Ladies and gentlemen, good day, and welcome to Q1 FY 'twenty six Financial Results Conference Call of Syngene International Limited. And there will be an opportunity for you to ask questions after the presentation concludes. Please As note that all this conference is being recorded. I now hand the conference over to Ms. Nandini Agarwal. Thank you, and over to you, ma'am. Good afternoon, everyone. Thank you for joining us on this call to discuss Syngene's first quarter results for financial year 2026. To discuss the financial and business performance for the period, we have on this call today, mister Peter Behmes, Syngene's managing director and chief executive officer and mister Deepak Jain, chief financial officer. After the opening remarks, Peter and Deepak will be happy to answer any questions you might have. Before we begin, I would like to caution that comments made during this conference call today will contain certain forward looking statements and must be viewed in relation to the risks pertaining to the business. The safe harbor clause indicated in the investor presentation also applies to this conference call. The replay of the call will be available for the next few days, and the transcript will be made available on SingeGen's website. With this, I would now turn the call over to managing director and CEO, mister Baines. Thank you, Nandini. Good afternoon, everyone, and thank you all for joining the call today. I will start my remarks with an overview of the key financials and market trends before getting into the operational and strategic highlights for the quarter. I'll then hand over to Deepak to provide a more detailed insight into the financials in his remarks. We are pleased with the performance in the first quarter, which is both in line with our expectations and establishes a good trajectory for the rest of the financial year. Reported revenues from operations were 875 crore, up 11% year on year, equating to a 7% increase in constant currency terms. This growth was driven by good momentum in research services, which accounted for 67% of sales during the quarter. Our EBITDA was 21% up year on year to 206 crore. With the growth in revenue and change in business mix, operating EBITDA margin increased to 24% in the quarter compared to 22% in the same quarter last year. Reported profit after tax before exceptional items was up 59% year on year to 87 crore. This includes a favorable onetime tax adjustment related to Syngene's gratuity fund, which Deepak will explain further in his comments. Turning to our business segments and starting with research services. As mentioned in the financial highlights, the successful transition of pilot programs into longer term contracts within our research services saw continued momentum during the quarter, providing endorsement of our scientific capabilities, quality standards, delivery service. A highlight for the quarter was the inauguration of a state of the art dedicated peptide laboratory, advancing our capability in this high potential growth area. Peptides are a fast growing interventional modality, witnessed by the rapid emergence of the GLP class for the treatment of diabetes, obesity, and a widening range of comorbidities. Peptides also complement Syngene's existing capabilities in monoclonal antibodies, antibody drug conjugates, oligonucleotides, and protax. The new laboratory offers high efficiency production of complex peptides, offering our clients faster, scalable, and high quality solutions. On the regulatory front, we successfully completed a US FDA GCP or good clinical practices inspection of our human pharmacology unit with no observations. Additionally, our biologics facility at Biocon Park received an establishment inspection report, EIR, with a favorable closure. We also concluded over 20 client and regulatory audits during the quarter, ongoing affirmation of our continued commitment to quality and compliance. Our focus on driving innovation by integrating cutting edge technologies into our operations continued to progress, with one example being the integration of automation into our DMPK operations, which has reduced turnaround times compared with industry standards from five days to three days and enhanced our cost efficiency by 30%. Taking a step back and looking at the global CRO market, we see continued uncertainty in the biotech funding environment, which has not yet stabilized or returned to pre pandemic levels. While the while the situation remains uncertain, we are monitoring it closely and remain agile in our response. We have continued to receive healthy interest from large and midsized pharma companies in the form of RFPs, providing the basis for further growth in our research services in the coming quarters. Turning now to our manufacturing operations. We we have delivered a resilient performance this quarter with the highlight being that Unit 3, our biologics facility in Bengaluru, has become operational and delivered a GMP clinical batch of drug substance for a US based client, a key milestone in the in in this facility. Our small molecule manufacturing facility in Mangalore, here, we are continuing to focus on increasing capacity utilization and pipeline development across both drug development and manufacturing. We are also making good progress at our Bayview biologics facility in The United States with revalidation and integration efforts on track, and we expect to operationalize the site in the second half of this fiscal year. Moving on from operations, I'm very pleased to advise that we have strengthened our leadership team with the appointment of three accomplished industry professionals, all of whom bring a wealth of operational and strategic experience and expertise. Doctor Priaranjan Patnaik, a Syngene alumnus who played a key role in establishing our large molecules discovery capabilities, has has returned to Syngene to lead and drive the strategic direction of discovery biology. Gaurav Kushwaha joins us as chief technology officer to lead our technology strategy and, in particular, our