Sir, out of this 18% growth in IP discharges in the fourth quarter, how much was organic?
Okay. And if I strip off the acquired units only, how much would the growth be, the mature plus standalone unit?
Questions across 49 calls
Alankar Garude
Kotak Institutional Equities
Rainbow Childrens Medicare Limited
Sir, can you help us understand the seasonality patterns seen by Rainbow over a slightly longer time frame, say, over the past 10, 15 years, and particularly Hyderabad? The reason for the question is you've seen a fair amount of ups and downs over the past few years. For instance, FY '23 was a strong season, then '24 was a bit slow. First half CY '25, again has been a bit weak on the pediatric side, so the question is prior to FY '23, were we seeing similar kind of fluctuations across alternate years?
So maybe a couple of follow-ups here. The first one is pharma companies have been commenting about seeing some pickup in the season over the past few weeks? Are we also seeing some increase in the disease burden over the past few weeks?
Sir, you mentioned 2.9% contribution from fertility in FY '25. Similarly, can you comment on the broad sales split between paediatrics and maternity and fertility for the quarter?
Sir, but you mentioned about mother care doing well in this quarter. So just trying to understand from a fiscal standpoint and specifically for the fourth quarter standpoint, what was the contribution of paediatrics for us?
Blue Jet Healthcare Limited
Hi, good evening, every one. Sir, if we adjust for the Rs.50-60 crores of goods in transit, which you had called out in the second quarter, the contrast media sales have actually declined on a sequential basis. And we also would have had the ramp -up of the gadolinium -based NCE and possibly some validation supplies of the iodinated product. So in this context, just trying to reconcile the low contrast media sales, was there any pricing pressure or any specific volume impact which you would li ke to call out?
Okay. If I understood this correctly, sir, the goods in transit were higher in the second quarter. Was that the issue in the third quarter as well? And you expect it to be better in the fourth quarter?
Piramal Pharma Limited
First question, do you have any update from your clien t on the resumption timeline of supplies for the large contract? And typically, what is the lead time between getting visibility from the client and then starting supplies?
So, just to get that right, 3 quarters is the lead time between getting visibility and then starting supplies?
The first question, apart from the slower funding environment and the possibly slower pickup in Sevoflurane in ROW markets, are there any other reasons driving the cut in FY '26 top line guidance?
And Peter, on this Sevoflurane issue, you spoke about not being too aggressive on pricing in the first half. Which are the key markets, maybe a few markets you could highlight you are referring to within ROW?
You spoke about the uncertain funding environment, especially at the e arly stage and also prolonged client decision-making. On the other hand, you also spoke about strong demand across the key product categories. So the question is, if there is further improvement on the macro front and the underlying CDMO growth picks up be yond mid -teens, do we have sufficient capacity, including the expansion already announced to meet this demand over the next 3, 4 years?
Understood. The second one, given the strong U.S. presence for the company, are you starting to have any incremental discussions with clients regarding shifting to your U.S. facilities in the context of tariffs? And yes, if you can bifurcate that response across on -patent and generics would be helpful.
Syngene International Limited
Hi, thank you for the opportunity and good afternoon, everyone. The first question, when we had our second quarter call in November, you had mentioned mid-single-digit top-line growth guidance and constant currency terms , and now you are talking about a 3% to 5% decline. So, just trying to understand, in the last few months, the funding environment has actually improved. So, what exactly has driven this sharp change in the guidance for FY26?
So, were we expecting, Deepak, any sales from this molecule in the second half, which were not there in 3Q and will not come in fourth quarter?
Concord Biotech Limited
Sir, Firstly, the delay in EU as well as Middle East, was it for API or formulations or both?
So then what is the reason for the sharp drop in formulation sales on a year-on-year basis?
Sir, firstly, can you provide the capacity utilization across all the facilities?
Sorry, can you repeat the number for Limbasi again, sir?
Congrats to the team on a good set of results. Sir, one question on pricing again. Can you comment on the pricing dynamics in the immunosuppressant portfolio? And if you can split it across developed and emerging markets, and this question is over the past couple of years?
Got it. That's helpful, Ankur. Just on that point, if I look at the 14% growth on API in FY '25, broadly, how would you break that between pricing, volumes and new introductions?
Onesource Specialty Pharma Limited
Hi. Thank you for the opportunity. Just one question from my side. Arun, you spoke about having full utilization in the second half, but being unsure about revenue recognition. So, the question is what exactly is the revenue recognition policy for us, specifically for the commercial supply agreement?
So, there, Neeraj, just one question. Do we recognize revenues broadly once the products are shipped from our end or is there any other policy?
Emcure Pharmaceuticals Limited
Sir, is there now any restriction on Emcure launching the generic presence of Ozempic or Wegovy in international markets?
Okay. So basically, our plans, Vik, for filing in Canada by the end of this fiscal will continue as planned?
Sir, can you broadly divide the 13%, 14% year -on-year top line guidance across domestic and international?
Got it. The other question was on Sanofi. Post t he restructuring, can you talk a bit about what has changed in the business? You touched upon it briefly in your opening remarks. But also, if you could quantify it, in the sense when you had acquired it, the sales were broadly around INR 500 crores, then there was this restructuring over the past 6, 7 months. So firstly, what were Sanofi sales in FY '25? And secondly, what is your expectation from the portfolio given all the changes?
Krishna Institute of Medical Sciences Limited
In the presentation, you have mentioned about achieving breakeven in the next 2 months at Thane as well as the Mahadevpura hospitals. In this, what is the bed count you are building in? And also, in terms of cost, you mentioned about INR12 crores, INR12.5 crores in Thane. Is this the cost which you are looking at when you talk about breakeven?
Understood. And this is on what bed count, Abhinay?
So out of the 300 beds at Thane, how many are operational? Is it just 100 beds?
And Dr. Abhinay, when do you expect to increase the operational beds to, say, 250, 300 beds? I mean, typically, it takes a year or less than that. What's the initial sense?
Mankind Pharma Limited
First question, why was the impact of GST higher on OTC vis-a-vis the Rx portfolio? And also, within OTC, which brands got impacted due to the uneven monsoons?
Okay. Rajeevji, any specific -- yes, go ahead, please.
Max Healthcare Institute Limited
Just one small clarification. Had you booked some cost in Dwarka in the first quarter before commencing operations, which are contributing to the full year EBITDA loss of INR 29 crore?
Understood. Yes. That's it from my side. Thank you.
Gland Pharma Limited
Hi, thank you for the opportunity. Sir, firstly, with the two contracts on GLP-1, how much of the 40 million capacity is booked out?
Got it, Sir, and you spoke about this $1 -$2 for the CMO fill and finish on the pricing front, is there any annual reprising clause?
Global Health Limited
Sir, first question, mature d hospital margins have come down on a year -on-year basis by 120 basis points. Can you please call out the reasons for the same?
And sir, in the presentation, Slide 26, it shows the margins have come down from 25.2% to 24%, that's why I've asked that question.