Ladies and gentlemen, we will now begin with a question - and - answer session. Our first ques tion comes from the line of Pratik Dharmshi with Union Mutual Fund . Please go ahead. Pratik Dharmshi : Yes , this is Pratik Dharmshi from Union Mu tual Fund. Many congratulations, Nirav bhai, Bhavin bhai for excellent set of numbers. Couple of questions from my side. One is on the overall IPM market. You have been telling that there is an acceleration post - December where healthy double - digit growth have been observed, both pricing plus volume growth has picked up. So, can you dwell more about it, what's drivi ng this at the industry level?

Yes , thank you , Pratik bhai. Pratik bhai, what I understand this is about COVID, post - COVID, and post - post COVID. I think so industry has been anticipating the same thing that after Diwali, more or less around D ecember 2026, everything will be normalized and IPM will come into the force of around double - digit -- lower double - digit growth and that exactly has been happened. If you look at this Indian Pharmaceutical Market since last 20 , 25 years, this has always been performed in the tune of lower single - digit and that has again come in the force after few years of COVID, post - COVID and post - post - COVID. So, I think so now it is sustainable, according to me this industry growth will continue to grow in the tune of around 10%, 9 % to 11% in between. Pratik Dharmshi : Got it. That's heartening to hear. And second was on your EU - GMP approved hormone manufacturing facility which got commercialized. So, will our focus be more on international side or domestic on the hormone’s strategy, can you elaborate more on that as well?

Today , Pratik bhai, our 97% business is from India and about 3% is international. W e are India - based, India - focused pharmaceutical company. And if we look ahead for another three, four, five years also, I think so the CI of India busines s will always be more than 90% and the international busines s will be about a higher single - digit afte r five years also. So, we will remain focus on India business. But to strengthen our philosophy of think hormone, think CORONA , which has been little complex in nature and there are very few plants who are focusing on the hormone things, it will help us i n India also and it will start getting recognition in international market too. But we will remain focus on India business and that will not from this year but next three to five years minimum, we will be India - focused company. Pratik Dharmshi : Got it. Th ank you and all the best.

Thank you.

Thank you. Our next question comes from the line of Amey Chalke with JM Financial . P lease go ahead.

Yes , thank you for taking my question and congrats to CORONA management on the great set of numbers. I have first question on margins. So, considering this is second quarter where our growth is coming 20% and more, our earlier expectations was like maintaining like 15 %, 16% kind of a growth for next two - three years. So, if we mainta in this 20% kind of a growth, let's say for this year and coming year, is there any scope for margin improvement or you think that this whatever the incremental growth we will get, you will try to reinvest further?

Yes , thank you , Amey bhai. See, margin performance is influenced by multiple factors including product mix, operational efficiencies and operating leverage. We remain focused on disciplined cost management and continuously strive to improve our operating efficiencies to support sustainable margin expansion. However, we also need to be mindful of the current operating environment, which remains volatile and can have a direct impact on input and ancillary cost. During the current quarter, a favorable product mix coupled wi th operating leverage contributed to the improvement in margin. While we are encouraged by this performance, we remain cautious about extrapolating the current margin profile into coming quarters given the evolving cost environment due to geopolitical Sout heast Asia risk. At this stage, it would be premature to comment on the sustainability of current levels, although our endeavor is to maintain margins within a similar range. As we have continuously communicated, our FY 27 guidance remains unchanged. We continue to target 15% organic revenue growth and about 1.5% to 2% inorganic revenue growth resulted about 17% revenue growth and 20% PAT growth and we remain confident in our ability to achieve these objectives. Amey Chal ke: Sure, sir, that is well articulated. I have second question on our C ardio - D iabeto division. This is typically a mass specialty segment where we are at 20 th rank. You also said in the opening remarks our -- we enter ed this market bit late, despite bein g late entrant, we have grown significantly here. For us to come under top 10, what do you think, what steps we need to take? Is it like expanding into more metros, adding more specialist or adding more brands? Like what is the thought process is there fo r us to get into top 10? Thank you, sir.

Cardio - D iabeto is our most focus therap y and today, if you look, we are 20 th rank in the IPM. But as far as consolidation business is concerned, we are in top 10. So, more or less, we can't change the history, but if you look at the present, we are in top 10 as far as consolidating new business is concerned. And this cardio - metabolic has been growing around 15% as far as IPM is concerned and we are in top 10 already. Portfolio has been well placed. The re is possibilities to do new launches also. But on our brand building, new introductions, I think so we are well placed as of now and will continue to focus on the cardiovascular. And our endeavor is to continue to maintain the momentum of top 10 in conso lidated new business.