accelerating evolution in AI led digital transformation across all our operating platforms. Reflecting our ambition as we look forward to the strategic scale and growth opportunities of the global contract research, development, and manufacturing market, Ajay Tandon joins us to take on the new role of head of corporate development and strategy. I look forward to working with PP, Gaurav, and Ajay as we continue to build and accelerate Syngene's growth journey. I'm also delighted to share that our continuous efforts in sustainability over the years, where we have recently earned the recognition by Time Magazine as the number one sustainable company in the pharma and biotech sector in India and amongst the top 500 most sustainable companies in the world. In conclusion, we are encouraged by a positive start to the financial year. While we remain mindful and watchful of the ongoing macroeconomic factors and uncertainties, we maintain a confident outlook and sustain our full year guidance. With that, I will conclude my remarks and hand over to Deepak to provide further details about the financials. Deepak? Thank you, Peter, and a very good afternoon to everyone. As Peter highlighted, we had a positive start to the year with a year on year growth trajectory in Q1 FY 'twenty six, in line with our expectations. Revenue from operations for the quarter was up 11% versus last year and in constant currency, up 7%. Research services continued its growth momentum driven both by conversion of pilots and ramp up by existing clients. We continue to monitor the macro headwinds in the biotech funding, not stabilizing, big pharma's internal restructuring, and the uncertainty around US tariffs. Our CDMO business showed resilient performance. Small molecule development and manufacturing services remained stable, though affected by milestone shifts. The Biologics business, while having some pilot projects spillover into later quarters, continues to progress well. We have partially capitalized Unit 3 in Bangalore this quarter with additional sections to be capitalized in the coming quarters. Turning to costs. Raw materials accounted for close to 25% of revenue from operations compared to 30% in the first quarter of last year, benefiting from yield improvements in biologics and business mix changes. We expect the full year raw material cost to be around 26%. Employee costs increased by 15% year on year, in line with merit increase and staffing plan. As highlighted earlier, we also have invested in building experienced commercial teams in geographies closer to clients to help develop business opportunities. On other direct costs, primarily comprising of power and utility, expenses increased by 2% year on year. Other expenses increased 22% as we continue to invest in automation, digitization programs to deliver increased speed, productivity, and other operating expenses. Our company saw a hedge loss of 4.8 crores increasing from the hedge loss of 3.3 crores in the first quarter of the previous year due to difference between average spot rate and the hedge rate. The increase in revenue, combined with the movement in cost I just mentioned, resulted in 21% year on year growth in operating EBITDA with margins of at around 24% in the first quarter versus 22% in the same period last year. EBIT from operations was at INR95 crores, Higher year on year benefited by higher operating EBITDA, partially offset by increase in depreciation cost. The 4% increase in depreciation is mainly due to additional capacity at Unit 3 Frasity KM operational. We continue to maintain a strong balance sheet, which enables us to effectively navigate through industry cycles. After meeting our CapEx spending for the quarter, we have a net cash of INR1053 crores, almost $123,000,000 as of June 2025. Reported interest expense declined by 1% as borrowings reduced in Q1 FY 'twenty six compared to similar quarter last year. Other income declined by 2% compared to similar quarter last year due to interest income on tax refunds, leading to higher other income in Q1 twenty twenty five. Reported effective tax rate for the quarter is at about 14%. However, normalized for tax benefit on transfer of employed gratuity fund to the gratuity trust, effective tax rate for the quarter was at 21%, similar to the quarter last year. We expect the effective tax rate for the full year to be around 24%. Overall profit after tax before exceptional items stood at 87 crores, up by about 59%. Taking into account the one off related to tax benefit on account of transfer to gratuity fund in Q1 FY 'twenty six, normalized PAT before exception items and one offs was up by about 47% year on year. Now moving to CapEx. As indicated at the start of the year, the long term market indicators for the CRDMO industry remains positive, and our plan is to continue to make strategic investments in capabilities that make us future ready. We have incurred a CapEx of around $8,000,000 during the quarter across the businesses. Around 30% was invested in research services, primarily across bill across capability bills, including the peptides and the ADC and contractual obligations in dedicated centers. Nearly 55% of the CapEx in the CDMO business for new formulation facilities in small molecules and modification modification of the Unit three in Biologics. The remaining CapEx was spent on digitization, automation and towards common infrastructure. Finally, let me say a few words about our guidance. We advised in April about FY 'twenty six to be a transient year. Adjusting for client inventory rebalancing in our Biologics commercial manufacturing business, we guided for an underlying revenue growth to be in early teens. On a reported basis, we guided for growth in the mid single digits. Based on the Q1 progress, we are on track to hit the guidance as we provided in the last quarter. As Unit three and Bayview Biologics facilities become operational in FY 'twenty six, we expect EBITDA margins to be in the mid-20s for the full year and a degrowth impact due to increased depreciation with the