Thank you, sir. Ladies and gentlemen, we will now begin the question-and-answer session. If you have a question, please press * and 1 on your telephone keypad, and wait for your turn to ask that question. If you would like to withdraw your request , you may do so by pressing * and 1 again. Ladies and gentlemen, if you have a question please press * and 1 on your telephone keypad. The first question comes from the line of Mr. Lakshmi Narayanan from Tunga Investments. Please go ahead with your question, sir.

Business over the last 9-10 years, and I'm just looking at the comparison of Q1 of FY 19 or FY18 with the Q1 which we reported now. The growth has been around, and I would say, on an overall basis, 3-4% on Indian rupee terms. Now comparably, if you look at the U.S. enzyme market per se has actually grown at even at 7% or 6% on a U.S. dollar basis. I just want to understand what is holding us from growing in one of the most lucrative markets, which is the U.S. And of course, there have been issues like COVID in the middle, and there have been large client loss, etc. But even on a longer basis, whic h we are already.

Lakshmi Narayan ji , sorry to interrupt. There is no clarity. There is some kind of echo happening. Can you please repeat this question?

Am I clear now? Or is it still a problem, sir?

No. Still, there's a problem.

Hi. Thanks for the opportunity. The first question is on CapEx. Just correct me if I'm wrong, but I think in the AGM minutes , the CapEx number, which was highlighted, was somewhere close to a INR 120-130 odd crores. In fact, we were building in a significantly lower number. Could you please help us understand this INR 120-130 crore will be spent over how long, over three years, or it is like FY27 outlay? That is my first question.

INR 123 crores, you rightly said that we have explained in the AGM, correct?

This is what we are going to spend.

Yeah. I'm saying, this INR 123 crore will be entirely spent in FY27, and if that is the case, for w hich all projects, if you could highlight.

I think out of this, about INR 20 crores will stretch to probably Q2 of FY27 also. Mainly, one of our subsidiaries, because we talk about the consolidated number.

Sure. Basically, what I'm trying to understand is, out of this INR 123 crore, what could be the growth CapEx? If you keep aside the maintenance CapEx, what could be the growth CapEx that we'll be incurring in this year?

Out of this, I think INR 20 crore is normal capital expendit ure. INR 50 crores will go for R&D, which is already under work in progress. Maybe it will become functional in the next quarter or so. Balance is all about the growth only. R&D is not kind of immediate growth, but, of course, it is always for a sustained growth only.

Okay. So, the remaining part, this is in the Human Nutrition side or which other segment, the growth CapEx?

CapEx is not meant for any particular segment, as such because we manufacture enzymes for different industry.

I'm saying this is like a step up as compared to last few years, and we always maintain that in terms of fermentation utilization is around 55-60%. Are we close to maybe 70%, and that's why you are doing this? Just wanted to understand the reason for this step up in CapEx. We are close to 70-75%, and we will take the call in the next quarter, and we may start some of the CapEx expenditure for increasing our capacity.

Sure. This is helpful. Next question is, basically, what is stopping us from growing strongly in the U.S. market? Because, I think, you just highlighted few International Human Nutrition numbers. In this quarter also, we have witnessed a decline of 14 -odd percent. Could we please explain what is the reason behind this?

I think overall, if you see the situation in the U.S., it's not so conducive as of now. What we are also doing is that we have been following a path where now we are trying to brand most of our products. You know, this tipping is taking some time. Because of that, if you see the numbers, it is kind of steady numbers, not getting any such significant increase in those numbers. Because the business is undergoing some kind of a changes. Again, you would agree that the kind of situation happening in USA is also not so conducive from business point of view. Couple of issues are there that is, again, being addressed by the company. Because the geopolitical situation is something that also creates a lot of issues in managing the business.

Okay. My last question is, what is the number for serratiopeptidase this quarter?

I think we requested earlier also that we will stop sharing those numbers.

Okay. No, because there was some ban kind of a thing which we saw in the news this quarter. Just wanted to understand, will there be any impact because of that, or we don't see any meaningful impact because of the FDC combination there?

