Harshal Patil

Thank you for the opportunity, sir. Sir, though you've been alluding to we should be looking at it more from an annual basis or a 9 -monthly basis. So, this is basically just for my understanding. I just wanted to know, for this quarter, both the API and the formulation sales have actually declined on a sequential basis, and we've actually had a gross margin expansion.

Yes, with respect to previous quarter, Q3 on Q2.

Yes.

Thank you, sir, for the opportunity to ask the questions. I just need one clarification. This is for the API segment. For Q3, we've seen a decline. So, sir, just to understand it correctly, this decline could be attributable to a delayed offtake by one of the customers. Is it right?

So, in that case, considering that there was a Red Sea disruption, we could have seen some better formulation sales as well as compared to what's reported in Q3.

The Q3 formulation segment sales, that is showing a very strong growth on a Y-o-Y basis, we would have had some disruptions from the Red Sea issues in this quarter for formulation sales or no?