facilities coming online as we had guided in April. These investments are expected to catalyze growth over the medium term as the utilization increases and strengthen our positions as one of the leading biologic CADMO player for the fast growing market. With that, I suggest we open up for questions. Thank you. Thank you very much. We will now begin the question and answer session. We'll take our first question from the line of Kunal Damesha from Macquarie. Congratulations on good set of numbers. First question on the guidance, right, why you have reiterated the guidance. But the way I look at it is q one top line growth is well above that full year number, and I know that could be quarter on quarter volatility. Right? But then again, you know, we are much above that mid single digit kind of guidance in q one, and the the time seems to be positive based on the conversion of the projects that we are seeing, etcetera. So what is keeping you, Menno, from revising that guidance on the upward side at this moment? Kunal, thank you for the question. Let me start, and then I'll ask Deepak to to add his comments. We framed our guidance at the end of last year, and, you know, we are encouraged by the positive start and the growth in in q one. And, you know, this has underpinned, I think, our confidence in reiterating the guidance for the full year. We're twelve weeks into the year, and I think it's just too early for us to to make adjustments at at this stage. Of course, you know, as the quarters unfold, we we will revise or refine as we see it, but it's too early now, Kunal, after twelve weeks. You know, we we want to see more visibility through the year and you know, before we make any comments on on adjusting the guidance. But it's a good and a positive start, and, you know, the trajectory underpins our confidence for the full year to maintain guidance. Deepak, you want to add anything? Me add, Peter. Kunal, when we had guided towards single digit growth, there are a couple of things that we had called out. One, we were seeing an inventory adjustment that would come through the year on account of commercial manufacturing in our biologics plant. That is still to come. There's some bit of inventory adjustments that are happening, but that's gonna happen through the year. So that's gonna be an impact that we will feel that has a trajectory of its own. We also did highlight the fact that if we were to take this as a one off, the underlying business is still gonna grow in early teens, and we're still holding to that view that there will be an underlying growth, but the overarching growth as we guided would be still in mid mid single digits. Did I answer that question? What would be the impact? Yes. What would be the impact of, let's say, that inventory adjustment in this quarter? Or if there is an impact this quarter? Or There is in the future quarter, if you get There's a very minor inventory adjustment that's happened in this quarter, but it's supposed to pick up in the coming quarters. Sure. And then, Benoit, just continuing on the outlook bit, I think if I remember it correctly, we had guided for the material cost to be around 26 to 27% of the revenue. And now we are suggesting around 26% for the full year. Is that correct in that thing? We've not changed any guidance on a material cost. What we had said is what we hold still. Sure. Sure. Sorry, Kunal. You're sounding muffled. Kunal, you're muted. Yes. Much better. Sure. So one of the Unit 3, since it has been now commissioned, I'm going I know we had suggested that we expect these plans to become three to five, I mean, ramp up fully by three to five years. But how are you seeing, I mean, given that we have taken a GMP clinical batch and you know, more RFPs getting converted. So do you see that the three to five year time line could be much faster at this moment? So, Kanal, we are very pleased that in this quarter, you know, we've become operational and that that's a key milestone, you know, as we look to utilize the capacity in in unit three, and, you know, this was a a clinical GMP batch for a US customer. I mean, I think we've given a frame of guidance. I mean, we're working, as you can imagine, hard to, you know, to exceed that, but and and we'll be updating on a quarter by quarter basis to see how we can, you know, look to to meet or we'll we'll beat that that that timeline. And a lot of efforts are ongoing there. And in the same vein with our Bayview facility, you know, we are on track as guided to start, you know, operations in that facility in the second half of the year. We have a healthy, you know, interest from from potential customers here, you know, with the versatility of that facility and being based in The US. And and, again, we're, you know, we're working hard to to make that operational as quickly as we can and then to to start to utilize the capacities. We'll take our next question from the line of Shyam Srinivasan from Goldman Sachs. Yeah. Good afternoon. Thank you for taking my question. Just the first one on the quarterly disclosure you have started sharing on CRO versus CDMO split. I appreciate that. I think earlier, we used to do full year. So only have, like, a 61% if I remember right for fiscal twenty five. So if you could tell us the 67% equal in number last year and, you know, also, I think in your call in your readout, you have called it called out CROs growing faster. So just want to understand some of the drivers of that. So that's my first question. So what's the equivalent one q number last year, CRO as a percentage of total revenue? So hi, Sham. So we we started breaking down our CRO and CDMO businesses, and that's why we've called out a 67% growth 67% mix in the CRO business this year. It's it's driven by the growth that Peter highlighted around pilot projects. And therefore, for the quarter, the mix is 67 to 33. I am not comparing it to the previous quarters as we've always given an annual number. You know, in the spirit of the conversation, we've been hearing from all the investors and analysts. We've