Concord Biotech Limited CC-Mar25.pdf · 2025-05-30
Sir, my question is again, to do with the gross margin. I Just want to get a better understanding, when you look at Q3 versus Q4, margins have obviously compressed by roughly 8% gross level. The formulation revenue is roughly flat at INR 67 million. And the API revenue has grown by nearly 100% on a Q3 basis. At the same time, your export domestic mix is more skewed towards domestic business time. So my understanding was generally that the formulation would carry a lower margin. But in this case, obviously, we don't see that variability and API formulations are roughly flat, and API is the one that has actually taken up the larger portion of the mix, and we've seen a decline. So how do we kind of understand this better? Is it that API are being supplied to domestic areas going at a lower cost? Or how do you kind of understand that?
Understood. Because I think the variability is th ere between the other quarters also , even last year in Q4, you have higher -- lower gross margins. But if I were to just go to the EBITDA level in that sense.