Ladies and gentlemen, good day and welcome to Marksans Pharma Q1 FY 2027 earnings conference call hosted by DAM Capital Advisors Limited. 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 call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Nitin Agarwal. Thank you, and over to you, sir. Warm welcome to Marksans Pharma's Q1 FY 2027 post-results earnings call hosted by DAM Capital Advisors Limited. On the call today we have, representing the Marksans Pharma, Mr. Mark Saldanha, Founder, Chairman, and Managing Director, and Mr. Jitendra Sharma, Chief Financial Officer. I will hand over the call to Mark to make the opening comments and then we will open the floor for questions from there on. Please go ahead, sir. Thank you, Nitin. Good afternoon, everyone, and thank you for joining us for our Q1 FY 2027 earning conference call. We sincerely appreciate your interest and continued support for the company. Q1 FY 2027 has been a very strong start to the year for Marksans. We delivered INR 841 crores of revenue up 35.6% year-on-year, with our highest ever quarterly EBITDA of INR 213 crores and highest ever quarterly PAT of INR 159 crores, alongside our cash balance crossing INR 1,000 crores for the first time. We have been investing in our products, manufacturing capabilities, customer relationship and international presence for several years now, and we are increasingly seeing these investments translate into growth, profitability and cash generation. Europe has been a strategic highlight of the quarter. U.K. and Europe delivered the highest ever quarterly revenue of INR 356 crores, growing 74.7% year-on-year. Over the last several months in Europe, we have moved from our primary existing channels to building our own front-end presence across key regulated markets. During the quarter, we completed the acquisition of QliniQ B.V. in Netherlands, which contributed approximately INR 44 crores of revenue in Q1. Even excluding this contribution, the region grew strongly by 53.1% year-on-year. We then completed the acquisition of ABCnow GmbH, Germany, with consolidation commencing from Q2. Alongside these acquisitions, we have established Marksans Pharma Europe in Ireland and Marksans Pharma GmbH in Germany. Europe is becoming an important new growth market for Marksans and we remain focused on progressively scaling our presence across the region. Talking about our other key regions, in North America we delivered INR 377 crores of revenue growing 15.1% year-on-year. This quarter saw a softer demand through the summer months in line with the normal seasonal pattern. Price erosion in our Rx portfolio remained in single digits and in the coming quarters we expect momentum to strengthen. We have also established a presence in Canada with product filings underway. In Australia and New Zealand, we delivered INR 88 crores of revenue up 53.7% year-on-year. This was in line with our normal seasonal pattern, following a particularly strong fourth quarter during the southern hemisphere winter. The underlying business remains healthy and we expect momentum to build as we move through the year. The improvement in the company's profitability is equally encouraging. The benefits of operating platform we have been building over the last several years are increasingly visible in our profitability. Our focus for the rest of FY 2027 is clear, carry this momentum forward, scale across geographies, accelerate new product launches, build out on the European market and continue improving the profitability and cash generating ability of the business. We remain disciplined in how we allocate capital and selective about our inorganic opportunities. We remain confident about creating a business that is scalable, resilient and positioned to deliver sustainable long-term value for all our stakeholders. With this, I hand it over to Jitendra who will take you through the financial performance in detail. Thank you, sir. Good afternoon, everyone. Let me take you through the financial performance for Q1 FY 2027. Operating revenue for Q1 FY 2027 stood at INR 840.8 crores, up 35.6% year-on-year from INR 620 crores in Q1 of FY 2026. North America remained our largest market, contributing INR 377 crores, up 15.1% year-on-year and accounting for approximately 45% of consolidated revenue. U.K. and Europe delivered INR 356 crores representing 74.7% year-on-year growth and approximately 42% of consolidated revenue. This was the highest ever quarterly revenue for the region. Europe also began contributing meaningfully during the quarter following the acquisition and consolidation of QliniQ, while the underlying U.K. business continued to show strong momentum. Australia and New Zealand delivered INR 88 crore, up 33.7% year-on-year. The sequential moderation was in line with the normal seasonal pattern. Following a particularly strong fourth quarter, the underlying business remains healthy, and we expect momentum to build as we move through the year. Rest of world contributed INR 20 crore during the quarter. Gross profit stood at INR 497.3 crore, up 38.9% year-on-year from INR 358.2 crore, while gross margin