Ladies and gentlemen, good day and welcome to Strides Pharma Science Limited, Q1 FY26 earnings conference call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star, then zero on your touchtone phone. Please note that this call is being recorded. With this, I now hand the conference over to Mr. Abhishek Singhal. Thank you, and over to you, sir. Very good evening, and thank you for joining us today for Strides Pharma Science Limited's earnings call for the first quarter of financial Q2 2026. Today, we have with us Arun Kumar, Founder and Non-Executive Chairperson; Badree Komandur, Managing Director and Group CEO; and Vikesh Kumar, Group CFO, to share the highlights of the business and financials for the quarter. I hope you have gone through our results release and quarterly investor presentation that have 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 will be of a forward-looking nature and must review the relation to 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 Kumar to make the opening comments. Thank you, Abhishek. Good afternoon, everybody. Good morning, good evening for those of you who are joining from all parts of India. We appreciate your time today. I am extremely pleased that we had another strong quarter with our disciplined and calibrated approach, focused across different line items of our business, focusing on growth, more importantly, profitability, increased cash flow, and a much stronger balance sheet. It's been several quarters of consistent performance, and I'm delighted in spite of the environment in which we operate, that we continue to deliver strong and stellar performances. I don't want to take the thunder away from the team that acts in justice on a daily basis. That is Badree and its leadership team. That's what we take the lead in today's call, and we're more than happy to address questions that should come forth after Badree's and Vikesh's insights in the session. Thank you. Thank you. Welcome all. I'm very pleased to report the quarterly earnings for Strides. I'll cover all the growth metrics, and I'll leave Vikesh to cover the profitability and efficiency metrics of the performance, Q1 performance. This quarter, we close about INR 11.2 billion; it is about INR 720 crore. The gross margin is expanded by 300 basis points, which is the threshold of 50%. From an EBITDA perspective, we are at 19.5%, and operational EPS is 12.4. What we believe is that operating leverage has started and operations are laying low in our results. I'll cover each and every business in terms of the growth and in terms of growth and reducing in terms of profitability and efficiency. As far as the U.S. market is concerned, we grew 10% year- on- year. Our long-term outlook of the business is $300 million, $400 million in 2028. We continue to raise the business outlook. From a quarterly perspective, the business grew, led the growth in this quarter. We received one product approval and launched one product in FY26, and the total number of commercial products included synergy. We discontinued four products that did not meet our margin threshold. We continue to do this on a quarter-to-quarter basis as a part of our process initiative. We want to focus on improving the profitability and efficiency, and we continue to do that. Based on this, this call was taken to discontinue the four products. We sustained the market share across the portfolio, and we are ranked among the top three in critical products, and we cover almost 75% of the U.S. segment. We continue to invest in R&D programs for growth beyond $400 million and you start seeing the seeking of the entire R&D effort in the coming quarters. As far as the other aggregated markets, we grew at 9.2% or $42 million. We believe that the base is formed. From -now on, we'll be able to see the growth in the other aggregated markets. While we grew 9.2% year- on- year, the growth will be much better as we go along in the coming quarters, mainly due to the expansion of the product portfolio and the new customer acquisitions, which will drive the growth in the near term. We believe that we have got a very solid footing, and we have also spent a lot of time in the regulatory effort to get to a very meaningful site. As far as the growth markets are concerned, we grew well on a small base, almost 32.2% growth. Access markets have seen very well in this quarter because of the donor funding, and the environment continues to be challenging. As far as the growth markets are concerned, we believe all the regulatory work is in progress, and we believe that it will lead to growth in the near term. From a long-term perspective, I think the growth markets should grow much better over a two to three-year period. We believe our portfolio maximization efforts on selection of products will play through like the US in the near term. This is over to Vikesh to cover the comments on profitability, efficiency, and other balance sheets. Thanks, Badree. Good evening. Good evening to all of you. I'm also very delighted to share that we've reported a very stellar Q1 performance. We remain very focused on our Q-o-Q growth outcome. It has been a very calibrated approach to growth, you know, just like Badree mentioned. Our focus has been to drive consistency in both