Nitesh Dhoot

Hi. Good afternoon, team. Thank you for the opportunity. My first question is basically it looks like there is a higher inventory created that is also visible from the disconnect between the increase in the production figures across the products and the sequential revenue decline if you see, and that is despite the increased prices. So, what explains this disconnect?

Okay. So, is that what explains the increase in the working capital on the inventory side between Q2 and Q4?

Right. And so sequentially, there is a 22% increase on the other expenses side on a 5% revenue decline. So that is also partially related to the production levels versus the sales volumes?

Yes, good evening, team. Thank you for this opportunity. So my first question is on the CDMO part. So our CDMO customer has guided for continued pressures in its EPC diamide portfolio and modest volumes for CY '26. So how does that translate into the minimum offtake commitments or the volume visibility for Jubilant under this CDMO arrangement?

Sure. So in case of any resistance or any regulatory tightening in certain geographies, we are insulated contractually or does any of the volume risk sit partially with us?

Sure. So just one last on the FTA, on the India EU FTA. So as I understand, I mean, on the U.S. part, I believe there will not be too much of an incremental benefit from this reduction because we are not any which way impacted significantly. But on the EU trade deal, I mean, which are the products or the areas where we expect significant gains coming through in terms of market share?