Ladies and gentlemen, good day and welcome to the NATCO Pharma's Q1 FY 2027 earning conference call. As a reminder, all participant line will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation conclude. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Ladies and gentlemen, a reminder that this call is hosted by 360 ONE Capital Markets Private Limited. I now hand the conference over to Mr. Hrishikesh Patole from 360 ONE Capital Markets Private Limited. Thank you, and over to you, Hrishikesh. Thank you, Danish. Good evening, everyone. On behalf of 360 ONE, I welcome you all to the Q1 FY 2027 earnings conference call of NATCO Pharma. Hope everyone is in good health and doing well. On behalf of NATCO today, we have with us Mr. Rajeev Nannapaneni, Vice Chairman and CEO, Mr. Amit Parekh, Chief Financial Officer, Mr. Rajesh Chebiyam, Executive Vice President, Crop Health Sciences, and Mr. Rajeev Menon, Investor Relations. I now hand over the call to Rajeev Menon for the opening remarks, post which we will open the session for Q&A. Over to you, Rajeev. Thank you, Hrishikesh. Good evening, and welcome everyone to NATCO's conference call discussing our earnings results for the first quarter of FY 2027. I am Rajeev Menon, Lead Investor Relations at NATCO. We hope you have received the press release that was sent out earlier. It is also available on our website. Let me draw your attention to the fact that on this call, we may be making certain forward-looking statements, which are not necessarily historical facts, and anything said on this call, which reflects our outlook for the future, must be reviewed in conjunction with the risks that the company faces. We undertake no obligations to update these forward-looking statements. I would like to state that the material of the call, except for the participant questions, is the property of NATCO and cannot be recorded or rebroadcast without NATCO's express written permission. We will begin with the financial highlights and then follow up with an interactive Q&A session. With that, I will request our CFO, Amit Parekh, to discuss the financial highlights. Over to you, sir. Thank you, Mr. Menon. Greetings to everyone, and thank you once again for joining NATCO's quarter one FY 2027 earnings call. The company recorded consolidated total revenues of INR 794.4 crores in quarter one FY 2027 compared to INR 1,390.6 crores in the corresponding quarter last year. The decline is largely attributable to lower lenalidomide revenue during the quarter, which was partially offset by double-digit growth in the base business. EBITDA, including other income for the quarter, stood at INR 245.7 crores, with EBITDA margin of 30.9%. There has been an improvement in EBITDA margin quarter-on-quarter, which can be attributed to the performance of our international and domestic business and lower and measured operating costs. Consolidated profit after tax stood at INR 206.5 crores compared to INR 269 crores in quarter four of FY 2026, which included one-time benefit of INR 115 crores arising from remeasurement of deferred tax assets on MAT credit and other deferred tax assets and liabilities following the company's decision to move to the new tax regime from FY 2027. On a normalized basis, excluding this one-time tax benefit in quarter four last year, consolidated PAT grew by 34% quarter-on-quarter. With regards to our associate company, Adcock Ingram Holdings Limited, South Africa, revenue for the quarter stood at INR 1,582.8 crores and profit after tax at INR 242.2 crores. NATCO's share of profit based on 35.75% holding as on 30th June 2026 was INR 84.3 crores. In July 2026, we acquired additional stake of 13.25% in Adcock Ingram, taking our total holding to 49%. This, we believe, will further strengthen our strategic position in South African market and increase our participation in the performance of Adcock Ingram. Our domestic formulation business revenue stood at INR 136 crores. We also saw strong growth in our Brazil business. Revenue from Brazil stood at INR 178 crores, representing the growth of 180%. Thank you all, and now we will take questions and answers. Thank you so much, sir. Ladies and gentlemen, we will now begin with the question and answer session. Anyone who wishes to ask a question may press star and one on their 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. Reminder to all the participants, if you wish to ask a question, now press star and one. First question comes on the line of Vamsi from ASKIM. Please go ahead. Hi, sir. Thanks for the opportunity and congrats on the good set of numbers. My first question is in terms of the breakdown of your export revenues. Can you please give me a constant currency growth across your key geographies of Canada and Brazil? Brazil has grown. As I said, it has grown by 180%. The revenues of Brazil, as I mentioned earlier, was INR 178 crores. Canada sales? Canada sales for the quarter was around INR 56 crores. Understood, sir. Also, if we were to