Congrats for the good set of numbers. Sir, first qu estion is on the U.S. business. Is it possible since it is a full year financials, what was the U.S. revenue that we would have generated out of Ipca and what outlook that we are providing for next year?
Okay. Similarly, sir, if you can just give some sense about the kind of growth that you have seen for the full of the -- for FY26 basically for the k ey markets like, let's say, Europe, Africa, CIS, Australia like that?
Yes. Sir, my first question is on the margin profil e x of Unichem fo adjusting for the EBITDA margin what we had reporte d for or what we had indicated for Unichem in the previous quarter that was part of ou r number. And this quarter's reported number of Unichem, it looks like that the margin ha meaningful correction sequentially from almost like So what is this leading to? Is it the operating neg ative leverage that you're seeing out here because your export is seeing some kind of margin sequentially weak for our base business.
Y-o-Y that is correct, sir, what you said. I'm just ask ing that sequentially about 300 basis point kind of impact, Unichem numbers. So what sir?
Thank you for this opportunity Sir. Sir this quart er it seems that you have integrated Unichem and that is why to some extent impact on th e core margin and earnings that we have seen so is it possible to share what is the Un ichem numbers that we would have added in the revenues, EBITDA and PAT?
Okay and the EBITDA level Sir?
Yes. Thanks for the opportunity. First question is on the supply chain issue. So regards to the raw material availability, you have elaborated for the quarter, but could you share -- or is it fair to believe that the worst is behind us already, or the Q1 would be seeing incremental challenges in terms of availability of material? See, particularly, I wanted to know about the methanol because we are one of the leading consumer of methanol in the country and almost entire of this country's demand is met from the imported things. So, how are we managing that? And how would that situation be for first half of current financial year?
My next question is to Kiran sir. Sir, if the GLP opportunity hypothetically shift towards orals more going ahead, then how will that impact our supply ability, whether it should be better or...
First question is on the custom synthesis business. This quarter, we have been continuing to see a kind of a strong performance in terms of growth YoY in the custom synthesis over 40%. And one of the key contributor to this, obviously, the Valsartan, Sacubitril in the recent period. Given the patent expiry what we have witnessed there and the generic entry, so, whether it will have a temporary impact to the momentum what we are currently seeing, sir?
Then, sir, in the contrast media side, what is the progress that we would have achieved so far, and from the target whatever that we are trying to achieve over a period of time, to what extent that we have progressed on the contrast media side in terms of the volume progression and growth, if you can give some sense, that will give a clarity?
Yes. Sir, my first question is on the growth. The like -to-like growth, if you consider, adjusting for the, let's say, Molnupiravir-related base. then overall business looks a very strong growth the way Madam has indicated in the opening remarks. And also, similarly, the Custom Synthesis growth also look, on a like-to-like basis, really strong. So what has driven this Custom Synthesis growth, sir? This Custom Synthesis segment is not facing any kind of inventory rationalization or anything. Is t hat the kind of understanding one should have? And even if you have seen a very strong robust growth on a like -to-like basis in Custom Synthesis , what has driven… whether your second contract that got started, if you can give some clarity about Custom Synthesis growth?
Okay, sir. Sir, then, a related one is that -- so although we have seen a kind of strong growth in the Custom Synthesis side, despite generics witnessing some moderation or muted growth due to possibly the price pressure what you have indicated as well as the inventory rationa lization aspect might be continuing. But then sequentially, we have seen the gross margin has deteriorated almost like 400, 500 basis points despite the strong performance at the Custom Synthesis side. Is it because of your -- the high cost inventory or raw material that you have been talking about that is still hitting us or it is the realization in the API side that really suffered? What would have contributed to the weakness in the gross margin, sir?
Yes, thanks for the opportunity. Sir, my first question is on the investment priorities going ahead and what is the kind of a capex? In terms of the investment priorities, I was just wanted to understand the any specific investment that we are talking about the new business opportunities?
Okay. And also to have a better understanding about the kind of incremental contribution that we should be seeing from the newer business area, is it possible to discuss what is the kind of a construct of order book position currently in terms of the areas whether it is the agro-chem, pharma, and whichever newer area that we are talking about?
My first question is on the U.S. revenue guidance, what you are talking about, about $1 billion by the end of this year. Sir -- and also simultaneously, you have mentioned that in your guidance for '27, you have not factored Lanreotide. So that means in your expectation for FY '26, you are not considering Lanreotide. And obviously, this Lenalidomide is not there. So if we kind of deduct these two product revenue from the $780 million annualized revenue of FY '26 for U.S. So the number what you're talking about is almost like double the size of base U.S. business of FY '26. So what is the kind of a bridge that you are talking about where from this revenue buildup that will happen? Can you give some clarity, sir?
Okay. So that means kind of in the second half, we will see a run rate of almost like $100 million incremental revenue versus the quarterly run rate in the first half?
Sir, my first question is on -- let's say, on Advair. So given the recent SAR price cut -- list price cut by the innovator, so whether this is a kind of a risk to the kind of a potential opportunity, what we have been targeting in case of Advair.
This is the net price?
Yes. Thanks for the opportunity, sir, and congratulations for the great set of numbers. Since it is the fourth quarter , very consistent performance has been observed in case of the wellness segment wherein, consistently around 30% growth that has been maintained, so I just wanted to understand what would be mix between pathology and radiology when we talked about wellness and what should be contributing incrementally to this kind of growth?
Or is it fair to believe that whatever the mix that we are seeing for the overall business, that is the mix also for the wellness business that one should think?
