in terms of connecting with the specialist doctors. Okay. Do you think it can potentially grow up to be INR 100, INR 200 crore brand? Is that the thought process behind your acquisition? Aspiration is always there, it will take time. I mean, these things, CNS is a category, takes time, as it is a very specialist portfolio. Aspiration is to make a gold portfolio on the CNS side as well. Got it. Thank you. I'll return back to you. Thank you. Next question is from- Give me a moment. Next question is from Ritika. Ritika, kindly announce your company name and go ahead with your question, please. Ritika, can you please unmute your line? You're on mute. Ritika Agarwal, kindly unmute your audio and go ahead with your question, please. There is no response. Can we take the next one? Our next. Yes. It is from Siddharth Meghani. Siddharth, please announce your company name and proceed with your question. Hi. Thanks for taking my question. Glad to see green shoots of recovery. There were certain actions that you'd mentioned last time that you were taking in terms of reorganization, in terms of focus. Could you give us some metrics around attrition and around share gains or sort of outperforming certain sub-therapies that you've seen from that reorganization to help us better understand that, yes, these are green shoots of recovery? That's question one. Second question is, while I understand that the cash and carry business was a dent on general trade and that channel conflict is obvious, if one were to stop the cash and carry business and there is a brand pull, one would see higher general trade sales, right? Why is it that you did not see that come back through higher general trade sales, instead had lower growth? Those were my two questions. I'll take the first one in terms of what are the green shoots. First I'll take the acute business. If I just talk about gastro, from a -2.5% in Q2, we have seen sequential recovery to 6.9% in Q3, 9.2% in Q4, and now 13.6%. Vitamin, if I see, 5% moving to 8% in Q3. Q4 was 12.5% and now 19.3%. Similarly, we have seen gynac moving from 6.9% to now 12.7% in Q1. Ophthalmology, 6.2% in Q2 has moved to 14.9%, 18.5%, and now 17.5% in Q1. Across acute therapies if you see, we have seen improvement. Our growth in acute therapy had gone down to 3.3% in Q2. We are now at par with the industry at 10.9%. 60% of the portfolio still is acute for us. Now we are at par, that's why you've seen a double-digit growth for us. Coming to chronic, cardiac has seen improvement from 14.5% in Q2 to now 19.4% in Q1. Similarly, you have seen anti-diabetes 11.4% moving all the way to 12.7%. Respiratory, if you see, very strong growth continues in the chronic respiratory side, 20% plus across the last four quarters. Chronic has moved up from 12.2% in Q2 of last year to now 15.8%. This overall has resulted in a 6.3% overall growth in Q2 to now 12.7% growth in Q1 of fiscal 2027. Green shoots both in acute and chronic, we are able to see. As Sheetal mentioned, that every quarter we are trying to improve. Got it. Any metric on the attrition side, whether that has improved? How are you seeing that play out after the reorg? In the last one and a half year, we have seen a lot of shuffling in terms of realignment, improving process, improving attrition in terms of doctor visits, et cetera. Attrition and vacancies are now in control. It has dropped significantly. It has come back to the normal levels. You can see the results of sequential improvement, because if attrition is high, then you can't see the improvement. Got it. Some color on the consumer products business that I spoke about. Consumer business, you are supposed to really understand that this market is very dynamic. General trade slowly and gradually. This e-commerce and modern trade is taking the share of general trade. We cannot really even segregate that general trade is separate and this e-commerce is separate. The same consumer buys the same things. While we basically do a corrective action in cash and carry, on the second side, our modern trade and consumer have really grown a lot. Last year the share was 11%, now the share is 15%, supported by a growth of 38%. On one side, the growth is there. The second side, we control certain things, and that's the reason. Overall, if I say, the market has been a bit softer in consumer side, that's the reason for that. The positive side basically is that Manforce share in condom category, Prega News share in pregnancy test, Gas-O-Fast and Enterasit] have improved. Got it. Thank you and all the best. Thank you. Our next question is from Ritika Agarwal. Ritika, kindly announce your company name and proceed with your question. Hi, thank you for taking my question. This is Ritika from ValueQuest. My question is an extension to earlier participant's question on semaglutide. Earlier, we were commenting that we'll be in the first wave of launch, and we've also tied up. Even at that time, the understanding was there will be 20-30 players launching the drug. What changed or maybe thought process or maybe what went wrong that we couldn't launch this drug? We never said that we were the first few companies to launch this product. We could not launch in the first phase, that's one reason we took a strategical call. When this planning was happening, our focus was basically on correcting the overall company, actually. The attrition was high, our enforced attrition was done. We corrected a lot of things in the company. We thought, once we correct these things, then we'll launch the product. At different times you play different strategies, and that's one reason we started launching semaglutide a bit late. I'd just like to add, because of huge competition, price drop was very significant. Since we are taking it from a partner, it doesn't make sense to do a price war. Rather, we have gone strategic. We are promoting through top-level KOLs. As Rajeev highlighted earlier, that we are looking more from a therapy approach. If we just play with the price war, this will not be a profitable launch. Just additional information, as you mentioned, we have already launched this product into two segments. One is anti-diabetes, and the second one is gynec. We expect that it will be a gradual takeoff for us since it's very hyper-competitive and there's a lot of price war happening at the moment. Sure. Anything on the export side, are we looking to launch this product? No. We don't have an export strategy for this. Okay. Sure. That is it from me. Thank you so much. Thank you. Thank you. We have a follow-up question from Rashmi Shetty. Rashmi, please proceed with your question. I'm audible, right? Yes, you are. On the export business also, we have a very strong growth this quarter. What is driving this growth? I think one reason you