Cohance Lifesciences Limited CC-Jun25.pdf · 2025-08-13
The first question I have is this one-time expenses that we have, when can we expect them to not appear in P&L because the way I look at it, the more we do M&A, the more this one-time will keep on coming. So, if you can throw some light on this one- time expenses that you classify, is this the last year assuming there are no further M&A or is there a last quarter? That is one because that is a significant part of our EBITDA bridge. That is why I am asking.
Because in '24 we had the reasonable amount. In '25, we had a reasonable amount of one-time. And your EBITDA bridge really changes simply because of this number. I understand Forex is a different thing altogether and I appreciate that. So, that is one. Second question is just again coming back to F'26 outlook. The way to look at this is there has to be a significant ramp up in H2 CDMO for us to have a 30% kind of margin given the way that Q1 has played out. Is this the right understanding or assumption for us to be closer to 30% margin, H2 has to be a significant ramp up in pharma CDMO? And a related question is, this 30% adjusted growth in pharma CDMO you called out, any indication from customer by when this inventory de-stocking will get over or at what stage they are? Because that...