Sure, sir. Our last question to Bhavin bhai. Depre ciation cost has gone up to INR 13 crores for this quarter. I believe this is maybe the capitalization of the hormonal plant. So, should we expect this number going ahead as a normal depreciation?

So, Amey bhai, we capitalized hormonal block by the end of this quarter, that is 30 th June. So, the depreciation impact has not been there in the amortization or depreciation. The major impact in the amortization o r depreciation earlier in FY 26 if you see, Q1 FY 26, the depreciation amortization was INR 10 crores, which has increased to INR 13.4 crores. The major impact is because of the amortization of Wokadin e , Bayer brands, which we acquired in the last quarter of F Y 26.

Okay. So, going ahead, we will expect the further increase on account of the hormonal block ?

Yes.

Sure, sir. Thank you so much. I'll join back.

Thank you. Our next question comes from the line of Alankar Garude with Kotak Bank. P lease go ahead.

Hi, thank you for the opportunity and congrats to the team on a very strong set of numbers. Sir, first question, did you see any impact of higher raw material prices in the first quarter? You spoke about being cautious given the geopolitical issues. So, the question basically is given the gross margins were so strong in the first quarter and you also spoke about a better product mix, can we expect a higher impact of the raw material inflation in the second quarter versus the first quarter?

See, Alankar - ji, thank you so much. The global geopolitical disturbance started around 27 th , 28 th of February and we already have about 70 to 90 days of stock. So, it's not impacted much in the quarter one. By June 2026, the last month of the quarter, we have started getting the new stocks after this disturbance. T his is very difficult to predict as of now. But the answer is yes, 100 basis poi nt here and there we may get the hit and that's why we are trying to reduce other operating things and try to maintain the guidance which we have been told about 20% PAT growth. Disturbance will come geopolitical. How much and till what time, it's been dif ficult to predict as of now. But we are trying our level best to maintain the guidance which we've been given.

Got it , Nirav bhai . T hat is helpful. The second question is , if we look at the growth which was spelled out by Bhavin bhai on th e organic ex - Wokadin e domestic number. Now, Wokadin e was broadly about INR 28 crores, INR 30 crores in FY 26, and if I just take that extrapolation into the first quarter, Wokadin e sales seem to have come down at least on a Y - o - Y basis. So, just trying to understand whether you took any corrective steps in the first quarter and can you take us through the journey towards that 25% sales growth that you had outlined for this portfolio or for this molecule in the previous quarter?

Alankar ji, a s you mentioned about INR 28 crores to INR 30 crores of the revenue, that was the external revenue, whereas the internal revenue of Dr. Reddy's was INR 20 crores. We have add a 25% growth for coming three years down the line to make the brand double in coming three years of INR 20 crores to INR 40 crores. Having said that, this is the first quarter of the launch of Wokadin e . So, in the first quarter, there are all possibilities to integrate the brand in the supply chain, which is most important. In India, we ar e an India focused company, supply chain comes to a biggest milestone or the pillar which we need to achieve. So, the things are in place in the first quarter. So, first quarter can't be considered for the future coming quarters numbers perspective, but w e are eyeing what we have committed of our 25% growth of INR 20 crores in Wokadin e . We are eyeing to achieve those numbers in coming quarters.

Got it, sir. T he other question is, sir, if you're not going to add any MRs in FY27. Now, given that you are demonstrating such strong growth, I understand the volatility on the raw material side, and there would also be some under - recoveries from the hormonal facility. W ould it be fair to assume that there can be meaningful operating leverage if I take a two - to - three - year view here on?

I couldn't get it. So, you're talking on revenue growth and sustainability of the revenue growth or asking something else? A lankar Garude: I'll elaborate on that, sir. So, if I look at the question is on margins. So, firstly, you're not going to add any medical reps in FY27 and on the other hand, the top line growth is very strong, the commentary on the top line growth is also very strong. And I mean if I take a two to three year view, is it safe to assume that the under - recoveries from the hormonal block will also come down? So, looking at EBITDA margins with -- say a three - year view, should there be a meaningful operating leverage benefit that should play out, that is the question.