we've started now breaking that down every quarter. You will appreciate there'll be an element of volatility between the business mixes. So, you know, we should just probably look at that in a in a broad sense. Right? There is there is a 67% this quarter. We've guided a full year number as well, so we hope to see how that progresses. But too early to really call out and take just one quarter as as a as a marker. Did you wanna add anything? Okay. So if sorry, sorry, Deepak. It's not helping me. But I'm just saying, is it closer to I'm not trying to derive a quantitative number out. But Yeah. Yeah. You know, has there been a dramatic mix change within this year and last year? I think that's what I'm trying to trying to see. Not not dramatic. That's the point I'm trying to make. As you look at, last year was an average of the full year and 60 the way to think about this, Shyam, is 65% is a broad range, but that's the range that we've already operated our CRO business with. CDMO comes in that broad range, and therefore, take it with that. This one quarter may not be indicative of what's gonna happen all through the year because there will be some bit of puts and calls depending on how you deliver the business. Right? And as and when our CDMO sites become operational, whether it's at Bayview or Unit 3, we will start seeing some bit of shifts happening as well. So that's largely how I would take it. Right? It's also how the your plans are. Got it. Helpful. Sorry. I'll persist on a different form of splitting the revenue now, small and large. I don't know whether you're doing it annual or quarterly, but maybe even qualitative color on how those businesses have done. I think I remember it was 24 or 25% for large molecule full year last year, and I think small was 12%. So just any additional qualitative color on those two parts of the business No. Shyam, Peter did call out that we did have a stable year stable quarter for small molecules. Large molecules, as we guided at the beginning of the year, will see an impact of inventory correction. So both these aspects are playing out. You know, small molecules stable. We did also mention that, you know, we we're seeing some improvement capacity utilization. Is it where we want it to be? I think there is work to be done. But in large molecules, we do see the impact of the inventory correction and a lot more of the inventory corrections to come in the coming quarters. That's why we are holding our guidance for the full year. Helpful year. Thank you. All the best. Thanks. Thanks. You. Next question is from the line of Madhu from Fidelity. Firstly, if you could give some qualitative color in terms of you know, how the pipeline is building up for the mango small molecule plant. You did mention that pipeline development work is happening here, but some more color in terms of maybe how many projects we have on board and, you know, phase wise, it could give some color in terms of, you know, how many projects are in which phase. That would be useful for us to just understand. We know you've given us three to five year guidance for ramp up of some of these units, but just some progress updates would be very helpful. So, Matto, let me start. Thank you for the question. You know, in in Mangalore, the facility, you know, has, you know, a a design of versatility here, and that is enabling us to look at, you know, opportunities across the the value chain here, and that will include key starting materials, intermediates, and active pharmaceutical ingredients APIs, you know, and eventually into commercial manufacturing. I don't think we're going to give quantitative guidance on that, but in terms of qualitative color, you know, we're working on all of those across that value chain. As Deepak has said, we are seeing some some pickup, you know, and I we're on track for the full year position, you know, but we have more to do here, and we're looking to accelerate that. Deepak, is there anything else to add? No, Peter. This is good. Madhu, I hope that helps. Okay. Yeah. No. No. That makes sense. Are there any you know, some of your peers have spoken about, especially in small molecules, you know, the ability to win some late phase projects, maybe in phase two, phase three directly given there's some tailwind from China plus one, etcetera, which is playing out. Are we seeing any such opportunities as well where we could get some more late phase projects and breaking the pipeline? So later phase projects is within within the mix that we're looking at, Madhu. I mean, I I I think that's correct. And, you know, we are going to push on all of those. So key startings, intermediates, APIs, and, of course, you know, if, you know, if we can get a commercial stage that that will also, you know, play into that mix very strongly. We'll update on this as as as we move through the through the quarters. Understood. Understood. Got it. Yes, that's it. Thank you so much. Thanks. Thank you. Question is from the line of Surya Narayanapatra from PhillipCapital. Yes. Thanks for this opportunity. My first question is on the biologic service offering that we are giving. So if you can give me some sense that, okay, apart from the Jyotis, what is the progress that we have been seeing, let's say, other biologic service platforms? Let's say, like, biosimilar IDC peptides, oligonucleotide. All put together, what is the kind of progress that we are seeing there? Thank you, sir. I'll let again, I'll start, and Deepak may have comments to add. Let me start by taking the lens back and looking at the market itself on a global basis. Large molecule biologics, you know, is a is around about a 10% level of the global CRDMO market, but it's the fastest growing, and it's growing in the teens. And I think the outlook for biologics would which would encompass monoclonal antibodies, but ADCs and peptides and oligos, exciting fast emerging modalities in our customer base, and we are evolving and adapting, you know, to ensure that we can offer, you know, very strong service propositions to them. So we have