Yes, thanks for the opportunity. So just again on Gurugram, how should we th ink about the operationalization of beds, assuming we commission towards the end of fiscal '27? What will be the Phase 1 operationalization? And what is the count that we should expect in fiscal '28?
But in terms o f beds, are we expecting phase -wise manne r of operationalization here, because it’s a 500 bed facility...
Hi. Thanks for the opportunity. So, I have one question and this is on the advancement of robotics that we have seen in the overall healthcare space. We have seen more and more specialties using robotics and even the non -complex ones are making use of robots. In general, where are we today in terms of surgeries which are getting done on robo ts and what is the scope here, where it can go to? Also, I am assuming this will be lucrative enough. What is it in terms of ARPOB and margins, how different they are compared to our traditional surgery work?
Got it. But the adoption has increased. And in general, it also improves your throughput, right, within a particular specialty?
Thanks for taking my question and congrats on good finish to the year. As we step in FY27, how should we think about the growth for CRDMO business, both for research and development and manufacturing? Also, if you could comment on for our key products where we had witnessed some destocking impact in FY26, are those largely sorted now and should we see growth coming back on those molecules as we move ahead?
Thanks and appreciate that. My second question is also in terms of how do we from here on intend to augment our relationship with more innovators? I know we've got very strong relationship with probably three of the top 20 big pharma and we've added probably two more there. So, as we move along, what probably the initiatives that you've been taking for broadening our footprint with more large innovators? Secondly on capacities, do you think this is constrained by our capacity , and therefore, as we move along over the next two years when more capacity comes online, we should see, broadening of our relationship with more big pharma?
Yeah. Hi. Thanks for taking my question and congratulations on good set of numbers. The first question is more broade r one. This is regarding generally the pricing environment, given the recent developments around MFN policy, the political rhetoric around drug pricing. How do you see all of that translate into pricing pressure for CDMO companies and the negotiations that you are probably having with your innovator clients?
That is clear, sir. And secondly, just on the gross margin bit, we were in the process of backward integrating, one of our key molecules. If you can shed some light on where are we on that process and have you started to see benefits of that in Q1 quarter?
Yes. Hi, thanks for taking my question. So, my first question is, until the JB merger concludes, how should we think about, how will the marketing of J B brands work? So, does Torrent MRs get to market JB brands or that will remain separate till the time we merge the entities?
And also on the purchase price, could we get an understanding of breakup into goodwill and intangible? And how many years should we think about amortizing this?
Hi, thanks for taking my question. My question is again on contrast media. So, if I just look at this business for us for the last two to three years, we've been, in that range, or in fact, you know, looking at this quarter's number at Rs. 97 crores, we are much below our quarterly run rate that we've seen in this business even two years back. So, from a Rs. 500 crore business in fiscal 23, we came down to Rs. 480 crores in fiscal '24. We came down to Rs. 400 crores in fiscal'25 probably because of customers, changes in the facility, etc. But starting this year, we are again at Rs. 97 crores. So, if you can just help us understand, probably two years back, we would have thought that end market is growing at mid to high single digit, Blue Jet launching more molecules, you should have been grown probably at mid -single digit or higher than that. And from there to here, we are still probably at this, run rate of 97 crores. So, are we going to see a step up again in this business from the new launches that you are guiding? And if one has to look at two to three -year view, maybe quarterly is not the right way to look at the numbers. I understand that. But if I have to take two to three-year view, how should one think about growth for Contrast Media? Ganesh Karuppannan Bansi, there are three levers. One is the largest customer, the forecast, whatever they have indicated to us, the iodinated product, and the intermediate for the gadolinium molecule. Now, if we look at all the three together, there is a good probability we should actually get back to the 23 levels. I think that is our aspiration. So, that's what we are working on. So, this would actually become a new base for us. If we could actually reach the 23 level in 25 or 26 , then we can actually bu ild on, you will obviously have the growth on the iodinated molecule, you will actually see the full year impact in FY '27. And the NC E molecule also would grow in 27 -28. And in the meantime, we do expect certain new opportunities, which we are actually planning from FY28, 29, what VK and Shiv en alluded to in terms of additional capacities for Contrast Media.
And how is the capacity utilization for Contrast Media, particularly you mentioned 60% at an overall level. Is it any different for Contrast Media?
Vinita ma'am, you mentioned about increasing our focus on the specialty business in the US. So if you could just elaborate on that. Are we talking about acquiring brands like we did in case of Xopenex® or are we also going to evaluate probably late-stage assets? So what would be our strategy here and have you earmarked any investments for this business?
And given the biotech funding has been weak out there in the US, is it fair to assume that there are good assets that are available in the market?
Hi. Thanks for the opportunity. So, just philosophically checking, is demand in this industry sensitive to pricing? So, I assume that probably for our newer units, we would have competitive pricing and probably that also could have had some bearing on our ARPOB. So, maybe just your thoughts on these.
Okay. That's helpful, sir. And from a longer term perspective, when we think about expansion, besides whatever you have shared, where do you think you have opportunities, if you think from slightly longer term perspective? Would it be these existing cities, locations, or you think there is promise, probably newer markets, newer cities? And if at all, you want to call out where you probably see that opportunity for us?
Yes. Hi. Congratulations on a good set of numbers. My question is on occupancy. So we've seen very strong outcomes in this particular quarter, both in mature and in developing clusters. And for mature specifically, the increase is not just quarterly, but even on a year-over-year basis, we are seeing a 500 basis points of expansion. So I understand international patients has grown significantly for us. But should we consider this as a new base and barring quarterly fluctuations? You know, can we expect your overall mature cluster to trend at 65% and then, above?
Understood. Thanks for that. And therefore, just thinking from a profitability standpoint, if we continue to see, improvement in our occupancies at both these clusters and given the bed addition, barring Noida is not going to be significant at Lucknow and probably is also measured in case of Patna as well. We can continue to see improvement over the current levels as well, right? Because the drag from the newer units are not going to be as much. Is that correct understanding?