So our U.S. --

Let's say, post plant clearance, a lot of work was to be done as far as there for a long period of time. Somewhere the IP s tatus changed, somewhere changed, somewhere the processes have changed, also API has changed and all that. So that needs to be updated in all these kind of ANDAs and so all those activity was going on. And now finally, I think last few days back, first shipment has product is in pipeline. And more products will be t he shipment would start now. And a lot of the places where the IP status of works are even going on right no So that all the ANDAs are fully updated and then bu siness starts. So hopefully, I think in current year, maybe around 6 to 7 products will be launched and that will be launched by the as the progress happens during the year. So as far as sales are c any sales as far as U.S. is concerned.

Okay. And while we have provided the outlook on a c onsolidated basis of around 14% top line growth, but can you provide more details on the bus iness segment domestic API, export API and the generic business, et cetera?

Let's say, on a stand generics will also have a similar kind of growth. T he promotional mark of lower growth because of some issue being faced a t Russia and also West African market, there are some certain challenges there. So there will be a little lower growth on that. And institut 14% kind of growth. And we expect around 7% to 8% business growth in API side. So overall, Ipca, that should be around 11.5% that's the stand And on a consolidated basis, the growth is coming a little h igher because last year, I think on consolidation, Unichem was acquired in our second quarter. So consolidation is quarter number was not full. August, yes, it was Au gust number was there. S number was also not full. So overall, that effect is also there in that. And overall, I think we should be almost around considering our business growth and Unichem's busin ess growth, and overall, we should be almost around, I think sales consolidation may reach to almost around translate into that kind of number of 18%, 18.5% kind of overall. IPCA Laboratories Limited around 3.25% to 3.5% kind of expenditure to sales. And more or less, this number would remain in this particular range only as far as R&D is concerned. And the -- your next question? -- our own U .S. dynamic sales, how has that shaped up post the plant clearance? Let's say, post plant clearance, a lot of work was to be done as far as -- because we were not there for a long period of time. Somewhere the IP s tatus changed, somewhere changed, somewhere the processes have changed, also API has changed and all that. So that needs to be updated in all these kind of ANDAs and so all those activity was going on. And now finally, I think last few days back, first shipment has gone of one product and second product is in pipeline. And more products will be t he shipment would start now. And a lot of the places where the IP status -- sorry, USP status -- where pharmaco status has changed, a lot of works are even going on right no w. So that all the ANDAs are fully updated and then bu siness starts. So hopefully, I think in current year, maybe around 6 to 7 products will be launched and that will be launched by the as the progress happens during the year. So as far as sales are c oncerned, it does not include any sales as far as U.S. is concerned. Okay. And while we have provided the outlook on a c onsolidated basis of around 14% top line growth, but can you provide more details on the bus iness segment -wise growth, l domestic API, export API and the generic business, et cetera? Let's say, on a stand -alone basis, domestic business is expected to grow around 12%. Export generics will also have a similar kind of growth. T he promotional mark et will have some kind of lower growth because of some issue being faced a t -- because of currencies depreciation in Russia and also West African market, there are some certain challenges there. So there will be a little lower growth on that. And institut ional business will deliver around 14% kind of growth. And we expect around 7% to 8% business growth in API side. So overall, Ipca, that should be around 11.5% -- 11% to 11.5% kind of growth would be there, yes. So that's the stand -alone number. consolidated basis, the growth is coming a little h igher because last year, I think on consolidation, Unichem was acquired in our second quarter. So consolidation is quarter number was not full. August, yes, it was Au gust number was there. S number was also not full. So overall, that effect is also there in that. And overall, I think we should be almost around considering our business growth and Unichem's busin ess growth, and overall, we should be almost around, I think sales -wise, may be around INR 9,000 crores, and EBITDA overall consolidation may reach to almost around INR1,600 crores plus kind of EBITDA. So that will translate into that kind of number of 18%, 18.5% kind of overall. IPCA Laboratories Limited May 30, 2024 around 3.25% to 3.5% kind of expenditure to sales. And more or less, this number would -- sorry, what was .S. dynamic sales, how has that shaped up post the plant clearance? because we were not there for a long period of time. Somewhere the IP s tatus changed, somewhere our vendor had changed, somewhere the processes have changed, also API has changed and all that. So that needs to be updated in all these kind of ANDAs and so all those activity was going on. gone of one product and second product is in pipeline. And more products will be t he shipment would start now. And a lot of where pharmaco status has changed, a lot So that all the ANDAs are fully updated and then bu siness starts. So hopefully, I think in current year, maybe around 6 to 7 products will be launched and that will be launched by the -- oncerned, it does not include Okay. And while we have provided the outlook on a c onsolidated basis of around 14% top line wise growth, l et's say, API, alone basis, domestic business is expected to grow around 12%. Export et will have some kind because of currencies depreciation in Russia and also West African market, there are some certain challenges there. ional business will deliver around 14% kind of growth. And we expect around 7% to 8% b usiness growth in API side. So overall, 11% to 11.5% kind of growth would be there, yes. So consolidated basis, the growth is coming a little h igher because last year, I think on consolidation, Unichem was acquired in our second q uarter. So consolidation is -- even second quarter number was not full. August, yes, it was Au gust number was there. S o second quarter So overall, that effect is also there in that. And overall, I think we should be almost around considering our business growth and Unichem's busin ess growth, and overall, we should be 9,000 crores, and EBITDA overall plus kind of EBITDA. So that will