our profitability and efficiency outcome. You can see that across the line items in our results. Our EBITDA is at more than -INR 18 crore. It has grown 15% year- on- year, and with an EBITDA margin of 19.5% for the quarter, it's a very significant margin expansion, reflecting the strong operating leverage and margin improvement that we remain focused on. On the operating PAT, we are continuing our momentum that we've had over the last few quarters, and it's very pleasing to report our highest ever quarterly operating PAT at INR 114 crore, which is a very good EBITDA to PAT conversion of 52%. Just for context, we were at 33% on EBITDA to PAT conversion in Q1 of last year. That operating leverage is clearly visible here. With this, our operational EPS is at INR 12.4 per share, which is 81% growth year- on- year. In terms of reported PAT, we also had a very strong reported PAT of INR 106 crore. I just want to call out that last year in Q1 FY25, we had a very significant one-time gain on account of the 1.6% stake that Strides continues to own in OneSource. That was reflected in the Q1 results of last year. It was a INR 102 crore gain, and therefore, operational PAT is the right metric to really look at just PAT performance for this quarter. Our operational cash flow for this quarter is at about INR 118 crore, and this helps us generate a free cash of INR 26 crore, which has gone towards debt reduction. Our net debt is now less than INR 1,500 crore. It's at INR 1,496 crore. We were negatively impacted by forex, which was about INR 19 crore. If not for that impact, our net debt would have been further lower by another INR 19 crore. Our trailing 12-month EBITDA to net debt ratio is at 1.8x. Our cash-to-cash cycle remains steady at 116 days, and ROCE has improved by 20 basis points to 15.1% on a trailing 12-month basis. Our capital employed that we use to compute the ROCE includes the value of investments in OneSource, which is currently valued at INR 360 crore. We have not adjusted this investment in either our net debt or our ROCE calculator. Touching on the operating expenses, our operating expenses for the quarter are at 40.8% of sales. Q-on-Q, we have reduced our operating cost by INR 16 crore. Year- on- year, it's about a INR 43 crore increase. Our net finance costs for this quarter are at INR 41 crore. This is a reduction of INR 3 crore quarter on quarter and a significant reduction of INR 19 crore year- on- year. Our effective tax rate is under 15% for this quarter, and we expect it to be in the range of 17% to 20% as we go through the rest of the year. Overall, it has been a very comprehensive operational performance, and we continue to work towards building sustainable growth and remain focused on our profitability and efficiency outcome. Thank you, and we are happy to take any 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 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'll wait for a moment while the question queue assembles. The first question comes from the line of Jagdeesh Sharma, an individual investor. Please go ahead. Hi there. Congratulations for the good quarter. I have two broad questions. My first question is on tariff risk in U.S. manufacturing. What proportion of your sales currently comes from the Chestnut Ridge facility? In light of any potential tariff risk, is there any headroom to tailor production from the price? This is my first question. Yeah. 1/3 of our revenue comes from Chestnut Ridge facility, and the tariff continues to be an event which we need to watch out. Right now, the fixation is that it is a stock covered gender, and we'll have to wait and see how it once we get any future announcements from this fund. 1/3 of your revenue. okay. We have scaled down our Chestnut Ridge facility from a two-shift operation to a single-shift operation. If the need be, we can extend that shift, and it will improve the capacity that we have in Europe. Understood. My second question is on other regulatory markets. What's the broader growth strategy for the other regulatory market segment? By when should we expect this segment to grow in double digit on their own from currently? I'll start at the other markets. There are many markets. All we can say is that the regulatory process is the growth should start kicking in from the next quarter, and in the next two to three quarters. Thank you. Thank you Thank you so much for all the delay. Thank you. The next question comes from the line of Nitin Agarwal from DAM Capital. Please go ahead. Hi. Thanks for taking my question and congratulations to the team for a strong quarter. Badree, on the U.S. business sales, the decline in Q-o-Q is largely on account of the discontinuation of the products. How should we read that? Yeah. Usually, that's a trend that has been prevailing within the last many quarters, many years. Between Q4 and Q1, there is a temporary decline, and then the growth picks up in Q2, Q3, Q4. Discontinuation has also contributed to some portions. There is also some amount of seasonality in the trend. That's what it is. It's very temporary in nature. Okay. Secondly, following up on that, in the market, are you seeing any meaningful changes in the trends on the market dynamics that you want to call out? Any change in