Ladies and gentlemen, good day and welcome to the Q4 and FY25 earnings conference call of Strides Pharma Science Ltd. 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 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 Mr. Abhishek Singhal. Thank you, and over to you, sir. Thank you, Pooja. A very good afternoon, and thank you for joining us today for Strides earnings call for the fourth quarter and full year index financial year 2025. Today, we have with us Arun, Founder and Non-Executive Chairperson; Badree, Managing Director and Group CEO; and Venkatesh, Group CFO, to share the hierarchy of business and financial for the quarter. I hope you've gone through our results release and the quarterly investor presentation that has been uploaded on our website, as well as the stock exchange website. The transcript for this call will be available in a week's time on the company's website. Please note that today's discussion may be forward-looking in nature and must be viewed in relation to the risks pertaining to our business. After the end of this call, in case you have any further questions, please feel free to reach out to the investor relations team. I now hand over the call to Arun to make his opening comments. Thank you, Abhishek. Good evening to everybody who joined this call. We really appreciate your time. We're fully conscious that today is a busy day for many companies in our sector announcing, so we appreciate that you could find some time to participate in our earnings call. FY25 has been a great year. We started the reset approximately three years before, and I think we have delivered on all what we promised internally and externally. We had a phenomenal year in terms of performance, a true classic story of OPEX leverage, significant growth in our EBITDA, and a higher server pack that this company has reported on an operating basis. Very solid Q4. All outlook metrics have been met. Many of you know that Strides was never used to guide, but I think we had to guide given the turbulence that we had a couple of years ago. Now, having demonstrated a very solid base, the company will continue to focus on OPEX leverage, higher EBITDA growth, and absolute gross margin growth. While revenue, we have all the pivots for revenue. All of you are familiar with our measured growth. We have been consistently delivering in a particular range every two to three quarters, and then we build up from there. Having said that, a little over 12 quarters, we've had Q on Q growth on our EBITDA, which is our internal metric for OPEX leverage, and we continue to build on that model going forward. I'm more than happy to take questions after the introductions. Both Badree and Venkatesh will take over from me now, and we can then address your questions. Over to you, Badree. Thank you. Good evening, everyone. I'd like to, in the next few minutes, I'll try to take the—I'll give you a complete flavor of the results. It has been a fantastic year for us at FY2025. Profitability, efficiency, and growth have been the pillars on which the entire company has grown. There are four metrics which we kept for us, which we chased during the year. On both, in terms of revenue to growth, between 12%-15%, we grew 17.2%. We said that EBITDA should be between a range of INR 1.5 billion-INR 8 billion in terms of growth, in terms of P2E growth. We grew the year at INR 802.8 crore, beating the higher end of the guidance. Net debt to EBITDA at 1.9, our target was to get to less than 2. US revenue to be between $230 million-$290 million. We grew the year at $291 million, also surpassing the upper end of the guidance, what we had given for US business. What we want to say here is that the US business grew much faster than the overall company average, at 22%. From a revenue perspective, we grew 13.2% overall revenue, and gross margin is at 20.5%, and EBITDA at 37%. PAC is a multiplier growth, almost 12 times from previous years. The most pleasing aspect of the last two quarters has been that we have been able to maintain the gross margins at a 58%-59% range. This has been the second consecutive quarter, post the merger of the software business. Coming to the US business, we received five product approvals, and we launched seven products. We also sustained market share across the products. We had market trading positions in 36 out of 73 products which we commercialized. We continue to enjoy great service levels compared to most of the other people in the industry. We are also pleased to announce that the first nasal spray product filed with the beyond $400 million strategy was filed with the U.S. FDA recently. From another related market perspective, we grew at 13.5%, and the strong in-licensing portfolio will drive real growth in the U.K. and Nordic markets. We need to work hard on expansion of the product portfolio and new customer acquisitions, which will be the focus going forward. Continued momentum in finance will also drive the growth in the medium term. As far as the growth markets are concerned, we grew very well in the growth markets, 24.2%. Access markets were a slight degrowth. We all know that access markets is very lumpy. We believe that we have got enough bias in place to bring in new dollars for the growth markets in the near future. The company will be focusing heavily on the regulatory and the R&D growth with respect to the new markets, so that the long-term growth is intact from a company perspective. Focus on portfolio maximization strategies was also in place, and channel partner expansion will also drive the future growth. Overall, if you really see, we are very happy with the growth across all parameters: profitability, efficiency, and growth. I'll let Venkatesh cover the efficiency and the growth parameters. Thank you, Badree. Good evening to all of you. As Badree mentioned, it's very delighting to share that we have had a very strong closing to FY25 with very consistent operating performance across all our metrics, demonstrating a very solid and comprehensive operational execution. We had an exceptional year-on-year growth across all P&L metrics. We reported an EBITDA of INR 803 crore for the year, which grew by 37%, with an EBITDA margin of 17.6%, a 252 basis points expansion in our margins. We also reported our highest-ever operational and reported EPS for the year. Our operational EPS at INR 37.46 per share grew 12x, and our reported EPS is at INR 44.05 per share. Our operating leverage and focus on all our cost line items is clearly demonstrated in the significant improvement in our EBITDA to PAC conversion. For the quarter, we have reported an EBITDA of INR 218 crore, which grew 22% year-on-year, with an EBITDA margin of 18.3%. Operational PAC of INR 113 crore for the quarter is again a highest-ever quarterly PAC that we've reported, and our EBITDA to PAC conversion is at 52%, which is a significant improvement over the last few quarters. Our operational EPS for the quarter we've ended at INR 12.27 per share. We're very happy to also state that our board has approved a dividend of INR 4 per share in our results today. Our focus on efficiency metrics is also seen in our cash-to-cash cycle, which is at 117 days, and this has helped us deliver our best-ever operational and free cash generation. Our operational cash flow of INR 684 crore for the year is 85% of our reported EBITDA, and this has helped us deliver a free cash of INR 230 crore. This is after spending INR 242 crore in CapEx. This cash generation, and with the debt we transferred to OneSource as part of the demerger, has helped us significantly deleverage our balance sheet, with our net debt reducing to INR 1,522 crore. It is a reduction of INR 513 crore during the year. We also had very focused efforts on reducing our high-cost loans, which has helped reduce our gross debt by INR 619 crore during the year, and this has significantly improved our finance costs. Our finance costs have improved by almost 27% from Q1 to Q4. Just in the financial year, we have significantly improved our finance costs. Our net debt for the quarter reduced by INR 49 crore, and this helped improve our net debt to EBITDA to 1.9x, which is ahead of our outlook of 2x. As of today, we have no outstanding corporate guarantees to sell it. All the INR 705 crore of guarantees that were issued have been closed during this year. Coming to ROCE, our ROCE grew to 14.9% from a comparable 9.7%, a very strong growth. Last year, we had reported an ROCE of 12.8%, which included the demerged software business. Even after the demerger, we've been able to grow our ROCE very strongly, and this is also reflected in our fixed asset turnover, which is now at 4.95 times. Our overall operating expenses for the quarter have remained steady for the year, and these expenses have improved to 39% of sales from 40% last year. Our effective tax rate is at 18.7% for the year, and this is in line with our estimates of 18%-20%. Overall, it has been a fantastic performance that we've had during the year, and we've demonstrated a very consistent quarter-on-quarter EBITDA growth for the last eight quarters, and that continues to remain our focus going forward. Thank you, and we are happy to take any questions that you may have. Would you be open to take 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 their touchstone 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 Aniket Nikum from ABN Capital. Please go ahead. Hi sir, am I audible? Yes. Congratulations on a great set of numbers, sir, and the progress you've done over the last couple of years. I had two questions. First question, sir, was on the US business. We've now achieved, call it, $291 million of revenue, and we've given a two-year outlook of INR 400 million. Maybe would you like to give a little bit of color on how you're seeing FY 2026, and maybe a little bit on what are the key launches you are seeing, or a little bit more color on the new controlled substance nasal spray opportunity that you are targeting? Yeah, sure. Aniket, we do not get to such granularity as a principle. The US business continues to be an important part of our overall growth strategy. Our INR 400 million objective has been up in our sights now for a good three years. We have grown this business quite significantly in the last two to three years, and we still have over almost 150 ANDAs that are not commercialized. We will continue to focus on the US business we have. We think the contrarian approach of staying invested in the US has played well for us because of our product selection and our service levels. We still believe that there is, with all the ambiguity that is still in the air as regards tariffs and stuff like that, we are in a very strong position to grow our US business. The US plant that we acquired from Endo has a very significant controlled substance opportunity across all domains. We have three filings in our nasal spray program, which will all be completed within the year. The market opportunity of this is very significant. The nasal spray market opportunity is close. The nasal spray global opportunity for the US market is very significant. We expect to be one of the fewer players in controlled substance nasal spray. Apart from, we don't normally give product names or policy. I hope I've addressed your question. Yes, I know that's helpful. Maybe would you like to give any color on the 505(b)(2), what segment or any color on that? I mean, there are so many domains in the market. It buffers 502, 505(b)(2) in a very specific area. It's too early for us to give you more product specifics. Got it, sir. No, very helpful. My second question was a little bit maybe just on the finance side. Obviously, we have delivered significantly. Would you sort of expect sort of credit rating uptake and a significant reduction in the cost of funds? What's our current borrowing rate, and do you think that sort of comes down meaningfully in the next year? Yeah. On the finance costs, as you would appreciate, in H2, we have already done a significant level of renegotiations and improved our overall finance cost efficiency, and that is reflected in Q3 and Q4. Clearly, after these results, we are working on the credit rating, and we will update you as we go forward. Sir, what's the current cost of funds? The current cost of funds is about 9%. Good. All right, sir. Very helpful. Thank you and all the best. Thank you. We'll take our next question from the line of Anand Mundra from SOAR Wealth. Please go ahead. Hello, sir. Good evening. Am I audible, sir? Yeah. Yeah. Sir, I have a question with respect to other regulatory markets. Revenue has been largely flat for the last four quarters in this segment. I wanted to understand your growth prospect for FY26. The other head markets have steadied, and you're right that the last four quarters has been fairly straight line. That has also to do with the fact that we have significant B2B business in Europe. When we have licensed our products to larger places and markets, it takes a little while for them to have their launch program up and running. I think achieving consistency was the key theme that we have achieved, and I think going forward, although it's consistent for quarters, you'll notice there's a 32.5% growth. It's not necessarily small growth. We think that all the engines are now firing in Europe, and we should be reporting even a more improved outlook on these markets as the quarters go. Noted, sir. Sir, other thing, in earlier calls, you have mentioned that other regulatory markets will mirror US market in next four to five years. That means that we are looking for substantial growth in other regulatory markets also. What are the key drivers for the same, sir? How do you think that would be achievable? There on our landing slide, it talks about portfolio maximization, incremental focus on newer partners, and we'll continue to drive growth in the medium term through these actions. Do you see that US market and other regulatory markets will be similar in the next four to five years, sir, in terms of absolute size, sir? That's a fair guess. Okay, sir. Sir, my third question is with respect to cash conversion cycle. There's a significant improvement from FY 2023 to FY 2025. Can we expect further improvement in the working capital cycle, sir? I think we already have industry-leading cash-to-cash cycle data, and in case you can allude to add more to that. Yeah. We've got to a position where I think it is important to sustain this performance over a longer term, and our focus is going to remain on maintaining these cash-to-cash cycle data. Okay. Noted, sir. Thanks a lot. Wish you all the best, sir. Thank you. Participants, in order to ask a question, please press star and one now. The next question is from the line of Nitin Agarwal from Dam Capital. Please go ahead. Thanks for the introduction, Arun, and congratulations to the management team for a brilliant turnaround this year. Arun, on the US business, how many products are we looking to launch in the 60 odd that we've identified from the dormant ANDAs over the next couple of years? Thank you for your kind words. Just to say, it has been two consecutive years of solid performance. I did not want to take away anything from the team that delivered that. Having said that, and specific to your question, out of the 60, I think we have already now launched more than five or seven products, and that is why we are very bullish about the market opportunity. As you know, as a measured launch, the improvements in the files from what we acquired have been completed for a lot more, but we will only place the product at the right time and at the right price. We are not opportunistic in accelerating our growth because we already have a fairly significant above peer group growth in terms of percentage Q on Q for the US market. We will continue with that with the portfolio that we have. We do have 60 products identified. A lot of them have got other regulatory interventions done. Some of them are launched, and we'll keep launching one or two products every quarter. We also remember, Anandin, that when we face challenges on our products, we also withdraw one or two products. It is not necessarily a neck-and-neck game now. Right. In terms of the incremental R&D that we are doing, this is now largely going towards, as you call it, the beyond $400 million as a strategy of our portfolio, or there is some R&D which is really is this how we are calibrating the R&D incrementally? Spend for new ANDA filings except for very few products where we have very strong fixed cost capacity team. So it's a very small number of products. Almost 75% of our R&D investments, and this year will be a fairly significant jump, will be for the beyond 400 portfolio because most of the filings with 505(b)(2)s, as you know, cost almost $2.5 million just on the fee. So there will be incremental costs that you will see soon. But we're very confident about those products and the opportunities they bring to us. These products would be typically start making an impact for 2028 or further, I mean, for 2028 onwards, or will it take more like 2029 onwards? These longer complex products? For all the three nasal sprays, we expect to be commercial between 12 and 18 months from now. They are fairly significant programs. The C1, C2 products that we can only make in the US, we have revised most of the files for us to relaunch, and that will also support the growth of products manufactured in the US. Okay. On these descriptors of housekeeping numbers, the exit interest costs and the depreciation that you've had, these are the numbers that you can assume on a going forward basis now? Yes. What kind of reduction are you targeting over the next couple of years? I think we are in a very comfortable position now. We probably can reduce another INR 1,000 crore in the next two to two and a half years. That's the goal. Yeah. We think that we can generate the INR 5,600 crore of free cash every year. We had a fairly significant CapEx play in the last two years for building some of these new domain capabilities, but now that will shift to the R&D spend. Yeah, I think we should be in a good position. Arun, what kind of R&D spend are we looking at from here on with these newer investments we're looking at? Yeah, we are almost doubling our R&D spend from where it was last year, and almost $15 million of the $20 million that we are spending will be for the beyond 400 play. Okay. Thank you so much. Best of luck. Thank you. We'll take our next question from the line of Jagdish Sharma, who is an investor. Please go ahead. Hi, sir. Congratulations for the call, sir. Am I audible? Yes. Sir, what is your CapEx outlook for FY26 in 2022? The CapEx outlook, we expect to maintain similar or lower levels. Okay. So my second question is, sir, we have this INR 215 crore of EBITDA on a quarterly basis and INR 430 crore in the second half of this financial year. Are there any one-offs in this? No. Or is this sustainable exit rate that we can extrapolate for FY26? We can. There are no one-offs. There are no one-offs. Do we anticipate any growth, sir? Any? Growth. Growth. We had with EBITDA. We're not going to take a growth holiday. We've been growing every year. If we see flow-through margins to EBITDA and PAT to be significantly higher than the revenue growth that we will achieve. Can we expect high teens margins, sir? Because our stockpile business has been carved out, which was the most profitable segment. Can we expect high teens? We have 18% EBITDA in Q4. What are you talking about? High team. We are very close to 20%. 20. 20. 20 is our market. We should be there. We should be okay in the next three years. Yes. Okay. Thank you, sir. Congratulations, sir. Thank you. Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all the participants in the conference, please limit your questions to two per participant. I'll take our next question from the line of Rupesh from Intelsense Capital. Please go ahead. Thank you. Thank you for the opportunity, sir, and congratulations on a fantastic year. My first question, sir, is on our ability to respond to U.S. tariffs. I mean, a lot of things are fluid, but we have a facility there in Endo. If you can give some color on what kind of capacity we have, what is the capacity utilization, if things come to it, how fast can we move some production there? If you can give some color on that, that'll be really helpful. Yeah. So basically, on generics, it's impossible to compare costs. The US costs are about three and a half to four times, depending upon the product, to manufacture compared to Asia. I personally think that we have almost 70% of our revenues and 70% of our margins coming from products that there are very few players or none, and/or they are produced in the US already. As far as tariffs are concerned, we will not be able to meet the tariffs ourselves. We'll pass on the tariffs. That's our stated policy. It may take a little time in terms of lag of introducing the new prices, but I think considering that we do not do commodity products where there are many players with the same ANDA, I think we are in a much better position to take head on the generic tariffs if it arrives. Our personal belief is that it does not make sense from a rational situation for generics to be tariffed, but that's our view, our view. If tariffs are there and it has to be beyond 100% for anything to be made in the US viable or comparable, which is not going to happen. I think there will be some amount of tariff, but we'll wait and see. Too early to speculate. Thank you. Thank you for that very clear response, sir. Second question, Arun, is I think Europe, I mean, in the past, calls have always been saying that the Europe growth will pick up in FY2026. Other regulated markets also will pick up. We've been trying to think in those markets. Is it fair to assume that we will hit $50 million run rate in other regulated markets and $30 million run rate in growth markets this year? Is that a fair assumption to make? Not a fair assumption. Neither can I confirm or we're working on growth, right? It takes time in Europe because it's not one market. There are 25 or 28 markets that we have to cover when we sell products in that market. It's time-consuming. We are seeing a lot of products and programs, and I think you will see, and this is very typical of Strides. If you look at the last three years, we stabilized the business over two to four quarters, and then we take it up a step. That's what we have done very successfully. That's the model we are following here. To be sure that we have visibility of $40 million every quarter was the key goal and above. Our goal will be more growing from there, and I'm not in a position to say our exit rate will be 60. It will be an important market to see growth. To your specific question on emerging markets, it is growing higher than the company average, as you can see, but it is a low base. It takes time to build that business. We have started a lot of activities, but we think it will also be a nice segue towards overall strategy to create value. I think one of the earlier colleagues of yours who asked questions was, "Will we be able to mirror the other EC markets, the US, in a couple of years?" That is the $400 million number in the US. The answer is yes. Do you see will we see a slightly better outcome in this year or around? The answer is also yes. Yeah. Thank you. Thank you for that answer. Just quickly, if I can ask about pricing pressure across all our key markets, any color you can give on pricing pressure? That would be my last question. We have no pricing pressure. We've been saying this for the last three years. We have no pricing pressure because we exit. Okay. Next question. Thank you. We'll take our next question from the line of Sarvesh Gupta from Maximal Capital. Please go ahead. Good evening, sir, and congratulations on a very good set of numbers. Just one question on the balance sheet. Right now, we have a net debt of around INR 1,500 crore, and what we are guiding is around INR 500 crore reduction in this year for the next couple of two, three years, right? Is that the right understanding? We are not guiding anything. All we are saying is that this year has been a significant free cash generating year. We can clearly articulate it that we expect that to continue. This year, the INR 500 crore-INR 600 crore gross debt reduction also included a push down of INR 280 odd crore to one fourth. It will be fair to say we do not want to be a debt-free company. We wanted a good, strong balance sheet, and we already have achieved that at 1.9 times. Clearly, we think that we can reduce debt even more because we do have the ability to fund all our programs without any new investments. Yeah, maybe INR 300 crore-INR 500 crore is a range that we can look. Some years it will be INR 300 crore. Some years it will be INR 500 crore. It depends upon the R&D spend that we are investing for the beyond $400 million strategy in the US. This INR 1,500 crore number does not include the INR 300 crore odd of retained interest in OneSource, right? No. Okay. Okay. And final question is on the CapEx, sir. This year we spent INR 240 crore. What is the CapEx plan for FY26, and where are you planning to spend that? That's all. Thank you. Very much lower than the 245 because we did a fair amount of spend debottling the facilities for the next several years. Like I told earlier, our spend in R&D will increase. I think net-net between CapEx and R&D, the numbers will stay. Last year, we would have spent about INR 350 crore between the two, R&D and CapEx. This time, it will be skewed towards R&D and portfolio management. I still think that we'll have between INR 300-400 crore of cash left after doing this. These R&D spends also will be capitalized, right? No, we don't. Okay. Thank you, sir. Thank you. Thank you. We'll take our next question from the line of Kiran from Table Tree Capital. Please go ahead. Hi. Thanks for the opportunity. My first question is around debt, sir. We have about INR 1,800 crore of debt, net debt of INR 1,500 crore. The question essentially is, what are the risks that we see for INR 1,000 crore EBITDA in FY 2026? Basically, the follow-up is, can we go for a more aggressive debt reduction program back to INR 500 crore, just like Arun just mentioned, right, from INR 1,500 crore to INR 500 crore over the next two years. I am just trying to understand what are the risks for INR 1,000 crore EBITDA in FY 2026, and why are we not going for a more aggressive debt reduction program? INR 1,000 crore from? I was asking where did you get this INR 500 crore number from, Kiran? 500? No, no. I'm just saying INR 1,000 crore EBITDA, what are the risks for INR 1,000 crore EBITDA? We have INR 1,500 crore debt. You just said you want to maintain a INR 300 crore-INR 500 crore debt. We don't want to be debt-free. I'm just saying INR 1,500 crore minus about INR 500 crore, higher part of your range is a INR 1,000 crore debt reduction. Okay. Everything that you said is correct, except the first line. We have not guided for INR 1,000 crore. You are taking it. You are making that up. No, sir. Yeah, yeah. That's understood, sir. I mean, I'm just saying what are the risks for growth? Just if I want to rephrase that. Compliance, which so far we've had several records for the last 20 years. I think we need to solve for the ambiguity of the tariffs. That would be kind of a tipping point. Not that it will impact us from our we are not changing our trajectory of the $400 million growth. Those are the standard risks. Got it. Got it. The aggressive debt reduction program, sir? I do not know what is this overhang of debt. We just reduced it from INR 3,000 crore to INR 1,500 crore. I am not sure what are you trying to achieve from me by asking this question on debt. We are very comfortable because all of this debt is effectively working capital debt. It's backed up by receivables or inventory. It is very normal for us to have it. Thank you, sir. We request you to rejoin the queue for follow-up questions. The next question is from the line of Arian Jain from Lotus Wealth. Please go ahead. Congratulations on the great set of numbers. We just filed our first beyond generic product measures for US FDA approval. How many more products do we have in our pipeline in the beyond generics portfolio? We expect to file about three to four products every year starting from this year. Most of them are 505(b)(2). Wonderful. I had another question. Strides has been investing heavily in the 505(b)(2) product as a part of its beyond generics strategy. Can you elaborate more on the therapeutic focus areas, number of assets under development, and expected approvals maybe in the next two to three years? No, we can't, unfortunately. I gave an indication that we'll have four filings, which effectively means we also hope we'll get four approvals for a year. Thanks, sir. Thank you. The next question is from the line of Deepak Bhutthar from Sapphire Capital. Please go ahead. Am I audible, sir? Yes. Yeah, yeah. First of all, many congratulations for a great set of numbers. Just wanted to understand, first thing, I mean, in the last call, we were talking about, I mean, this year FY26, we might look at the INR 1,000 crore kind of EBITDA. That number remain intact, I mean, in terms of our great performance that we have seen? We hope to continue the great performance that you are calling out. Whatever that adds up to, you will, I mean, think about it, our exit run rate is INR 870 crore, right? Correct. Correct. If it's possible to get to 1,000, it depends upon what Mr. Trump finally decides on tariff. Does the US take a will we be able to grow US to the same level? It's a function. That's the only thing in the air. Otherwise, we believe that this Q1Q growth of EBITDA is definitely doable under whatever circumstances. Okay. So we are targeting Q1Q growth in EBITDA. I mean, that's quite doable as per our understanding. Thank you. Thank you. We'll take our next question from the line of Chirag Shah from White Pine Investment Managers. Please go ahead. Yeah. Thanks for the opportunity. Sir, a few follow-up questions and one additional question. The first is, the 60 product libraries that you indicated to drive. Of that, how much would you think would be really active for the US, the $400 million target? If you can just give some indication on that, how to think about it? The 60 products that we plan to relaunch from the endo portfolio is part of our $400 million story, and not beyond $400 million. Okay. So all 60 would be launched? Not necessary. Depending upon our goal is to hit $400 million in a measured way. We are happy with our goal trajectory. To specifically answer your point, the beyond $400 million has got no products that are being acquired. It is all R&D that we are doing on that. Okay. Just to clarify on this, when you think of this new product launch, if you can indicate what is the minimum and maximum revenue potential range that you look at given where we are operating today? How would you incrementally think the minimum operating range of the molecules that you target? But Chiragh. Revenue potential on annualized basis or on a three-year basis, however you maintain and look at it? I understand the question. Until about three years ago, our average revenue per molecule was about $3 million. With one or two products, it's seeming $10 million. Today, our average revenue of product launch is $5 million. We have several products which are more than $20 million. Thank you. So we request you to rejoin the queue for follow-up questions. We'll take our next question from the line of Swarup from Kimwell BioPharm. Please go ahead. Hello. Congratulations on a good set of numbers, and thank you for the opportunity. I just have one question. I just wanted to know if we'll be able to maintain the EBITDA margins which are being currently managed by you. Yes. Okay. You heard us, right? Yes, yes. Okay. Thanks. Thank you, Swarup. We'll take our next question from the line of Karthik, who is an individual investor. Please go ahead. Yeah, good afternoon, and thanks for the opportunity. I just wanted to add on to what Chiragh had asked earlier. Just trying to understand how the portfolio concentration will evolve in the US for you when you hit the $400 million revenue mark. That's one. And if you will indulge me, can you also split the profitability for the company between the US operations and India operations separately? We don't have any Indian operations for the first year. Sure. Okay. How about the first part of it? Can you clarify on the concentration part of the portfolio on the US business? How many products contribute to, say, 80% of revenues out of 290, say, for example? How would it look when you get to 400? It's an 80/20 rule, right? It would not be the same. Let me clarify. I'm trying to understand the supply chain challenges you face as you keep adding more and more products. That's really why I wanted to understand this better, sir. Our launches are very measured. We do not run to the market as soon as the product is approved. It is very measured. It is very well stocked. That is why we have an industry-leading service level. Our failures are applied, not even 1%. Okay? That is an industry-leading indicator. That is the reason why we are able to keep market share for several years, even when other companies come with product approved. We have a very strong service level arrangement with our supply chain, and that is what is driving us. We are not building, and when we just completed within the last two years, we completed INR 350 crore of CapEx between the two years. That has significant assets eased off our existing operations. We are not building much. We have automated very heavily. We have not had a headcount increase in our operation while we have de-bottlenecked, and we are using technology to get there. We do not see supply chain to be a problem if we want to launch all our 200 products. That is not our plan anyway. We are very comfortable with our supply chain planning and our processes. Thanks for clarifying. Best wishes. Thank you. We'll take our last question in the line of Anupam Jain from Indira Securities. Please go ahead. Thanks for the opportunity, sir. I just wanted to understand your OneSource investment. What will you do with that? Hello. Ladies and gentlemen, the line for the chairperson seems to have disconnected. Please hold while we reconnect. Ladies and gentlemen, we have the management line connected. Puja, you had the last question, if you can take that. Yes. Also, can you repeat your question? Yes. So we have OneSource investment of INR 305 crore. What is the rationale and when are we looking to exit this? What does the rationale mean? Rationale to keep the investment or what are you saying? Yes, yes. Yes, to keep the investment. I have already demolished the company. Sorry? I have already demolished that part. What is the rationale to keep that investment? When are we looking to exit that? Because that we can repay our debt also. I think you need to be on a lot. Are you on a speakerphone? Because we can't hear you well. Is it better now? Hello? Yes. Yes. Yeah. So why are we retaining this OneSource investment currently? And when are we planning to sell it? Because this can help us in reducing our debt. That was my question. We don't need to reduce debt. We think our investment in OneSource is a great strategic outcome. The shareholders of Strides already benefited. We had a small percentage in one of our associate companies, AlphaLab. It would have complicated the NCLT process. That is why we inform shareholders. Typically, we distribute 100% of all the economics. That's been the company's policy. In this particular case, it would have complicated the NCLT process. We retained this in AlphaLab, which is a wholly owned subsidiary of Strides. It stayed there. We also need to be sure that, I mean, we should be using that when there is a need. At this time, we have no challenges on our balance sheet or on our growth or on our CapEx growth. We keep that for our revenue date. Okay. One last question. Your net finance costs around INR 200 crore. Can we expect this around INR 150 crore? Because your INR 1,800 crore is your gross debt. And 9% of our costs around INR 152 crore. Can we expect next year that it will be below INR 150 crore or around INR 150 crore? Yeah. I mean, our net finance cost for the year is INR 195 crore, but we are exiting out at INR 44 crore a quarter. If you just extrapolate that, we will be within that range. 24 crore for this quarter. Correct. Thank you. Thank you. Thank you. Ladies and gentlemen, we have completed our questions. I now hand the conference over to the management for closing comments. Thank you. Thank you all for joining today. Like Abhishek mentioned, if you have any questions, please do write to us. Thank you. Have a great evening. Thank you. On behalf of Strides Pharma Science Ltd, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.