Hi, Rajeev and Rajesh. Very quick question . Just for clarification, just so I understand the Revlimid sales. You mentioned, Rajeev, that in December quarter, you had used up your quota. So, does that mean you had some kind of sales in the early part of the year based on the allocation for the calendar year?
Understood. And this year, you will get a fresh allocation, which is a higher number, for my understanding?
Congratulations Rajeev, Rajesh and the entire team at Natco for the excel lent results and for proving the naysayers wrong. Given that you have delivered Rs. 380 crore PAT in Q4 after the exceptional cost of Rs. 90 crores, can we assume given Revlimid ramp -up underway, Rs. 400 crore PAT per quarter is sustainable for the next 1 to 2 years? I mean within a 5% tolerance on either side. Is it in that ballpark?
Perfect. That's exactly what I was looking for. If that is the case, the stock trades on FY '25 ex- cash at 10x PE per my calculations, very cheap by any standard, given your Rs. 1,000 crore cash on books.
Congratulations for the stable results. I had a question regarding the revenue dip in this quarter. Was it largely driven by the operational maintenance at the India level power plant?
Okay. And is that operational as of Q4 now? Is the maintenance complete?
Mr. Ashwin, many congratulations to you and the team on turning around the balance sheet, really commendable. Two questions from my side. One is over the next 6 months about the arbitration, how much are you likely to get for the contracted schedule in terms of payments collectively? Is it $6 million -- $5 million per month over 6 months?
Okay. Helpful. Second question is capex that we had of $700 million. I assume this is over 2025 and 2026. $100 million would be the capex cash contribution per year. And with the free cash generation even on a normalized basis, without these special receivables, you should be generating over INR1,500 crores of cash, and it seems you have a net cash position of INR400 crores already. So when are you likely to look at this corporate action because your stock is terrifically cheap at 40% free cash flow yield single-digit dividend paying?
This is Viraj here. Sorry, a quick question. How much of the performance is being driven by geopolitical events, particularly with Russia reducing dumping of TAN into India? And is this sustainable in terms of our current TAN production? Is it on par with Russian landed TAN costs? Subhash Anand: Okay. In fact, if you see this year, we haven't seen much impact on TAN because of geopolitical, whatever incident what we have. Last year has much bigger impact on the business. This year, it's normalized, I call it. So whatever performance you see on TAN business is a sustainable normal business performance.
Okay. Excellent. And in terms of the landed cost of Russian TAN in India versus our production cost, is there a big difference, sir? Subhash Anand: No, we are competitive in the market. Our strategy is very clear being a player and being, I'll say, a sustainable player in India, we will charge premium to the imported price and that strategy will continue to play.