Bharath Siripurapu

Yes. So if you see our Indian CDMO landscape, some of the CDMOs are getting impacted due to inventory destocking. Yes. So this is common scenario because CDMOs are dependent on ordering pattern of innovator. Yes. So more we are concentrated on a few products with more risk of destocking.

Good. So you don't have any product concentration, just like on single product or 2, 3 products contributing more in the CDMO basically, that's what you're saying?

And my second question is like if you see our yearly performance of our results, so last year, our EBITDA margin was 20% and this year is around 26%. So there is an increase of around 600 basis points. Yes. And majority of this increase is coming from gross margin improvement because our gross margins have improved from 55% last year to 60%. So we did not see the operating leverage playing out significantly yet. Yes.

Yes. So if you see our Indian CDMO landscape, some of the CDMOs are getting impacted due to inventory destocking. Yes. So this is common scenario because CDMOs are dependent on ordering pattern of innovator. Yes. So more we are concentrated on a few products with more risk of destocking.

Good. So you don't have any product concentration, just like on single product or 2, 3 products contributing more in the CDMO basically, that's what you're saying?

And my second question is like if you see our yearly performance of our results, so last year, our EBITDA margin was 20% and this year is around 26%. So there is an increase of around 600 basis points. Yes. And majority of this increase is coming from gross margin improvement because our gross margins have improved from 55% last year to 60%. So we did not see the operating leverage playing out significantly yet. Yes.