just look on a quarter-on-quarter basis, in constant currency terms, there seems to be a 14% decline. Any specific geography which you would attribute this to? Could you rephrase that question? I didn't understand the question. Could you say that again? Yes, sir. Basically, I was trying to understand the quarter-on-quarter decline that has happened in the export sales. So there seems to be a constant currency decline of almost 14%. Is this attributable to any specific geography? No, it's just a seasonal cycle. I think you have different orders at different times. I think the increase in the profit didn't come from the Indian company; it came from the associate company. If you see the numbers, normally the Adcock profit sale is around INR 35 crores - INR 40 crores per quarter at our 30% holding. This quarter came to INR 80 crores. I think that is why the bumper earnings came from there, and that's the reason why there's an increase in profit. The orders themselves, it's all cyclical. The reason why Adcock delivered good set of numbers is because there was a strong flu season in South Africa this time. So I think that's the reason why the numbers are the way they are. Okay. So even on a constant currency basis in the Adcock business, there is a healthy growth, sir, of, let's say, high-single-digit? In this particular quarter, yes, because of the flu season. Understood, sir. Also, if I were to just ask a question on the domestic sales growth, could you provide a breakdown of how the base business has grown and how semaglutide has incrementally contributed this quarter? I think that base business normally is about INR 107 crore a quarter. I think this quarter it went to INR 130 crore something. We believe we are able to maintain that INR 130 crore number. I think a lot of it has come from semaglutide, obviously. I think we have a pretty good run on semaglutide and some third-party orders on semaglutide. And also our base business has also done well in our oncology and other segments of the operating unit. Overall, domestic has done very well. I think this year we expect that domestic will increase by about 25% in volumes alone. Understood, sir. Just one last question if base is the foundation. During the quarter, basically, sir, we closed the year at about INR 2,400 crores of cash. After having paid out for this incremental stake in Adcock, I think we still have a decent, close to about INR 1,000 crores-INR 1,500 crores kind of cash sitting. Any incremental insight on why the proposed fundraise of INR 2,000 crores is planned? Any specific target therapies or kind of assets that you're looking at? Yeah. You're right. Our net cash as of today is around INR 1,400 crores. Obviously, last one year, if you look at the kind of investments we have made, it's almost INR 3,000 crores, primarily in Adcock. We had a 2x acquisitions of stakes in Adcock. Both put together was around INR 3,000 crores. We have some short-term loans to pay off and some capital expenditure. At this juncture, we are also looking at a couple of very interesting opportunities of acquisitions and some kind of an M&A opportunity. We believe that this cash would be really required, and we believe that this would be helpful at the right time. In this, we want to raise the money from the market. Understood, sir. Any color on the kind of M&A we are looking at? We'll come back to you again, my friend. We'll come back again next quarter. Sure, sir. Thank you. I will join back the queue. Right. Thank you. Ladies and gentlemen, anyone who wishes to ask a question may press star and one. Also, in order to ensure that the management will be able to address all the questions from the participants, we request you to kindly limit your question to two questions only per participant. If you have a follow-up question, please rejoin the queue. Thank you. Our next question comes from the line of Kunal Randeria with Axis Capital. Please go ahead. Hi, good evening. First question, Amit. Very sharp decrease in other expenses, both quarter-on-quarter, year-on-year. If you can kind of highlight the reasons behind it, and is this the kind of a new run rate that we should expect going forward? Yes, Kunal. Thank you for the question. There has been a decline. Obviously, if you look at the last year Q1, there has been a high R&D spend which happened. You know R&D are not a very stable quarter-on-quarter run rate. It depends on a lot of milestones of batches, exhibit batches, clinical trials, et cetera. In last year's quarter, yes, there was a very high expense on R&D. We also had higher legal costs last year. Current quarter is slightly lower, and this cannot be guaranteed. There will be a little bit higher spend going forward, but current quarter will be lower than the previous quarter, for sure. On an annualized basis, not sort of like a quarter-to-quarter. I think sometimes there will be an increased base on a project. For example, let us say you are doing a big clinical trial with a huge exhibit