an established monoclonal antibody facility, and we've spoken about that. You know, I think I touched in my opening remarks that we've inaugurated, for example, a state of the art peptide facility now in our in our Baikon Park in our Xinjiang Park facility, and that is going to, you know, enable us to look at synthesis, purification, characterization, scale up, and strengthen our offering in peptides. That then bridges into linkages, as you've described, with, you know, some of the exciting combination motep modalities that are, you know, being developed on on our customer side and that we are looking to develop in parallel related to capabilities in ADCs and oligonucleotides, you know, in the combination of of antibodies and and peptides and oligos and and further into protax. So we continue to look at the evolution of modalities and technologies that our customers and collaborators are using to develop novel medicine, and and we are, you know, investing behind some of them, you know, to enhance and strengthen our offering. And in the area of monoclonals, peptides, oligos, and ADCs, that is an area of focus for us, and we will continue to invest, you know, in what is an exciting and fast growing area and one that we are receiving, you know, an increased sort of input in inquiries and translate translating that into business opportunities. Okay. Just my broader point also that I was trying to drive out of this question was that what would be the current mix of Resource Services business within Biologics and Manufacturing? Since we are now adding multiple capacities within India Mhmm. Outside India, so how the mix is likely to see given the kind of fastest growth visibility that is there for the overall biologic business opportunity? Yeah. So sorry. Let me again start, but I'm going to refer to some of Deepak's comments as well. But as we said in our opening remarks, research services in this quarter is at 67% of of of revenues, the balance being in in manufacturing. I mean, this will be dynamic. It's not going to stay at one level, and that dynamic and balance will depend on, you know, how we make progress, you know, capacity utilization in our large and small molecule forward to Bayview coming online in the second half. So our research services traction is growing as well. So that balance, you know, will adjust according, you know, to the flow and growth of businesses that unfolds over the coming quarters. And, of course, we'll keep you advised of that, on a quarterly basis. Sir, there is a my second Sorry. You're sounding muffled, Surya? Surya, I'm sorry. You're sounding muffled. Is it is it fine now, ma'am? Yes. Please go ahead. Yes. My second question was about the major changes, the trend that we are witnessing now influenced by Trump. That there are many $50,000,000,000 of kind of investment commitment by large innovators into US that we are re witnessing. See, already, like, five four, five odd players have committed that kind of investment into US. So given that, what is the kind of change in the pharma outsourcing environment that you are seeing? And how would we be positioned given that major changes that has been happening in the space? Yes. So I saw I mean I mean, we we monitor the macro, you know, geopolitical and geoeconomic trends closely. Now, you know, the the the tariff movement continues to be volatile to some extent, although I think there's I mean, I think there's perhaps less volatility now than there than there has been. This is looking as if that it might, to some degree, stabilize. Important point for for us to emphasize on tariffs, if I take that first, is that Syngene is predominantly a service industry, and the tariff exposure on products, you know, is is is not going to have any material effect on us. So, you know, we we we look at the tariff question through that lens primarily. We keep a watch fly. We obviously see what you've described that a number of major pharma companies have committed to significant capital expenditures in The United States. Those capital expenditures can be over quite extensive periods, five and ten years. Again, I take the lens back. And and if I look at the contract manufacturing market globally, it's 50% of the total market. It's a very, very big market. And, you know, Syngene has a relatively very small market share, and we believe we have, you know, very substantial headroom to grow into. We are mindful, you know, of the of the geopolitics here, and, you know, the Bayview facility acquisition gives us a very nice foothold in The United States. You know? And as I said in my remarks, we're seeing, you know you know, clear momentum and and interest in that facility. So we'll have to balance that over the short, mid, and long term. In the short term, we're looking to utilize the capacities we have, and we're beginning to see, you know, pickup and line of sight there. We we need to fill those up, you know, and we'll monitor the wider global situation. And I'm you know, we will and our investments very carefully, and and that will be one factor that we take into into consideration. But I think I think the comment I really want to leave you with here is is we we see what you've described, but the wider market opportunity is very, very big. And there will continue to be strong interest in, you know, manufacturing footprint in in India and in other geographies, and Syngene is well placed to capitalize on that and has a lot of market room ahead of it. Okay. Sure, sir. Just with your permission, I will ask one last question, and that's a clarification also. About the small molecule capacity addition, particularly targeting the animal health that what you have mentioned in the annual report. So here, I just wanted to have some sense that, okay, by this capacity expansion, what target and that we are trying to drive the business from? That is one. And secondly, you have just mentioned that the small molecule capacity in Mangalore, since it is a kind of end to end integrated, in the sense that it is manufacturing the starting material, the