There will not be any meaningful impact. Maybe 1% here and there.

Sure. Thank you so much.

Thank you, sir. The next question comes from the line of Mr. Lakshmi Narayanan from Tunga Investments. Please go ahead, sir.

Yeah. Am I audible now?

Yes, sir. Please go ahead.

Sir, I was just looking at our U.S. business growth over a slightly longer period of 8, 9 years or even more. While the U.S. market per se has actually grown on the enzyme thing, I think broad numbers are around 6 or 7% of the industry level. Our growth has been divergent from that. Of course, there have been COVID in the middle. There have been logistics issues, and there's also been client cost issues, whi ch I understand. I'm just trying to understand broadly whether this divergence is more an internal issue or an external issue. How do we address this? Because we have good products. We have good patents, but still, we are unable to, at least, from the looks of it, scale up meaningfully in the U.S. I just want to hear your thoughts on that.

Lakshmi Narayanan ji, challenges are several. I think in past, also, we have explained. Post COVID, things were going to stabilize. But then, last one and a half years, or rather one year, you can say , we have been facing this geopolitical situation. In addition to that, I think we have also explained, a couple of times that we are changing our business model in U .S. per se, basically looking into kind of branding most of the things. Most of the products which we are selling, most of the ingredients we are selling.

This process is taking some time to reall y consolidate the entire operations , entire customers. This is one issu e b esides the geopolitical situation, so everything is going in such a way that we don't see any kind of big numbers. Although in FY25, we have seen a kind of a 10% growth or so. FY26, again, it was kind of down. Now, again, because this is the first quarter we have to wait and watch. We see better visibility as we progress. All these issues are now being faced. As you mentioned, the market is big, but then you have to also carve out a niche segment for yourself. Otherwise, this kind of, you want to become a commodity or not. That's not our exact business strategy. We are trying to, again, revamp and change our business model in such a way that at least we should have a sustained growth as well as, our margins are kind of intact. All these issues are being faced.

Sir, our typical model is to manufacture in India and then ship it to the U.S. Given that every third year or second year, we have some issues with terms of logistics. Is the management thinking of any alternative sourcing thing, whereas instead of looking at manufacturing in India and then selling it in the U.S.?

I think we missed your question. Can you please repeat?

Yeah. My question is that, you see, we manufacture in India, if I'm right, and then we sell in the U.S. Now, given that every second year or third year, there has been some geopolitical issue or logistics issues , is it something the management can think of where you can identify another sourcing location? Where you can do something with your instead of making in India and then selling in the U.S.? Is it possible at all, or is it something which you want to explore at some point in time?

I think if you really look at from the fermentation side, we will always continue to do it in India. Alternate sourcing, because it’s again, a 100% subsidiary company, we always see that we have to work on if there are any kind of alternate source . How we can also equally become competitive in the process by improving our productivity, by spending more on re search. At least we don't have to look at any other source in that sense, and we can grow in India as well as in the U.S. and U.S., if you want to invest, there will be lot of money that will be required to invest in those kind of the capabilities.

Got it. Okay.

I think management is very clear in terms of that.

Got it. If you look at the U.S. business, what kind of growth you can actually envisage on a steady-state basis, sir? Of course, let's say, that all these things go by more kind of --

Even the tariff issue. Lakshmi Narayanan ji, all of a sudden, the tariff issue was there, then we affect those program, and then this Iran war that has created some kind of issues. These are a lot of many challenges. In addition to that, what has happened in the market in last two years, even hiring people have become a big challenge in the process. Many such issues are being addressed, and kind of the growth we can expect is, as we always say, U.S., we don't expect at least at this juncture beyond 8-10% of growth.

Got it. But in case we are unable to grow, we’ll be losing some clients. Because the clients would be looking for raw materials, and this we don't provide, would it not be a challenge for you? Because if you're looking at a growth and for some reason, you're unable to ship, your end clients would then look for an alternate source, correct?