batch. Sometimes there will be an $8 million expenditure. If you do not have that batch in that particular quarter, then there is no expenditure. So we plan it according to the cash flow that we have. So we plan our projects based on when we have cash flow and so on and so forth. So you cannot. If you ask me, pin me down and say, "This will be this quarter," it could be higher or lower. But typically, I think when we give our guidances, we assume these costs, and then we build in the fact number once based on what we believe we are going to spend in a year. You should take an annual approach as opposed to Q-on-Q. Sure. Got it. Thank you. Second question, the international formulations business. This quarter was INR 477 crores. You also mentioned there was good growth in Brazil. So what would explain the quarter-on-quarter decline? Is it the seasonality or the decline in formonid e? If you can throw some light on this. I think even the profit share was low. Yeah. See, Kunal, there are different cycles for different products. I generally don't give a product by product guidance. Why this product came. Sometimes we have one tender on one product, sometimes you have, obviously, formonid e, obviously, the one inhaler was in the previous quarter. So all these seasonal and quarter stuff happens. I think I would focus on the larger picture. I don't want to get. We generally give a guidance for the year, and then we tell you what the major highlights will be for the quarter. Sure. Thanks. Next caller, please. Thank you. Ladies and gentlemen, anyone who wishes to ask a question may press star and one on their touch-tone telephone. Our next question comes from the line of Rashmi Shetty with Dolat Capital. Please go ahead. Yeah, thanks for the opportunity. Sir, out of your total export formulation business of INR 477 crores, how much contributes from the subsidiary? You have given a Canada and Brazil number. If you can also give rest of the world number. I do not have a split, Rashmi. I have the bigger one. The smaller one, I do not have. I do not have it on hand, so I do not want to give an incorrect number. I will pass on this. Okay. On the agrotech sales, that is your Crop Health Sciences, have you break even in this business? Say that again. Can you repeat the question, please? Sir, on the Crop Health business, are we still making an EBITDA loss, or we have already done the break even? No. Basically, for the quarter, there was a loss. But the goal and our expectation for the year is to break even. If you look at overall scenario for the Crop Health, it is very seasonal, Rashmi. As probably most of you are aware, there has been the El Niño fear and delay in rains. That is what actually caused a little bit of delay in the cropping season. We expect Q2 to be significantly better than Q1, and I think we are on track to, again, as I said, to break even for the year. And sir, on the revenue part, what will be the guidance for the Crop Health? I mean, for the Crop Health you are talking about? Yeah. See, let me just give you an indicative number. See, last year we made about INR 138 crores total, and we are about INR 40 crores in Q1. By Q2, Q3, I think we should be fairly close to that number, and there is certain kind of growth but again, I think Q2 will give the fair idea how things are. Because Q2 is the strongest quarter for the agro business. I think we would defer any particular guidance. I will stick to the same guidance that we gave it earlier in the year, that we end the year with about INR 1,055 crores and our gross sales will be between 33- INR 33 billion-INR 34 billion or 30%, in that region. I think beyond that, at this time, we do not want to say. On the total sales, which you are saying INR 33 billion-INR 34 billion, when you just annualize this quarter sales, it comes to around INR 2,800 crore. That roughly comes to INR 28 billion. Whatever that extra sales which we will be generating, it will be coming basically from which geographies? Who will be the major contributor? Whether we are going to see a traction in the export part of the business in the U.S. or in India or in the rest of the world and- I think we see all round growth. I think with the couple of U.S. orders we have. We are not doing a geographic split per se, I think for Brazil and Canada we have because we have a sub that we can identify. But other numbers are altogether. But yes, I think the growth areas will come from these three geographies. You are right. Brazil, Canada, and U.S. I think all three will do well. Okay. Understood, sir. Thank you. That is it from my side. Okay. Thank you. Next caller, please. Thank you. Our next question comes from the line of Abhigyan Srivastav with Marcellus Investment Managers. Please go ahead. Hello. We are not able to hear you in case you are speaking. Can we go to the next caller otherwise, please? Okay. Sure. Abhigyan, can you hear us? Yeah, I can hear it. Can you hear me? Yes. We can hear you now. Okay. Thanks for taking