So, I had three questions. So, one is continuing from the previous participant. If you can just comment more on your non-immunosuppressant portfolio, basically, what is the strategy there, the competitive intensity that is happening? And over the longer term, how do you see the mix evolve? That is the first question? Second is I wanted to a bit more understanding on the R&D side, basically now since we are looking to go aggressive on CDMO side. So how are we looking to ramp up our R&D operations? That's the second question. And third, I think we see a good amount of cash that's building up on our balance sheet and now the majority of capex we have done through. So, are we actively looking at any inorganic opportunities to probably add to our portfolio and grow more? So those are my three questions?
Questions across 7 calls
Chintan Shah
JM Financial Family Office
Concord Biotech Limited
Piramal Pharma Limited
So I had two questions. So one is we have commented about the commercial part of the CDMO business. But just wanted to check on the other aspect, that is the generic side. Basically, what's happening there? I mean, is that business growing next year? What's the outlook over there? Or even that's going to be a muted one? That is my first question. And second, over slightly longer term, basically, how should we see the mix of this on-patent commercial manufacturing to increase to over the next, say, 3, 4-odd years? Those are my two questions.
Got it. Understood. So just one follow-up on the generics side. I mean, do we see -- continue to see some pricing pressure here or that is largely stabilized? And the guidance that you have on the CDMO is despite that even though we'll be growing at a healthy pace in generics side, the decline on this side is much more to offset that growth. Is that a fair understanding?
Neuland Laboratories Limited
So I had two questions. So one is looking at Slide number 12 again, that is on the project pipeline. So if I look at the Phase III as well as registration, so that number has been -- seems to be on a declining pace. So I understand that size-wise, this could be much different and numbers do not really make a big difference here. But just beyond this one molecule that's going to get commercialized next year, just wanted to get a sense from this pipeline, are the molecules, say, such large that beyond that also, we could see a steady or sort of a high growth for the company continui ng into the next few years? That is one. And second, just supplementing on to this, now Neuland has reached certain scale and we have demonstrated your capabilities in peptide side. So can we expect that there could be a possibility more such projects or molecules where we get added as a second s upplier getting on the commercial side and that could be a further big driver for us in the coming years? Those are my 2 questions.
Syngene International Limited
I just had one question. So, we've been reading a lot about that generative AI is -- there are a lot of initiatives being taking place, especially focusing on discovery part and the development pipeline where there have been talks at least there has been n ews that they wa nt to reduce the time lines, etcetera. So putting that in context, I just wanted to get your thoughts basically, how do you see this because since CRO is a very big part of our business, is this a big risk for us? Or do you think there is an opportunity? And how are we preparing ourselves for this? That's my question.
Got it. That's well understood. Just one follow-up on this. Do we at all see a risk that could lead to lower outsourcing of these services? Do you foresee that risk at all because of AI?
Deepak Fertilizers and Petrochemicals Corporation Limited
I have two questions. One is on the TAN segment, if we see there are two to three players who are adding capacities here and also as you mentioned earlier , significant contribution is from imports. So, now this is a slightly longer term. Once we commission our additional capacity by end FY26 and I believe probably other players are also adding somewhere in FY26 to ‘27, do we see a case that could put pressure on pricing and once we commission this capacity, we could see lower profitability? That is the first question. And second, it's slightly near term. So, right now, from FY26 perspective just wanted to understand since you are already operating at such high-capacity utilization levels, what sort of growth levers do we have? Is this only realization and profitability or is there a scope for volume expansion as well? Those are my two questions.
And just one last question on our real estate venture, is there any update or what the plan here?
TBO Tek Limited
Hi. Thank you so much for the opportunity. So, I have 2-3 questions. First one is in terms of growth. So, if you look at monthly transacting buyers, basically this year that growth rate has declined to around 8%. And what I understand is this is a key parameter for us to drive growth. If we look at the metric that you report, the customer retention is approximately around say, 37% odd in 5th or 6th year. So, keeping all these 2-3 things in perspective, is there a case or should we believe that the growth from here on should be lower versus what we have done over the last 2- 3 years?
Got it. One more question on OTAs versus travel agents. So, in the opening remarks you explained pretty well, but apart from that in terms of pricing or costing, is there any benefit that accrues for choosing the travel agents that would actually help us grow this segment?
Nuvama Wealth Management Limited
Hi, thank you so much for the opportunity. Just a couple of questions. So, my first question is, if you can just broadly help us to understand, what is the competitive advantage for us versus peers in terms of a tech or product or an RM incentive structure or retention? And secondly, in our journey, if you could also highlight basically what are the things we are working on that we need to improve? That would be the first question. And secondly, in terms of guidance, while you gave a broad idea in terms of revenue, in terms of profitability over a longer term, say three years to five years, if you could help us understand, say, maybe how the cost to income would move ahead, that coul d be helpful? Those were the two questions.
Okay, got it. Thank you. Thanks for the detailed answers. That's it from my side.