Ladies and Gentlemen, good day and welcome to the RPG Life Sciences Conference call hosted by Dolat Capital. As a reminder, all participants line 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 the conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Rashmmi Shetty from Dolat Capital. Thank you and over to you, Ma'am. Thank you, Nami. Good afternoon, everyone. I'm Rashmmi Shetty, on behalf of Dolat Capital. We welcome you all on the Q2 FY 2025 Earnings Con Call of RPG Life Sciences Limited. I would like to thank the management of RPG Life Sciences for giving us this opportunity to host the call. Today from the management team we have with us Mr. Yugal Sikri, Managing Director, and Mr. Vishal Shah, Chief Financial Officer. I now hand over the call to the management for the opening remarks. Over to you, sir. Thank you, Rashmi. Good afternoon, everyone. Thank you very much for joining us on this call. As always, it's my pleasure to share with you briefly RPG LS performance versus the market and these highlights on our performance, both for the quarter two and the FY 2025 H1, so first talking about the market. As per IPM MAT data, market is currently growing at 7.7%. RPG LS is registering an impressive growth of 14.7%, which is 2x the market growth. If you deep dive a bit into. The growth you would find, while in case of the market, the growth is. Being driven by price increases, new introduction. Almost negligible volume growth. In case of RPG Life Sciences the story is consistent. Our growth is largely happening through volume. Which reflects the number of prescriptions and the demand. In our 14.7% total growth, 10.1% growth is coming because of volume, 2.6% coming because of the price and 2.0% coming because of the new introduction. This is as per like to like IPM data. Let me now get into quarter two performance. Quarter two performance has been yet another. Very strong quarter. Company registered. We have a growth of 8% sales. Growth, a business growth of about 12.1% YoY and QoQ our growth has been 4.1% profit growth again pretty impressive in line with what we have been doing earlier. Close to about 22% growth on YoY basis on all the three profit metrics. Which are EBITDA, PBT and PAT. Again, a very impressive growth trajectory which is 16%, 18% and 18% respectively for EBITDA, PBT and PAT. But what's very very heartening for me. To share with you, the record profitability. Our record EBITDA margin achieved is in. The quarter two which has been 27.8. Percentage points versus last year. We had the EBITDA was up by 230 basis points. PBT was up 190 basis points. And PAT has been up 150 basis points. As I mentioned it has been a record profitability which we have achieved. Moving to segmental performance, as you know. We have three different segments in domestic. Formulations, the one which leads with 66%. Contribution IF. International formulations 19% and API. 15% and all the three businesses registered. A healthy double digit growth. Now let me quickly move to the first half FY 2025 H1 performance. Again same story, a strong all round performance. Business growth has been 12%, two times the market growth. Profit growth again EBITDA, PBT and PAT has grown at 22%, 21% and 21% respectively, and this is before the exceptional item which I'll cover separately. Similarly the profit margin growth again for the H1 has been pretty impressive. The 220 basis points for EBITDA, 180 basis points of PBT and 140 basis points for PAT. Segmental performance similar trend. The way which I shared with you. For quarter one, the contribution of the three segments—domestic formulations, international formulations, and API—has been 66%, 19%, and 15% respectively, and all three businesses registered a healthy double-digit growth. What is further heartening to note is the new product contribution continues to go up. This quarter we have the products which are launched in the last four, five years are contributing close to about a little over one-third of the company business, which is 34.1%. Sales force productivity similar story consistent increase. This quarter we see INR 6 lakh productivity per month up from the last time INR 5 lakh and with. The result, the ROCE is moved again. From 29.7%-31% and return on equity moved from 22%-23.4%. As you would have known, the exceptional. item of INR 27 crore or so has come because, as discussed last time. That we reviewed all the manufacturing assets. We were wanting to make our operations efficient and therefore when we looked at our API plant we thought we would be able to efficiently manage our manufacturing with good upside of capacity expansion. Thereby we could release our substantial part. Of the land which. We are monetizing now. And you are aware of the deal. Which we signed and. As a part. Of the deal we had to pay. Certain charges on the ULC and that. Those charges are the ones which are reflected here. However, when we created the deal this. Expense has to be part of the. Total consideration which the. Buyer had to. Pay and therefore. This is an expense which is stretching over here. But in the subsequent quarters, quarter two or quarter three when the deal gets closed, this will get nullified. So this is in a way a transient which is available in this quarter performance and therefore when I talk about all the profit indices both in terms of value and percentage, I would refer to what I call adjusted EBITDA, adjusted. PBT and adjusted PAT because that reflects. The true operational performance of the company. Now all of this what presentation you are seeing is a part of a larger transformation journey which we embarked. About five or six years back. It has been a smart strategy being well executed which has four distinct components. The