Just on the U.S. business, we had received the approval fo r Tolvaptan. So when -- if you can talk about in terms of when could be a launch for the product? And when you launch, do you think the market would still be limited competition or you would expect the market to become competitive at the time of Al's launch?
Okay. So essentially, we are targeting launch in September, October of this year. So contribution should come in second half?
So, this 12% growth, which we saw in the India portfolio this quarter, can you call out what was the organic growth in the business given that we had some asset acquisi tions? So, you called out Adroit contributed INR15 crores. There was Bombay Ortho as well. So, if you can just call out this organic inorganic piece for the India business.
Okay. Sure, sir. And sir, in terms of, let's say, you're coming back, the focus is largely on bran ded business in India, and scaling up the non - U.S. export piece. So, given the focus on these businesses, what is the kind of EBITDA margin trajectory, let's say, you envisage for the overall business 3 to 4 years down the line? So just some clarity there would be helpful?
Sir, on the MedTech business, if I'm correct, a partner Exactech is going t hrough bankruptcy proceedings in the U.S. So would that lead to any change in terms of our partnership with them? And would we be looking for other partners then for this business?
Sure, sir. My question was more from the perspective that given that the company would be would be engaged in those bankruptcy proceedings. So operationally, can they focus on transitioning, let's say, or committing to the partnership which they have with us? And whether we can actually launch the MedTech business in India in 1Q or 2Q of next year as you have guided?
Thanks, sir, for taking my question. Sir, on the Noida hospital for, let us say, these 300 odd beds which we have operationali zed, what kind of an exit occupancy we would have seen either for the December month or the Jan uary month? And if you can also talk about the occupancy which you need to achieve to, let us say, hit EBITDA break-even on these 300 beds?
Sure, sir. And for, let us say, these another 200 beds which you would commission at Noida, how many incremental doctor hirings would we need to do, given that, obviously, for the initial phase of 300 beds, we have already on-boarded 200 odd doctors?
You indicated that NJ Bio has been impacted because of the muted bio funding environment. Can you also talk about when we had acquired this asset last year, it was analyzing around $32 million of sales. So, what kind of revenue recognition have we done from NJ Bio in the first half of this year and how do we see NJ playing going into the second half?
Thanks for taking my question, sir. Given that now we have received approval from CCI for the JB Pharma acquisition, can you talk about in terms of when do you plan to have operational control of the asset? And what kind of a synergy number are we looking at from, let's say, our next 2 to 3 year perspective?
Okay. So, you will comment on synergies after, let's say, the buyout from KKR in January 2026?
Yes. Sir, this revenue guidance which you gave of 8 % to 10% for FY '26, Isn't that a bit conservative num 300, 400 basis points every year. And for the expor t businesses as well, we have generally indicated about a 10%, 11% kind of growth excluding the API business. So are we a bit con servative in terms of the overall revenue growth guidance for next year?
Okay, sir. So this is including Unichem as well. You were talking about.
Thanks for taking my question so you indicated tha t you will recommercialize your US portfolio through Unichem frontend so when that hap pens would you be booking the sales or the sales would be booked at the Unichem level?
Sir I am saying then it will reflect in IPCA stand alone books as well?
Sir, on this EBITDA margin guidance of 19% to 20%, I'm not pretty clear in terms of the drivers for this margin improvement. You talked about RYALTRIS. Now RYALTRIS is going to incrementally add USD 20 million of sales. And then if we look at IGI's investment as well, you are talking about $70 million of investment going forward and some of these critical launches for U.S. will contribute only from the second half of FY '26. So what exactly would help us to drive this margin improvement? And can you please lay it out again?
Sure, sir. On the R&D side, can you quantify in terms of what kind of an R&D spend you expect for FY '26?
So, ma'am, in terms of the growth outlook, which we provided for the business from a 3 -year perspective, in terms of 13% volume growth and 2% realization growth leading to mid -teens overall revenue growth, do you think there is some sort of a conservatism built in those numbers given the fact that the number of hub additions now for us are significantly higher than what we used to do in the past? So if we look at FY '22 to '24, we added only seven new hubs. And now we are talking about potentially adding 12 new hubs over a period of 15 months. So with the kind of hub additions which we are seeing, would our growth be higher than mid-teens for what you are guiding?
And in terms of, let's say, scaling up in some of these new markets like Bangalore in the past when we added this new hub lab in Kolkata, we were able to achieve EBITDA breakeven within a 12-month period. So do you think that the EBITDA breakeven for some of these newer hub centers?
Sir, within the CDOMO business, can you also talk about how do you see commercialization playing out for your Phase 3 pipeline molecules? We had around 8 to 10 products in Phase 3. So, how many of those do you see getting commercialized from the next two to three year period and whatever your expectations are in terms of some of these Phase 3 products?
Okay. And can you talk a bit more about this molecule in the large molecule category because historically we have focused on the small molecule segment. So, what kind of capabilities are we bringing to the table to scale up in the large molecule segment?
Yes. Hi, sir. Sir in Bangalore now with, let's say, the Hanur and Electronic City expansions coming up next year, we will have almost close to 600 beds in Bangalore and Hyderabad capacity right now is around 950 beds. So what ki nd of a potential do you see in the Bangalore market over the next 5 years to 6 years period? So can we get to, let's say, the kind of capacities which we have in Hyderabad and maybe potentially overtake in terms of the capacities which Bangalore could have versus Hyderabad 4 years to 5 years down the line?
Sure, sir. So wherever you see demand, let's say in Hyderabad and Bangalore, you would be keen to add incremental capacities in these markets?
Yes. Sir, you indicated in terms of the break -even timelines for new hospita ls in Hyderabad being within 12 months, and for other hospitals being 18 months to 24 months. So can you please also talk about the timelines for break -even for these four new hospitals, which we commissioned in fourth quarter of last year? Because one of those was a brownfield expansion at Hyder nagar. And I'm assuming that the brownfield hospital would achieve EBITDA break -even faster than some of your other newer hospitals.
Sure, sir. So then potentially the Hydernagar, Himayat Nagar and the Sarjapura Hospital should achieve EBITDA break even by end of this year. And Chennai, you are possibly targeting break even in first half of next year.
Sir, can you please explain this quarter -on-quarter improvement which we have seen in gross margins? And particularly given the fact that our chronic revenue share declined during the quarter sequentially – 1Q of chronic revenue share was 36 % which came down to 34% – but despite that, we have seen expansion in gross margins on a sequential basis. Are price increases largely a contributor to that quarter-on-quarter gross margin improvement?
Sir, this 2.7% which you are referring to is on a YoY basis. I am asking on a sequential basis that sequentially also our gross margins have improved despite a lower chronic share. So, what is the driver of that sequential gross margin improvement?