improved to 59.1% from 57.8%, an expansion of 138 basis points. Sequentially, gross profit increased from INR 465 crores, with gross margin expanding by 478 basis points. The improvement was supported by favorable product mix, lower cost materials held in the inventory, and favorable foreign exchange. EBITDA stood at INR 213 crores, compared with INR 100.1 crores in Q1 FY 2026, representing 112.8% year-on-year growth. EBITDA margin expanded to 25.3% from 16.1%, an improvement of 919 basis points. Sequentially, EBITDA increased from INR 195.4 crores, while EBITDA margin expanded by 251 basis points. The improvement reflects the benefit of higher gross margin together with operating leverage. Profit after tax stood at INR 159.4 crores, compared with INR 58.2 crores in Q1 FY 2026, representing 173.9% year-on-year increase. PAT margin improved to 18.4% from 9.3%. Sequentially, PAT increased from INR 149 crores in Q4 of FY 2026, with PAT margin improving from 17.4% to 18.4%. Moving to cash generation, we generated INR 185 crore of cash from operations during the quarter. After net CapEx of INR 33 crore, free cash flow stood at INR 152 crores. Our working capital cycle improved to approximately 132 days, compared with approximately 159 days in Q1 of FY 2026 and 138 days for Q4 of FY 2026. R&D spend for the quarter was INR 23.2 crore or 2.8% of consolidated revenue, compared with INR 12.1 crore and 2% in Q1 of FY 2026. We ended the quarter with a cash balance of INR 1,058 crores, compared with INR 711 crore at the end of Q1 of FY 2026. While the net cash stood at INR 1,031 crore, this was achieved despite the payment towards the QliniQ acquisition during the quarter. With that, we would like to open the floor for questions. Thank you. 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 the touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Ahmed Madha from Unifi Capital. Please go ahead. Yeah. Thanks for the opportunity, and congratulations on a great performance. My first question was on the line of the QliniQ acquisition. The disclosure suggested that the transaction was done on June 1st and was completed on June 17th. So the revenue recognition, can you give some sense how it has been accounted? And for the full year, how do you see both the acquisitions as well as your organic efforts in Europe business panning out for FY 2027? Ahmed, the effective date for the transaction was April 1st 2026. We have consolidated the first quarter numbers in our June quarter consolidated financials. We expect QliniQ will do around INR 150 crore- INR 175 crore in terms of the revenue overall for the year. Sure. Europe geography as a whole with two acquisitions and your organic efforts, how much the delta will be over and above the QliniQ number you guided for? Yes. We expect to grow from what QliniQ has historically done. They had done slightly below EUR 10 million. We expect to end this year by around between EUR 14 million -EUR 15 million. That is nearly about 40% above. We do expect Europe to be somewhere around EUR 180 million. You can put it as EUR 180 million. Sure. Got it. On the gross margin fronts, this was probably the highest gross margins you reported, maybe outside of COVID period, will be the highest. How should one think about it in terms of the product mix? You have low-cost inventory, which you have flagged out in your presentation. Some of the high-cost inventory may be being procured as of current moment with higher solvent costs. How should one think of the gross margins and the pricing you are able to improve and so on? So obviously it is a very fluid situation. And you are right, we were sitting on good inventory, which we are depleting over time. We still have some inventory, but there are obviously other parameters due to the war which is having an impact, like freight or some higher cost of raw materials coming in. We do believe that as and when this war does end, it will go back to its normal levels relatively very fast. And so far, we are leveraging that inventory that we have. And, in terms of sustainability of that 25% odd- Gross margin of 59%. Yeah, 59%, I think we should be around 55%-56% gross margin per se. Sure. And the other thing, working capital has come down meaningfully, so there will be some sort of inventory unwinding that will have happened, I am assuming. So is that the case or is there any other angle to it? No, that's the case. Okay, sure. Lastly, on the U.S. business, can you give some sense how does the order book look, the rest of the season, how do you see the growth acceleration to be? Well, see, we do see the order book is still strong, so that's not a problem. We do see contribution in this financial year coming from around the geographies. Even in the first quarter, if you look at it's not only U.S. that's performing. It is Europe, it is Australia. Every subsidiary is performing. So this year, you will see growth happening from all geographies, which will contribute. We do anticipate us. We are still very much on our target of hitting INR 4,000 crores within the next two years. So I think we still stand by