terms of any reduction in competition or any change in price behavior with all the noise around tariff risks which you've seen in the market? We are not seeing any such trends at this point of time. That's the reason we are able to maintain the market share of 36 out of 73 products in terms of the leading position. We are to keep watching as we go along. Continuing on this Beyond Generics, we've talked about filing the first incentive spray. If you can just probably give a little more color on this Beyond Generics strategy, how many, I mean, are we looking to, how many products are we looking to file over the next two to three years, and when do they begin to contribute? As an add, Arun. The Beyond Generics strategy, what we've gone out is basically getting a higher per-product value and a higher investment in R&D. We do have a very significant pipeline of programs, including 505(b)(2)s, the names of the entire domain, PACO, and also SIM. That's three completely new areas that we currently don't operate in. All of those are produced or where we produce out of the U.S. We believe that we will get to a fairly significant price in the next three to four years while we kind of saturate the $400 million Generics strategy with a disciplined approach on pricing and margin control. The first product has been filed, but there are at least three or four filings that we will make this year. We will also have our first batch, which will be available for commercial operations by the end of the year, end of this financial year. We have a series of filings in the PACO and also in the nasal sprays space. We are also enhancing our domain space there and also using or leveraging our controlled substances and factory capability at our Chestnut Ridge facility to get into more domains which require controls. It's early days, but exciting times in terms of how we allocate capital and build that business. I guess to add to what you asked, Badree, earlier, in terms of the changing environment, if we took off the products from the market recently because it was a need that was exerted here, we think our pipeline is strong enough to continue the momentum of growth. As Badree rightly said, we do have a fair amount of seasonality in our H2 space that's been quite standard for us for the last decade or so. It's not something new. Even a 7% Q-o-Q growth is a fairly nice growth from that perspective, considering that we have continued to feed products. Overall, we see the only new trend that we have seen is that almost 50% of all releases approved have not been launched. It actually means while there are approvals coming in for products that would have been filed two to three years ago, a capital committee two to three years here is now seeing rational approaches. Manufacturers are making in-launching products, and they see there's no real value in being a product leader. That, we think, is a positive trend, and also probably people are a little bit cautious about the tariff risks. We strongly believe that they shouldn't, and it could, and the U.S. market cannot afford tariffs on generics, but we could be proven wrong given the circumstances of the market in which we operate. I think overall, through another effective that is out between a combination of local manufacturing and, as Vikesh rightly said, we can expand our ships. We have the ability to move a lot of our production into the U.S. Obviously, it comes at a price. We will then balance the tariffs in time to local manufacturing costs. Overall, as long as our gross margin trajectory remains the same, we have the flexibility of a very large fund that can be quickly tuned up to take additional volume, but also react to potential tariffs. We will have to wait and watch these next weeks as we come to a deadline in terms of timing. Overall, we continue to be very positive about the U.S. opportunity. Sorry about the long line in. No, thanks. That's very helpful. Just a couple of housekeeping ones. On the gross margin, 50.5, it's a pretty, you know, the best you've done in a while. Is this gross margin that's around 60 odd percent sustainable from here on? The question is, you know, the overheads. How should we think about overheads from a current base perspective? Sorry. On the gross margins, the business mix has really helped us. As you can see, access market is our lowest ever, and that has really also helped improve gross margins. Even the product portfolio in the U.S., the product mix has also helped us. We would say that we would remain in the range. I think 58% to 60% is a good range for us to remain in. On the OpEx, even last quarter, we had mentioned that, you know, the H2 was a good run rate, and we will continue at that run rate. A INR 460, INR 470 crore per quarter is like a run rate, a good run rate for the model going forward? Yes. Thank you so much. Thank you. The next question comes from the line of Anjit Singh from Kotak Institutional Equities. Please go ahead. Am I audible? Yes, yes, you are audible. My question is on the U.S. business. If given the guidance of $400 million U.S. sales by 2028, which implies a double-digit sales figure from your 2025 days, while if I look at the first quarter numbers in constant currency, you've grown only at single digits. Do