And sir, just one last, if acquisition addition, the synergy number that we ha d at around much of that would be factored into the

If you look at Unichem, around INR 45 crores. From there, they have achieved an EBITDA of is a almost around year. And as far as the changes are concerned, whatever t he low material buying and somewhere rationalization, some where utility cost rationalizations and all those are maybe production efficiency improvement a nd all. Thes has come in the EBITDA margin and a lot of other th ings which we are looking at, like, say, sourcing changes from, let's say, from outside purchase to some of the APIs of Ipca and market extensions and those all work API cost reduction is also work in progress because you need to do the stability and thereafter filings and then approvals and all. So those has no t started to come in the overall EBITDA numbers right now.

Ladies and gentlem connected while we try to reconnect. Ladies and gen tlemen, thank you for patiently holding, the management's line has been reconnected. Over to you, sir.

So I would say all. We are confident that all those things will be achieved. And better than that would be achieved, yes.

The next question is from the line of Surya Narayan Patra from Limited.

Sir, my first question is about our How should we see, sir, in fact, the overall growth for the integrated operations? So whether the benefit of integration has started flowing in or what porti on of the integration benefit is yet to come in? And let's say, in terms of the growth, while the domestic is one of the largest earnings contributor for us, and it's been consiste ntly delivering double many years. But from your we should see in our export activities now after se eing some kind of a moderation in the recent past, just like our next 2 years? If you can give some long helpful.