it. Obviously, we do expect contribution coming from all our subsidiaries. Unlike last year, where obviously U.K. was underperforming and U.S. was accelerating up. Yes, sure. Just last question on the CapEx allocation. Obviously, we are now INR 1,000 crore + cash. The scenario is very different from, say, a few years ago. The palette should have changed completely. Whatever acquisition we have made, the ticket size is relatively small. So how should one think about further CapEx allocation for the current year also? Should we be making any meaningful large acquisition? I'm just thinking from the absolute size, the cash we have. Yeah, we are exploring those possibilities. Obviously, for us, Europe has just begun. We have just done relatively smaller target deals, but we do plan to expand within Europe as a geography. We are actively looking at other acquisitions. Nothing concrete or no pen to paper, but we do believe the resources and the money sitting on a balance sheet will fuel our growth, in terms of both organic and inorganic strategies that we plan to pursue. Thank you so much, sir. Thank you. Thank you. The next question is from the line of Meet Vora from Integrative Ventures and Partnerships. Please go ahead. Yeah. Hi. Am I audible? Yes, you are. Yeah. Hi, sir. Congratulations on the great set of numbers, first of all. I have a couple of questions. We have closed around 25% on the bottom line in quarter one. Also we have guided for FY 2027 revenue growth of 15%-20% and 20%-21% EBITDA margin. Is there any plan to revise these on the upward side, or how should we look at it? No, I think we'll stick with that plan because of the volatility that you see, the geopolitical scenarios that you see prevailing, surrounding us and pretty much all countries. We do foresee that, with the continuance of these geopolitical uncertainties, I think what we projected historically or before, we stand by that. Okay. Next question is, on this quarter, our U.K. and Europe segment grew around 74% year-over-year and 15% quarter-on-quarter. How sustainable growth we can assume on these two markets? I think we will be able to sustain it. Okay. You are able to sustain it around 75% and year-on-year 15%. Okay. There was one more question. I just wanted to know the timeline for Ireland and Germany entities to start generating meaningful revenue. Is there any specific? Germany, we expect some revenue to be generated soon, maybe early third quarter. Okay. We do expect better revenue to be generated from Germany. Ireland may take some time because product registrations, it is only formation of a company. We need a wholesale license, we need a distribution license, and we need product licenses. That all registration is happening, but we are hopeful for next year to see some revenue in the next financial year, not this year. Germany will see revenue this year, in the next quarter, and Netherlands is already performing. I think U.K. and Europe by itself will show a decent growth. Okay. Sir, what about the rest of the world segment? In the Middle East also we have one subsidiary. How we are looking to grow the rest of the world segment regions? We have Middle East, we have rest of the world, means other markets besides the Western markets. Obviously, the other markets besides the Western markets are struggling a bit because of the war scenarios, because of vessels unable to pass and the transportation becoming one of the biggest hurdles in those regions. Technically, to our good fortune, they do not contribute a lot b ut these are challenging times for those markets. Okay. Thank you so much for your answers, sir. Wish you all the best. Thank you. Thank you. Thank you. The next question is from the line of Mihir Damania from Fident AMC. Please go ahead. Yeah, hi. My first question alludes to a slide in your presentation, which states that you want to become a top global consumer healthcare company by 2030. What will it take for you to reach there versus where you are right now? Sorry, Mihir, I didn't get you very clearly. Could you repeat that? Yeah. On slide 38 of your presentation, which is growth roadmap, strategic vision FY 2030, you alluded that you want to become a top global consumer healthcare company by 2030. What are the things which you need to do which are not there currently to get there? What will it take for you to reach it? Yeah, we are working in a direction. This is all about creating brands. When you talk of consumer health, we are looking at OTC, we look at brands. We are looking at expanding our portfolio where that is concerned. A lot of work will go into that. But we will be pursuing that. We would have to invest some resources also accordingly to that. But nevertheless, I think we're confident of moving in that direction. Got it. Second one is more on the regulatory side. You have three U.S. FDA plants globally. When do you expect the next U.S. FDA inspection to take place? Because considering that a large chunk of your revenues comes from the U.S. and you only have three locations, when do you expect the next US FDA inspection to take place? There's no definite timelines