I think that every business has lot of many challenges. As we are into business, we have to address all these challenges. That's what we have been doing. Yes, when you have several challenges, you have to really work very hard to see that how you can sustain , and you can have a sustainable growth in the process. At the same time, you make good money.

Got it. Okay. Thank you, sir. I'll come back in queue.

Thank you so much, sir. The next question comes from the line of Mr. Zaki Nasser from Nasser investments. Please go ahead, sir.

Sir, I think it's a decent set of numbers in difficult times. We had projected yearly growth of 1 3-15% over the next three to five years, sir. Do you think we can close this year at least 12% plus, sir, in the balance three quarters?

As of now, we feel yes. Even this quarter, we lost around INR 10 crores because of the sales reversal, which will come in the next quarter. As of now, we think we should be able to grow in double digits.

If you add the incremental reversal. Sorry, okay. Go ahead.

Sir you please complete.

I was just telling, as Mukund has mentioned, this particular quarter, we have incremental sales reversal. That means if we add INR 10 crores in INR 190 crores, so at least we adde d INR 200 crores in this quarter, which is roughly 8% kind of the growth. As we progress, we are confident that we shall be able to achieve the kind of growth numbers which we have shared with you in past.

What about the cost trajectory, sir? Because I think most of our imports, including energy, it was at inflated levels this quarter. Do you think these costs have come under control from the Q2 onwards, sir?

Yes. Because that definitely improve because of operational efficiency.

If I may just ask a last question, sir. We are going in for a buyback of approximately INR 1.4 crore shares. I see that we have a n ESOP pending conversions of around INR 2.5 crore shares. Is that right figure, sir? Have I got it right?

No, sir. I don't know crores, where did you get these numbers.

INR 14 lakh shares. Okay. The ESOP says INR 25 lakh, correct? Pending conversion? Yeah. ESOP scheme was for 25 lakhs, but so far, we have granted, I think, in two different tranches, 11 lakhs shares only. Those shares will also vest over a period of five years. Still, there's a lot of time left.

Okay, sir. This will be open-market buyback, which will start on 14th August?

Okay, sir. Thank you. Best wishes for the year, sir.

Thank you so much, sir. The next question comes from the line of Mr. Umang Shah from Banyan Tree Advisors. Please go ahead, sir.

Hi, sir. Good afternoon. Am I audible?

Yeah, please. I think some disturbance is there, but then I think we will have to bear with that, and we'll try to see what best we can do. Okay. Go ahead.

Thank you. Not a problem. Yes, sure, sir. Sir, the first question that I had was, can you mention about your change in U.S. strategy and focusing on brand? Some quarters that you had mentioned that your customers have your name on their product, which helps them sell their product better. Now, when you say that you want to move more from a B2B to a B2C business, is that understanding correct? Or would you want to be in a B2B business but focus on the brand? If yes, then how will that work?

I think business will not change. The only thing, even in B2B, when you say ingredient, there you sometimes say very specific that this is what is my ingredient. When you put a label, use this particular name as the ingredient.

Okay. How will this expected to help us in our business?

Then it becomes sticky business, no, in that sense. Once the label is with your name, then it becomes a kind of a sticky business.

Okay. Understood. Thank you so much for repeating. Sir, just last one question. In terms of the competitive intensity that we had in terms of our largest product, has it gone away for good? Or is it still continuing? In terms of pricing, if last year, the pricing was 100 at this time, in Q1, what would be the pricing right now?

Pricing is better in this particular quarter because we have increased some prices. It's better in that sense. Realization is better than Q4 and Q1 of last year.

Can you quantify it roughly in range?

I think that's what we were saying, that when we discussed in the past also, few things we would not like to discuss on the concall on, please.

Not a problem. Sir, any view on biocatalysis segment?

Biocatalysis number INR 45 million during this quarter as compared to INR 44 million in the last quarter of Q4.

Right. We were planning to get into intermediate business, so I think one year back to grow this biocatalysis piece, but then we decided not to go for that. Now , how do we plan to grow this segment? It's considered to be one of the high -growth segments, right?