Alankar - ji, we have not added any MR in FY27 but if you look at the last quarter of FY26, we have added two teams into our kitty by adding around 400 medical representatives if you consider taskforce or other medical representative, put together a 400 as a number. So, we are leveraging this number, you know, in FY27 a nd by going ahead, we will continue to remain about the guidance of 6 % to 8% addition of medical representative, whic h is in the tune of 200 to 250 medical representative every year. So, I think so on a broader guideline of 15% revenue growth and 20% PAT growth, we can able to achieve in near - term future also, in FY27 and near - term future also.

Fair enou gh a nd sir, would you call out the under - recoveries from the hormone facility in first quarter?

It has just started on 30th of June. You know, first year I think so the turnover ratio will be little less than one and then moving ahead, we wil l go to the turnover ratio of three . One - to - three , one - to - two and two - to - three.

Got it, sir. And final question from my side, how's been the initial uptake in the two semaglutide brands?

So, semaglutide has been a very interesting, you know, point where everybody's been talking about semaglutide in this market. But what I understand, this GLP - 1 market, for us we should be maintain about top 10 position in the semaglutide market and we are expecting about INR 1 , 500 crores to INR 1 , 800 crore s market and we will be well positioned over there. But our focus is on s emaglutide, we are more focusing on our other engine brands, which have been told earlier also and I think so we are getting a good result out of it.

Got it, sir. That's helpful. Thank you and all the best.

Thank you.

Thank you. Our next question comes from the line of Gopal Bhatt with Baroda BNP P AM . please go ahead.

Hello, yes , am I audible? Nir av Mehta: Yes, sir.

Okay. Yes . So, congrats to the management for a good set of results. I had a couple of questions. I think there have been of course I mean, there have been questions earlier from participants on the margin, so I won't ask on the trajectory. But just to understand the structure better, I see that you have a high share of chronic and that gets reflected in your gross margins as well, which are quite high and industry leading . But your employee cost and other expenses are a little higher than say larger peers in the industry. So, could you just explain the reasons for the higher costs there and yes , just kind of a maybe just a guidance on how you are optimizing those costs and trying to bring it up to peers, a larger peer in the industry? That would be my first question.

Gopal ji , answering to your question, you have to see CORONA from a three - to - four years lens when you see the employee cost. If you see in the last three and a half years, we have deployed 1,000 medical reps in the system. So, today our medical reps are 3,111. So, almost 35% medical reps have been deployed in the last three years. So, of course, the employee cost would be high because the PCPM what they generate compared to the peers would be lo wer. But to a larger extent, what we have explained in our earlier questions that the operating leverage will come in play in coming years down the line with the help of which this employee cost will come down.

Okay a nd other expenses is also a little bit higher on the, I mean around 30%. What would be the reason for that and what could be the measures to optimize that as well?

So, in the other expense, the broad major part comes from the sales promotion expense, which is being governed by the UCPMP guidelines, which is linked to the revenue. To be very honest, it is variable in nature and not fixed in nature. So, this we would like to continue in coming years down the line, no matter in a lower percentage trajectory, which also will improve our operating leverage in coming years down the line.

Okay. Okay. Got it. That's clear a nd secondly, just wanted to check with you that how much is the share of in - house manufacturing for CORONA right now? I of course understand now you've come up with a new plant. But yes , generally how much is in - house versus the outsourced for CORONA ?

It is about 60 - 40, 60% in - house and 40% outsourced, and it will remain more or less 60 - 40 for FY27.

Okay. Okay. Got it. Thank you.

Thank you. Our next question comes from the line of Sidharth Negandhi with CWC . P lease go ahead. Sidharth Negandhi : Hi, congratulations , Nirav bhai, Bhavin bhai on a great set of numbers. Three questions. One, you had mentioned 15% organic growth and acquired, you know, 1% to 2% acquired brand growth. So, on the current quarter, was it more the acquired brands that led that growth or the o rganic brands? And sorry if I missed this because I joined a minute or a couple of minutes late. So, that was one. Second one is on the facility, the hormone facility that you set up, currently I'm assuming there is no revenue coming from there, but what is the cost relating to that facility that are sitting in the P&L right now, if you could give us some colour on that? And the third one is to understand your new entry into the INR 10 crore s club. You have two new entries. Are these your own organic brand introduction or some of the smaller brands that you had acquired which have scaled up to INR 10 crore s ?