first component is creating a winning product portfolio. Second is identify high impact projects from revenue perspective, from cost perspective, and monitor them diligently. Third has been create competitiveness in your. Business either through technology or through certain business specific parameters. And the fourth one is have a culture of performance focused and with the result the Q2 and H1 performance you're. Seeing is a continuation of the last five-year journey which has seen we. Jumping 11 ranks, EBITDA up by four times with margin increase of 1290 basis points. Points, PAT going up by eight times. With margin increase of 1,180 points, RO CE going up by 2,130 points, ROE going up by 1,670 points and the debts on the company being paid up, and today we can boast of having. The cash surplus in our books. Part of the cash surprise we have utilized in modernizing and capacity expansion of our existing plants, both API and formulation at Navi Mumbai and Ankleshwar respectively. And with the result, I'm sure you. Would have noticed that we have. Almost 15x increase in the market capitalization. In the last five-six years. So this is thanks to the strategy which we identified in the business which. Is being implemented with clearly identified KPIs and the team responsible for implementing it. That's what today going ahead. We continue to strive to grow our business faster than the market, and we had so far focused largely on the domestic formulation business, which contributed 2/3 to. Our. Now with the plant modernization capacity expansion having taken place, we have now identified international formulations and APIs, the second and the third business segment also as our growth drivers. For this there are several pillars which I identified just for information. I'm just reading out something which we also mentioned in our investor presentation. So the first pillar I just mentioned is to have the state of our plant. We have invested CapEx close to INR 100 crore. I'm happy to report to you that the API plant is functional. It's just in the last leg of completing a couple of other part of the plant but otherwise the API plant is functional. The Ankleshwar plant, the formulation plant the work is going on in full swing. You would remember we have worked the TGA approval for the API plant already and similar strategy is to get the EU GMP approval for plants. That's pillar one state-of-the-art plant. Second is targeted R&D pipeline, and I'm happy to report to you that our newly created R&D, which is there in. The Navi Mumbai are fully functional. The branch strength has been increased and they're currently working diligently on the new products both in the API and formulation business and the new product framework has been very defined to see that we have a profitable growth continuum. The third and fourth pillar are something to do with innovation and digitalization. They make our operations efficient. There's a good amount of work which is going on. Innovation has been institutionalized in the organization. Almost every single has got innovation projects so that we start looking the newer way of doing the things. Technology is helping us to improve the efficiency, improve our share of voice and make our operation more transparent and both put together. We had 26 projects going on. 13 projects have been completed. There are other projects in work. Process now with the cash in our hand. The fifth pillar automatically is the inorganic part. We are very actively looking at mergers and acquisitions, and I would have shared with you earlier we have over 15-20 proposals we are seeing. These are submitted to non-binding bids. We are also currently looking at proposals for formulations, and as I shared with you we have opened up for API. Good work is going on on API. MAT and hopefully with the increased cash surplus which we have. Post our monetization of the land, we should be able to have good enough to invest in interesting and productive proposals. I also mentioned the sixth one. We were also looking at adjacency MedTech. The work is going on and I. Can share with you some good science work is going on there and hopefully. Those should also help us to contribute to our business going forward, and the last pillar which is critical. Is the capability building and talent development? Great amount of work which is going on. As I mentioned to you earlier, this is a very, very important piece. We have 32 critical positions identified in the organizations and long term development action plan are being created and I'm happy. To share with you. Close to about 70% of the positions we have were successors identified, and I know we keep asking about the organization. The organization is getting stronger at all. Levels so that we continue the growth. Trajectory which we have set up for RPG Life Sciences in the last five years or so. So. I wish to stop here. I hope I'm able to give you good perspective of our business from the quarter two perspective, from H1 perspective as well as the larger context of guidance perspective. So just to give you the strategic framework which we have followed to propel our growth going forward. So I'll stop here and look forward to questions. 