intermediate, as well as the kind of potentially the final product. So what utilization it could be there currently? Okay. Let me again, I'll take that to start with, Surya. And, again, Deepak may want to add some comments. I think on your first question, you would relate you were referring to large molecules and animal health, I think. Is that correct, Surya, or did I get it wrong? No. No. I I was I was mentioning about the capacity addition on the small molecule side targeting animal health. Right. Okay. So in our small molecules facility, I I think you've understood well my comment that the versatility of the facility allows us to look across the value chain, and we're looking at that in human health. But, of course, if we get the right opportunity in animal health, we will look at that also. So we will look at both. We have no, you know, clear definitive quantitative view as to, you know, what where that where that balance may may end. You know? And in terms of quantitative guidance on capacity utilization, again, we're not giving a number. You know, we're looking to increase utilization of Bangalore through this year. The first quarter, we've made, you know, a decent start. We're on track with with where we wanted to be. It's in line with expectations, and that's a part of the reinforcement of our full year guidance. Certainly, sir. Thank you. Thanks a lot. Thank you. Thank you. Next question is from the line of Kunal Rundharia from Axis Capital. Sir, Amgen and Baxter have started to expand their own R and D and other operations in India. So have you seen any impact so far? And based on the conversations with them, do you see them taking some projects in house? Canal I mean, we we again, you know, we're we are watching and monitoring the sort of global capability center. You know, I I think those global capability centers are very largely supporting sort of back office operations and are not having any direct impact on our operations. And in in some ways, I think they're a good signal of investment more broadly into India to build a wider, you know, biotech eco in India, which still significantly lags, you know, the the biotech ecosystems in in other parts of Asia in particular, but Europe and The United States. So widening the the biotech ecosystem in India is going to be overall a positive thing. You know? And, you know, we we we kind of look at it through that lens, and I don't think we're seeing any direct impact on on any of our business at this stage at all. Got it. Got it. The second question on this, I guess, a follow-up. So those so these contracts are for a certain finite period of time. So for the dedicated centers, can you tell us when some of these contracts are up for renewal? So, Kunal, I I at the point in time when these contracts come up for approvals, it goes through a regular renewal cycle. We typically don't call out as to the timelines. But as and when they happen, we get into a renewal cycle and renewal conversations. Historically, we've maintained, you know, long term relationships with these dedicated centers. I mean, case in point as example, BMS. Right? That's over two decades. Right? And and it just shows the depth of the relationships that we have. These have these are some some strategic relationships that we built over a period of time. And and at different points of renewals, you know, they they have conversations with us on how do we really strengthen the relationship. So so to me, I think as and when they have we get into a renewal conversation, which just helps deepen the relationship. Go ahead, Nadeepat. But I what I'll ask you is, is it typical of three years, five years, you know, maybe longer than that, or this varies from client to client? It typically varies from client to client, but, yes, these are long term relationships. Right? It goes at different stages. Right? It goes three years renewals, five years renewals. They can even be longer renewals that we go into. It's client to client. Given it's a client information, we don't share that much. But but they are typically long term relationships and long term contracts. Kunal, they're multiyear. All of them are multiyear. And as Deepak has said, you know, some of them go beyond five years. So we're you know, they're they're long term multiyear contracts. You know? And, again, we we'll we'll advise as and when anything changes. Sure. Sure. So the reason I I was actually pushing on this was, I in December 21 when you had renewed some contract with Amgen, it was mentioned it will be in 2026. So so that's why I kind of said because some of some of these contracts, there's some info in the, you know, public domain. So that's the reason I was asking for Amgen and other contracts. Yeah. So, Kanal, just to add on. Right? Not necessarily every contract gets renewed on the last day. Right? So there are are timelines and structures that we get into. Some of the contracts that we speak of with our clients come into conversations even between if suppose there are strategic investments that we need to make with the clients. So different shapes and forms of these contracts, I think you should take that they're strategic relationships. We can need to hold with them. We can need to work with them. And and if there's any significant change that comes across, we will obviously talk about it. Fair enough. Thank you, and all the best. Thank you so much. Thank you. Next question is from the line of Alankar Gurude from Kotak Institutional Equities. Please go ahead. Hi. Good afternoon, everyone. So in the annual report, you have spoken about conversion of six pilot CRO projects into full fledged contracts in the fiscal f I twenty five. And and you did mention about this conversion continuing in the first quarter as well. So the question is while the conversion is healthy, given the funding environment has worsened in the first half CY twenty five versus, say, maybe second half CY twenty four or whole of FY '25, has the pace of new pilot project been slowed over the past few months compared to what we were