Yes , so thank you, you know, for giving us a compliment. Let me give you the answer of first and third and then Bhavin bhai will give you the answer of second. So, as far as you know, this quarter is concerned, overall, our revenue growth is 21.9%. But you s plit this 21.9%, it is about 22.7% on India business. And if you further, you know, make it divided from organic and inorganic, 21.4% is coming from the organic growth. So, more or less about 21 % - 22% overall growth, majority is from the organic side only. International we have not grown this quarter and that's why from 22.7% India growth we have gone down to 21.9% revenue growth. As far as your guidance on 15% , 17% and for medium - term or long - term, you know, our stated revenue growth guidance of 15% organi c growth for FY27 should not be interpreted based on the performance of any single quarter. Quarterly growth can vary due to several factors including product mix, seasonality, and market dynamics. Therefore, it is important to assess our performance over the entire guidance period rather than annualizing quarterly numbers. Based on our current projections, strong brand portfolio, and robust product pipeline, we remain confident in achieving our medium - term revenue growth guidance of 15% organically agains t the anticipated IPM growth of 10%. At the same time, we continuously strive to outperform both the industry and our own internal benchmarks. Any outperformance would naturally be beneficial for the company and its stakeholders. However, from a guidance perspective, we remain confident on maintaining our 15% organic revenue growth outlook or beating the IPM by 500 basis point. It is also important to note that our 15% growth guidance pertains solely to our organic business. Any growth arising from the in organic opportunities would be incremental to this target and as far as FY27 is concerned, we have given a guidance of 25% growth out of inorganic and 15% revenue growth out of organic. Hope I can able to answer your first and third question, and now over to Bhavin bhai for second question.

So , Sidharth bhai, about the hormone cost, I would like to take you through first the key therapeutic areas of the company. See, Women’s Healthcare plays 30% of the total revenue split of domestic busines s as far as CORONA is concerned a nd out of that 30%, 30% comes with the hormone side. So , hormone is always an important play area or playbook for CORONA since years. Earlier used to manufacture our hormonal products at Solan manufacturing facility. Now, it will be shifting to our EU GMP approved manufacturing facility with a concept of one world one quality, means we'll be catering to the domestic as well as the international market. So, as far as the hormonal costs are concerned, it was already placed in the P&L of which we are generating the revenues in the day one. Having said that, from a capex standpoint, we had already invested a INR 130 crores capex in our new EU GMP approved hormonal facility, which Nirav bhai mentioned, the asset turn by the end o f this year would be in tune of near to 1%. Will increase in coming years down the line. Sidharth Negandhi : Okay. Thanks, Bhavin bhai. Just Nirav bhai, just one follow up. The two new entries into the 10 crore s club, are they your organic brands or. Nirav

All organic, all organic. Both are organic. Sidharth Negandhi : Okay. And just a follow up on the organic and inorganic brands, what you mentioned, 15% organic revenue growth and 25% growth on the inorganic brands. So , all the brands that you've acq uired in the last couple of years, on that purpose, what is the growth trajectory this quarter and broadly what growth trajectory, I understand you have a longer - term guidance of 25%, but what was that in this quarter?

So, you know, to be very honest, when we acquire a brand, first four quarter, we are considering as a inorganic and others is organic. So, the brand which has been acquired before a four quarter is been a part into the organic growth portfolio of the compa ny. So, it's been very difficult to now identified that what is the, you know, organic and you know, inorganic brands we're now organically growing. But still, I will do it and advice SGA to, you know, give you the synopsis of this. St ill Bhavin bhai also would like to add into it.

So , Sidharth bhai, what Nirav bhai mentioned, I would like to just add into it that out of INR100 growth what company has earned, 85% came from the organic side. Only 15% came from the inorganic, which you are ta lking about the brands which we acquired before three - four years back. So, having said that, whatever we are growing, which is hardcore on an organic basis. Inorganic yes, what we are mentioning that 2 5 % for the Wokadin e part, which we acquired in the las t year, would be going for coming two to three years down the line. Sidharth Negandhi : Clear a nd Bhavin bhai, just to clarify, I understand that the revenue on the hormone side is already there. What I meant to understand is from the new plant there is no revenue, but before the setup at least there must be certain costs sitting there, right? So, is there a certain level of cost that is already sitting there say for which the profits would have been even higher? That's all.

So , Sidharth bhai , see just to tell you that whatever the cost which have been levied in the hormone plant before its commercialization are at capex level. So , all the cost are being capitalized in nature. So , any new cost will be incurring after commercialization would be part of an opex. Sidharth Negandhi : Clear.