as in such, because they can come any moment, although one of our plants was recently audited less than 12 months back. But again, they can come any time. Based on so many filings that we are doing, they can visit any time. So it's difficult to put a timeline on that. Okay. Thank you. Thank you. The next question is from the line of Deepesh Sancheti from Maanya Finance. Please go ahead. Hello, am I audible? Yes, you are. Yeah. Congratulations, first of all, on a great set of numbers. Completely unexpected and excellent numbers. Just wanted to understand, in your last year's con call, you mentioned that Q1 is generally a weak quarter. Does that mean that we have more stronger quarters coming in for Q2, Q3? Yes. From a revenue standpoint of view, the answer is yes. From an EBITDA point of view, we will hit our expected margins that we have presented to that level. Yes. Revenue, definitely Q2 will be better than Q1, and Q3 will be probably the strongest. Right. Just wanted to understand also with your European acquisitions. Sorry, are you saying something? No, I'm waiting for you. Okay. I'm saying about the European acquisitions. Now, we've done two in Germany, one Netherlands, one Ireland. Do you think for covering the entire Europe, will we need more acquisitions or these will be enough for the start? In acquisitions, we have done only two. One is in Netherlands and one is in Germany. I think these give us a good launching pad into these countries. If we look at our history, we have always grown on what we've acquired, and we've grown very well on what we acquired. But yes, to answer your question, we would need more acquisitions, and that's where we have a decent corpus with us to close any inorganic strategies that come our way. Obviously, making sure that it is worth the valuation. But we do plan to expand countries within Europe. That said and done, M&A are unpredictable and timelines are not fixed. Right. What is your U.S. strategy, especially after Mr. Trump has mentioned that you'll have a 200% duty after two years? What is your long-term U.S. strategy? Are we going to ramp up our production in U.S.? How are we going about this? That's always a possibility. There are different possibilities, but I think we have to cross a bridge when we arrive at it. I would not put much weightage on what he says because it may change pretty much within two days or three days, or whatever. I think we'll wait and watch, and two years is a long period of time for anyone to preempt a change happening right now, especially the way the U.S. is shaping up. I think a lot of things may change. Again, depends on elections, depends on political scenarios prevailing in that country. We have to just see how things unfold, but that possibility of ramping up is always there with us, and we always keep that as an option. Right. What is your U.S. strategy? I just wanted to understand since you are having so many acquisitions in Europe. Is this a long-term strategy to, maybe if there is any problem in the U.S., then we have a European market also. Is that what is there on our mind, or this is just a general acquisition-led growth? No, we had always focused, we had always mentioned in our previous calls that we would like to expand our geographies. We historically focus on a market, we consolidate, we grow the market. Once the growth is happening and it is on autopilot mode, we then look at expanding our footprints in other geographies. This year we had earmarked for Europe by itself. Coincidentally, the geopolitical scenarios are different or are happening parallelly. But we had earmarked this year for expanding our, like I said, our footprints into different geographies and Europe was identified as a market with potential, and that is where we went into Europe. But our U.S. is still our important market. It is still giving us decent revenues, and it is still a potential market for growth. Right. All the very best, Mark, and congratulations again on an excellent set of results. Thank you. Thank you. The next question is from the line of Vishal Manchanda from Systematix Group. Please go ahead. Yeah. Hi, good evening, everyone, and thanks for the opportunity. With respect to the gross margins, I think you have posted the highest ever gross margins this quarter. Is there scope to kind of push this higher? Everyone would love that, and we always try to be innovative and approach situation differently. But, no, I don't think. That's being unrealistic. I think, like I mentioned, 55%-56% range is more comfortable looking at the geopolitical scenarios that are there with the war, with the crude, with everything, with transportation and everything that goes on. Okay. Would you be able to share what volume of your sales was manufactured in India? Is it very different from the other quarters or previous years? No, I think we do about 65%-70%, 70% being on the higher side, but 65%-70% coming from India. Okay. The backward integration plans are on shelves, right? You are not pursuing actively there, right? No, we are not pursuing it actively, but we have developed some IPs related to DMFs. But