As far as integrations are concerned, let's say, it 's not a merger. It's companies and both are run as a separate companies, and Unichem as Managing Director, and IPCA Laboratories Limited And sir, just one last, if I may. When we say the INR1,600 crores , apart from, let's say, the acquisition addition, the synergy number that we ha d at around INR 200 crores synergies, how much of that would be factored into the INR1,600 crores? If you look at Unichem, I think last financial year, they had -- I think EBITDA was minus by 45 crores. From there, they have achieved an EBITDA of INR 100 crores. So there is a almost around INR145 crores, say, in the current year once after -- for the whole of the And as far as the changes are concerned, whatever t he low -hanging fruits are there, like say, material buying and somewhere rationalization, some where utility cost rationalizations and all those are maybe production efficiency improvement a nd all. Thes e are the only factors so far has come in the EBITDA margin and a lot of other th ings which we are looking at, like, say, sourcing changes from, let's say, from outside purchase to some of the APIs of Ipca and market extensions and those all work -- are all work in progress. API cost reduction is also work in progress because you need to do the stability and thereafter filings and then approvals and all. So those has no t started to come in the overall EBITDA numbers right now. Ladies and gentlem en, the line for the management has been disconnect ed. Kindly stay connected while we try to reconnect. Ladies and gen tlemen, thank you for patiently holding, the management's line has been reconnected. Over to you, sir. So I would say that we are confident in whatever we had talked aro und acquisition time and all. We are confident that all those things will be achieved. And better than that would be achieved, yes. The next question is from the line of Surya Narayan Patra from PhillipCapital India Private Sir, my first question is about our -- although you have given the guidance for the current year. How should we see, sir, in fact, the overall growth for the integrated operations? So whether of integration has started flowing in or what porti on of the integration benefit is yet to come in? And let's say, in terms of the growth, while the domestic is one of the largest earnings contributor for us, and it's been consiste ntly delivering double -di But from your -- what should be the real earning driver for us, whet her it is some uptick that we should see in our export activities now after se eing some kind of a moderation in the recent past, just like -- or what should r eally drive the earning momentum qualitatively from here for our next 2 years? If you can give some long -term oriented viewpoint then that will be really As far as integrations are concerned, let's say, it 's not a merger. It's -- companies and both are run as a separate companies, and Unichem as Managing Director, and IPCA Laboratories Limited May 30, 2024 , apart from, let's say, the 200 crores synergies, how I think EBITDA was minus by 100 crores. So there for the whole of the hanging fruits are there, like say, material buying and somewhere rationalization, some where utility cost rationalizations and all e are the only factors so far has come in the EBITDA margin and a lot of other th ings which we are looking at, like, say, sourcing changes from, let's say, from outside purchase to some of the APIs of Ipca and market API cost reduction is also work in progress because you need to do the stability and thereafter filings and then approvals and all. So those has no t started to come in the overall EBITDA en, the line for the management has been disconnect ed. Kindly stay connected while we try to reconnect. Ladies and gen tlemen, thank you for patiently holding, that we are confident in whatever we had talked aro und acquisition time and all. We are confident that all those things will be achieved. And better than that would be PhillipCapital India Private although you have given the guidance for the current year. How should we see, sir, in fact, the overall growth for the integrated operations? So whether of integration has started flowing in or what porti on of the integration benefit is yet to come in? And let's say, in terms of the growth, while the domestic is one of the largest di git growth since what should be the real earning driver for us, whet her it is some uptick that we should see in our export activities now after se eing some kind of a moderation in the recent eally drive the earning momentum qualitatively from here for term oriented viewpoint then that will be really both are separate companies and both are run as a separate companies, and Unichem as Managing Director, and he runs that company. Integration benefits, whateve r coming is relating to procurement is one area where integration reliefs w e are get advantages are coming in that because our buying ef ficiencies are much higher because volumes are much higher. So those advantages are definitely coming there. As far as the other areas are concerned, let's say, whatever those duplications are now avoided. So it's were incurring. That is no longer there. because of our expertise and utilities and also the re are utility cost reductions and their operational efficiency on production side is also building up, so that's another advantage which is coming from integration. And Ipca is also able to ex together, both the companies and teams are working to reduce the cost of API, which was one of our major concerns for there. But getting the be nefit will take some time because it's agai n, everything is regulatory and subsequently approvals and all. So it will may before some time in. As far as synergies of procur process because they have started doing the R&D wor k and put in stability until the stability is all over and they go back to the regulators and tak e the approval of that source. Until such time, sou rces are added in their master files and all, they can't procure. So it's still to take the effect. So that effect will also take some more time.

Okay. About the export outlook, if you can give som e sense and which market that you think can be meaningful? And also U.S., as you are saying that, okay, it will see a kind of a gradual ramp up only, but at least benefiting from the Unic hem acquisition or leveraging the Unichem's presence, we want to at least penetrate f aster, quicker for APIs at lea On the export outlook front, if you can give some s ense and if you can give some more clarity also about your key markets.