It's still the high-growth segment for us. This year, we expect in the second half, good growth should come from this area.

All right. Thank you so much, and wish you all the best.

Thank you.

Thank you.

Thank you, sir. The next question comes from the line of Mr. Ravi Purohit from Securities Investment Management Private Limited. Please go ahead, sir.

Hi. Thanks for the opportunity. Can you just explain me to what we mentioned about INR 10 crore sales reversal? This is basically sales return or sales? Is it like sales which have got canceled or sales which have not been booked? Or how does this entire cycle work?

Ravi, it's the sale in the transit, which is not reached to the customer. The material is already booked, but lot of, like, export shipment, it really didn't reach to the customer.

Okay. And so now --

But the revenue it has been – okay, please go ahead, Ravi.

Sorry, please finish, Rauka ji.

I was saying that revenue recognition happened when the risk and reward is transferred to t he customer. It was on a ship. It is not delivered to the customer, so you cannot recognize that as your revenue.

Every quarter, we have a reversal, but this time it was --

Incremental by 10.

-- incremental by INR 10 crore. Yeah. The impact is more but by INR 10 crore.

Okay. That should get normalized I mean or the material would have already reached the customer now.

Okay. Sir, if you could kind of share some thoughts on, how are we kind of looking at scaling up products which we have outside of serratiopeptidase. Serratiopeptidase has been one very large product for us. Our dependence on it doing well is disproportionately higher, right, in any given year. If that product does well, the company's overall growth looks better. If that kind of drops off significantly, the growth kind of tapers off. Can you just share, what are the opportunities? Where are we kind of seeing newer products coming out of? Or if you could just throw some light on this.

Ravi, we are working on very different, different industries. We are growing very well in the food areas. We are working on protein solubilization, all of those other areas. I don't want to name the product, but those are going to be also the potential product. We are working in all the other areas, and we'll see how it grows.

Okay. Great. Thanks a lot, and all the best. Thank you.

Thank you so much, sir. The next question comes from the line of Mr. Shreyans Gathani from SG Securities. Please go ahead with the question, sir.

Hi, good afternoon, I had a question on the U. S. business. Although you mentioned that it's been flat, the currency depreciation has been enough, like rupee terms, it is flat. We're definitely seeing, I would assume, some volume decl ines there. I'm trying to understand what like, are we not having the right product, or what is going on? Some clarity on what the strategy is going forward. Rauka ji, you did mention about the branding, but I would think that the existing business is declining. Just trying to understand what is declining over there, what is not working out? Just some color on that.

Currency decline, if you really talk about the USD, is about 4% decline. I mean, rupee has depreciated by 4% on QoQ basis. On YoY basis, it is declined by, I think, 10% depreciation.

Right. Yes, that's what my question was, trying to understand where we are losing out. Is that product not in demand anymore? Or are we not having products to sell? What is the strategy to fix? Also, Deepak Roda, which I believe was looking at some of the U.S. marketing, is that something that we need to fill up in terms of position? If you could give some color around that, because you're not very clear, since a while.

Sometimes, the sales doesn't come in this quarter. Sometimes it goes to the other quarters as well. We need to wait and see how the things progresses, and maybe then we can talk more on this. As of now, it's very premature.

Okay. Because I'm talking, like, over a period of time, we have lost business, right? Not just this quarter is what I'm mentioning.

I think we have explained you that we are expecting 8-10% of growth in our U.S. business. That is what I think I already mentioned to you. The reason why there's a steady numbers in U .S., I think that also I explained you because of geo political issues. Then, again, as explained to you, we are working on several branding. All this is taking its time. As we progress, we will get more clarity, and I think we expect that we shall be having a better growth in the coming quarters. I think by the end of the year, it shou ld be about 8% or so.

Okay. That's good to know, sir. Any new products that we have l aunched, if you could highlight any changes there? Or it's more of the same product that we are branding it and doing a different sales strategy there?

I think I'm not getting your question.