my question, sir. I have a few questions. Sir, firstly, this current quarter, do we have any contribution from REVLIMID? Current quarter, it is very small. It is negligible to say the least. Okay, got it. Sir, our tax rate has been a bit volatile for this quarter and the previous quarter as well. Do we have a particular tax guidance for FY 2027 and going forward? See, tax rate is a combination of things at a console level. It is a combination of the global tax in country-by-country contribution. In India, at least I can say that since we have moved to the new regime, the tax rate would be around 25.16%, and obviously there are some disallowances of CSR and donations happen. So roughly India will be around 27%, and globally, it all depends on which geography is contributing more. This quarter, Brazil has a larger contribution where the tax rate is more than 25%, and hence the quarterly tax rate is quite high this quarter. So very difficult to give a very clear guidance around tax because it is a combination of multiple factors. But yes, this quarter it is high. Okay. I see. Sir, two questions around our recent launches which are upcoming. So for carfilzomib, we have likely a calendar 2027 launch with the launch settlement with the innovator. Are we on track for this launch? I cannot confirm the date, but yes, the launch is on track. I believe we will talk about it closer to the launch date. Yes. The plant is under upgrade right now, and we think the upgradation should be completed by end of the year, and we believe that we will be able to launch it at the time when the launch date is set. Because of confidentiality, I am giving the launch date, but yeah, we are on track. Yes. Thank you. You have to transfer another caller. You have your two questions. I am sorry. Next caller, please. Hello. Abhigyan, are you done with your question? Yeah, just one more question. Regarding Olaparib, could you please share what the current litigation status is with the innovator, and do we have any sort of outer timeline by which you believe that an outcome might be decided? I do not remember the date. I think the trial date is set, I think I do not remember the date. I think sometime in the next few months. I do not know the exact date. Top of my head, I am not able to remember what date it is. We have the tentative, of course, so which is good. the issue of exclusivity is there because it took more than the 30 months. So we are hoping we have kept the exclusivity. We have some arguments. That has not been determined yet. But I think these are two important factors, the determination of the money today, and I think the issue is the trial. So I think both the trial date, I am not able to remember, so I do not want to speculate. It is scheduled, I think, in the next two months, but I cannot recollect the date. The determination of the exclusivity, which has not been determined yet. So I think these are two open factors. So open questions on this one. Okay? Okay. Got it. Okay. Thank you. Next caller, please. Thank you. Reminder to all the participants, please limit your question to two questions only per participant. Our next question comes from the line of Tanya Chaudhary with Investec. Please go ahead. Thanks for the opportunity. Sir, given that you have some experience in South Africa now after the acquisition, what are your plans to improve growth and profitability in South Africa? I think overall, I think we see a lot of synergies between NATCO and Adcock. I think the first synergy is obviously the pipeline for NATCO, which can be put in Adcock and which can be distributed in South Africa. Second is our connect with our Indian partners. Because we do a lot of alliances with other Indian companies for other markets. So we have pretty strong relationship with other Indian family-owned companies. So we bring that to the table as well. So we are using those relationships to improve the pipeline of Adcock. I think there are two major synergies I see. One is the R&D synergy, and second is the pipeline. We are able to source pipeline. The benefit of our shareholding, you will see whatever we are getting right now in NATCO is based on the base business that they have already. The value of NATCO and NATCO's pipeline and all will come in the next two to three years, not today. But we are playing to the long haul as you know. But also, NATCO has a lot of meaningful strength to our base business. As you can see, this quarter, for example, our 35%-40% of our earnings are coming from NATCO. So we are able to sort of build that strong base business, sort of bring less volatility in our earnings, which has always been the case with NATCO. So I think we're trying to strengthen that. Got it, sir. Also in Brazil. Sorry. Yeah. Also in Brazil, given that you're witnessing strong growth, are there any key launches which are driving such growth? And are there any meaningful launches planned going forward? I think our oncology pipeline is driving this growth. I think