seeing last year? Alanka, let me start with the response to that. And, again, I'm gonna take a little bit of a step back. Biotech funding, which plays into, you know, the the early stage biotech companies, represent one of the inputs into our discovery services. And quite clearly, during the course of last year, there there was a significant reduction in US funding into biotech that created a sort of sector wide drawback in in the biotech community. Important to to recognize two things there. One, that there was a a drawback, and the entire, you know, sector experienced that, and Xinji was was not immune. Important also to say that that doesn't mean it dries up to zero, and we we do see biotech, you know, coming in. But these these pilots are one source of of input to our discovery services. You know? And as I said in my opening remarks, we continue to have a healthy pipeline from multinational and mid sized biopharma companies, you know, who are looking, you know, to externalize some of their discovery services. So our input to discovery, you know, is is not is not disproportionately reliant on biotech. We we're we're seeing, you know, pilots coming in from other areas, and many of the large companies and the midsized companies will come and visit the facility here in in in in Bangalore. They'll come and they'll look at the laboratories. They want to take a look at the laboratories, and, you know, we've got 2,000,000 square feet of them here. And they'll and they'll want to talk to the to the teams, and they come in and they talk to our scientists. And on the basis of that due diligence and and and more, they'll make a decision as to whether they they put up, you know, a program with us. They they may not go a pilot route in in the sense of putting work with other companies and determining. They they can be convinced by, you know, the the service offerings and the due diligence that they see. So the broad picture is that biotech pilots are only one source of potential revenue growth for our services division, and, you know, it needs to be seen in in that in that lens, in that context. Okay, Peter. But, yeah, I mean, this one Sorry. You're sounding muffled, Alankar. Alankar. Up. I'm sorry to interrupt. You're sounding muffled. Try again, Elanca. Sure. Still breaking up. Yeah. Sorry. Is this better? That's better, Elanca. Yep. Thank you. Yeah. Sorry about this. So sorry. Just to hop on that point, Peter, even though it's, it's one of the components that you mentioned, but just directionally, there has to be some impact of the funding environment, on especially on some of the smaller clients. So is it something which we have seen over the last few months, in terms of new project wins from some of these clients? Alanki, you're you're right on an absolute basis. Basis. There there has to be an impact, and we see that in in the biotech community. You know, the amount of capital going in there isn't what it was, and, you know, that we we hope will be restored. But in terms of impact to our research services business, I think you can see in the you know, in this quarter's results with a healthy 11% growth. You know, biotech's a component of that, Alanka. We're still getting biotech interest and engagement, but it's you know, as I'm saying, it it's a relatively small proportion of the total input to our research services. It's an important part, and we want to see it improve in itself. And we we're looking at the at the biotech funding environment and would like to see it restored. But we're not reliant and dependent on it as you can see in our first quarter results. I hope that adds the additional color you're looking for. Yeah. That's, that's helpful, Peter. Thank you. And the second question is, again, for you, Peter. See, we have had seen we have seen some senior attrition over the past couple of years. This is something which has happened in the past as well, maybe about seven, eight, nine years back. You spoke about the three senior hires. That's good to hear. Two questions here. One is, post these hires, are there any senior management gaps left to address? And secondly, how do you plan to address this historical issue of senior level attrition with the company? Let me answer the questions in reverse order, Alayk. I mean, Syngene has been and remains a very stable company. I mean, senior management changes every seven years at some at some level is is ordinary course. I mean, there are always going to be senior management changes, and Cinjin's been relatively very, very stable in in in the long lens. You know, I was there for six years from 2010 to 02/2016. Jonathan was here for nearly ten years. That is stable senior management. And, you know, and beneath that, of course, there have been some additional changes, but nothing to my to my eye that would represent any degree of instability or turbulence when you look at it, you know, across industries over that over that timeline. Now our our sector is evolving fast, and, you know, we need to bring in capabilities and expertise to ensure we remain cutting edge and competitive to provide the service to our customers. One example of that is clearly technology, and Syngene's got an ongoing program that we're accelerating if I break technology down in automation and digitization, where we're looking right across our platforms to accelerate automation and digitization, to improve effectiveness and efficiency, to drive down timelines, to drive down costs, you know, and to improve quality and reduce risks. In AI, we see that as, you know, fundamental change agent as the discovery, development, and manufacturing platforms evolve over, you know, short, mid, and long term timelines. And, certainly, you look outside of our customer base, and that is happening. And and we need, you know, to accelerate that, and that is why we've appointed a a chief technology officer where where, you know, a clear focus is going to be on enhancing and integrating AI into our services and, you know, very, very clearly that strengthening capability here. You