So bigger and bigger benefit of integrations will c ome of Unichem portfolio when we start putting all these Unichem's product in various markets like Europe, Australia, New Zealand, Canada, South Africa, all those markets when we sta rt putting those products. So that's the process currently going on. A lot of works are going on, on repeat bios and com those that work is going on. So till the time that work is over, it's monitored and there are time lines for that. But it takes time. It is not that overnight, those kind of work can be do portfolio of around 40, 50 formulations, and there portfolio of around 80 kind of formulations in generic markets. So all those becomes a signific ant size of number of products for t markets. So that is the work which is currently work in progress. IPCA Laboratories Limited he runs that company. Integration benefits, whateve r coming is relating to procurement is one area where integration reliefs w e are get ting the advantage. Significant advantages are coming in that because our buying ef ficiencies are much higher because volumes are much higher. So those advantages are definitely coming there. As far as the other areas are concerned, let's say, whatever work both the companies are doing and there are som e duplications for there. So those duplications are now avoided. So it's -- that unnecessary cost of both the organizations were incurring. That is no longer there. So that's another benefit that's coming because of our expertise and utilities and also the re are utility cost reductions and their operational efficiency on production side is also building up, so that's another advantage which is coming from integration. And Ipca is also able to ex tend some kind of expertise to them on cost reducti ons and all put together, both the companies and teams are working to reduce the cost of API, which was one of our major concerns for there. But getting the be nefit will take some time because it's n, everything is regulatory -- regulated process and work is happening to reduce t he costs and subsequently approvals and all. So it will may before some time -- it will take some time before those kind of approva ls comes in. As far as synergies of procur ement from Ipca of lower- cost API for them, it's again a process because they have started doing the R&D wor k and put in stability until the stability is all over and they go back to the regulators and tak e the approval of that source. Until such rces are added in their master files and all, they can't procure. So it's still to take the effect. So that effect will also take some more time. Okay. About the export outlook, if you can give som e sense and which market that you think meaningful? And also U.S., as you are saying that, okay, it will see a kind of a gradual ramp up only, but at least benefiting from the Unic hem acquisition or leveraging the Unichem's presence, we want to at least penetrate f aster, quicker for APIs at lea On the export outlook front, if you can give some s ense and if you can give some more clarity also about your key markets. So bigger and bigger benefit of integrations will c ome of Unichem portfolio when we start all these Unichem's product in various markets like Europe, Australia, New Zealand, Canada, South Africa, all those markets when we sta rt putting those products. So that's the process currently going on. A lot of works are going on, on repeat bios and com piling all those kind of dossiers and all those that work is going on. So till the time that work is over, it's -- every project is being monitored and there are time lines for that. But it takes time. It is not that overnight, those kind of work can be do ne. So that the bigger benefit of that will come once, let's say, if cost portfolio of around 40, 50 formulations, and there portfolio of around 80 kind of formulations in generic markets. So all those becomes a signific ant size of number of products for t markets. So that is the work which is currently work in progress. IPCA Laboratories Limited May 30, 2024 he runs that company. Integration benefits, whateve r coming is relating to -- basically ting the advantage. Significant advantages are coming in that because our buying ef ficiencies are much higher because So those advantages are definitely coming there. As far as the other areas are concerned, let's work both the companies are doing and there are som e duplications for there. So that unnecessary cost of both the organizations So that's another benefit that's coming . Third is because of our expertise and utilities and also the re are utility cost reductions and their operational efficiency on production side is also b uilding up, so that's another advantage which tend some kind of expertise to them on cost reducti ons and all put together, both the companies and teams are working to reduce the cost of API, which was one of our major concerns for there. But getting the be nefit will take some time because it's -- regulated process and work is happening to reduce t he costs it will take some time before those kind of approva ls comes cost API for them, it's again a process because they have started doing the R&D wor k and put in stability until the stability is all over and they go back to the regulators and tak e the approval of that source. Until such rces are added in their master files and all, they can't procure. So it's still to take the Okay. About the export outlook, if you can give som e sense and which market that you think meaningful? And also U.S., as you are saying that, okay, it will see a kind of a gradual ramp up only, but at least benefiting from the Unic hem acquisition or leveraging the Unichem's presence, we want to at least penetrate f aster, quicker for APIs at lea st to start with. On the export outlook front, if you can give some s ense and if you can give some more clarity So bigger and bigger benefit of integrations will c ome of Unichem portfolio when we start all these Unichem's product in various markets like Europe, Australia, New Zealand, Canada, South Africa, all those markets when we sta rt putting those products. So that's the piling all those kind of dossiers and all every project is being monitored and there are time lines for that. But it takes time. It is not that overnight, those kind So that the bigger benefit of that will come once, let's say, if cost portfolio of around 40, 50 formulations, and there portfolio of around 80 kind of formulations in generic markets. So all those becomes a signific ant size of number of products for t he other And that will give a larger integration benefit bec ause even though Unichem is present in Europe, they are only marketing 5, 6 products where as their U.S. market is more than 80 pr oducts. And currently, they are also selling a good number of products out of that, more than 50 products. So it's an integration that's going to be the key drivers and on that, we are working, but it will take time to particular fashion.

Okay. So then, sir, the 15% kind of a margin guidan ce for Unichem, what we had given, it is kind of a back

No, I have not given given. Unichem will still take some time. I said th at, yes, we are on a path, whatever we have talked. So I have said that from INR100 crores in current year with all those kind of efficiencies what we are talking. But that will still not capture a lot of those things which we are currentl y talking, which ar I'm saying.

Okay. Just last one question that since it is the f ull year results performance that we are discussing. If you can give some sense about your k ey subsidiaries also because we have seen some impairment cha should we think all our investment into various cor e or noncore subsidiaries, and their performance for the current year?