that's why you are seeing very good numbers. We also have another meaningful launch in the year 2027 as well, subject to some patent litigation. Generally, we do not reveal which molecules because of competitive reasons, but overall the portfolio is doing extremely well. We anticipate very good growth in Brazil as well. It is a fairly diversified market. Now I think India is also growing very well. A lot of the revenue pickup we are getting now is over multiple geographies. I think we are standing at a comfortable area. The objective is that we will do another acquisition, hopefully. If we are able to do that, we are able to build a diverse pipeline of geographies and revenue avenues so that we have more stability in our base in that geography. Okay. Got it. Sir, lastly, if you could guide for how much we have done from semaglutide in the first quarter through. I think the brand is doing. Just a broad idea. I can tell you what we are doing. The market is fairly cutthroat. I think this is what we always said in our earlier calls as well. It has been fairly cutthroat. I think our brand per month is doing around INR 2 crore, roughly. We had a lot of other third-party business, which I do not think will get repeated. Our sales people say that I think right now this is where it is, but over a period of time, this brand should do very well. Right now, the market is fairly, how do I say, not so good in terms of the competition is very intense. I think things are just settling down. We will see. Pricing stability will come in the next few months, and I think things will settle down. As of now, it is pretty clear. Is it profitable, sir? As of now, it does not lose money, but it does not make much money either. All right. Got it, sir. Thank you so much. Thanks. Next caller. Thank you. Our next question comes from the line of Arjun, an individual investor. Please go ahead. Yeah. I hope I am audible. You are audible, Arjun. Go ahead. Yeah. I think we are in interesting times with respect to South Africa. On 12th of August, India and South Africa have signed a terms of reference for preferential trade agreement. I want to understand how this is going to impact our business. I also seen one of the Indian company has already got approval for semaglutide launch in South Africa. When are we going to get approval and how big the market would be? Regarding the trade deal, I am not well informed, my friend, so I do not want to answer that question because I do not know enough about it. Regarding semaglutide, Sun Pharma got an approval in South Africa. This is what I understand. In terms of our approval, I think we are a little away. We are trying to see what are the ways we can hasten the launch of semaglutide. We are also looking at other third parties as well. At this time, yes, our dossier is a little away. Yes, I think we are looking at other possible third-party vendors who will give us that. Yeah, we are working on it. The size of semaglutide in South Africa, it is interesting opportunity, but numbers, I do not know either. I probably will not have that answer. Thanks. Okay. Question. Okay. Sir, one more question, sir. This is with respect to our NATCO Crop Health Sciences business. I understand already we have approved the demerger and other things. When can we expect the actual demerger to take place from an investor point of view, sir? Yeah. Hi, Arjun. The demerger, again, the plans are still active, but now we are also looking at this potential fundraising activity. With that activity in the immediate fray. After that is we will continue on the demerger aspect. It could probably delay by about two to three months. Oh, okay. Yeah. I think probably instead of December, it could be about March. Okay. Thank you, sir. Okay. Thank you so much, sir. Thank you. Yeah. Next caller. Thank you. Yes. Our next question comes from the line of Pranav Chawla with JMMC. Please go ahead. Hi, sir. Congratulations on the good quarter. Sir, I just wanted to understand one small thing. We had somewhere close to INR 3,000 crores, INR 3,500 crores of cash on our balance sheet as on March. After that, we would have spent some to acquire the additional stake in Adcock. Any particular reason for taking the additional resolution? So, as I already tried to explain earlier in the call. Right now, between March and now, we spent money on Adcock's additional stake acquisition. Currently, we have around INR 1,400 crore of net cash. As you would have realized that over the last one year, INR 3,000 crore has already been spent. We are looking at a couple of interesting acquisition opportunities for which we would require cash. Additionally, we have some short-term loans and some CapEx requirements. So I think whatever money we raise will be going towards these things, and we want to be ready with the money for any interesting opportunity which is already there in our evaluation. That's the primary reason we want to raise the funds. Got it. So you highlighted that you require