Hi, thanks for taking the question. On the capacity, if you could probably just remind us on the timelines for the capacity expansion in DDC and by when do you see incremental capacity available? And if you can also give some sense on by when do you see reasonable utilization of these capacities in your plans?
And what will be the capacity available? We had a 40 million in the first line, and how many cartridge capacity will be there by the end of the year available with us?
Hi, thanks for taking my question. You know, just sort of referring back to the earlier comment in the opening comments around the fact that we're renegotiating some of our take or pay agreements. I mean, so directionally, what are the [inaudible] to the business in terms of, obviously, when we are letting, what is it that business gaining from a more structured perspective when we're looking at some of these contracts? Just help us understand that a bit better?
And in these large customers, where are you the flexibility sort of working again? What does it do to the business? Does it mean that you've got more visibility of volumes now, F28 and beyond or what are the changes?
Hi, thanks for taking my question. If you can just help us understand a little bit around, you know, who are the, what kind of competitive, the competitive landscape on generic SEMA from fill to finish? I mean, who are the major, in which geographies do we have major competitors? And how do we some of these things evolving as we go forward?
Yes. Yes.
Thanks for taking my question. Two questions. Neeraj, on the capacity that you talked about, now if you can just clarify, when does the 200 million capex plan from here on? Or when does the 200 million vial capacity come through, or cartridge capacity come through now?
Okay. And secondly, you also mentioned in your comments about increasing customers, increasing their -- increasing the order sizes, new customers coming on with a lot of take and pay agreements along with it. So if you can just probably help us understand, A, what proportion of the capacity that right now, I mean, is covered right now with the sort of firm contracts? And generally speaking, is it fair to assume that all of this capacity is backed by take-or-pay?
Hi, sir. Thank you for taking my question. On the few contracts that you announced this year, and in the last call also, you alluded to the point that you are looking to probably I think we are probably stepping up activities around partnerships and JVs, the conversations are going up. So, I just want to check with all of that is clearly going on in West Asia, has there been a loss of momentum in some of those conversations or they are going on as they were even prior to the conflict?
And what is the nature of qualitatively thi s kind of arrangements that we are exploring with people? I mean what is the motivation for them to tie up with somebody like Aarti?
Thanks for taking the questions. Congratulations on a pretty solid set of numbers. S uyog, on the Chinese business.
The Chinese anti -involution pitch that you have been talking about, I mean, is there a way to characterize what proportion of our portfolio over the years has been probably subject to what you call maybe aggressive pricing where some sort of relief potentially can come in over a period of time?
Thanks for taking the question. Rajeev, since you mentioned there's not much of Revlimid that you've seen in Q3 and your guidance for Q4. So is it fair to assume H2 is sort of more representative of a base quarter for us, recurring quarter for us going for ward, I mean, in terms of before the addition of new products?
That's perfect. And secondly, you mentioned that you expect a lot of launches in the U.S. over the next 12 months. If you can give us some color on what kind of launches you're thinking here?
Thanks for taking my question. Rajeev, for F26, have we made any new Para-IV filings, and are you looking to file anything in H2?
And on Semaglutide, apart from the domestic market, are we looking to enter any of the markets over the next couple of years?
Glenn, on 2 businesses, one is in the U.S. U.S., obviously, with a couple of recipe approvals you talked about likely coming through this year in the next few quarters. And you talked about some of the first to files, which will probably come towards the end of the year. So that probably give us decent visibility on '27, '28 growth in the U.S. Now how should we think about U.S. subsequently? I mean, are these sort of one -off drivers which come in and business gets to a base, a relatively high base? And then how should we think about U.S. subsequently from here on? I mean, after these are sort of drivers in the business?
And Glenn, on the recipe filings, when you say these are complex filings. So by when do you think you'll be probably able to be the first of these filings beyond Flovent?
Anurag, on the question on net debt, what has been the sequential increase in net debt and what is it driven by?
No, sorry. Go ahead, go ahead, go ahead.
Hi sir, thanks for taking my question. Sir, on the ARVs, you've been earlier mentioning that the business will stabi lize around 2 ,400 crores-2,500 crores. We seem to be running significantly ahead of the run rate in the current year . So, has something changed in the ARV space per se which has enabled us to improve our scale in this business and is it sustainable?
