Yes. Hi. So, just continuing regarding the past participant. Is it fair to assume that the benefits start tinkering in from FY27? What are the benefits we should talk about of around INR 200 crore?
The CGHS pricing increased benefits. You know, you said in next 15 -20 days we should resolve it. And then beyond CGHS also the similar CGHS-like institutions will follow it. So, FY27 is the year where we can expect the total benefit to come in?
Congratulations to the management for a pretty decent set of numbers given the tough environment and also, congratulations on the rating upgrade. Just to begin with, if I can ask on sector-level question. Bhushan ji, there have been multiple quarters of -- we are seeing that there is a declining realization. I mean any -- if you can just highlight what's your sense if you're talking to your peers or your customers, etcetera, like is it the demand issue, supply issue? What are the problems? Any insights on that? Are we close to the bottom of the realization? Or do you think that this pain may still stay for next few quarters or whatever you can add value here?
No, no. Sure, sir. I agree on that. I think the execution has been pretty remarkable. If I ask -- I could see in the presentation that you have decided to drop the DI pipe capex. If you can answer what's the rationale behind that?
Congrats on a good set of numbers, Sir. I know you have kind of answered this question, but just again, to pick your thought process here. Sir, on the long-duration side, there is some update as well. So two parts to it. One, should we consider that on the Green side, if there is a kind of - - we have received a positive signal from CERC, it's an indication that things should move swiftly on the long duration as well? And if that happens, what's your best guess, I think for a guess, for an estimate, that this could happen in what time frame, both the things?
All right. So most likely in 3 to 4 months, we'll be able to launch this. And this will roughly , if my understanding is right, roughly open up almost a 40 billion unit market for us?
Congrats again for a pretty good set of numbers. I think I've been congratulating you for the past many quarters. And I hope this will continue. So sir, just interesting to see Qmin in Westside and Airport. What are you thinking about it? Like is there some plans around there, you want to go out and talk into F&B or just an experimental mode right now?
I'm just changing gear here, I want to ask one more question. Again, there a little bit more -- a bit of a fundamental question. as we're talking about RevPAR and obviously, into the stre et always have a question, can we grow RevPAR and contribute to RevPAR? But if you little beneath that...
Congratulate on a good set of numbers and a good closing to the year. Just continuing with the Achal's question…
Am I audible?
Let me try my luck. So 2 parts of the question. Is it fair to assume that momentum will build on from third quarte r to fourth quarter, and it may continue in FY '26, right? So like your comment on that. And second, do we need to like build up in terms of the capacity, capex, etcetera. This is more from a medium -term perspective, given we are excited about the long - term opportunity, which can move upon with the Biosecure Act, etcetera, right? So do you think that Syngene should start thinking about some capex plans because the opportunity can be so big that it could be overwhelming, and you may not be ready to capture that opportunity.
Yes. In the near term, I understand that. If I can expand it a bit then. Are there any areas that you're able to identify that you would lik e to build upon. Again, this is more of a long term seeing that how the opportunities will come. Let's say medium to long term. And when I say medium to long term, it's beyond what you have answered to me right now, right? So let's say, beyond...
Yes, and thanks. Thanks for the opportunity. So Jonathan, I understand your comment about the recovery to be back-ended. But what kind of a divergence are you looking at in first half versus second half?
Sorry, come again?
Thank you so much for the opportunity. Sir, this is more of a near to medium -term question. Like we are facing challenges in the HCV market and it's like both domestic as well as global, that's what we have been hearing, right? So, understanding that, how do you see us delivering the growth which you are talking about, right? If let's say this continues for this year as well as the next year. I mean, that's the one of the big concerns which I feel we have been hearing from investor community. So, how do you see that?
Sir, about the acquisitions which you have done like ACIL and JMT, are we getting exposure to the new segments or new clients as well?
Nareshji, can we get a status on the ACIL unit, like are they operational or what's the status?
Yeah, ACIL business, sir.
Sir, you said that second half is likely to be much better than the first half. Is there any signs or any discussions with your distributor indicating that, like.
Sir, I just want to understand if you have any sense, we have delivered like 8% growth -- volume growth. Any sense sir, we've grown ahead of the industry? Like, how much was the industry? I mean, just like in case you have any Intel on that?
Good evening to everyone. Sir, I must say a good set of volume growth, that's a positive surprise for all of us. Sir, I noticed one thing that despite weaker realization, our gross margin has been improved and now you are looking forward for a better growth volume in 2Q. So, assumingly the realization stays here, improved from here. So, is there a scope for margin to improve from here as well, gross margin? Can we think about that?
Even if, let's say, some realization improvement happens, we should get some benefit out of it , right? Is it fair assumption?
So, sir, first one is just a remark, I appreciate the summary. I would see the provision increase is SGF is more of a positive because that implies that you see a lot of growth in the business, right, then I should see it as a negative. Let's say that management is ready to see more and more volume growth com ing in. Is that right? Is that also the right way to think about it?
That's my question.