So, my first question was on the growth side. So, in fact on the radiology growth this quarter we have seen around 20% growth which is really strong I believe considering the kind of national holiday s, festive season what we have seen in this quarter. So, what has really helped it or do you think it is a normalized performance despite the relatively weaker season?
Yes, got it. So, can you just clarify the kind of centre mix ? See, in fact, Hyderabad it is 95 , rest of Andhra and Telangana it is 33 ,22 Pune, Kolkata around 7 and balance is 2?
So, congratulations for the great set of numbers, sir. My first question is on the MMA. See, in fact, it looks like in the very limited period of 1 year only, you have almost like tripled the capacity and in terms of the CAPEX that you would have done, that would also not be much considering the kind of annualized run rate of more than INR2,500 crore kind of business that you are getting out of it. So, is it fair to believe that the ROIC what we generate in MMA is much superior compared to the company level ROIC?
Secondly, even in case of MMA, it looks like that the customer diversification is like one of the key developments there over the last few months that we have seen. So, given that we would be having a large customer base, but I think ultimately, the growth trajectory is in MMA and how sustainable would this be because this is; in terms of the octane boosting application, the industry is still in the evolution stage. So given that, what trajectory can one think, sir, although you have guided for capacity expansion, though for the short period?
Yes. Thanks for the opportunity, sir. My first question is on the MMA. Sir, since it is a new product area and we have been seeing a kind of rapid expansion in terms of volume over the last few years, so given the kind of a new customer addition and all that, so how to see the progression and th e growth in terms of volume for this product, let's say, for FY ’26?
Okay. Overall, let's just say the overall growth for FY ‘25 if you see, it is entirely led by the volume-led growth.
Thanks for the opportunity, sir. My first question was on the lab utilization front, sir. So, on an overall basis, what lab utilization that you would be currently having? That is one. And a clarification about the CAPEX that generally maintenance CAPEX of around Rs. 60 crore-odd that you have mentioned for the year, but the total CAPEX could be around Rs. 130 crore, Rs. 140 crore, what you have mentioned, whether that is indicative about lab addition only or something else?
Sure.
So first of all, could you clarify what is the nature of this provision that has been created and have you shared about the specific nature of the dispute also?
There is nothing to anticipate or nothing to see any kind of risk relating to the Mirabegron right now?
My first question is o n the Specialty Chemical export domestic mix this quarter. It looks like that mix has reversed this quarter from the earlier trend, anything to read out of it, sir?
Okay. So going ahead, so it is a quarter -specific story or -- so nothing to read out of it or it can continue like this going ahead?
Sir, my first question is on the Nic otinell® business integration. So having completed the transaction, if you can share your thought process now about your growth plans, your integration strategy of this business across various markets and your margin and cost positioning for that business?
Sure, sir. Second question is about the CDMO business again. Because of our manufacturin g base and positioning within the U S, whether this Bio-Secure Act development will offer any kind of a meaningful kind of footprint for our CDMO operation s, which has been kind of relatively muted or seeing a kind of muted performance since some time. Do you expect any kind of meaningful kick-start to the momentum there?
Thanks for this opportunity. So, my first question is on the U.S. business. In fact, the base U.S. business excluding, let's say, Revlimid and the recently acquired Mayne’s portfolio, it looks like that Y-o-Y we are kind of seeing is flattish performance, despite the improved pricing scenario in the U.S. So, could you qualify that whether that is the k ind of trend what we have also seen and what is the kind of growth that we are anticipating for the base business?
Ok. Regards the recent M&As what we have seen, let's say, leveraging the cash flow generation from Revlimid, I think we have done a couple of acquisition s and already announced 3 -4 odd kind of in-licensing arrangements. So, cumulatively, all these initiatives should have also contributed to the growth in the base business. So, in fact, could you share that, what is the kind of incremental growth that such M&A initiatives would have added to the base business? And going ahead over a period of, let's say, next 3-4 years, I mean, beyond Revlimid opportunity, so what base business growth that you are anticipating out of the M&A activities?
My first question is on the Specialty Chemical business. So while on the chemical business front, we have seen for the full year, there is a sequential margin correction. Obviously, possibly because of the underperformance at the ref gas front. But sir, ca n you clarify that this dent in the margin is purely from the ref gas front and may not be from Specialty business?
Yes. Exactly, sir. That is my point. So in fact, our calculation indicates that the Specialty Chemical margin has sequentially improved only in FY24. That's why I have asked this question. But now having this clarity, sir my point is that, see, in the prev ious year that we have added INR1800 crore worth of assets for Specialty Chemicals. And utilization of those should not be more than 20% or so, because we have added that in the later part of the year. So given that there would be a kind of a cost pressure also of underutilization that we would be seeing in the business. And there would be possibly some impact of the prices also that we would be facing currently for our Specialty Chemical business because of the downturn. So given these two things, reversing in FY25, should not we believe kind of a meaningful recovery in the profitability of the business, which has now become more larger compared to last year?
My first question is on the Fluro -specialty. Do you find any challenge on whatever the kind of underperformance in the Fluro-specialty currently that we have witnessed? It is obviously because of the weak demand situation that has been prevailing globally and largely in the agri but it is even pricing also is a kind of a concern, sir?
Okay. Sir, just one more extended clarification. I was believing that the Fluro-specialty, since it is a contractual supply and customized supply for innovators , so there should not be kind of any major price fluctuation for the product, irrespective of the market condition. So whether that segment also would have seen some kind of price erosion, sir?