And sir, given there were some changes in the market landscape , has the profita bility of the business also improved versus the dip it had a couple of years back? Is it a much better business profitability wise than it was maybe a couple of years back?
Hi sir, thanks for taking my question. Sir, on the ARVs, you've been earlier mentioning that the business will stabi lize around 2 ,400 crores-2,500 crores. We seem to be running significantly ahead of the run rate in the current year . So, has something changed in the ARV space per se which has enabled us to improve our scale in this business and is it sustainable?
And sir, given there were some changes in the market landscape , has the profita bility of the business also improved versus the dip it had a couple of years back? Is it a much better business profitability wise than it was maybe a couple of years back?
Doctor, on the CMO business, which we have in both API and formulations, can you give us some color on when do you see momentum picking up on those pieces? Because we've seen sudden flattening out of the API business in the formulation business ex of ARVs also, we've not seem to have picked up much over the last few quarters.
This is driven by certain specific contracts? Or what will drive the timing from Q4 onwards on these businesses?
Thanks for taking the question. Just following up on the CGHS question, sir, the CGHS impact you talked about, it is largely for CGHS or you have also included possible, I mean, the expectation is similar rate revisions will happen for all other central government agencies also. So, is that over and above this?
Okay. So, that essentially, our estimate pretty much includes that inflation also?
Sir, just one clarification. Of three projects that you've announced to the stock exchanges, what would be the timeline for commencement of those various projects, if you can give us some reminders of those timelines?
So, more like an F Y28 is where the impact should be seen for all of these things put together. That's assuming things fall in place from a regulatory perspective?
On the digital business, you know, we talked about a break-even by the end of FY26. In your assessment, on a steady basis, once the business sort of gets into steady profitability situation, what kind of profitability this business can do?
That is understandable, thank you so much. And on the offline business, if you just give us a sense of how many pharmacies do we have, and what is the kind of growth rate, sort of annual growth rate addition that we are looking at, going forward?
Sir, congratulations for a pretty strong performance. Dr. Raghuvanshi, just to if you were to look at the last few quarters, you've had a pretty remarkable improvement in both the revenue and the operating profitability for the Hospital business. While you've been talking about sort of various measures you've been taking. If you can just probably take up -- just sort of summarize, if you were the three or four main things which have worked for -- which have begun to fall in place for the business over the last 4 or 5 quarters, and where do you still see opportunities for, and which are the major levers for growth barring the bed additions from here on, when you look at the business over the next, say, 2 years -- 2, 3 year perspective?
And doctor, on the current network, is there an opportunity for us to -- I mean, a, I don't know if we -- I don't recall checking this number. Has there been a meaningful improvement in our ALOS and do you see opportunities to further shrink the ALOS in some of our busy hospitals?
Sir, thank you for taking my questions. Sir, on the battery chemical business, is it fair to say that there is a little bit of a pivot, which is there from our end customer perspective from mobility to energy storage? And from a demand supply perspective, are there very different dynamics for battery chemical supplies to mobility applications versus energy storage applications? And , I mean, are we better positioned in ESS versus mobility?
Okay. And sir, how is the supply side position on this versus in mobility? I mean are there more entrenched players in energy storage, we are in a better competitive footing versus mobility? Is there any case like that?
Just following up on some previous questions. So , on these capacities that we have, these are capacities for multi-dose cartridges and pen assembly, or these are largely vial filling capacities.
Okay. And so from a regulatory perspective, the next 100 million cartridge capacity that you'll pick up, that you'll put up, what kind of regulatory approvals are you looking at? For kind of these 40 million, what regulators who approve this capacity and f or you to get incrementally approvals for the next 100 million, what kind of timeframe that take after the commissioning?
Hi, sir. Thanks, just taking off from the point that you mentioned, I was just referrin g back to the press release comments from Mr. Jai Shroff regarding the restructuring that the firm is looking to pursue. If you can share some thoughts around the option that you are considering on that account?
Is there a time frame in your assessment right now by when we have some clarity on this way forward on this account?