Hope, hope I answered your question. Sidharth Negandhi : Absolute ly . Thank you so much and all the best.

Thank you.

Thank you. Our next question comes from the line of Rahul Jeewani from IIFL Securities Limited . Please go ahead.

Yes , thanks sir for taking my question. Sir, this 21% organic growth which we saw during the quarter, can you split this growth between volume, price and new launches for the quarter in terms of the growth split a nd if you can also talk about how the traction has been on the IVF portfolio for which you launched this dedicated MR team a quarter back?

Yes , so as far as, let me give you a first answer first and then the second answer second. So, as far as Rahul bhai split between volume, volume we h ave grown by 6.3%, which has been about 1.3% of the IPM. So, it's been five times more. As far as new introduction is concerned, we have grown by 3.4% versus IPM is 2.9%. And about pricing, it is 8.7% versus market is 5.6%. So, you know, broadly speaking, that's the split. Majorly, you know, significance jump is from the volume side of the growth where we have grown about 5x than the market.

Sure . Nirav bhai. Sir, that is on a MAT June 2026 basis which I saw in the presentation. What I was looking for is for the quarter. So, for the quarter June 2026, what was the split of growth? Bhavin Bhagat : So, it is Rahul bhai, it is in tune of the same percentage allocation of what 6.3, 8.7, 3.4 comprise of for the MAT basis. You can extrapolate the things from the quarter standpoint. It is more or less near to the same.

In terms of the growth proportion contribution. Bhavin Bhagat : Yes, 22.7% domestic India business growth, you please extrapolate of this 6.3, 8.7, 3.4, it is near t o that.

Okay. Sure, sir. And if you can talk about ramp - up seen on the IVF business as well?

So , IVF business we just started from the month of April and this is probably the first quarter where we are looking at the things. I think so our team, our taskforce team is working toward establishing the concept, company, and try to talk on the technology part of it. We have started good; they are I think so working in the right direction. But it’s too early to comment. Give me anot her two, three quarters, we can give more colours on the IVF taskforce. But as of now, IVF taskforce has started generating the business.

Sure, sir. And on the Bayer - Zydus portfolio as well, you talked about Wokadin e , but how has that, the acquired Bayer - Zydus portfolio done and what is your expectation on that?

Yes , so Bayer - Zydus portfolio all more or less everything has been everything has been set in place and then we have launched that Noklot brand in the cardio - metabolic vertical also in the last month of this quarter, that is in the month of June a nd we have given about INR 7 crore s as the, you know, acquisition cost and in the quarter, we have recovered INR 7 crore s out of it. So , it’s been negligible acquisition honestly, we are lucky to get this acquisition, a first quarter we have got the revenue out of it and then long way to go.

Okay. So, the first quarter revenue contribution from this portfolio you are saying sir was 7% - - sorry, INR 7 crore s . Nirav Me hta: And the acquisition cost is about INR 7 crore s . So, I’m just telling that we have tried to recovered means things are going in a right track.

Sure, sir a nd sir, on this new hormonal plant, what kind of a ramp - up do you expect on the ex port business because of this hormonal facility getting commissioned because through this facility you are trying to target some of these, let’s say ROW markets? So, if you can talk about the export trajectory as well from a next two - to - three - year perspect ive?

So , Rahul bhai, you know, plant has just started on 30th of June, which is the last day of the quarter one FY27. We are in the final stage of developing the dossiers. I think so by November, December 2026, we will be ready with the dossi er after completion of the bioequivalence , etc a nd we will the n have already international team set to, you know, go ahead with the lot of agreement has been done, promising agreement has been done. Then we will send this dossier to the concerned countrie s to our, you know, partners. They are going to register it, that will take another 12 to 18 months. So, I think so we are projecting FY28 - 29 to, you know, kick - off this plant on a n international level and we have high hope with international market also. But one thing is for sure that international business also grows from 3% to a higher single digit in three to four years, but then India business will continue to focus about 90% plus.

Sure, sir. So , this asset turnover which you talked abo ut the plant between 1 x to 3x over the next three years, that scale - up is essentially would be driven by the domestic business.

Domestic and international. Major is domestic. If you look at two years, it is major domestic. Third year internat ional, you know, share will start adding into the domestic business.

Sure, sir. And last question from my side for Bhavin bhai. Yes , sir, so this depreciation and amortization expense which you talked about, the impact from the Wokadine acq uisition looks a bit high to me. So, can you talk about that?