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 touch-tone phone. If you wish to remove yourself from the question queue, you may press star, enter. Participants are requested to use handsets while asking a question. The first question is from the line of Sajal Kapoor, an individual investor. Please go ahead. Yeah. Hi. Thank you and good afternoon. Mr. Sikri and team. All long-term shareholders are extremely grateful for bringing operational efficiencies and measurable improvement in the business performance over the last four to five years. We have seen the press release and the announcements yesterday. So we wish you a well deserved and peaceful retirement after April next year. On a lighter note though, I would have loved to see the next stage of scale up continuing under your leadership. But you have decided to scale out instead, and rightly so. You have had four decades of illustrious career in the pharmaceutical industry. So I hope you will have a very well deserved and happy retirement. The question that I have for you, Mr. Sikri, is for our India branded business. How much manufacturing is done in house versus outsourced to CMOs? Thank you. Okay. Mr. Kapoor, it's always pleasure to have. You in the conference and. Thank you so much for your kind wishes, and I only can assure you that the strategic framework which has been put in place and the rigor with which the strategic framework and its five or six tenets are being executed. You have seen my investor representation. There are 10 projects. We are talking about bold moves. We are talking about all of these are being pursued very rigorously and very. Diligently by the team. Therefore I might be retiring someday. I'm great retire. I also retire. But I think the team which has got evolved. The processes which have been set up should drive the organization forward maybe at a much more angle now because we had only growth engine one earlier. Now we have growth engine two and three also propelling the growth. Now to the specific question which you. Asked whether what is the component of. In-house and outsourced? It is 30%, 60%, 70% roughly. The. Outsourced, and 70% is in house. It keeps varying between 30%-35%. But more or less that's the number we have between in house and outsource. I hope I answered your question. Yes, sure. Sure, Mr. Sikri. And yes, I'm sure that the kind of systems and controls and the processes that you have put together will continue to serve the organization long after you have left. So thank you for that reassurance. Second question is on this Navi Mumbai R & D Center that we have. Set up, would you be able to? Share some more color in terms of some of the tangible the numbers, that is the number of scientists we have already hired and how we plan to scale up that number over the next foreseeable future. How many products are currently in the pipeline and what therapeutic categories we are aiming to develop so that we are able to differentiate. I know one of our differentiation is we are only targeting products where the big guys will not be interested. So that's one. But other than that, if you could share any color around this strategy around targeted therapeutics. I mean is it you're going more after chronic or you know, whatever. You may share please on the Navi Mumbai R&D Center. Thank you. Okay, so thanks for raising that very. Pertinent question because that's in the. Very, very critical pillar two in our seven pillar strategies which I just mentioned to you for the company. Now I think you recall correctly, we have created. The R&D infrastructure very very well. The three R&D's are critical for us. One is the API R&D. Second is the formulations R&D and third. Is the analytical R&D which serves both the API R&D. And the formulation R&D. And. All the three are in the new place, new building where our modernization has happened. We created new block there in Navi Mumbai and all are functioning well. They have been equipped with all the. Necessary equipment, machineries, laboratories, equipment which are required. They are all equipped with this. We are very, very open on the scientists. Currently the number is close to 35 scientists which are working. But we are identifying products and we are increasing the sciences. So this number is maybe when we are next time, maybe even more because we are in the process of identifying more and more new products and we are also in the process of hiring the most scientists also to make sure that our R&D pipeline gets built up ASAP. And you know, for the international business. Both for API and formulation, the new. Products are very, very critical for us. And you also know that we need to have a larger product portfolio. We want to succeed in international formulation and the API is missing. That's why this flexibility. Now talking about what kind of products we focus as far as the formulation is concerned, the focus, if you recall. I mentioned, is one, we will have. Niche immunosuppressant portfolio into our export range. So we have azathioprine, mycophenolate, tacrolimus, cyclosporine, all the four we have. Have identified them and we truly want to be in this niche very, very strongly entrenched. There were a number of line extensions. Which we did not have earlier. Currently the development work is going on. In the lab for these line extensions. I should also share the advantage of this kind of approach. We have been exporting to Germany but we did not have a complete range available. We developed one particular line extension which. Was missing in azathioprine range. We developed that, got that approved by regulatory, and we won the AOK tender. From Germany which we supplied last year. And now we are quoted once again for the tender. And so first part of the product. Portfolio strategy for export in formulation was. We must have a well entrenched niche of immunosuppressants. Second, we thought that we must have. Product which has some kind of product complexity and the volumes are lower. That's the second area which we are focusing. You remember the nicorandil is the first product and we are in the process of identifying more products now. To see that this range gets expanded. The third one is where we need some kind of production complexity which means low