My question is , any new products that we have launched in the U.S. that you think will bring the 8% growth? Or is it the sales strategy change where you're looking at that branding which will lead to the 8% growth? This happened over a period of time, the change in the strategies. Because as the market dynamic happens, we are to also see that what best we should do to keep our progress continue. This is not one-day task, and it is shaping up gradually.

Okay. Last question was on the Starya Labs. If you could share any updates on that, what we are doing, any testing that's already happening there, any color would be helpful.

Starya, I think we already explained that it's , we are doing a lot of lab -related work, but it is not ye t fully functional under that particular name because we have to still work on transferring the assets and all that. But as such, whatever work is related to that particular activity is being undertaken by the company.

Okay. That's all from my end. Thank you.

Thank you, sir. The next question comes from the line of Mr. Abhishek Kamdar from Value Plus Advisors LLP. Please go ahead, sir.

Hello. Am I audible?

Yeah, please.

I understand that EBITDA margins were softer this quarter on account of higher energy costs. For the rest of the year, do we expect to recover this to our historical levels? Or do we feel that it's still going to be subdued?

Yes. We expect that it shall come back to the normal level of about 30% of EBITDA.

Okay. The full-year number, we expect 30% to be achieved at least along with the growth guidance that you gave. In terms of working capital, what is our inventory position as on Q1?

We'll come back to you on this number. Anything else?

No, that's it. Thank you.

Thank you, sir. The next question comes from the line of Mr. Suryansh from AIONOS. Please go ahead, sir. Hello. Am I audible? Hello?

Sir, I just wanted to understand that when we look at the numbers of the Indian geography, so both on YoY in the QoQ, the numbers went down. When we look at the Europe geography, the numbers were around 40% both YoY and QoQ. I just wanted to understand what worked in Europe and what didn't work in India. Which end market is driving the growth in the Europe?

Europe, you mean to say Evoxx?

Yes. When I look the quarter numbers of the European market, we are seeing around INR 13 crores of revenue in Q1, which is up around 43% YoY and 38% QoQ. What is driving this kind of growth in Europe, which end market?

About our subsidiary numbers. Can you please repeat your question, otherwise?

I just want to understand what is driving the 40% growth in the European market. Which end market is driving that kind of growth? That is one.

European market, the major growth is coming from the food area. Let's not look into the QoQ. Because you can't predict every quarter what will be the order size and other thing. The second sales happened through evoxx, which is more like an R&D company, and there you should consider the revenue more or less flat.

Okay. What challenges we had in India market for this particular quarter?

Sorry? Can you please repeat that?

What were the challenges in the India market? I'm saying what was the challenges in the India market in this particular quarter?

Yeah. Just don't look into this QoQ. I would say that the first quarter was dull this time because of some price increases and other things. It takes some time to regroup and get back to the growth. Don't look into the QoQ. We can see the now the robust pipeline of the sales order and other things. That's what I can say.

Okay. On the last bill, when you say that you are expecting a double-digit growth, this g rowth would be coming from the new products or from the existing products?

It's always a combination.

Okay. Just to understand in which areas we are launching our new products, like which end market? Is it food or is it biofu el, something?

We are expanding the areas. We are expanding the product in the biocatalyst area. We are expanding some of the products into the animal feed areas, and we are expanding in the ruminant area, in food area besides baking. There are a lot of different industries which we started working. We are also increasing our presence in detergent area.

Okay. Thank you. That is helpful.

Thank you, sir. The next question comes from the line of Ketan Chheda, an Individual Investor. Please go ahead, sir.

Hi. Thank you for the opportunity. Sir, could you share what is the status of the novel food application that we had? In the last quarter, you had mentioned that we are likely to receive the approval. Is there any update on that one?

It's still under consideration. It's a long process, you never know. Sometimes it comes early. Sometimes, the questions comes up, and then you had to reply. In some of the cases earlier, when we were filing for the EFSA food, we are still waiting from 2014. It depends on the authorities, maybe six months, two years as of now. That's where it stands.

You're referring to the novel food ingredient or the other application, sir?

Can you please repeat?

I'm asking, are you referring to the novel food ingredient or the other applications?