exploring the CRAMS business model, but we are not pursuing it actively because, again, of what is happening around. Got it. Just if you could give an outlook with respect to which geography that you think is likely to kind of do better in the near term for you? I think unlike last year, I think this time all our markets and all the geographies that we are in will do fairly well. Each of our subsidiaries will contribute to helping us achieve our objectives and goals that we have set out. Any new geographies that you are looking to add? Europe is a continent by itself. It is a big continent and has a cluster of different countries. We have just started it, so that does not mean that we have conquered anything out there or created anything substantial. We have got a long way to go in Europe, and we plan to expand that effort in the coming months, and whatever time it takes us to become a prominent player in Europe, like how we have done in U.S. and other markets. Are you planning anything in terms of the recently, Zydus Wellness acquired it is more of an e-commerce platform for OTC drugs. Anything on those lines, would you be continuing? No. Got it. Thank you. Thank you. The next question is from the line of Abhi Jain from AJ Capital. Please go ahead. Hi, good evening. Hope I'm audible. Yes, you are. My first question is on capital allocation. I am on slide 28, and I think the ROE and ROCE have obviously fallen in the last few years. Close to about we have INR 1,050 crores of cash, and most of it I am seeing in the annual report is sitting in FDs and in current accounts, which probably is earning us 4%-5% post-tax, against an operating ROCE of 20%. I just want to understand whether the management is looking at better efficiently utilizing that cash reserve that they have. Obviously, you need cash for acquisitions and organic growth. But can the management plan about better usage of cash reserve, which is not an imminent need? For example, index investing is something that can be explored, which gives us a yield of 9%-10%, relatively risk-free, and helps improve this drag on ROCE, which has been happening for quite a while now. Just wanted to understand your thoughts around that. No, we do not take that factoring or risk. We are not into that. We make sure it is safe. Yes, our main aim is to use those funds to drive inorganic strategies, which basically will grow the company and its revenue generation. In those acquisition terms, obviously, we try to be conservative to make sure we get return on investments relatively fast and lucrative, like you have seen our Netherlands deal. You will probably see maybe in the next six months our Germany deal, how it has outplayed versus what we have invested. We look at returns coming from there at a faster pace than trying to go into instruments which may have some risk factors. We are averse with taking risk where that is concerned because those are beyond our control. All right. Second question is on the growth pattern and the sustainable EBITDA margin. Obviously this quarter has been approved in terms of EBITDA and previous quarters as well. Sorry, you are not audible. Could you repeat that? [inaudible] range. Your other expenses are obviously about 33%-34% of sales. I think that would give us an EBITDA of about 21%-22% for this year. Is that understanding correct, or do you see the 25% EBITDA percentage rationalizing? This year, I think 21%-22%? Yeah. End of the year, 21%-22% is achievable. Yes. All right. Okay. Sure. Thank you so much. I hope eventually, you can start utilizing some part of that cash reserve towards a better yield product, which is much safer, like an index investing or something. For the future, you can look at it, or at least start with some portion just to improve yields. Companies across the world are doing it, so what bucket is doing it. I am pretty sure that the risk are manageable at a smaller scale. That is it. Thank you. All right. Thank you. Thank you. Before we take the next question, we would like to remind participants that you may press star and one to ask a question. The next question is from the line of Anand Moore from OM Advisors. Please go ahead. Hi. Thank you for the opportunity. How much of the growth is organic in U.K. and Europe? What exactly is the INR 44 crore from QliniQ that we have received? No, that is a revenue. INR 44 crore in QliniQ is a revenue. We have not received anything. It is a revenue. What does the- The growth from U.K. is all organic only. We have not done any inorganic in U.K., per se. Excluding the QliniQ number, in our U.K. business, we have achieved growth of over 50% on a year-on-year basis during the quarter. That is all organic. Noted. What does the company QliniQ, what do they do? Similarly, if you can brief on what ABCnow does. They are into the generic space pretty much like all our subsidiaries. QliniQ is more tilted towards Rx, while ABCnow has got both Rx as well as OTC portfolio. But yeah, they are into the generic space. More or less like all our subsidiaries. Just a couple of questions more. How do you see Europe region shaping up in the