cash for your internal CapEx and some capacity expansion that will be planned. Can you highlight what that number will be, say, for this year and the next? In organic. A few details at this junction of time. For organic CapEx, you can please highlight your number for the next two years. Organically, I think every year, we have around INR 250 crore - INR 300 crore of CapEx year on year. That's the run rate anyways we have. Got it. And sir, any color that you can provide on when do you plan to launch some of NATCO's India products in the Adcock entity now that you have 49% stake? We have filed for registrations. We have actually filed three dossiers already. Typically, registration takes two years or so. We feel that NATCO's products might come into the market maybe around 2028, I think, would be a reason. Typical registration takes about 18 months - 24 months. 2028 is our estimate. Got it. Perfect. Thank you so much, sir. I'll get back. Yeah. Next call. Thank you. Our next question comes from the line of Hrishikesh Patole with 360 ONE Capital Markets Private Limited. Please go ahead. Hi, am I audible? Yeah. Yes. Quickly, Rajeev, can you provide any material changes that could have happened on the innovation side? The four assets that we have. Can you take us through? I think there's nothing much to report at this time. I think the biggest bet we have made is eGenesis. That entity is doing reasonably well. I think they've dosed multiple patients. Sorry, they've done transplant for multiple patients, and two patients have done extremely well. They've survived on the pig kidney for about more than eight months. I think we'll have some updates in short time over that asset. I'm very happy. Of the four assets that are there, this is the most exciting one that we have. I think it's the most valuable one that we have. At this time, I can't give an update, but I am hoping that in the next few months we'll be able to give some very exciting updates on this asset. When can we see a next catalyst or when an update? At this time it would be premature to say, but as I said, we're hoping that we give you some good updates in the next three months. Great. Second question on the R&D pipeline of the assets FTF. What kind of filing do we expect now in the next two years? Any idea you give please. I think we have an internal target of doing about 8-10 ANDAs a year. FTF, I think, we target about two to three. I think we will see how things go. I am very positive that we will be able to deliver some FTFs. So far, we are premature to say. I think we are hoping to deliver at least one or two this year over and above the pipeline we already have. Sure. Thank you, Rajeev. I will get back in the queue. Yeah, sure. Thanks. Thank you. Ladies and gentlemen, anyone who wishes to ask a question may press star and one. Our next question comes from the line of Vamsi with ASKIM. Please go ahead. Hi, sir. Thanks for the follow-up. I just wanted to check on whether the Adcock guidance of close to INR 750 crores still holds or is there an upside risk to this number? Because if I see Adcock's contribution currently, there's close to about a 150 million constant currency or in real terms, close to 150 million kind of contribution to NATCO's earnings. Given the increase in stake now, it is likely that if I were to analyze the same number and see, close to about INR 440 crores - INR 450 crores of that would be coming from this Adcock entity itself. Wait, Vamsi, wait. Don't analyze it. It is a seasonal bump because it was a flu season. Our guidance still remains around INR 750 crores. I'm not changing the guidance. What it had was a bump due to the, what you call, flu season. Normally, the profit is usually around INR 100 crores per quarter, I think, typically, and of which we'll have a see-through of about 49% now with increase. I think that usually that's the base number, but again, how this year goes and on, I don't want to answer, but please don't analyze the quarter numbers because it was a bump in the flu season. Okay? Sure, sir. Thank you and all the best. Thank you. Our next question comes from the line of Santosh, an individual investor. Please go ahead. Hello, sir. Yeah, go ahead. I just want to ask, in future, if NATCO gives opportunity to buy some more percent upside, will we go for that? Yeah, of course. I think, as you know, our management strategy is to always be on the long term, and we are very well committed to South Africa investment. At this point in time, we don't have an opportunity, but whenever it comes up, we'll be more than happy to take it. That's our strategy. It's a very strategic call for us, and yes, of course, we'll go for it. But right now, there is no opportunity. How much percent till we can go, like till 70%, 80%? Do we have any targets like that? I did not understand your question, my friend. We lost you. Right now we are in 49%. Till how much percent we get the opportunity, we will go for that. As of now, we are at 49%. I think as