Let's say, what subsidies we have is one delivering all these solid state chemistry now. So that subsidy is doing very well. I think their turnover may be around GBP15 mi basis. Second subsidy in India is Trophic Wellness, they market the nutraceuticals and they have also delivered good profit in current year and they are in profit. Third subsidiary Bayshore. Now with Unichem coming in Bayshore was c reated only to market Ipca's product. And now since marketing certain kind of products, which we are so urcing from som from Bangladesh and some from India and all that. So it was a very small operations and it had its ow n cost. So Bayshore is one which will be now -- by and large, the entire operations will happen thr ough, not through Bayshore it's to be from. Unichem's also whatever was being done from Bayshore, that wi ll also get transferred to Unichem. So that's how integration will happen. And another subsidiary that w company we have created for CRAMS business in U.S. because we have very successful business operating from U.K. in the name of Onyx. So it was an extension of that because right IPCA Laboratories Limited And that will give a larger integration benefit bec ause even though Unichem is present in Europe, they are only marketing 5, 6 products where as their U.S. market is more than 80 oducts. And currently, they are also selling a good number of products out of that, more than 50 products. So it's an integration that's going to be the key drivers and on that, we are working, but it will take time to -- because everything is regulated, a nd it has to be done in that particular fashion. Okay. So then, sir, the 15% kind of a margin guidan ce for Unichem, what we had given, it is kind of a back -ended only, let's say, FY '26 or '27, like that. No, I have not given any guidelines for Unichem. I have said consolidati on guidelines are given. Unichem will still take some time. I said th at, yes, we are on a path, whatever we have talked. So I have said that from INR 50 crores of minus EBITDA, they have reached to aro und crores in current year. And we expect them to reach to alm ost around in current year with all those kind of efficiencies what we are talking. But that will still not capture a lot of those things which we are currentl y talking, which ar e in progress. That's what Okay. Just last one question that since it is the f ull year results performance that we are discussing. If you can give some sense about your k ey subsidiaries also because we have seen some impairment cha rge also relating to the credit that we have booked in this quarter. So how should we think all our investment into various cor e or noncore subsidiaries, and their performance for the current year? Let's say, what subsidies we have is one is Onyx Pharmaceuticals, which is there at U.K. That's delivering all these -- the development of new manufacturing processes and all those kind of solid state chemistry now. So that subsidy is doing very well. I think their turnover may be around GBP15 mi llion to GBP16 million, and they are a profitable c ompany on a continuous Second subsidy in India is Trophic Wellness, they market the nutraceuticals and they have also delivered good profit in current year and they are in profit. Third subsidiary Bayshore. Now with Unichem coming in Bayshore was c reated only to market Ipca's product. And now since Unichem is a bigger setup, so the relevance of that and they were only marketing certain kind of products, which we are so urcing from som e of the suppliers like from Bangladesh and some from India and all that. So it was a very small operations and it had its ow n cost. So Bayshore is one which will be by and large, the entire operations will happen thr ough, not through Bayshore it's to be from. Unichem's -- Ipca's product will also be distributed in U.S. thr ough Unichem and also whatever was being done from Bayshore, that wi ll also get transferred to Unichem. So that's how integration will happen. And another subsidiary that w e have is Pisgah, that subsidy we have created company we have created for CRAMS business in U.S. because we have very successful business operating from U.K. in the name of Onyx. So it was an extension of that because right IPCA Laboratories Limited May 30, 2024 And that will give a larger integration benefit bec ause even though Unichem is present in Europe, they are only marketing 5, 6 products where as their U.S. market is more than 80 oducts. And currently, they are also selling a good number of products out of that, more than 50 products. So it's an integration that's going to be the key drivers and on that, we are nd it has to be done in that Okay. So then, sir, the 15% kind of a margin guidan ce for Unichem, what we had given, it is any guidelines for Unichem. I have said consolidati on guidelines are given. Unichem will still take some time. I said th at, yes, we are on a path, whatever we have 50 crores of minus EBITDA, they have reached to aro und in current year. And we expect them to reach to alm ost around INR225 crores in current year with all those kind of efficiencies what we are talking. But that will still not e in progress. That's what Okay. Just last one question that since it is the f ull year results performance that we are discussing. If you can give some sense about your k ey subsidiaries also because we have seen rge also relating to the credit that we have booked in this quarter. So how should we think all our investment into various cor e or noncore subsidiaries, and their is Onyx Pharmaceuticals, which is there at U.K. That's the development of new manufacturing processes and all those kind of solid state chemistry now. So that subsidy is doing very well. I think their turnover may be llion to GBP16 million, and they are a profitable c ompany on a continuous Second subsidy in India is Trophic Wellness, they market the nutraceuticals and they have also delivered good profit in current year and they are in profit. Third subsidiary what we have is Bayshore. Now with Unichem coming in Bayshore was c reated only to market Ipca's product. of that and they were only e of the suppliers like So it was a very small operations and it had its ow n cost. So Bayshore is one which will be by and large, the entire operations will happen thr ough, not through Bayshore it's going Ipca's product will also be distributed in U.S. thr ough Unichem and also whatever was being done from Bayshore, that wi ll also get transferred to Unichem. So e have is Pisgah, that subsidy we have created -- subsidiary company we have created for CRAMS business in U.S. because we have very successful business operating from U.K. in the name of Onyx. So it was an extension of that because right now, no services being done by Onyx from extend there. And some kind of, let's say, low volume and high value kind of API p manufacturing facilities are there of certain narco tic products and all that kind of things. Onyx also has maybe 2, 3 new commercial API on their pip eline and development of new drugs. So that once the volume pick up, those kind o U.S. production may happen at Pisgah and certain ot her narcotic products are right now under development at Pisgah. So Pisgah has some small los ses currently. With the CRAMS business building up, that We have 2 associated companies. One is Avik. Avik i s a steroid business and they're also delivering profit. The only company where we have n ot been able to still come in the green is our Krebs that's fermentation operations. This compan we have introd amount of our own captive consumptions and all. So they have started producing that and large capacity fermenters. So we are looking for so me kind of there in terms of contract manufacturing and all. S o far, it has not happened, but we've seen progress to utilize their unutilized capacities, wh And as far as they have certain chemical blocks, wh ich are being currently utilized. And those blocks are on the breakeven plus they are making pr ofit. But on fermentation side, we still have loss and it may take some m Krebs operations.

