Madhav Marda

I just had one question on the CRDMO business, which we are looking to build. If I just understand, looking at the landscape in India, on this, how companies evolve, it probably seems like from your commentary that in the CRDMO business, we are more in the earlier stage of scale up, where we are trying to build out the infra as well as resources.

And is it also fair to understand that the kind of pipeline we want to build here would be for novel molecules which sort of customers have. So, we would have at some point, a certain number of projects in Phase- 1, Phase-2, Phase-3, and then as we kind of move through the development cycle, we will look to scale up as some of them commercialize. Is that how we should think about this business model going ahead?

Could you share how many projects do we have in the pipeline today? Like is that something that you could help us understand? Like do we have 20 projects, 30 projects, something around that.

Hi, good evening. Thank you so much for your time. Given that India is a core , sort of, focus market for us over the longer term, j ust wanted to get your thoughts on any risks that you see from rise of organized pharmacy retailing in the country , like it happens in most developed markets that we have seen over the past few years?

Given that some of the organized pharmacies come in, don't they solve for the quality angle?