mentioned that the BSV has also grown strong. Ex-BSV also, it is looking pretty strong. Whether U.S. is contributing significantly or any one-off opportunities, have you benefited during the quarter? As I mentioned, BSV growing by 25%, also U.S. has done well. We had couple of launches. If you see, the currency has also helped to the extent of 12%-13%. Put together, it is in line with our guidance of high teens in the constant currency terms. So high teens, which you are talking about for both the businesses together, right? Mankind plus BSV. That is correct. Earlier we used to talk related to one ophthal product, which used to contribute higher compared to the other products in the U.S. that was more of a one-off. Had it seen any competition and is it sitting in the base or it is? Last year only it came into base. It was last to last year. In FY 2025 that was in base. Okay. That was bulky. The bulge was in FY 2025, and that normalized in FY 2025. Okay, got it. One question to Prakash related to BSV. For this quarter and for FY 2026, out of the total BSV, the proportion of domestic business, especially for FY 2026, I want to understand, the proportion of domestic business to export ratio is high or it is lower? The ratio of domestic to international. For last year you are asking? Yeah, for FY 2026. Last year 50/50. Yeah, it is around 50/50. Last year. 50/50. 49/51 to be precise. Yeah. Okay. This year also it is expected to be in that range? Similar range, ±2%. Okay. Got it. Thank you. Thank you so much. Thank you. Thank you. For any questions, participants may please use the raise hand option available on their screen. To ask a question, please use the raise hand option available on your screen. We have a question from Gourav Bhama. Kindly announce your company name and proceed with your question. Hi, sir. Good morning, Gourav Bhama, this side from JM Financial. Am I audible? Please go ahead. I just wanted to double-check what was the guidance given for consumer healthcare 2Q onwards. We have said high single digit to double digit. Thank you. Thank you. Next is Shirsh Sawarna. Kindly announce your company name and proceed with your question. Shirsh? Am I audible? Hello. Yes. Please go ahead. Hi, I'm Shirsh. I am from Bernstein. I have two questions. Firstly, if I may not have understood properly, can you explain what has been the recent scenario of BSV and what exactly are we doing to integrate it properly? Secondly, on the IPM guidance of domestic, you guys guided around early teens. Do you expect the IPM to also grow at that rate or will you be growing above IPM? Let me take your second question first. As per our guidance in the last call, we said that we expect sequential recovery and expect full year to be double-digit growth, expect chronic to be better, and also expect recovery in the acute business, which we were able to demonstrate in Q1 also. Coming to BSV, in terms of business files, if you see, we've always maintained that it would be run as an independent, operationally, both in the domestic and international. We have tweaked in terms of a little bit on the management side, wherever required. We have added in terms of a biotech facility. We have enhanced the R&D biotech facility. Those are the small changes which we have done from Mankind. BSV is run independently by professionals. There is a lot of initiative that has been taken both in domestic and international business. We highlighted that there's a lot of demand creation that is happening for large brands, since these are specialist brands like Anti-D, Foligraf, others. Gynac coverage has increased from 33,000 in FY 2025 to now 37,000. There's a lot of IVF-related programs that has been activated. We have more than 80% coverage in the IVF category, which is seeing a very strong growth of 35% plus. Also there's a lot of clinical work going on in terms of its key products, in terms of clinical trials, of expanding market reach, for Foligraf, which is FSH, Anti-D, which is rhythm studies, and also some of the anti-allergy product, Histoglob rush studies. There's a lot of scientific work going on in terms of expanding the domestic business. In international business, we are seeing increasing penetration in the existing markets. We are seeing some of the new approvals in large markets like Russia, FSH, we recently got approval. We're also expecting FSH approvals in couple of new markets. There's a lot of initiative going on in terms of newer products in the existing markets. That's why we've given a guidance of high teen growth. Got it. That's very helpful. Just one double click on my previous question. About the acute, chronic, I understand, but in the acute segment, can you specify why did we not do that well as we used to, and how are we going to change things in the upcoming years or quarters? We have mentioned a number of times about this, that our 60% business comes from the acute side. In acute, relationship and face value really matters. Maybe even 18 months back, we did deep correction, removed approximately, a good number of people we removed, and changed with new people. This one, the recovery is there, and whenever there is a belief that recovery should be on a strong foundation, recovery happens gradually. Anything happens all of a sudden, very fast, we don't believe in that. You can see quarter by quarter, things are really improving and we are quite happy with our performance. We don't expect Mankind always believe that prescription is sales. That's all. Our policies are like this, that last week's sales should not be there. First week sales should be very good. We believe in all those processes. What we basically have said that, we never said in last couple of quarters there we'll be beating the IPM. We said that we will have this kind of a growth. Our forecast even this year is that double-digit growth would be there. We'll be having this EBITDA of 25.5% or 26.6%. Aspiration is to come back to where we were a few years back. For a good number of years, we basically has beaten IPM to 1.7x, a good number of years, 1.3- 1.4 times. Once you have this kind of a track record, you want to come back to that side. It takes time. We are not in a hurry, but we feel that as every quarter would pass, things will improve and things are on track. Look at from the volume-wise, new product-wise, as a whole. Got it. That's all. Thank you. Okay. Thank you. I now hand the conference over to the management for closing comments. Over to you, sir. Thank you. For any further queries or clarifications, please reach out to us on investor.relations@mankindpharma.com. Have a nice day. Thank you, members of the management team. On behalf of Mankind Pharma, that concludes this meeting. Thank you for joining us, and you may now exit the meeting.