Ladies and gentlemen, good day, and welcome to Sun Pharma's Q2 FY 2024 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 the call, please signal an operator by pressing star then zero on your touchtone phone. I now hand the conference over to Dr. Abhishek Sharma, Vice President, Head, Investor Relations and Strategic Projects. Thank you, and over to you, sir. Thank you, Rayo. Good evening, and a warm welcome to our second quarter FY 2024 Earnings Call. I'm Abhishek from the Sun Pharma Investor Relations team. We hope you have received the Q2 financials and the press release that was sent out earlier in the day. These are also available on our website. We have with us Mr. Dilip Shanghvi, Managing Director, Mr. C.S. Muralidharan, CFO, Mr. Abhay Gandhi, CEO, North America, and Mr. Kirti Ganorkar, CEO, India Business. Today, the team will provide an update on the financial performance and business highlights for the quarter and respond to any questions that you may have. We will refer to the consolidated financials for management comments. The call recording and call transcript will be also put up on our website shortly. The discussion today might include certain forward-looking statements, and these must be viewed in conjunction with the risk that our business faces. You are requested to ask two questions in the initial round. If you have more questions, you are requested to rejoin the queue. I also request all of you to kindly send in your questions that may remain unanswered today. I will now hand over the call to our CFO, Mr. C. S. Muralidharan. Welcome, and thank you for joining us for this earnings call after the announcement of financial results for the second quarter FY 2024. Our Q2 financials are already with you. Q2 FY 2024 sales were at INR 120,031 million, a growth of 11% over the Q2 FY 2023 and higher by 1.8% over Q1 FY 2024. Material cost stands at 23.2% of sales, lower year-on-year on account of better product mix. Staff cost stands at 19.7% of sales, higher than Q2 FY 2023 on account of merit increase and consolidation of Concert. Other expenses were at 31.9% of sales, higher year-on-year on account of increase in selling and distribution expenses and higher R&D spend, including consolidation of Concert business. Further, the other expenses higher than Q1 FY 2024 due to higher R&D and S&D expenses. Forex loss for the quarter was INR 341 million, compared to a loss of INR 2,415 million in Q2 FY 2023. EBITDA margins for the quarter were at 26.1%, compared to EBITDA margin of 27% in Q2 FY 2023. EBITDA, including other operating revenues, was at INR 31,794 million, up by 7.5% over Q2 last year. EBITDA margin for Q2 stands at 26.1%, compared to 27.9% for Q1 FY 2024. Net profit for Q2 FY 2024 was INR 23,755 million, up 5% over Q2 last year. The tax rate for Q2 FY 2024 was 14%. Reported EPS for the quarter was at INR 9.90 per share. As of thirtieth September 2023, the net cash was $1.9 billion at consolidated level and about $660 million at the ex-Taro level. Gross debt moved from about $750 million, as on thirty-first March 2023, to about $170 million, as on thirtieth September 2023, thereby a repayment of about $580 million during H1 FY 2024. Now we will discuss the off-year performance. For the first half, gross sales were at INR 237,883 million, a growth of 10.9% over first half last year. Material cost for H1 was at 23.3% of sales, lower than H1 last year, mainly due to product mix and including higher specialty sales. Staff cost stands at 20% of sales, higher than H1 last year on account of annual merit increase and consolidation of Concert. Other expenses were at 30.6% of sales, higher than H1 last year on account of higher selling and distribution and R&D expenses, including Concert. Forex loss for H1 was INR 321 million, compared to a loss of INR 958 million for the same period last year. EBITDA for the first half was at INR 65,112 million, a growth of 11.5% over the first half last year, with resultant EBITDA margins of 27%. Adjusted net profit for H1 was at INR 47,209 million, up 9.2% over net profit of H1 last year. Reported net profit for H1 was at INR 43,981 million, compared to INR 43,231 million in the same period last year. Now moving on to Taro's performance. Net sales of $142 million increased in part due to a one-time gross net adjustment. Excluding the impact of the one-time gross net adjustments in both quarters, the sales growth was mid-single digits. Net profit for the quarter was $8.5 million. For the first half, sales were at $307 million, up by 6.9% over H1 last year. Net profit for H1 FY 2024 was $18.6 million, compared to $11.3 million in H1 FY 2023. Now, I shall hand over the call to Mr. Kirti Ganorkar, who will share the performance of our India business. Thank you, Murali. I shall take you through the performance of our India business. For Q2, the sales of formulation in India were INR 38,425 million, recording a growth of 11.1% over Q2 FY 2023. India formulation sales accounted for 32% of total consolidated sales for the quarter. Sun Pharma is ranked number one and holds 8.4% market share in the over INR 1,895 billion Indian pharmaceutical market as per AIOCD AWACS MAT September 2023 report. Corresponding market share for the previous period was 8.5%. For the quarter ending September 2023, we grew higher than the IPM, and we have done well across all major