So yes, so Wokadin e we acquired for INR 97 crores plus GST. So , let’s remove the GST part out of it. So, we have amortized for 10 years. So , 10 years, so it comes to INR 10 crores a year. So, a quarter would be in tune of INR 2.5 crores somewhere around, and then we acquired the brand from Bayer of INR 7 crores , which we again amortize for 10 years. So , a majority part of the amortization comprises of Wokadin e and Bayer in it. Rahul J eewani: Sure, sir. I was working with the 20 - year amortization period, so that's the difference. Okay a nd sir, what kind of an impact should we build in because of the hormonal plant starting from 2Q as far as depreciation and amortization is concerned?

So, it would not be much because we have capitalized and we will be depreciating the hormonal plant for 20 years. So INR 130 crores capex divided by 20 if I just do, it comes to a INR 6.5 crores a year. So , it will not have that much impact l ike amortization of the brands.

Okay, sir. Thank you. That's it from my side. Thank you.

Thank you. Our next question comes from the line of Bhavika Singhvi with Niveshaay . Please go ahead.

Yes , thank you for t he opportunity. So, sir as we have announced the commissioning of hormonal EU approved, so just want to understand like do we have like any dossier file for it in the EU market and as its EU approved, so how we see it going to expand our business in the gl obal market from this particular facility and what’s the asset turnover can be expected from this facility?

So as far as, you know, turnover is turnover ratio is concern, it will be little than less one in FY27 and then gradually it will grow to two and two three in, you know, next three years of time. As far as dossier is concern, we are in the final leg of preparing the dossier. Bioequivalence has been done and we have already been done the agreements with, you know, some European, the some of the emerging countries from Europe, from UK, and from the rest of the world. So, once the dossier is ready by November, December, we are going to give them for the filing and we will start getting the business in next 12 to 18 months once the dossier h as been getting approved. So, I’m hoping that FY29, I think so we are getting the, you know, good business starting or initial business starting from the international market. So currently this facility will serve the domestic market.

Als o, like as we have already taken 24% stake in La Chandra Pharma Lab for the API thing in the hormonal space. So, any new update on that like have we increased the stake or what’s the s status of that particular acquisition?

So , you know, La C handra Pharma Lab we have 31% stake as CORONA Remedies Private Limited, La Chandra is associate company of CORONA Remedies Limited and La Chandra is focusing toward the production of, you know, quality hormonal products like progesterone, dydrogesterone, n orethisterone, medroxyprogesterone so on and so forth. It's a n API company and that is our, you know, backward integration for us. From taking this API, we are moving ahead with the, you know, preparing the dossier because they already have EU GMP, they'v e recently got US DMF approval also. So, you know, the quality part of its La Chandra is been taking care as far as API is concerned and we are trying to take that API and would like to convert into the dossier and going ahead with the formulation facility .

So currently we are not doing much captive use of API from this particular facility?

Yes , we are taking, you know, all the India business hormonal API like progesterone, dydrogesterone or estradiol hemihydrate, estradiol v alerate, all the API norethisterone, medroxyprogesterone, we are taking the taking from them only.

So , 100% our captive consumption is getting fulfilled from this particular facility?

No, no, it's not about 100%. We are one of the, you know, big consumer of La Chandra or a customer of L a Chandra. La Chandra also because they have huge plant today in India about 65% Progesterone La Chandra is manufacturing. So , on and above CORONA , they are going to give to other companies als o.

No, I’m asking about our capacity like the things which we are manufacturing, are 100% API consumption is happening from this particular facility like we are buying from them?

Understand, understand. So , y ou are -- you ca n estimate about 60 % to 65% API consumption from La Chandra and the others from the other part of the world, other companies of the API.

Got it. Okay. Thank you so much.

Thank you. Ladies and gentlemen, due to the time constra int, that was the last question for today. I now hand the conference over to Mr. Nirav Mehta, Managing Director and CEO. Thank you , and over to you, sir .

Thank you all once again for joining us on quarter 1 FY27 earnings call. We will keep th e investor and analyst community posted with any update related to CORONA Remedies. We hope we have been able to address all your queries. For any further information, kindly get in touch with us or SGA, our Investor Relation Partner . Thank you . Thank you so much.

Thank you so much, sir. Ladies and gentlemen, on behalf of CORONA Remedies Limited, that concludes today's conference. Thank you for joining us and you may now disconnect lines.