Syngene International Limited CC-Mar25.pdf · 2025-04-24
My question was with regard to the inventory adjustment in the large molecule that you mentioned. So how should we look at it? Is that from FY '26 should be a year where the supplies will normalize on a steady -state basis, and this is something that will c ontinue in the coming years? And a couple of -- in one of the earlier participant question, you mentioned that you are expecting the growth on the commercial manufacturing side to continue to accelerate in the coming years. So are you building in -- if I look at '27 or '28, are you expecting that particular molecule per se to accelerate as well? Or you expect that it more a steady-state basis and it will be new businesses that will actually -- or new opportunities in the large molecule that will accelerate the growth?
Okay. The second question from my end is that in the recent, say, recent past couple of 1 or 2 years, we have seen multiple news flows of a couple of your key clients on the dedicated center side, establishing their own captives in India. What is the overlap of activities that those clients do in their captives vis-a-vis the activities that they do with Syngene? And do you see any risk that in the future years, they might actually try to in -source those activities into their own captives rather than giving it to Syngene?