represented therapy areas. As per SMSRC, MAT June 2023 report, we are ranked number 1 company, and Sun Pharma is also ranked number 1 by prescription with 11 different doctor categories. For Q2 FY 2024, we have launched eight new products. Among these eight new products, we have launched product for the treatment of stroke called Tyvalzi. It has a content of sovateltide. Sovateltide is a selective endothelin B receptor agonist, a new first-in-class drug recently approved for the treatment of cerebral ischemic stroke, and can be administered up to 24 hours post-cerebral strokes. As all of you know, no new drug other than recombinant TPA has been approved for the treatment of stroke for more than two decades. The initial response shared by the Indian doctor shows that this drug has a meaningful clinical outcomes, and it is helping the patient in the treatment. I will now hand over the call to Abhay. Highlights of our US businesses. For Q2, our overall sales in the US grew by about 4.2% over Q2 last year, to $430 million. The growth was driven by the specialty business, including Ilumya, Cequa, and then Winlevi, but offset by impact of Halol and Mohali facility issues. US accounted for over 30% of consolidated sales for the quarter. The US specialty business has continued to do well and has grown over Q2 FY 2023. The underlying business and the prescription trend for the specialty business remains strong. In Q2, we launched three generic products in the US on an ex-Taro basis. I will now hand over the call to Mr. Shanghvi Thank you, Abhay. I will provide an update on the performance of our other businesses, as well as give you an update on our R&D initiatives. Our branded formulation revenues in emerging markets were at $284 million for Q2, up by 9.4% over Q2 last year. The underlying growth in constant currency terms was about 14% year-on-year for Q2. Emerging markets accounted for 20% of total consolidated revenue for Q2. Among the larger markets, the local currency terms, Romania, Brazil and South Africa, have done well. Formulation revenues in rest of the world, excluding U.S. and emerging markets, was $206 million, up by 13.7% over last year. The rest of the world markets accounted for approximately 14% of consolidated Q2 revenue. We continue to invest in building a R&D pipeline for both the global generics and specialty businesses. The consolidated investments towards R&D for Q2 FY 2024 stands at INR 707. I mean, INR 7,734 million, 6.4% of sales. Moving on to update on global specialty with highlights of the quarter. In Q2 FY 2024, our global specialty sales were up by 19.3% to reach $240 million. Specialty R&D accounted for 38.2% of our total R&D spend for the quarter. Among the key events of the quarter, U.S. FDA has accepted our new drug application for deuruxolitinib, an investigational oral selective JAK inhibitor for the treatment of adults with moderate to severe alopecia areata. Sun Pharma has submitted 8 mg twice daily regimen of deuruxolitinib for FDA review. Our partner also reported positive results for Nidlegy from the phase 3 pivotal trial in patients with locally advanced, resectable melanoma. We have started sharing the status update on specialty pipeline beginning this quarter. In summary, we have multiple products which have strong competitive profile and are expected to address patient needs once they are in market. I am sharing this with the view that you can share the excitement which all of us have about the potential impact these products will have to our business as they come to market. As Murali mentioned, we've healthy cash generation in the business, which has continued to improve over the years. We've repaid close to INR 5,000 crore out of our debt, and that's after providing for all the investments and dividend payment. This cash chest and our ability to generate future cash gives us the flexibility to pursue opportunities in future which fit into the company's strategic vision and objective. With this, I would like to leave the floor open for questions. Thank you. Thank you very much. We will now begin the question- and- answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking questions. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Kunal Dhamesha from Macquarie. Please go ahead. Hi, thank you for the opportunity, sir. So the first one on the other expenses, you know, which has gone up meaningfully on a quarter-on-quarter basis. We have cited that it was due to, you know, selling distribution as well as, you know, R&D. But if I look at ex-R&D also, it has gone up. So is there any one-off component there, or is there any seasonal component there in other expenses? We already shared that around $6.1 billion of one-off charges has been taken at Taro for the work related to the special committee appointed by the company there. Sure. But apart from that, on Sun Pharma's business, it's none- There's nothing specific one-off. No. Okay. You know, coming to the specialty business, for Winlevi, we had suggested that recent changes would lead us into the prescription. Recent formulary changes would lead to prescription going up probably in second half of 2024. So has that trend started in your view? So the prescriptions of Winlevi, both compared to last year as well as Q1, have gone up, but we still believe there is a scope to do even better. With some of the