The next question is from the line of Chirag Dagli from DSP Mutual Fund.

Sir, can you indicate in your guidance of scale up? And just a little more color around the U.S. scale up over the next 3 years?

Let's say, we had almost around few months, and I think we have received almost aro received around 4 approvals. And prior to date, I think 3 or 4 approvals has come. So almost around 18 plus around 8 number we have. And then there are balanc in. So right now, it's now whatever updations are r equired in those existing files in terms of change in the processes or change in the pharmacope ial status and all that, that work is going on right now. A nd at least around 6 to 7 products will be launched out of those kind of approved products in current financial year. And once all those updation s are happened, then I think next year, the IPCA Laboratories Limited now, no services are being -- hardly there is any service to the U.S. company. It 's all services being done by Onyx from -- to the European companies are there. So that is what we wanted to And some kind of, let's say, low volume and high value kind of API p roduction that very small manufacturing facilities are there of certain narco tic products and all that kind of things. Onyx also has maybe 2, 3 new commercial API on their pip eline and development of new drugs. So that once the volume pick up, those kind o f -- once they are launched in the market and all, the U.S. production may happen at Pisgah and certain ot her narcotic products are right now under development at Pisgah. So Pisgah has some small los ses currently. With the CRAMS business building up, that will be not there. We have 2 associated companies. One is Avik. Avik i s a steroid business and they're also delivering profit. The only company where we have n ot been able to still come in the green is our Krebs that's fermentation operations. This compan y was producing simvastatin and there we have introd uced some of our products like Serratiopeptidase because we have a large amount of our own captive consumptions and all. So they have started producing that and -- but still, they have very large capa large capacity fermenters. So we are looking for so me kind of -- the other opportunity is also there in terms of contract manufacturing and all. S o far, it has not happened, but we've seen progress to utilize their unutilized capacities, which are there on fermentation side. And as far as they have certain chemical blocks, wh ich are being currently utilized. And those blocks are on the breakeven plus they are making pr ofit. But on fermentation side, we still have loss and it may take some m aybe 1.5 years' time before we start making profit from Krebs operations. The next question is from the line of Chirag Dagli from DSP Mutual Fund. Sir, can you indicate in your guidance of INR 9,000 crores, how are you baking in the scale up? And just a little more color around the U.S. scale up over the next 3 years? Let's say, we had almost around -- Ipca's around 18 products were approved I think in the last few months, and I think we have received almost aro und -- current month itself, we have received around 4 approvals. And prior to date, I think 3 or 4 approvals has come. So almost around 18 plus around 8 -- 7 or 8 approvals has already come. So that's the ov erall number we have. And then there are balanc e filings are there. So once those approval comes in. So right now, it's now whatever updations are r equired in those existing files in terms of change in the processes or change in the pharmacope ial status and all that, that work is going nd at least around 6 to 7 products will be launched out of those kind of approved products in current financial year. And once all those updation s are happened, then I think next year, the IPCA Laboratories Limited May 30, 2024 hardly there is any service to the U.S. company. It 's all services to the European companies are there. So that is what we wanted to roduction that very small manufacturing facilities are there of certain narco tic products and all that kind of things. Onyx also has maybe 2, 3 new commercial API on their pip eline and development of new drugs. So once they are launched in the market and all, the U.S. production may happen at Pisgah and certain ot her narcotic products are right now under development at Pisgah. So Pisgah has some small los ses currently. With the CRAMS business We have 2 associated companies. One is Avik. Avik i s a steroid business and they're also delivering profit. The only company where we have n ot been able to still come in the green is y was producing simvastatin and there -- because we have a large but still, they have very large capa cities and very the other opportunity is also there in terms of contract manufacturing and all. S o far, it has not happened, but we've seen ich are there on fermentation side. And as far as they have certain chemical blocks, wh ich are being currently utilized. And those blocks are on the breakeven plus they are making pr ofit. But on fermentation side, we still aybe 1.5 years' time before we start making profit from 9,000 crores, how are you baking in the U.S. scale up? And just a little more color around the U.S. scale up over the next 3 years? Ipca's around 18 products were approved I think in the last current month itself, we have received around 4 approvals. And prior to date, I think 3 or 4 approvals has come. 7 or 8 approvals has already come. So that's the ov erall e filings are there. So once those approval comes in. So right now, it's now whatever updations are r equired in those existing files in terms of change in the processes or change in the pharmacope ial status and all that, that work is going nd at least around 6 to 7 products will be launched out of those kind of approved products in current financial year. And once all those updation s are happened, then I think next year, the bigger ramp - financial year.