next three to five years? Are you looking at more acquisitions? Yes. Europe is a cluster of many countries, and right now we are present in only two countries, that is in Germany and Netherlands. But we do plan to expand the geographies in Europe, and most of them will come through acquisitions or inorganic strategies. In the next three to five years, let's say more or less within five years, we are hoping that that geography can do about INR 1,000 odd crores. Got it. Sir, lastly, if I may, how is Goa unit progressing and what is our capacity there? Goa unit is progressing. The Teva facility is progressing. We had projected about moving towards a INR 80 crore revenue generation from that plant. We are right now at INR 50 plus crores. So I think we are pretty much at 60% - 65% out there. Okay. Thank you so much, sir. Thank you. Thank you. The next question is from the line of Aejas Lakhani from Unifi AMC. Please go ahead. Yeah. Hi, team. Congrats on a very strong set. Sir, I just want to understand that on the manufacturing side also, we called out that we may run out of manufacturing capacity. So any incremental color there in terms of assets that you're looking at, either green or brown? We are looking at a couple of targets. It is too early to mention whether it will go as per plan. I think we have a year to two years to work towards achieving this objective. If we have to achieve our three to five-year plan, yes, we are aware that we may need manufacturing capabilities, probably another unit in India. We are working in that direction, but nothing concrete as of now because it is easier said than done. We need to make sure that we get it at the price we want it. That makes it a bit more interesting and challenging. On the mark, really, there has been a certain benefit of having two units relatively close by in Goa. Is there anything on your mind with regards to a specific location or are you open to either going to a different state? I just want to understand a little more on your flexibility of the geography. There is no location. We do not mind expanding and going to another state. Goa was strategically, it unfolded, we were lucky that, unfortunately, it unfolded the way it happened. That said and done, if there is something in a different state, we will obviously look at it at its merits and take a call at that time. As long as objectives get achieved, we are okay in exploring different states. Cool. Thanks. All the best. Thank you. Thank you. The next question is from the line of Nitin Agarwal from DAM Capital. Please go ahead. Mark, just quickly on your R&D efforts, if you can just throw some light on how the R&D efforts have been progressing over the last few quarters, and what are the major objectives from the R&D program that you're pursuing going forward? Nitin, it's a good question. We are focusing, actually, we're putting a lot of stress on R&D, on product development, on different delivery dosage forms, which are a little more expensive in terms of getting it right. A lot of work in the background is happening on differentiating our product basket. We've always been doing that. As we grow bigger, we have better resources to plow into that area, and that's where you are seeing a bit of increase. That said and done, as and when new geographies come into play, then new product portfolio comes into play, and our product basket is increasing in every geography. There's a lot of work being done in certain countries. We have taken this objective in the next two to three years to literally double our portfolio in every country that we are in. We are working hard towards achieving that, and that's what's driving our cost on R&D right now. In the U.S., I think for now, I think about 70%-75% of our business is OTC. Please correct me if I'm wrong on that. But Europe is obviously, U.K. is a smaller amount. Presumably the way we're looking to expand in Europe, is it fair to assume that a lot of the European growth will be again on prescription products or it'll be again going to be pretty high? What kind of percentage of OTC do you see playing out in Europe and U.K. going forward? U.K. is equally distributed. We have about 50%, maybe 50-50% or maybe 45-55%, 55 into Rx and 45 into OTC. So it's quite equally distributed. But in Europe, it's going to be tilting more towards Rx, maybe 90%, 80% or 85% Rx and 15% OTC. That's the mix, because Europe is prima facie more of a prescription market than other geographies that we are into. Okay. In the U.S., on the OTC side, any changes that you've seen in the market dynamics in terms of the competitive intensity, number of players coming in, newer players coming in or players dropping out? Has there been any input changes that you've seen in the market over the last few quarters? No, we don't see anything. Obviously, we definitely see struggles happening because of the war, and the geopolitical scenarios that are revolving especially around that country. We see the fuel prices going up. People struggle, consumers struggle to affordability on filling their gas tanks. But in terms of market dynamics, we don't see much