Sir, I just had one clarification on the U.S. CDMO revenues. So you're saying is it -- like currently, you're not booking any revenues and from next quarter, it would be like INR20 crores a quarter. Is that what it is or you're already booking INR20 crores?
And sir, so -- but the operating cost of INR50 crores, nothing of that is coming -- revenues are booked, but costs are not there in the quarter, like INR50 crores per quarter that you're mentioning?
Yes, thank you. You mentioned about the order book at Enzene. Can you disclose how many customers you're dealing with? Is this order book very concentrated with few customers or it's spread out across multiple customers?
Okay. And just one clarification on your comment on R&D expenditure. When you mentioned complex oral solid and injectables, is this with respect to the US market?
Sir, just a question on the US. We ha ve seen a good increase quarter-on-quarter. If you can elaborate, you mentioned about volume growth, but are there any seasonal factors and how should we think about the next 2 quarters? And also from a slightly medium-term perspective, how should we think about US in the backdrop of we have seen some re duction in R&D cost, just one ANDA filing in the first half because earlier there was a bit of conservativeness with respect to the US. So, beyond the next 2 quarters, how should we think about US moving up in FY25-26?
And just one more question on the tax rate. You had guided for a higher tax rate earlier, around 18%. So, where do we stand? Is that guidance holds for this year and next year?
Firstly, congratulations, Umang, for a great innings at Cipla, which saw a significant transformation for the company. And congratulations, Achin, as well for your appointment and wish you all the best. My question is, if you can talk about the India business, Umang, I mean, we have seen probably some slowdown in the branded business because your other businesses seem to be growing in double digit. Is that a right assessment? And is there is a reason behind it? And also for your tirzepatide tie -up, how are you thinking about that opportunity? And are you also planning to launch semaglutide on patent expiry now?
Okay. And if I can ask on the U.S. market, if you can -- if you would like to talk about how should we think about revenues now, if you can give a number for next quarter for the U.S. market? And also any time line you have in mind for launch of generic QVAR now?
Umang, I mean, the initial market share that you're seeing for the new launches, paclitaxel and Nilotinib, if you can share how should we think about how big these 2 products are likely to be for Cipla in fiscal '26?
Okay. And Umang on Nilotinib, how should we think given 505(b)(2) and limited competition at this point?
My first question is around the US revenue trajectory. So, we understand the slowdown this quarter. But if you can give us some details with regard to Advair, Lanreotide , and Revlimid, how that trended sequentially? And also, it seems like there is some delay in your key product launches in the US. How should we think about the next few quarters in terms of the US revenue trajectory?
Also, on the contribution from Global Access in PEPFAR in particular if you can share because there is some news on funding constraint there, any views if you have and how will that impact Cipla?
Just my question is on India. You mentioned 10% growth in India. Now, if I were to exclude the acquisition that you did, it looks like the growth is around 7% and you mentioned trade generics growing in double-digits. Does it mean that the overall prescription and the consumer business is trending around 5% to 6%? And if that's the case, what's the reason for the slowdown and how do you see this moving forward in the second-half?
The other question I had on expenses and on the margins. So , your other expenses are quite flattish quarter-on-quarter despite a seasonally sort of heavy quarter in terms of revenues and also R&D cost moving higher. So , is there anything there and how should we read this going forward?
Sir, can you provide the profit share and milestone number for this quarter, please?
Okay. And the second question on the pen and cartridge capacity of 40 million, which is available and 140 million that you're planning to go. If you can share the timeline and how much of this capacity given the GLP-1 demand do you expect to sort of come through this year in FY '27 and '28. If you can give some color as to how you see this capacity getting filled up.
Mr. Ravi, can you share the milestone income for this year , this quarter, in terms of percentage of revenues Ex-Cenexi?
And it was 11% in the previous quarter. Am I correct on that?
Yes, thanks. Good evening. Sanjay, on Brazil, we had good growth, but I remember you had some low base and also last quarter you mentioned about some destocking in the channel. So, the constant currency growth is pretty strong this quarter, but there is a fair bit of volatility. So, how should we think about growth in the coming quarters because it is much higher than the market growth rate at this point?
Got it. And also, Sanjay, on the Semaglutide launch in Brazil, so, what is your expectation at this point in terms of timing for approval? And how do you see when you get the approval for Torrent, how the market evolves or the market share evolves, how many companies you expect to be ahead of you? So, if you can, you know, sort of paint a picture for us for this opportunity in Brazil in particular?
Firstly, on -- is there any target action date for the nasal spray or generic Flovent? Or are there any pending CRL that we are addressing? If you can throw some color on the time lines here. And we have also seen some delay in the filing of the remaining 2 strengths for Flovent. Any color there would be helpful.
Understood. The next question is on the guidance, Glenn, 10% to 12% revenue growth. We are seeing a slowdown in India and also the U.S. probably will st art growing towards the second half. And I know you would probably give more color on geographies later. But isn't it like 10 to 12 look stretch given the fact the way the U.S. and India is currently positioned?
Yes, hi. Good evening and thanks for taking my question. Just some P&L numbers I just wanted to get some color. We have seen consistent improvement in gross margin despite no price increase. If you can take us through the dynamics in terms of volumes, Swasthfit mix and you have raw material prices, currency, etc., how should we think about gross margins going forward? And the second one was on employee expense. What I notice, it has been growing in mid-teens higher than the revenue growth for the past few quarters. What's driving this and how should this grow going forward in your view? Thank you.
if I can ask one more just on depreciation and tax rate, we see depreciation, amortization numbers kind of quite flattish or even declining. Any reason there? And you are still on the old tax rate and any plans to move into the new tax rate and what should we expect in terms of an effective tax rate in the years ahead?
This strategy of not taking price increase unlike your competitors, I think, historically, Dr. Lal used to take low single digit price increases. I am just wondering is this a strategy for a year or you think it should sustain this on a slightly longer-term perspective? And generally, we see inflation across everywhere. There's like 2-3% price increase is something where the volume sensitivity is very high. How do you assess the strategy of keeping or not taking any price increase?
And finally, now you have guided for more than 10.5% growth this year. Now, as you look forward with the lab expansion, Suburban picking up growth and possibly some price increase, are you expecting an acceleration in growth as we go forward, or you think low double digit is a level that we should sustain from a slightly medium-term perspective?
Sir, 1 question on the way you think about ARPOB going forward, which is slowing down from 10% to 5%. Now if you have 2%, 3%, let's say, price growth, is it that the case mix is kind of the change or the favorable change in the case mix is slowing down? An d because a lot of the growth and expansion is also likely to come in facilities which have relatively higher ARPOB. So, I am just wondering why the growth expectations on ARPOB is on a lower side.
And when you think slightly medium term, like next 2, 3 years, you think 5%, 6% is what should sustain?