So FY '26, you should not only see the full impact of the 6 to 7 launches in '25, but also more launches?

Yes, yes. Yes.

Sir, these 25 that you have or 26 that you have as the market over 3 years. Is that how we should think about it?

Yes, that's true. Maybe a few out of that may not b e viable now. So because most of them are from our own maybe there are a

Understood. And sir, can you also give some color a round margins in the API and the exports business? Some very basic math teens kind of margins? Does that make sense? And ho w have these behaved over the last maybe 3 years?

Sir, I'm sorry, the management line has been discon nected. Kindly stay connected reconnect them, yes. Ladies and gentlemen, thank yo u for patiently holding. The line for the management has been reconnected. Over to you, sir.

Chirag?

Sir, do you want me to repeat the question?

No, no, no. I think there is some problem in connec tivity off and on, the lines are getting disconnected. Yes, Chirag?

Sir, do you want me to repeat the question?

Yes, yes, please.

Sir, I was asking on the segme business, export formulations and API business at l east over the last 3 years. And going forward, how are you thinking about these business margins?

Chirag, with this raw materia improve going forward, 100 to 150 basis points next 2, 3 years. That is what is our guidance.

100 to -- over the next 3 years is what you're saying, sir?

Every ye ar, 100 to 150 basis points.

Over the next 3 years, okay. Understood. IPCA Laboratories Limited -up would happen because all those products will be comm ercialized in next financial year. So FY '26, you should not only see the full impact of the 6 to 7 launches in '25, but also more Yes, yes. Yes. Sir, these 25 that you have or 26 that you have as approved products, all of them should be in the market over 3 years. Is that how we should think about it? Yes, that's true. Maybe a few out of that may not b e viable now. So -- but there are very few because most of them are from our own API source. It's not an outsourced API. So maybe there are a few maybe -- may or may not be market area. Understood. And sir, can you also give some color a round margins in the API and the exports business? Some very basic math suggests that these are businesses which are still in the early teens kind of margins? Does that make sense? And ho w have these behaved over the last maybe 3 years? Sir, I'm sorry, the management line has been discon nected. Kindly stay connected reconnect them, yes. Ladies and gentlemen, thank yo u for patiently holding. The line for the management has been reconnected. Over to you, sir. Sir, do you want me to repeat the question? No, no, no. I think there is some problem in connec tivity off and on, the lines are getting disconnected. Yes, Chirag? Sir, do you want me to repeat the question? Yes, yes, please. Sir, I was asking on the segme ntal, how should we think about margins in the expo rts and API business, export formulations and API business at l east over the last 3 years. And going forward, how are you thinking about these business margins? Chirag, with this raw materia l prices now stabilizing, we are very confident our margins will improve going forward, 100 to 150 basis points next 2, 3 years. That is what is our guidance. over the next 3 years is what you're saying, sir? ar, 100 to 150 basis points. Over the next 3 years, okay. Understood. IPCA Laboratories Limited May 30, 2024 ercialized in next So FY '26, you should not only see the full impact of the 6 to 7 launches in '25, but also more approved products, all of them should be in but there are very few API source. It's not an outsourced API. So -- but Understood. And sir, can you also give some color a round margins in the API and the exports suggests that these are businesses which are still in the early teens kind of margins? Does that make sense? And ho w have these behaved over the last Sir, I'm sorry, the management line has been discon nected. Kindly stay connected . I will try to reconnect them, yes. Ladies and gentlemen, thank yo u for patiently holding. The line for the No, no, no. I think there is some problem in connec tivity off and on, the lines are getting ntal, how should we think about margins in the expo rts and API business, export formulations and API business at l east over the last 3 years. And going l prices now stabilizing, we are very confident our margins will improve going forward, 100 to 150 basis points next 2, 3 years. That is what is our guidance.