you see the sales growth to accelerate over the next two or three quarters in the remainder years, or will it be more back-ended in 2010, 2026, 2027, 2028? We continue to maintain the long-term guidance of $400 million, and the growth will definitely start from Q2 onwards. We are not too much worried about the quarter on quarter as long as we achieve the $400 million mark by FY2028. Okay. Essentially, you're saying that growth will pick up here on from the second quarter. Sir, secondly, on your controlled substances strategy, is this baked in in the $400 million guidance, or will it be over and above this? Let me address that firstly. I think we shouldn't get confused with the Beyond Generics strategy. What we're basically saying is that we currently have enough portfolio of unlaunched products, approved but yet unlaunched products through our end-to-end acquisition, other facility acquisitions, and/or our own pipeline. We are in the process of revamping a lot of these products, launching it at the right kind of opportune time. That will therefore take us to $400 million. That's just the timing issue. When do we launch a product? When do we discontinue a product? Beyond $400 million is more an indication of the new R&D focus the company has on getting to domains and areas that we have not been doing earlier, which will drive growth beyond the $400 million. Will the two overlap? Maybe, maybe not. It's just to give a differentiation between the two that we will get to the $400 million mark. We don't see an issue with that, as probably correctly alluded. Will that have a few legs from the beyond $400 million, or is it all coming from our existing portfolio? It's academic. It's a moot point that is not relevant to our growth strategy either. Awesome. Thank you. Thank you. The next question comes from the line of Pratik Kothari from Unique PMS. Please go ahead. Yes, hi. Good afternoon. Thank you. First question on U.S. opportunity again. One, you made a statement that the competition, at least for now, is behaving rationally. Second, there are some reports out there which talk about the small molecules, especially which are going off patent, are too tiny to own it five years, versus what they were last five years. In that context, can you think of going beyond this $400 million also as part of our generic portfolio, keeping the Beyond Generics strategy apart? I mean, apart? I mean, what has to happen for you to change your mind saying that we don't want to cap generics anymore and we will invest in R&D, get more products, just given what is opening up over the next five years and the way our peers are behaving? Yeah. Basically, Strides does not operate in the first wave generic strategy at all. While you're right, that the freedom to operate opportunity is doubling in the next five years, we do not operate in the first launch unless it's a very specific domain that we operate in, which is very rare. We don't challenge, we don't patent settle, we don't like to be in the first wave. Our strategy of finding products which are difficult to make, scarce, hard to develop, or prove clinical studies or these studies, is what we are focused on. That will continue. It doesn't mean that the reason why we say $400 million, it's kind of guarded, our disciplined approach of our product. If we launch the hundred-odd approved ANDAs and decide to be the next large Indian generic company, it will come at the cost of margin, and that's not our focus. Can sales go beyond $400 million? The answer is no. Do we want to drive for more than $400 million? The answer is no. Fair enough. In this quarter, have we, I mean, do you plan to ramp up our R&D spend largely for Beyond Generics? Is it already here in this from this quarter almost? Yeah, it's already there. Fair enough. Thank you and all the best. Thank you. The next question comes from the line of Sarvesh Gupta from Maximal Capital. Please go ahead. Good evening, sir, and congratulations on a good set of numbers. Two questions. Number one, with this impending tariff, are we seeing increased sort of purchases from the U.S. to build up the inventory? Have we seen that behavior from our buyers? Secondly, on the Beyond Generics strategy, how much are we spending currently, which is baked in in our P&L or capitalized? We've not capitalized on that. You can look at our total spend for this quarter is about INR 29 crore, which includes both towards tangible and intangible capital. Okay. Intangibles is R&D. Okay. Thank you. Thank you. The next question comes from the line of Suhal Mittal from MFC. Please go ahead. Hello. Thank you, sir, for the opportunity. I have only two questions lined up. The first thing is that this quarter, we are seeing a drag in CFO in comparison [Foreign language] cash flow, which is a degrowth compared to our previous quarterly renovated conversion. Can you give any color that where the drag has been seen? Is it the US or the rest of the world markets or actual growth markets? This is only because of an increase in inventory. Our inventories on quarter has increased by almost about INR 70 odd crore as we are building that for our, you know, growth in the next nine months. Is this a short-term planning, or should we expect in the coming quarters