temperature, low RH conditions and good range of products which are being identified. Having got the sodium valproate PR formulation exported to U.K., we are exporting that to Australia now and that has also. Given us a feeling. So, these are the broad three segments which we have for the formulations. We'll be coming to API. We have the initiatives which were identified largely pertaining to the CNS and some of them are CV, CVM which we are developing. Apart from the immunosuppressants which also takes the priority in the API development but. Together we have 10- 12 molecules. Just to exemplify, some of the molecules which we are developing are sertraline, rupatadine, agomelatine, melatonin. We have the azathioprine in our API range. Now we are also looking at mycophenolate so that we have these are the two which we can develop in our chemical synthetic API unit. God willing, when we grow our biologic business and tacrolimus, cyclosporine, we would also be able to manufacture in our own plant. If we get to have that plant. In our which is there in our. Horizon 3 right now. So I hope I could answer your question, Mr. Kapoor. You indeed did, Mr. Sikri, and that's so very helpful, and thank you for that elaborate answer as usual. Thank you so much. Thanks. Thank you. The next question is from the line of Sudarshan Padmanabhan from JM Financial. Please go ahead. Thank you for taking my question and congrats on great setup from there. My question, I mean I would like to understand a little bit more. You know if I look at our cost savings I think for a company of our size I don't think many companies which delivers the kind of margins that we have. So in that context I mean you know from a strategy side if I look at our sales specifically in the domestic formulation we are still subscale, I mean running at around INR 112 crore a quarter. I'm trying to understand. I mean you talked a lot about you know the seven legs in terms of performance etc. But as you know as a strategy one is from this INR 450-odd crore moving to say INR 1,000 crore in two-three years in terms of scale. Second is to maintain the level of profitability as well as the ROCE. If you can give some color with respect to on these two sides where do we see the growth coming in from the existing products? I mean we have one large brand today and we have one cluster doing well. So I mean organically from this how much we can mine are we looking at adding new feathers to the cap. Second is if we go to INR 1,000 crore, I mean from the current rate, I mean what if aspirationally you would consider to be a healthy EBITDA margin given that you don't have to reinvest in growth. Okay, thanks for that question, Mr. Padmanabhan. Could I say your name correctly? Yes sir. Yes sir. Okay, so I think you touched again another important aspect. You talked about the margins and you. Also talked about the revenue increase thought of the company and you also talked about whether we'll be able to return. The EBITDA margin going forward. First thing I should share with you that the margin improvement story of RPG. Life Sciences, which we have been tracking for the last five, six years, has been a structural story. What do I mean by structured story? It's that we have got the savings by setting those cost elements which we have looked at very differently than what. We were doing earlier. Couple of examples organization structure. Organizational structure has been revisited to look at the layers and a span of. Control and that org structure is working. Very well in delivering results. So there's no reason why we would. Go back on the org structure. So, that's not structural intervention. Second, structural intervention from on the back. End side, as an example I can give it to you, is product re-engineering. We are an old company, we are 50-60 years old products in the. Market, and luckily for us, this part wasn't looked by in earlier times. So, we revisited. We had 80% of the sales contributing SKU reformulated, re-engineered, and they quality tested. They're out in the market and that. Not going to go back. Third, from the sales hygiene perspective. I must tell you that we have. Very strong systems and processes in place so that the leakages in the P&L or due to the additional. Expenses which go in the expiry and sales returns et cetera do not get repeated. So these are two of the examples of structural intervention I said which is the reason why the profitability is continuing. To go up going forward. I must share with you that the cost reduction is coming both from the cost of goods side as well as from the operating expenditure side. It's a good mix which is helping us to continue the margins. And as the revenues are increasing, the. Fixed cost being to an extent constant, it adds to the margin in the. P&L and that's what has helped us to continuously sustain the margin improvement. Another important point, all the decisions which we are taking with respect to product. Next, this is a very important consideration. At the back of our mind, that. We must have a profitable product mix so we avoid the product which are in DPCO. Our stated strategy is that we launch. All the new products in the chronic. Specialty segment and the chronic. Specialty segments have a better margins and. That is what is helping us to. Improve our business going forward. Scale from current. You talk about INR 1,000 crore. Yes, INR 1,000 crore. Ambition. We have a strategy in place that's twofold. One is life cycle management of our. Existing products, legacy products which are textbook. Products and which can give us good. Good mileage we have exemplified in the form of Naprosyn which has moved from INR 18 crore to INR 70+ crore and we have ambition to take it to. Even