Right now, we are waiting for EFSA approval. I guess, like, you asked for the novel food approval, right? We are waiting for that. Maybe three months to six months, we should wait. Ultimately, it depends on the authorities , right. You submit all the questions, and then they may come back again with some questions. This is on and off is going on. We'll wait and see.

Right. In terms of introducing Indian products, which could contribute meaningfully to our top line, if you could help us give some examples, like in the past, maybe couple of years, which new products, not by the names, but at least by the applications that you have introduced and that has significantly treated to the top line, contribute to the top line. It will give us a sense whether we are introducing newer products , because as a lot of participants have been telling that over the past decade, our growth has been pretty muted , even after doing significant acquisitions. We are not really growing organically, inorganically, whatever way we see it. We just like to understand that new products are being developed which could help propel the growth in the future.

Sure. I'll try to go slowly. I was asking if you could give us some examples of new products that we have introduced in the last few years, which are now contributing to our top line. Reason being, in the past decade or so, our growth has been pretty muted even after doing so many acquisitions. I mean, the growth is not really coming through. Hence, what I'm requesting, if you could help us understand what kind of pro ducts we've introduced in the last couple of years , and what products are we likely to introduce in the coming couple of years?

See, I couldn't hear you clearly, but I will explain what I understand a little bit from your question. We don't track product to product sales. That's the first thing . I won't be able to give you the exact number , what is the revenue coming from the last two, three years product as of now? Your second question probably is, how many products we are under the working . We are always working on the new molecules, there are always 15-20 molecules under the pipeline, and few of them are always coming every quarter. That's how it works. But I don't have exact numbers or question exactly, but you can go with this as of now.

Okay. And another question is on the margins. Now , if we see the last 10-11 years, our margins used to be in the 40s, and now it has dropped to 30s, and we are expecting to remain at that level. Now , is there a possibility that our margins could go up, and the reasons could be that you are introducing or coming up with better solutions and products for customers, which must be in the development of R&D right now, is there a possibility?

See, R&D always helps in increasing the margins. But as of now, we will just like to continue that we will be having a 30-32% of EBITDA margin, and that is what we are saying. In R&D, we'll increase our pace to increase the productivity as well.

All right, sir. Thank you so much. Thank you, sir. The next question comes from the line of Mr. Rohit Ohri from Progressive Shares. Please go ahead, sir.

Hi, team. First one was related to the status of the three patent applications, which we have registered for sugar management, mitigation of gluten intolerance, and biocatalysis.

Yeah. What is the question?

What is the status? How far have we reached, and do you think that, these are --

We need to check, but I guess we got one patent on Alternansucrase on the sugar management. We already granted U .S. patent. On the protein as well, I guess, I need to check, but I guess we got that one, too, and the third one is under the process.

What sort of opportunity, can it get to us in number-wise, revenue-wise?

The patents are filed with a lot of different intentions. Some of them are with the intention that when you carry out the research, no one should, like, stop you from doing development. Some of them are the marketing patents so that no one can do this. There are a lot of different approaches while filing the patents. The sugar management patent is good, with respect to marketing, and the anot her one as well on the protein. We are using those patents for the good marketing. I guess both of them have a good potential. The third one is more like a R&D patent.

But anything on the addressable market that you must have done some rough work on?

When we talk about sugar management, there is a big market. It can go with the GLP -1 studies and all the others and all those things. I don't want to get into the numbers. As of now, we are working on the branding and other things. The second one is all the protein hydrolysis and other areas, which we are getting some sales started in this quarter. I mean, the current quarter, and we will see how it goes up into the next quarter and next to next quarter, and then we can predict more on that. The third one, already said, right?

JC Biotech was exploring some options in algae DHA. They were looking for docosahexaenoic acid. Any developments over there? Any insights that you would like to share or the opportunity size for us?

Sorry, can you repeat?

From the annual report, I've had this from the annual report. Algae DHA, JC Biotech is working on that.

Algae DHA, yeah. We are not going forward with the DHA as of now , which was JC Biotech’s molecule. As of now, we are not really working on that at current level.