know? PP's returning in in biology. That's terrific for for us. And, you know, biology is you know, remains a very important aspect as witnessed by the market where biologicals are the fastest growing part of the CRDMO market. And in strategy and and development as Syngene looks to plot its course over the coming years with the evolution of the industry and the shifts in the macros that that we've discussed, you know, we we need to strengthen our abilities there. And Ajay's joined, you know, the the the team, you know, to to strengthen, you know, our capabilities as we look strategically over the next five and ten years. It's a very exciting period for the industry. There's a lot of change as everybody, you know, identifies, but that also means a lot of opportunity. And Syngene's trying to position itself to optimize its position, you know, to serve its customers well in these changing times. Fair enough, Peter. That's helpful. That's it from my side. Thank you. Thank you. We'll take our next question from the line of Harsh Bhatia from Bandhan AMC. Please go ahead. Thank you. Am I audible? Yes. Please go ahead. Thank you. Just I'm sorry, Harsh. You're audible, but what hello, Harsh? I'm sorry. You're not very clear. Can you use your handset mode, please? Yeah. Please use your handset mode. Alright. Just give me one second. Is this better? Much better. Please go ahead. Sure. Thank you. Just in terms of the at least from a biologics perspective, I think we would move in a couple of years north of 50 k l capacity with both the facilities. If you can help us understand what kind of step up or ramp up can we see from an overall perspective for both these facilities? Again, without getting into the numbers perspective, just directionally, is it going to be more of a gradual step up in terms of operationalizing the capacities? Or is it going to be something that we see a large part part of the capacity coming in on day one? Again, I understand it depends on the number of projects, kind of projects that you get, but maybe some more color on that. So, Harsh, we had guided on both the facilities at the point in time when we got into the acquisition, whether it was Unit 3 or even the Bayview site. We said we will get to a one excess turnover in three to five years, a little bit to what was also asked earlier to which Peter commented as well, that the fact that our endeavor would be to definitely try and do it faster. You know, we just started, as an example, the Unit 3. We capitalized that in this quarter. We did a GMP preclinical stage trial as well for one of our clients in US. And, therefore, we will always want to do this faster. But as we guided, three to five years seems to be a reasonable ramp up time. If there are opportunities and ways by which we can do this faster, I think there's enough and more effort being put there. No timelines that can be committed right now. No no no probably numbers that I can share at this point in time. Harsh, does that answer your question? Sure. Just one more. In terms of the Bayview facility, what kind of a structure do we have with emergent to that extent? Because I think they also have their particular set of pipeline. So is there any set of right of first refusal to that extent with the entire capacity, or that is something that's more narrower in nature? Maybe you could help us a little bit on that. So, Harsh, when when we took the conversation with Emergent, right, they have their own relevant pipeline. They have their own structure. We took the plant in March. We said it will take us about eight to twelve months to operationalize it. That's why we said it's gonna get operationalized in the second half of the year. In terms of right to first refusal to the specific question that you have, they are one of the clients that we've always spoken of. And we have said that, you know, a right to first refusal on a certain part of the facility if it is there. It'll always be good for us to be able to get an early stage client already hooked on as an anchor client. Right? So it's it's a facility available for everybody to be able to help us, you know, get the get the facility operationalized. Emergent has been in that in that facility earlier. And if there's an element that comes through, we will obviously want to want to explore that as a as a tie up with them. So I'm not giving you an answer very clearly whether the right to first refusal is there or not. It's a first three that's available. And if there is a way by which when we operationalize it, if there is something that Emergent wants to bring on the table, there'll be a client we would want to understand what they have to offer. Harish? Sorry to hop on this. Just to clarify. Yep. Just to clarify, there is a certain capacity that is available to them in terms of the rise of first first review. Yes. To an extent, if they come on with a particular project, they can always, but it's not that that facility cannot be earmarked for somebody else as well. As it's it's a client based program structure. Right? And if if somebody comes to help us operationalize it, we will And and, Harsh, I'll add in here. The you know, part of the attraction of the Bayview facility was its versatility. I mean, it it is a very nice construct of three discrete suites, so it has a high degree of of versatility. And I think that, you know, for Emergent, they they recognize that. And for, you know, a a certain part, either they they have an opportunity, and it it'll be time bound. But, I mean, as Deepak said, you know, we would welcome Emergent as a customer if if it if it works on on both sides, and that that conversation is ongoing. Gentlemen, we'll take that as the last question for today. I now hand the conference over to Ms. Nandini Agarwal from Syngene International for closing comments. Over to you. Well, thank you, everybody, for joining the call. If there are any further questions, you can get in touch with IR team. Thank you. Thank you. On behalf of Syngene International Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.