change where that is concerned, especially on competition, whether they are coming in or going out. We do see some of the big players struggling a bit, but that is always good news for us. Lastly, on the U.S., how do you see our U.S. sort of geography shaping both from a qualitative and a quantitative perspective over this next three, five years? Obviously, our immediate outlook, we don't talk about $200 million anymore, but we are now working towards the $300 million, and then we'll probably look at a $400 million, if you have to look at our horizon of maybe five years. But I think our immediate objective is to first reach our next benchmark of $300 million in the U.S. The composition of the business is still continuously driven by OTC in the U.S.? It is OTC driven, but our Rx is seeing a bit of better traction also. Maybe historically we were 90%, probably 95% OTC and 5% Rx. That may change to 85, +15, I don't know. But yeah, OTC will still be our strength out there. Lastly, on this one. Now, with the scale that you've got, probably you'll be there with most of the relevant OTC customers in U.S. How is that scale that you already have and our older relationships with some of these customers really helping us in building a business now? Yeah, it is. So as and when opportunities do come, we are the preferred choice of partners that they look at. And our product portfolio in each of those customers are increasing. So as and when, if you're supplying 10 items, and tomorrow there is a potential of increasing it by another 10 more items to those customers. So that's where the growth is generated from there. But like I said, we are basically ensuring that U.S. growth is also driven and equal importance is given on strategic product portfolios, where we believe there's a gap and where we can increase our market share relatively fast. But yes, it has to go through all the ANDA approval process and everything of that sort. Thank you so much. Thank you. Thank you. Before we take the next question, we would like to remind participants that you may press star and one to ask a question. The next question is from the line of Jugal Shah, an individual investor. Please go ahead. Hi, Mark. Thanks for taking my question. I just want to go back to the question where one of the participants mentioned around the usage of cash component. I see we are having INR 1,000 crores cash, and the top line is INR 3,000 crores. So that number sounds very conservative. I wanted to know, is there anything bigger acquisitions or inorganic growth in the next one-year horizon? Or because smaller acquisitions is still happening at the same time, we will be generating more cash flows as we go forward. Yeah. Anything is possible, right? If we are sitting on a corpus, yes, it can be a decent-sized ticket deal. In certain markets, we explore different strategies. But if tomorrow we acquire something in India, we will have to pay a bigger valuation. I'm just giving a Not that we have anything on mind, but if we have something, we would have to pay a bigger valuation. All of a sudden, INR 200 crores, INR 300 crores, INR 400 crores will go into the acquisition and suddenly you'll say, "What happened to all the money? Where did it go?" But yeah, that money will basically fuel our growth strategy, and we are quite optimistic Like I mentioned in my previous calls, that this is the year that we will be pursuing our inorganic strategy. Over the last couple of years, we've been focusing and pushing and integrating and ensuring that our organic strategy takes shape. This year, we are working towards the next leap or the next growth strategy we have in place for the company, which will basically evolve the company to a different level altogether. That's good to know, Mark. Just again, to add to that, I think we have reached to a level. Our platform is there. I'm sure we are very confident on the management team, but 15%-20% growth seems to be very conservative where we are right now. We kind of try to achieve more, better. 20%-25% growth should be the new normal given where we are at this moment. Just being a little greedy, but just trying to be. Basically, we have a great management team. You yourself have been doing really great for the company as well. So I'm just hoping that we kind of be more aspirational. I'm sure. In my last call, we spoke about doubling our revenue. So that itself is. How many companies do you know that talk about doubling their revenue? So, when we did INR 3,000 crores, we are now giving visibility of doubling our revenue within the next five years. So, we still have to work towards that, and we are quite optimistic we will be out there. All right. Thank you, Mark. Thank you. Thank you. As there are no further questions from the participants, I would now like to hand the conference over to the management for closing comments. Thank you everyone for spending your valuable time on this call, and have a great evening and be safe. Thank you. Thank you. Thank you. On behalf of Marksans Pharma, that concludes this conference. Thank you for joining us, and you may now disconnect the line.