Hi, thank you for the opportunity and congratulations on a good set of numbers. First one, on the cash flow from operations, which seems to have come down meaningfully, despite our working capital is largely similar to the last quarter, right? So, what is driving the sequential moderation in cash flow generation?
Sure. So it should pick up going forward, right?
Good evening, thank you for the opportunity. So, first one on the U .S. business, just a clarity, you have said that there was a base erosion on quarter-on-quarter basis, so would the base include generic Revlimid contribution as well when you say base erosion?
Sure, and in terms of the U .S. price revision, while it continued, have you seen any change in the recent trend where it is again accelerating at a higher pace in recent months?
First one, on the R&D expense. The R&D expense in this quarter seems to be quite subdued as compared to the last quarter. So do we expect the activity to pick up in the rest of the year and it is expected to be higher?
Sure. Can you suggest any range for this full year for the R&D expense?
So just kind of continuing on the previous question. So mature hospitals, we are at 75%. And we are seeing that there is not enough capacity for us. But we have done quarters with 77%, 78% occupancy, right? So, what is it that -- is it a mix of hospitals where our good hospitals are already full and some of the hospitals are below that 75 % run rate? And secondly, if it's kind of across the hospitals, we are facing difficulty in terms of capacity, then why our peer mix improvement is not accelerating in terms of reducing the institutional patients?
Sure. But let's say, when you say the 122 beds added in the Shalimar Bagh capacity or hospital. And we say that it's been EBITDA positive in 10 days. Is it more on a contribution margin? Because if I back calculate our payor mix for that 122 beds, there'll be roughly 46%, 47% of those beds have been occupied by institutional patients, right? And we all know that the ARPOB roughly 50% of what you get in other channels. So, is it on a contribution margin we are seeing that the EBITDA turned positive in 10 days? Was it loaded with the management cost? Or how should we think about that?
The EBITDA margin improvement that we have seen in this year, around 280 basis points for FY '24, would you be able to provide details as to how much would have come from the significant growth in export business versus the domestic business?
But the margin in that business would have improved, right? Whatever it would have been in FY '23, would it have improved meaningfully in FY '24?
Thank you for the opportunity. So the first one on the material shift… that you are seeing commentary in terms of client queries, etcetera, or would you put it as more or less than a penny per share of capacity? Our have been very careful to move away from the China or it's like moderate increase in the moderate increase on the normalized business that you see?
Would you accelerate your capex plan in response to that change in the market environment?