But do you think that the project will be revived in your future, or is it a cost which is gone already and forgotten?

See, once our new R&D facility comes up, we will look into it again because those are the different processes. We were just thinking, should we go into that or not , or focus more into our core areas? As of now, JC Biotech facility, we are having a lot of shortages at JC because there, we can handle a lot of solvents and other things. We are also increasing our capacity as of now, and then we'll see.

Okay. Last question on, bioenergy boom, and the demand for the enzymes. We see the top layer, has been slightly aggressive over there. What is our stand in this domain? Because I know we were working on this enzyme, but then, by when do you anticipate that we should start getting revenues from here? As of now, we don't have any revenues into this area. We ar e still under the development of the products. I think it's always a priority which products you need to go quickly and which not. Maybe after this R&D facility, which will be maybe next year, we'll relook into that, not right now.

Okay sir. Thank you for answering my question. Thank you so much, sir. We have a follow-up question from Mr. Umang Shah from Banyan Tree Advisors. Please go ahead, sir.

Thank you, sir. My questions are answered.

One gentleman asked about the inventory and working capital days. Inventory, 30th June 2026, was about INR 190 crores. We had a receivable of about INR 131 crores. Payables were about INR 41 crores. INR 280 crores was roughly invested in the working capital. In terms of number of days, generally our working capital cycle is about 125-138 days.

Thank you so much, sir. The next question is from the line of Mr. Nikhil Upadhyay from Securities Investment Management . Please go ahead, sir.

Hi. Good evening. Thanks for the opportunity. I hope I'm audible.

Yeah, Nikhil ji. Go ahead.

If we look at last four quarters or five quarters, in fact, I'm just trying to understand this growth trajectory. For June 25, September, March, we had a strong growth of 20% plus, and what we see is it was across segments. All the segments were growing significantly well. Now in this quarter, even if I adjust for the INR 10 crore reversal, the growth comes to around 8%. Now, how should we understand what happened last year? Was it like many of those projects got commercialized in one year and now that becomes a base on which we build the business again? Or were these one-time projects which came in, which supported that high kind of a growth which is not there this year? If you could just give some sense of what happened last year and --

Nikhil ji, let's not get into the QoQ, and I won't say that, you need to compare every quarter to the last year to this quarter. There is always a change. Yes, this time, it is affected with the sales reversal as well. You are right, like if we consider that it's 8%, there was like slow quarter on the pharma side as well this quarter. Probably, we expect a strong momentum from the next quarter because sometimes, there are some inventory issues and some other issues, which all accounts at the customer level, at your levels, and all of those are the complicates. Let's not get into the QoQ. I would say that still we are on the track, and that's what I need to mention as of now.

Am I audible now? Yes, sir, you audible now?

Yes. The only context which I brought in was , see, our business is not as such a very variable kind of a business. Because as I understand, once we've given a product or we are part of a chemistry or a process, that product or process will continue until unless we lose a customer. To that extent, then this kind of a variability should not be there. Once a base is set, that base should be set, and then we build the business over it. I'm trying to understand. Is that the right understanding, or is this not the proper way?

Nikhil ji, you are right. Generally, like 7 0-80%, customers are always con stant. 20-30% is changing in our business, and that is right. But at the same time, I would say that QoQ, you cannot just go on and say that last quarter it was this. What happened? Sometimes, you get some quick sales as well, and sometimes you don't get. That's all what it is. But those are come into play, those 20-30%. But let's not get into the QoQ. That's what I want to highlight out here.

There are no further questions, sir. Now I hand over the floor to Mr. Ronak Saraf for closing comments.

Thank you everyone for taking your valuable time for attending our earnings conference call. We'll keep you all posted for any further updates. I request you all to kindly send in your questions that may remain unanswered. An audio recording and the transcript of this call will be uploaded on our website in due course. Looking forward you all to host in the next quarter. Till then, stay healthy, stay safe. Thank you.

Thank you, sir.

Thank you, everyone.

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