clinical work that we are doing with the doctors and the data that will come over a period of the next 6-9 months, should help us grow faster than what we have been able to. Sure. And, and, just last one on the R&D expenses for specialty. Now that we have filed European subsidiary, is there a possibility that, you know, our R&D expenses for the next couple of quarter might, you know, kind of go a little bit down from what we have seen in quarter two? Because most of the other trials that we are planning to start are starting in 2024. Yeah, I think, we are expecting ramp up of some of the expenses of the residual clinical study, with our focus on improving recruitment. So I'm not expecting the clinical trial cost to come down. If at all, it will only go up. Sir, do we continue with our guidance for R&D expenses? Yeah, I think as on today, you should presume the guidance. Thank you, sir. I have more questions. I'll join back with you. Yeah, thank you. Thank you. The next question is from the line of Neha Manpuria from Bank of America. Please go ahead. Yeah, thanks for taking my question. You know, just on the specialty business, first, if, you know, I look at the global revenue in the quarter, it seems very similar to what we did in the March quarter, you know, even adjusted for the milestone payment. This is despite, you know, you indicating that prescriptions are going up, and IQVIA data shows that prescriptions are going up. So is there any part of the business which is much slower than what it was in March? That's my first question. Yeah, Abhay? I can answer on the U.S. piece. If I see the prescription trend, Neha, for both Ilumya and Cequa, I've already answered the Winlevi part. Yeah. They are at, you know, all-time highs. Even the market share, if you see, we are at all-time high for both Cequa as well as Ilumya. Growth of Odomzo over previous year, previous quarter, has been extremely strong, and there is no product that I can see that not grown or lost any kind of share. I think, Abhishek, what she is trying to understand is correlation between the prescription and the reported sales. Yeah, because if the prescriptions are improving as much, you know, why are we not seeing that momentum in, you know, the revenue that we're reporting? So I think having in the specialty business, I mean, you would always have, you know... I think it's better to look at the prescription trend, and sometimes the values will catch up. Because, for example, in the last month of the quarter, there was a little lesser buy-in because of fewer days of sales available. But when I see the current month, for example, that has been more than made up for. So rather than look at it literally on a quarter-to-quarter basis, I think the underlying strength of the business, just as we do in the India business, for example, looking at improving share of prescription and market share of the products that you are competing against, I think that should be the focus. And, you know, on a longer term basis, value will catch up. Understood. Was the trend in the international specialty business also similar? I know it's a small part of that revenue, but, you know, are we seeing a steady improvement in the international specialty piece also? I think overall business growth in the specialty business is 18%. So that's not only the U.S. growth, that's global growth. Understood. My second question is on Concert. And now with, you know, the FDA accepting eight mg, is it fair to assume that, you know, 12 mg will not be pursued at all? And does this in any way change, you know, our estimate in terms of how we were looking at the market opportunity for this drug, or, or how we'll have to approach the drug, you know, given the advantage that we had on the 12 mg versus peers? No, we believe that eight mg clinical outcome, and especially the long-term clinical outcome, is... places it at a significant advantage over currently available product. However, we also believe that over time, there is a I mean, we haven't given up the view that the product will ever get approved, let the experience justify. But our current long-term safety study indicates a very safe profile for 8 mg until now. Got it. Thank you so much, sir. Thank you. The next question is from the line of Damayanti Kerai from HSBC. Please go ahead. Hi, thank you for the opportunity. My question is on the U.S. generic business. So, first part, was generic Revlimid a key contributor during the quarter? For this quarter, no, ma'am. It was o kay, it was It was not a major contributor, but the sales will always, for this product, be a little episodic. In this quarter, it was clearly not a major contributor. Okay, that's helpful. And second part is, can you update us on the supply status from Mohali, and how the remediation, work is progressing at Halol plant? So approximately, say, like, how far we are before we can see any, like, normal supply from say, Mohali. So supplies to the U.S. in this quarter have resumed, and some quantities were shipped. The return we expect to normalcy will be gradual, although we are not giving any timeframe to normalization. Okay. And, anything on Halol, like, how things are moving there? What is the question? Sir, just want to understand the remediation progress at Halol plant. Anything to share there? I think we continue to update the agency about the progress