not only INR 100 crore or INR 200 crore but even to INR 500 crore because this has a good potential of OTC going forward. We have identified portfolio which we talked. About and having said that there are. A couple of other good products in our portfolio which also can become good candidates for us going forward for making. A big brand by a good life cycle management strategy. Second, we were not so strong in chronic and we were strong in only one specialty called nephrology. We have, we are expanding on one hand the therapy, the specialty therapy. On the other hand we are also expanding the customer segments there. And just to quote you examples, one. It's not only nephrology. Now we are well entrenched in rheumatology. We are getting into dermatology and gastroenterology going forward and all of these will. Add to our portfolio. Cardiovascular metabolic disorders. We have been traditionally not so strong and all the new launches are happening in the CVM portfolio that will also. Add to our portfolio. Is there a constraint on this? No. As I have been stating every time any therapy we enter we make sure that in a couple of years we are able to cover 50%-90%. Of the customer segments. So that's where the investment will happen. In the form of OpEx and that will help us to drive the volume going forward. So, I think one hand LCM Life Cycle Management, second hand new therapies and third new products in these two three segments can talk to you and accordingly. Corresponding increase. In the customer coverage and the field force increase should help us. To reach to the target which you are talking about. We are not stopping there. We know that that will take us to a particular goal. We have our cash surplus available to us and we are very actively looking. Aim is to drive our. Business both from organic and inorganic routes. So that's what I would like to answer. Second last question which you asked. What was aspirationally what is our EBITDA? I generally don't give guidance, but one. Can easily extrapolate for the last while we have got good data points in the graph. Now, to extrapolate, only caution I put is it will be more obtuse now. It will not as vertical as we go along, but our journey on cost optimization will continue and that should continue. To add some basis points to our margins going forward. I hope I could answer your question, Sudarshan. Yes sir. Thanks a lot for the elaborate answer. Sir, I have another question. I mean, you know, interestingly when I wanted to discuss about the cash generation, I think you know, we have been generating very strong cash in the past and every quarter that goes by, we will continue to generate cash. I mean by the nature of the business on the acquisition side, I mean what is it that you are looking at in terms of we are strong in immunosuppressants. So are we looking at a fit in terms of therapies where we can kind of plug and play along with this or are we looking at something in the chronic which relatively is small for us, where we can grow big or are we primarily looking at something different in terms of distribution or manufacturing? If you can give some color on what is it that you think is the white spot which you would like to fill? Okay, I think Mr. Sudarshan, your question. Has the answer in this. We are hungry, we want to grow. We have very clearly identified strategic framework for our acquisition. And incidentally what you mentioned is included in our strategic framework which is strengthening. Our immunosuppressant basket, which is our stated. Strategically, that's one segment we are not strong in chronic. We would like to be strong in chronic. And therefore those are the candidates which. We are looking at. Having said this, this is the buyers' market and therefore. What you wish you. Don't get all the time. So therefore we have also expanded our canvas and we are also looking at the growth opportunities in those molecules which are growing. Say they have registered a CAGR of 10% or so. They have a gross margin around 50% + or so. And we are strong and acute. We have representation certain customers. So if the product belongs to that particular customer franchise we will be interested. In that particular product. So that's the way we are looking. Attract candidates for acquisition in the formulation space, in the API space. Again, low volume, high-profile product which does not invite the attention of biggies. As the after first spots you would. Have seen the kind of candidates you. Identified more or less belong to that particular space. I hope I could give some color to your question. Yes, sir, definitely. Thanks a lot for the detailed explanation. Sir, I'll turn that. Thank you, Mr. Sudarshan. Thank you. The next question is from the line of Ajay Sharma from Maybank. Please go ahead. Do you expect the growth rate for? The international formulation and API to accelerate now that you have the new capacity? And how do you see the mix changing in the next three to five years? Yeah, thanks for that question, Ajay. Yes, we are looking at because we have taken these at Growth Engine 2 and 3, we have invested CapEx in. The plants so that we can grow these international business. So one could reasonably, reasonably expecting a better growth rate going forward. However, you know that the new product. Development has its own time lag. So the R&D is working on the new products. New products are being identified and I. Think it may take a year or so or a couple of years or. So, to have a true reflection in this. Frankly, the current growth also, whatever you see, is also low double digit is also coming. This is a couple of products which were identified in the last two, three. Years we worked on those products and. Those