of now, Bidvest is not. It wants to hold on to 51%, so there is no opportunity yet. But we have a first right of refusal. I think if the opportunity comes, then yes, maybe we will look. Definitely, we will look at it. We like the asset and we are very happy with the asset. But at this time, it is only 49% which we were able to get, and at the near term, I do not see it increasing at this time. This is what it is. Okay. Thanks, sir. Thanks. Thank you. Our next question comes on the line of Arjun, an individual investor. Please go ahead. I hope I am audible. Yeah. Please go on. Yeah. Sir, I believe our company also has a very good land bank. Sometime back, I think we have sold some land to Microsoft. Are we not getting such offers nowadays? We are raising funds also, so I thought this could be one of the source. I think we have a reasonable land bank. But there are some we can sell and some we want to utilize for our own operations. Problem with land bank, Arjun, is that there are always that little litigation that you always have. There is always, I would say, 15%-20% of our land is tied up in litigation. And it is always privileged in nature because people just want to profit by having litigation and then ask you for money. I think these can be divested. I agree with you. Absolutely, you are right. But at the right time, at the right price, yes, of course. Yeah. I am also looking at that. This is also another avenue, absolutely correct. But subject to the right price and subject to clearance of these small litigations. Typically, let us say you want to sell. I will give you an example so that you understand our predicament. Let us say you want to sell a 20-acre piece. You will have 19 acres will be clear, but there is that one acre right in the middle which is not clean. But if you want to get a good price, you have to sell all the 20 acre, or otherwise you have to break it up into smaller pieces. Sometimes we are like, "Okay, fine, let me wait and resolve all the issues before I sell." But these are the predicaments that we tend to have. I would say, yes, we can monetize it, but as of today, we are holding on. Okay. Yeah. Okay. Sir, my next question is with respect to the fundraise. I have seen the history of the prior fundraises which you have conducted. It has been mostly QIPs only. But as an individual investor, I am placing a request. If there is a right issue, we would like to participate and increase our stake, sir? This is just a request rather than a question. Yeah, I understand. I think we are exploring all options, my friend. I think we are looking at QIP and rights and all other options, and I think the board allowed us to consider all these options. We are looking around, and I think once we get a feel of what the right thing to do is, we will consider your request. We are serious to bring up our register as well, but we are exploring all options. Absolutely. Yeah. Thank you so much, sir. We are very happy with the way you are running this organization and being very transparent and honest. Thank you so much. Thank you so much. Thanks. Thank you. Thank you. Next question comes from the line of Sahil Mahajan, an individual investor. Please go ahead. Yeah. Am I audible? Yeah, you are. Please. I am a new investor in NATCO, so I wanted to know what the payback timescale for our R&D expenses is? How do we think about the future while we are doing R&D expenses? That is a very good question, my friend. Generally, you have different payoffs for different things. I will tell you what really makes money, what makes a moderate amount of money or low amount of money. The one that comes sooner is the one that has the least amount of money because the outcome has a lot of competitors. The one that you are willing to wait the longest has the highest return. Typically, if you want to think of this business, things which are eight, nine years away are the most valuable ones. They will probably make 20x, 30x of what you put or 40x of what you put. If you want to do things which are, like, in next 12 months, then it is only a 15%-20% return. I think the longer you wait, the bigger the returns, and higher the risk, bigger the returns. I think you always have to think of this business in an 8-10 year cycle, not in a two, three year cycle. That's how you want to think. What percentage of our expenses we put towards the long term, and what percentage is towards the short term? I would say 70% - 80% of our money is put for things which are going to happen in 2029. The earliest one will be probably 2028, 2029, and then going up to 2035. So everything between 2028 to 2035. Okay. Thank you. Okay. Thank you so much. Next caller, please. Thank you. Our next question comes from the line of Aman, an individual investor. Please go ahead. Am I audible, sir? Yes, you are. Yeah, you are. Please go on. Sir, you invested INR 1,400 crores in South Africa's [subsidia ry] that you've invested. Yeah. I think we took a resolution, but I think the total amount