Just one question on the quota. When you said that 2024 to 2026 is the quota measurement period. If instead of R32, anyone is selling R125 in the domestic market in this period of 2024 to 2026, given that it’s an HFC as well, does that give the ability to sell R32 , if you're already selling R125 in the domestic market?
Okay. But R125 goes into some 410A consumption, right, in the country?
First question on the ref-gas business. I think, sir, like you said, we have not seen the full benefit of R32 play out yet, is it fair understanding that in both the export and the domestic market, for us, the R32 benefits will show up more in FY26, especially exports, where if we have certain contracts which reset over a few months or a few quarters , so the full benefit especially on the export side reflects more in FY26. Is that the right way to think?
Yes, definitely. But are export prices for R32 playing catch up to our current domestic prices ? Is that moving with the lag, the increase that you have seen?
My first question was if I understand right and correct me if I am wrong that we have two facilities, one is the one which we acquired and one is the Mangalore API facility, both of them seem to be running lower on the utilization side. So, just what I wanted to understand is how much of a drag does that have on our profitability given that there might be operating deleverage that you're facing with those sites currently, so if you could give us some sense to understand?
No, my point was that these two facilities are the ones which are a bit underutilized currently, right, where one we are renovating the site and one way -
My first question is about the margin profile. If I look at PI's longer-term history, generally gross margins for us have been about 45% to 46%. In the last two or three quarters the number obviously has moved up to a very healthy 52% to 53%, which is helping EBITDA margins as well. Just could you give us some sense in terms of sustainability of these EBITDA margins for the Company on a longer-term basis -- is it a product mix or domestic a bit weaker why the margins are a bit better for us, could you help us understand something there?
Is that sustainable or once some other parts of the business probably come back, of course there is some parts of the portfolio where growth is a bit slower because of challenges which you highlighted, so on ce that comes back, do we see like better revenue growth but with more normalized margins in line with historical or is this like a new margins for the Company?
So just wanted to get your thoughts on, recently when the government tried to push the policy of getting doctors to write generic names on prescriptions, I understand there's a challenge with the quality of infra for testing drugs in India but in case that sort of get built up in the country and there are some initiatives from the government side to ensure better quality, this thing and then they kind of say right generic medicine, fundamentally is that something wrong that doctors write generic names or do you think b randed generic is like the way to go longer term for the country? Because when we look at like developed markets , generally it's generics which gets written, right. So just trying to get your thoughts on that.