products are launched today in the market and that's what has propelled the. Growth too good, healthy double digit. So you are right in expecting that the growth rate must accelerate as the product pipeline becomes recharged. Do you see the mix changing? Like domestic becoming like 50% in the next three to five years or how? Should one look at that? If you see how the industry is, if you see that how the good. Large successful companies have built up their. Global portfolio or global business is that as the international business exports move up, it doesn't mean that the domestic business is growing lesser. It's just that the international business is. Going a little faster so the mix changes. If you recall, that happens in industry as well. Today, industry is 50/50. Today, because the exports have moved up and there are companies which have the. Exports of around 60%-70% and the domestic business around 20%-30%. So that is a natural transition to my. Okay, just lastly on the M&A, right, is there any valuation metric you are looking at? Because I don't want you to end up paying, I mean too high multiple just to acquire something. So is there some discipline or some valuation benchmarks you're looking at before you acquire something? Yeah, so those benchmarks exist. That's the reason we are in search. Of that candidate that which fits into our benchmark. There are strict benchmarks which we are following. We are very very clear that it. Should be value accretive. We are very very clear that. The. Product which we are picking up has. A very strong growth potential. I just mentioned the growth should be. Of the molecule should be 10%+. There are other criteria which we have. Picked up. Is it? Should have a. Solid, strong, prescriber based and patient based. All of these are the criteria set which we have. We subject any candidate which comes to. Us from that particular lens. So. Your expectation. As we need to obey and which is exactly the strategy going forward. Any numbers like in terms of enterprise value to EBITDA or enterprise value sales, anything, any metric you can guide us to? I think this all become very critical to my mind. It's a seller's market, right? And if it is a seller's market. And you need to take a call case by case and see. I shared with you earlier. We said that we only will trauma, we only need specialty, we only this, this. But we realize that we need to open up a bit to see that we get a candidate. So it is case by case. It is very difficult for me to give you any kind of benchmark. But you would have seen we are a company which has a clear stated objective of. Profitable growth, sustainable or sustained profitable growth. So we will not do anything which. Disturbs that particular paradigm for us. Okay, thank you so much. Thank you. The next question is from the line of Basant Bansal. So an individual investor, please go ahead. Yeah, thank you for the opportunity. I have the question on exceptional item which we have charged to pay, and so was it possible for us to amortize it over the residual period of leasehold assets? Yeah, I have my CFO Vishal. I would request him to respond to you. Yes, thanks for the question. So this ULC transfer charge which is. As reflected in the exceptional item of. INR 27.3 crores is pertaining to a past. Transaction of earlier period. And that's the reason that we are. Not able to like amortize over a period of more number of years. So we had to take it as a hit in the P&L in the current year itself. Okay, so you need to say that leasehold, the lease has already expired. No. So it is not that lease period is already expired. This is a transfer charge which was levied under the Urban Land Ceiling Act in the past. And due to that, when the transfer happened of a portion of the land. In the previous period. This transfer charge was supposed to be levied by MIDC in the earlier period, but. But they did not levy at that point of time. Now we are going to do another transaction of our transfer. That is the point of time where MIDC is asking for the same. We have to pay this ULC transfer charge right now. No, no. So I understood the nature of transaction. So what you have explained is very much implied. My point is that if we held that these old assets on which this transfer charge is varied, we could have amortized it over the residual period of that leasehold asset. There were certain conditions attached to that and at that point of time, one of the condition attached was we should not have, we could not transfer the portion of the leasehold land and since that was a condition over that point of time and that was there and that's why this transaction was ULC transfer charge was levied. But since this portion of the land is now no more with us and that's why we are not able to like amortize over the remaining period of the asset which is there with us. Okay, thank you. Thank you. As there are no further questions, I would now like to hand the conference over to the management for the closing comments. Okay, so in a nutshell, the performance in the quarter and the first half has. Been in line with the trend which we have in RPG Life Sciences for the last five years. And we have three business segments today. We are targeting all the three business. Segments to be our growth drivers and for those growth drivers to happen. We have the seven pillars which have. Been identified to drive that business going forward and that gives us the confidence to reach our financial goals and aspirational. Goals which we have set for ourselves. Thank you very much for joining us in this call and have a good evening. Thank you. On behalf of Dolat Capital. That concludes this conference. Thank you for joining us. And you may now disconnect your lines.