we invested in that particular tranche when it was 13% was, I think, INR 1,600 crores. INR 1,600 crores. My second question, are you looking for acquiring more stake, I mean, controlling stake in NATCO? Controlling stake in NATCO. As we mentioned earlier also that we are very happy with the investment. The company is doing very well, run very professionally. Overall, it is a very good asset for us. Controlling stake right now, the other shareholder is Bidvest and it is not in offering right now. Whenever it comes up, we have a first right of refusal, and we will be happy to execute that, provided it comes at the right price. We are looking for the opportunity to increase our stake, but currently it is not there. My last question regard. Hello? Yeah. My last question regarding you raised INR 2,000 crores. Which geography you invest this? You broke up. Can you repeat that, please? Hello, I am audible? Yeah. You raised INR 2,000 crores from issue of equity. Which geography you- It is not quite audible. Acquisition. Correct. So we are evaluating various options of how to raise the money. It can be anything. It can be QIP, it can be rights, it can be various other things also. There are opportunities of acquisitions, as we mentioned earlier. There is a smaller piece in India and a very large opportunity outside India. So we're not getting into the geography specific, but there are two opportunities. One could be outside and one could be within India also. Okay. Thank you. This is from my side. Thank you. Our next question comes from the line of Hrishikesh Patole with 360 ONE Capital Markets Private Limited. Please go ahead. Hrishikesh, you may please proceed ahead with the question. Hi. Am I audible? Yes, you are. Yeah. So quickly on semaglutide, you provided the update for India market as well as South Africa. I mean, we are still far away. Can you similarly provide for Canada as well as the Brazil region, where is at what stage is our dossier and when do we We are not filing. We are not filing. And the standard is minus. We have not filed also. So I think our dossier is not being filed. So in Canada and Brazil, both? Both. Okay. Okay. That's helpful. Second, can you provide any update on the launches lined up for FY 2027, 2028, 2029 for the U.S. market? Anything that you are Yes, of course. We intend to launch with our [exclusive]. We can't name them because of the confidential agreements. But yes, we have two launches in the next financial year. Okay. Just lastly from my side, if I may. On the agri piece, I mean, CTPR exports have commenced or we are still, I mean, any update on that? CTPR technical, some level of exports have been done, Hrishikesh, but not very significant. Predominantly, we have a domestic focus at this stage. But we are working on several registrations across interesting geographies. Thanks, Rajesh. Just a follow-up on that. On the domestic portfolio, apart from CTPR, have you done any more launches? Yeah, actually, quite a few. I mean, CTPR was our segue, where we entered. Today we have roughly about 35 products and a good combination of insecticides, fungicides. Some of the fungicides are doing fairly well. In fact, one of the top things which is working well in fungicides, one particular brand called Glance, which is, I would say, it's a limited competition product, Glance. If you look at CTPR versus non-CTPR in terms of revenue contribution also, I can't give you an exact number, but I think out of 35 products that we have, eight products are CTPR related, the rest are non-CTPR. It is a significant number of products. From a revenue perspective, I'll get back to you on that, but maybe CTPR, 30%-35% is the contribution from CTPR. The rest is non-CTPR. The pipeline is also very interesting. What we are looking at, particularly, typically, you look at the registrations that we do internally is something called a 9(3) registration, which means limited competition versus a 9(4), which is a lot of competitive players are there. We have interesting 9(3) products which continue to come, and the next financial year has a very interesting portfolio as well. I think we're quite bullish in terms of where we are today. Thank you, Rajesh. That's all from my side. Okay. Thank you. Thank you so much. Ladies and gentlemen, anyone who wishes to ask a question may press star and one. Reminder to all the participants that if you wish to ask a question, you may press star and one. As there are no further questions from the participant, I now hand the conference over to the management for the closing remarks. Thank you. I hand over to you, team. Thanks. Thanks, everyone, for joining the call. We value your time and participation. If you have any further questions or need any additional information, please do feel free to reach out to us. With that, we conclude today's earning call. Thank you very much. Thank you so much, sir. Ladies and gentlemen, on behalf of NATCO Pharma Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.