and the of our remediation and our so-called response. Now, at some point of time, the plant will get re-inspected and hopefully get signed with a positive outcome. I mean, that's what we are working for. Okay. My second and last question is, like, you have done fairly well in India, despite, I guess, the slowdown which we have seen in the market. So how should we look at India business trending ahead in terms of growth expectations? My opinion is don't look at India-based business quarter to quarter. What we need to look at is the long-term growth on an annualized basis, and our objective is always to grow higher than the market. Okay. Okay, that's helpful. Thank you. Thank you. The next question is from the line of Bino Pathip arampil from Elara Capital. Please go ahead. Hi, good evening. Most of my questions answered. Just one on the tax rate. For first half this year, we have seen a much higher tax rate than last year. Is this the sort of rate we are looking for full year as well? So as we stated earlier, that our tax rates will inch up as compared to the earlier years. We have said also that you should look at the tax rates more on annual basis, as based on the tax jurisdiction and the profits arising in those distribution markets there. So it's better to see the tax rate on annual basis. So it will be higher than last year, this year? Last year, full rate was about 8.8%, full year. Right. Okay. Okay, thank you. Thank you. The next question is from the line of Harith Ahamed from Avendus Spar k. Please go ahead. Hi, thanks for the opportunity. My first question is on Taro. Is there an impact on Taro's operations from the conflict that is currently happening in the region, in Israel specifically? And if you could also give some color on how much of Taro's products or sales is manufactured from Taro's facilities in the region. Specifically for Taro, to comment on the specific question. However, what we understand is that Taro is primarily ensuring safety of its employees, and at this point of time, they'll also maintain the business continuity. Okay. My second question is on Nidlegy, the melanoma product, where for which you've announced a phase three completion. So, since you mentioned that you'll be leveraging your experience and you know relationships with doctors through the sales of Odomzo. Can you give some color on how you know the commercial how much of a commercial infrastructure we have for Odomzo in the regions for which we've licensed Nidlegy? And if I remember correctly, we have licensed this for Europe, Australia, and New Zealand. Any reason why we haven't licensed this product for the U.S. market, and is that something that we can expect in the future? Unfortunately, both the questions I won't be able to give you specific response. We don't give organization details about different structures that we have for business in different countries. However, I think all business structures are designed in such a way that we are able to cover the market efficiently and cost effectively. Now, we believe that in the region that we are promoting Odomzo, where we have licensed Nidlegy, we have adequate coverage. And we will now work with the company to try and see that we have a favorable reimbursement in different geographies, and we will work out a phased product introduction plan. We are excited about the product's ability to help patients who stopped responding to their current treatment, with a significantly better outcome, or with a better outcome. I think we continue to evaluate options and attractiveness of the product in different geographies, including the US, but we haven't finalized any terms, so I'm not able to give additional information at this point in time. Just a clarification from a previous question on deuruxolitinib, the 12 mg dose. Is there a probability of that getting filed in the future, or is that something that we should keep out of our expectations for now? So I think what you need to remember is that JAK inhibitor or selective JAK inhibitor have potential use in multiple indications. And some of those indications, because of the overall disease profile, we may even be able to use higher dose and get approval. And as there is experience with the product, I think we can potentially look at it coming back. But this is all future and speculative. Okay. Thank you for taking my question. Yeah. Thank you. Thank you. The next question is from the line of Shyam Srinivasan from Goldman Sachs. Please go ahead. Good evening, and thank you for taking my question. Just on the US formulation revenue, if you kind of back out whatever is the Taro US, perhaps. I think you've mentioned in the opening remarks as well, that there is like a $470 million to $430 million on the overall level. Even if I do it at Taro, it seems to be like a $30 million down QoQ. So is that largely just attributed to the plant issues? If you could clarify, please. So, Shyam, are you asking year-over-year or quarter-over-quarter? Sir, quarter-on-quarter. $470 million went to $430 million, right? US formulation Q1 versus Q2. If I just Partly, we answered this question by saying that in Q2, there is little sale of lenalidomide, which was there in quarter one. Okay. But there was some mention about the plant, right? Halol plant or no, that has already come through earlier this year. Sorry, I maybe I'm That