Good evening and thank you very much. So, if we were to look at the UEPL performance this quarter, can you just take us through the revenue, EBITDA and PAT? And how do you see the UEPL volumes perform over FY'26-27 based on the CAPEX you are doing and the growth in the infrastructure?
Are they making profit after tax or you are still losing money there?
Thank you and good evening. So, sif you were to look at the UK business in perspective, if you were to knock out the soda ash revenues and work on the margins, is a 20s kind of margin possible once everything is stabilized? Maybe second half, what is your thought on that?
Okay, so in terms of the US business and the overall interest expense outlook in terms of the cash flows, when do you see the cash flows improving to levels where you can reduce the debt and bring down interest expense? And obviously, you need to see some traction in terms of the pricing. But at these prices, would you expect the current run rate in the US profitability to continue? Or do you have any other levers where you can actually marginally improve to perform?
Thank you, and good evening. So, when you talk about this 20% to 25% growth in pharmaceuticals, CDMO in the next two to three years, what are the kind of revenues you need to breakeven at EBITDA? And what is the timeline to achieve, say, a critical mass of maybe in the range of Rs. 500 crore to Rs. 750 crore, when do you see that materialized?
Okay. Under biologicals, is it possible to share what is the current share of biologicals in your domestic portfolio, and what is the kind of overall market potential you see in India and exports?
Good evening. And congratulations on your good results. If you look at the crop protection business, in your expansion to Rs. 1,750 crore by '27, the delta in terms of the contribution is declining as a percentage. So, is that something you are making on a conservative basis or is there a reason in terms of your product mix and your rating on the market, how should we see that?
Yes. But in the Slide #6, if you see, if you look at revenue and contribution for FY '24, the percentage margin is more than 25%. And if you see the target revenue for '27, Rs. 1,750 crore and the contribution target of Rs. 310 crore, the percentage margin is declining. If you take the delta --
So, if you are looking at FY25 and FY26, until you start the ammonium nitrate project, so based on your modernization and turnaround in the urea plants, is there any potential for additional volumes and additional contribution to your EBITDA and profits from the urea business over FY25?
For FY25 is it fair to understand, will be more or less flat compared to FY24?
So while your commentary is positive, results are good, the one thing that I'm curious about is the margins are down in percentage terms without taking anything away from your percentage growth. So what is the reason for the decline in margin? Is it just a function o f the increase in the top line? And secondly, in terms of benefit from the captive sulfuric acid and phosphoric acid manufacturer, what would be the impact this quarter in terms of dollar per ton or percentage? And how do you see that improving once your entire backward integration project is completed with the expansion of the phosphoric acid plant?
Okay. And the other question on the value capture on captive sulfuric and phosphoric acid, how much would that...