the conversion rate to go upwards of 70-80%? If in qualitative calculations. Yeah, it would go upwards. I would not quantify that at this point. Okay. Okay, sir. Thank you. Thank you. The next question comes from the line of Prisam Mehta, an individual investor. Please go ahead. Hi, sir. I have a question on growth markets. We see a strong 32% worldwide performance for this quarter. What have been the key drivers behind this, and which specific growth markets are leading to this momentum? Can we expect a similar trajectory in the upcoming quarter? Yes. The growth markets are good for many markets, certainly in different regions, Canada, Brazil, and Africa, South Africa, all that. From our perspective, the way we see it is that we have been increasing our regulatory efforts significantly, and that's going to be the focus in the near term. We think this market will grow because we already identified the products and we got the portfolio maximization strategy in place. Thank you. Thank you. The Thank you. The next question comes from the line of Kiran from Table 3. Please go ahead. Thank you for the opportunity, sir, and congratulations on a great set of results. Sir, I have two questions, one strategic and one financial. The strategic question, sir, is as part of the annual report, you did speak a lot about controlled substances, 505(b)(2), and nasal sprays. You filed a nasal spray in April, the first nasal spray. Just some controlled substances, sir, as we look to the next $100 million in the U.S., how does the controlled substances business work? Do we kind of supply to the quota or supply to player to supply to the quota? What are the broad EBITDA margins? For the next $100 million, should we assume like 20% to 30% of the next $100 million will come from controlled substances? If you could just give a little more color on what controlled substances and what kind of margins we can make and just the business model. At a very high level, again, we may not be specific, but that'd be great. We don't have granularity of what we're seeking as a policy. Product information and quotas on controlled substances is very unique to organizations, and it's a policy that the company has for several years that we don't have breaks out this into the kind of granularity. Got it, sir. I mean, the next $100 million, I see it's a rough ratio of how much. That's the average guidance of $400 million. Focus on that. I think that is it. Granularity around that is not something that we are willing to share with you. Sure. Sir, the pharma, the partnership with Orbicular Pharma, we did it in May 2023. It's been a couple of years. The nasal spray that we submitted, is it part of that Orbicular Pharma? Is that still active? Do we expect some filings out of it just from qualitative insights? It is. The nasal spray system partnerships with Orbicular. Got it. Got it. Last it. Last question, sir, from a financial perspective, what is the expected debt paydown in FY2026? Our focus is on generating three caps, and we remain committed to that focus. We also have an INR 360 crore worth of investment in months of one, which is the 1.6% space. If you already adjust for that, we are at a very fairly comfortable position as far as net debt is concerned. Our focus remains to drive profitability and efficiency and a very calibrated growth. That is what we will continue focusing on. Okay. There's no expected debt paydown metric you'd like to share, Kevin? There are three caps in place, significant three caps. We are funding caps in R&D without any more borrowings. That will continue, and we should be able to reduce the debt. We know that when we are funding long-term, there's our own free cash. The debt is all related to working capital, which is backed up by receivables or inventory. We are in a very comfortable situation in terms of our debt book, and it's not something that we really need to be apologetic about anymore from the situation we were in four years ago. Perfect, sir. Understood. The question is one last question on the qualitative aspect. Pricing challenges in the UK is something that the presentation mentioned. If you could just give some color on pricing challenges in the UK and how has it affected or how will it affect FY2026? I'm not looking for quarter to quarter, but generally, how will it affect FY2026? Q1 was a unique quarter for, I mean, Q1 was a unique quarter. In the UK markets, we did see some headwinds on pricing. We think they're temporary in nature, because it's not a visiting; you don't see it being rapid. We think it's temporary in nature, and we should be able to pull back strongly from this. Got it. Congratulations on all of this. Thank you. The next question comes from the line of Pranav Gandhi from Lotus Wells. Please go ahead. Congratulations for the good numbers. My question has been answered already. Thank you so much. Thank you. The next question comes from the line of Shashi Kapoor from MoS Capital. Please go ahead. First, congratulations to the entire team, Badree, Arun, brilliant performance. Both in terms of operations as well as the stock is doing quite good. Two questions. First is, we would be getting around $400 to $500 million free cash now. How the allocation would be towards debt reduction and R&D? Second question is, what are the two or three risks you foresee towards the guidance which we have given of $400 million? How we are planning to mitigate those risks? Lastly, you know, if we see maybe by an EBITDA basis, we are one of the cheapest companies in the market. Maybe it's just a suggestion that we can look at strengthening our ties with the, especially Investor Relations team. We can strengthen that team. Yeah, that's it. As far as the first question is concerned, I just want to say that the R&D and the R&D efforts are going to be increased, and the debt will be maintained within a particular range. The intention is to pay off the debt. We always take that from a long-term perspective. We want to remain debt-free in the three to four years. That's what we are planning to be working on. If all the things pan out as per plan, it is achievable at this point of time, the way we see. As far as the risks are concerned, we are enjoying risks. I think at this point of time, it's $290 to $400 trillion the fastest year. The products are known. 20 products could be launched every year. Plus, there are also new opportunities that are coming through. I don't quote any major risks at this point of time. As for the complex concern, that is something which even every pharma company has to focus on to get there. As far as the position is concerned, we don't want to keep on the market dynamics that we have said software will go up and down. As far as we are concerned, we are focused on giving shareholder value, which we have demonstrated in a meaningful way. If some things have been unfortunate for many years, and the reason why we only distributed $78.8 billion back to shareholders in the form of demerger and listing. We'll continue to focus on the shareholder value. Thank you. Thanks a lot. Thank you. The next question comes from the line of Darshil Zawedi from Crown Capital. Please go ahead. Hello, sir. Congratulations on a great set of results. Most of my questions have been answered. I just wanted to ask, if you have a clear-cut guidance for U.S. sales, is there some kind of aspiration for the growth and access markets, sir? We have a few more quarters to dig in. Okay. Okay. I just wanted to know, like access market, this quarter has not performed as it usually does for any kind of, is it a cyclicality, or you know how do we see that going forward, sir? This has more to do with the challenges that we've seen in the donor funding space. You know that space at this point continues to remain challenging. We will see that lumpiness, and we continue to remain engaged with the buyers. I think mostly it's good to know that almost 80% of the active market funding comes from USAID. USAID funding has been completely cut off for the antiretrovirals and malaria programs. Obviously, different countries and different agencies are trying to fill the gap. The gap is too big. At this time, everything is up in the air, and I think it's across the industry that you will see a significant downturn in demand and other cancellations. It's a function of funding, and funding is simply not there. Fair enough there. I think USAID is not happening anytime soon. I think that market, the growth markets have time to compensate really well. That's a good job done, sir. I think that's it from my side, sir. All the best. Thank you. The next question comes from the line of Chirag Shah from White Pine Investment Management. Please go ahead. Yeah. Hi. Thanks a lot for the opportunity and congrats for our visitor numbers. Just a quick question from my side. First is gross margins. What is required for margins to go up stronger? We are at around 60% and we indicated 50% at a fair range on annualized basis. Apart from the cracking jump that can happen and that can bring in additional margins, what is required for us to push it up to say 60%? I think nothing is required because we are in a good spot at 58% to 60%. I don't think we can expand beyond. There are various different cost structures, under-recovery implants, and other inefficiencies that we will work on. To assume that we can go beyond the 50% is a little bit at this time. In the follow-up. Chirag, may I ask you to join the queue for a follow-up question? Okay. Thank you. The next question comes from the line of Mehtrisha from Sasir Capital. Please go ahead. Hello. Hello. -Yeah, just one question on growth. This quarter, we do 7% Q-o-Q. Are we expecting a quarter- on- quarter for the next couple of years? Is that correct? Revenue was up 6% year-on-year. Quarter on quarter, it was a decline, but we remain focused on gross margins and EBITDA, where you see, in fact, you see quarter on quarter and year-on-year performance. The EBITDA margins at 19.5%, are these going to be maintained for the rest of the year? Is that a fair assumption? Our endeavor is to maintain closer to that range. That is a fair answer. Thank you. Thank you. Ladies and gentlemen, we'll take this as the last question for today. I now would like to hand the conference over to the management for closing comments. Thanks, everyone. We look forward to your support as we focus on our execution and growing the company. Thank you. Thank you. On behalf of Strides Pharma Science Limited, that concludes this.