was the situation in Q1 as well. Got it. So we are not seeing anything incremental because of plant slowdown. It's just been maybe a special one-off product, which we have not seen in quarter two, perhaps. Would that be fair? Yeah. Got it. And just the commentary on the generic business, just your part, how are you seeing the rest of the business, ex the Revlimid, let's assume. How is that shaping up? So with the products that we have in market, I think we are maintaining or growing the share and, holding on to our business or improving the product. Okay. Would you, how would you characterize the generic pricing environment? It. At least the external indicators seem to suggest some improvement. So anything, any color? Yeah. Like you, I've also been reading a lot on, let's say, the commentary driven by other players in the industry. Now, if you look at the competitive scenario and the buyer scenario, whether we should look at it as a quarter phenomenon or a long-term trend, I do not know. I tend to look at it more like a long-term phenomenon rather than treat it as a quarterly one-off. And like we have been saying, I think consistently on every call, I think I still maintain my stance, that pricing is a product-specific thing. Some priced products we are even able to increase prices, and some we are not able to, and have to give up on prices to be able to retain share, if we wish to. I don't see a huge change in the environment as far as generics is concerned. Got it. That's very helpful. Just a second question on the India business. We did 11% growth, maybe led because of our chronic nature, because if you see some of the other companies that have reported with a slightly higher acute bent have struggled. So if you could also disaggregate the 11% based on what was, you know, secondary data into price, volume trends, and which are some of the therapy areas that we are doing better versus market, that would be helpful. Thank you. Sure, sure. As I said in my readout, all the business areas has performed well, so I'm not saying the acute versus chronic, we see any difference in the growth. So both the businesses has performed well. And, what we see, half of our growth is also coming from volume. So which is a good sign, and, on quarterly basis, just to illustrate, and like, we are gaining a market share in AIOCD AWACS. Sir, you correctly said half of the growth is coming from volume. Sorry, I missed that. Is that what you said? So if you divide the growth in three parts, there is a growth coming from new products, and then there is a growth coming from volume, and then there is a growth related to price. Correct. What I see, somewhere between s o we have good volume growth, is what, I'm trying to say, and the businesses are growing in the right direction. We see that moment also in the prescription. Got it, sir. Thank you, and all the best. Thank you. Thank you. The next question is from the line of Aman Vij from Astute Investment Management. Please go ahead. Good evening, sir. My first question is on our GLP-1 portfolio. If you can talk about, do we have first to file in both, say, liraglutide and semaglutide? And when can we start seeing some revenues? And do you think this can be a big opportunity for our company? We don't generally share details about our first to file or future products. If you can just talk about the opportunity, do you think this can be a big opportunity for our company? When can we expect some revenues from this division? No, I think the reason why we don't share detailing, because we don't want to give future guidance on something that can change at many points of time. So because we try and see that whatever guidance we give for the year, we are able to maintain and deliver. At a theoretical level, I think both semaglutide and liraglutide are good products, not very easy to register. And, what you call... We don't expect too many people to get approval because of the complexity, but it will be good product, whoever is able to get it approved. Sure, sir. My second question is on another of our products, where I could see the FDA filing for the teriparatide in U.S. BMS. So, if you can talk a little bit about that opportunity, given the expiry is coming. But same question, like, we don't give details about. If we started to, well, then we will start sharing specific information. So I'm not able to respond to your question. Okay. And any timelines you can give in terms of like when is the expiry expected of this product in the U.S.? Aman, you can connect with me offline, on these questions. Sure, sure. Okay. Yeah. Thank you. Thank you. Thank you. The next question is from the line of Surya Narayan Patra from Phillip Capital. Please go ahead. Yeah. Thank you for the opportunity, sir. So my first question is on the recent FDA warning, what we have seen, against the 26 OTC eye drop products in the U.S. market. So it looks like that this could potentially be a kind of a good opportunity for the prescription-based dry eye products like Cequa. So could you, could you give some sense on this because means, our understanding says that large part of this dry eye U.S. market is scattered by these OTC products, and if there is a kind of restriction on those, then the market itself can really jump for the prescription products including the Cequa. No, I think you're presuming that because