Our aim is to reach ultimately to that level of around 24%, 25% over the next 6, 7 years.

Understood, sir. And sir, over the last 3 years, ha ve businesses come down substantially, that understanding is right?

There was also a lot of fluctuation in the material cost. That was the primary reason. Even this year also, the margin improvement is basic over the overhead expenses, nothing else. ratio of total business was higher where value addi tion is more. These are the 3 basic things, which added to t

The next question is from the line of Bino Pathiparampil from Elara Capital.

Clarification on the margin, sir, if I heard right, you have given a more consol EBITDA margin guidance of 18% for FY '25, cor

Yes.

Yes.

Okay. And you also told around INR 225 crores of EBITDA in FY '25?

Yes.

To roughly calcul from around 6% last year to around 9.5%, 10% this y ear. So the entire EBITDA margin at the consol level increasing from FY '24 to '25 seems to be coming from Unichem. There is no sign ificant improvement, I can see in the rest of Ipca. Am I reading it correct?

No. Ipca's, basically, EBITDA margins in current ye ar is 19.29%. From there, it will move to around 20.5% to 21%, yes. That's what we said.

There are also some improvements. Understood, sir. And second, sir, on the top line guidance, I heard 2 numbers. One is a 14% top line growth and other is is correct or there is some difference between these two?

Bino, what happened actually in the consolidated re sults of FY '24, Unichem consolidation was only from August onwards. So in the financial y ear '25 whole year consolidation will happen. So to my top line, whatever is there, about consolidated will also get added.

Understood. So the reported number will be 14% grow th on the consol number? Or will it be INR 9,000 crores?

14% growth on consol number, yes. And on a stand

The next question is from the line of Kunal Dhamesha from Macquarie. IPCA Laboratories Limited Our aim is to reach ultimately to that level of around 24%, 25% over the next 6, 7 years. Understood, sir. And sir, over the last 3 years, ha ve the margins for these businesses come down substantially, that understanding is right? There was also a lot of fluctuation in the material cost. That was the primary reason. Even this year also, the margin improvement is basic ally on account of lower material costs, plus contr ol over the overhead expenses, nothing else. Plus contribution from formulation business as a ratio of total business was higher where value addi tion is more. These are the 3 basic things, which added to t his margin expansion. he next question is from the line of Bino Pathiparampil from Elara Capital. Clarification on the margin, sir, if I heard right, you have given a more consol EBITDA margin guidance of 18% for FY '25, cor rect? Okay. And you also told -- has answered to one of the questions that Unichem s hould do 225 crores of EBITDA in FY '25? To roughly calcul ate, the INR225 crores is Unichem has to do, its EBITDA margin should go from around 6% last year to around 9.5%, 10% this y ear. So the entire EBITDA margin at the consol level increasing from FY '24 to '25 seems to be coming from Unichem. There is no ificant improvement, I can see in the rest of Ipca. Am I reading it correct? No. Ipca's, basically, EBITDA margins in current ye ar is 19.29%. From there, it will move to around 20.5% to 21%, yes. That's what we said. There are also some improvements. Understood, sir. And second, sir, on the top line guidance, I heard 2 numbers. One is a 14% top line growth and other is INR9,000 crores is correct or there is some difference between these two? Bino, what happened actually in the consolidated re sults of FY '24, Unichem consolidation was only from August onwards. So in the financial y ear '25 whole year consolidation will happen. So to my top line, whatever is there, about INR 2,000 crores of Unic consolidated will also get added. Understood. So the reported number will be 14% grow th on the consol number? