Agraj Shah

Firstly, I would like to understand that given that most of the challenges that we faced this year are on the export side, still our exports actually did relatively better than the domestic. So exports are declined only 9% versus domestic declining 15%. So can just explain that? Is it indirect sales to our customers or what exactly is leading to this?

Just on the formulation side, so given that the base is relatively low, but still we are seeing a decline. So any thoughts on that? Or is it just that the sales are getting impacting us as we would have been on a growth trajectory? Can understand for API, but the formulation business was relatively young with new capacity.

And just on the worki ng capital side, so actually the inventory days have gone up to 480 days versus 286 days last year. So even on an absolute number, it was INR 240 crores last year has gone to INR 326 crores. So are we finished with inventories or let's say, there were some shipment deferment which actually led to the…