of the warning letter issued to products which were marketed without approval- Yes. The product will become dry. I don't expect that to happen. There will be some approved products still continue to be sold in the market. Okay. Maybe you can respond to the latter part of the question, if there is something that... I mean, nothing really to add. I mean. Okay. Okay. So that is m y second question is on the acquisition of this diagnostic device businesses. Although those are like small initiatives on this, could you share, or could you share your purposes about moving into this diagnostic device business acquisition front? And, how would that be really complementing our business model and business strategy? Could you share something about the acquisition of Ezerx and Agatsa Software, sir? I think, I'll just explain our view. First of all, we remain committed to our core offering in human health. We have made addition to our India team in the recent past and continue to show growth. Many of our new investments are very early stage, where we are choosing to rely on the existing management to continue to run the business. So I would say that we are exploring new areas, but without diluting our focus on our core prescription business Okay And which we see a good potential going forward. Sure, sir. Is it in any way likely to complement the growth of the domestic formulation business, or it is completely separate from it? No, I think I already answered you. These are all exploratory new areas, so we won't be able to comment further on this year. Sure, sir. Just on the two updates I wanted to have, sir. Any progress on the Ilumya in China? That is one. And secondly, any update about the buyback of Taro that was... we had mentioned last quarter? China, my understanding is that there is a price approval process, which I think, our marketing partner in China is seeking. Okay. So, I think it should take maybe one or two quarters for them to get this approval and potentially launch the product. But, I think for Taro, we don't have a specific update to share. I think Taro's special committee is working on some proposals, as you would have seen in their press release. Okay. So beyond that, we have no specific further information. Okay. Sir, regarding China, what you have mentioned, once the pricing approval process will be over, it would be a kind of, again, tender contracting cycle and all that, we have to face, so that, there would be a kind of, timeline or a decision period before we see some commercial benefit out of that? I don't think that, these products are in tender cycle right now. Okay. Okay. Yeah. Thank you, sir. We see all them. Thank you. Thank you. The next question is from the line of Vishal Manchanda from Systematix. Please go ahead. Thanks for the opportunity. I have a question on deuruxolitinib. So wanted to understand whether the product would be used by patients chronically, or would this be a subchronic treatment, wherein patients would only use it until they recover the hair loss? Our understanding is that it's an autoimmune disease and the drug will help the patient overcome the what you call challenges caused because of the immune response. But once I think you give up the treatment, then s o it's not very different from psoriasis, but we have to see o ur studies indicate that a large number of patients will need to continue to take treatment to maintain the benefit. And the same is also reflected in our safety studies. Abhay, you have anything further to add? Just, one more, whether we'll be able to launch deuruxolitinib post-approval immediately, or is there, would there be a patent that would block the launch? Well, I think our presumption and plan is to launch the product on approval. Got it. Thank you. That's all from my side. Thank you. The next question is from the line of Kunal Dhamesha from Macquarie. Please go ahead. Kunal, you may go ahead with the question. Yeah, thank you for the opportunity again. First one on the specialty business. So one of our CDMO partner for one product had some issues with U.S. FDA. So, do you expect any disruption related to the product? I mean, my understanding is that we are not expecting any disruption. Sure, sir. And secondly, now that we have one big product, and probably only one supplier, would we be looking to de-risk that and add one more supplier? Yeah, I think that is the approach that we have for all major, innovative products. We would like to have one additional source of supply. Sure. And second, on the deuruxolitinib, so that would also be a CDMO manufactured kind of opportunity, or would that be manufactured in-house? Currently, when we licensed the product, the product was manufactured by a CDMO. Sure. It will be launched from CDMO. Okay. Thank you. All the best. Thank you. Thank you very much. That was the last question in queue. I would now like to hand the conference back to Dr. Abhishek Sharma for closing comments. Thank you, Rayo. Thanks, everyone, for dialing in. If you have any unanswered questions, you can reach out to the investor relations team. We'll be happy to take your questions offline. Thank you, and have a good evening. Thank you very much. On behalf of Sun Pharmaceutical Industries Limited, that concludes the conference. Thank you for joining us, ladies and gentlemen. You may now disconnect your lines. Thank you.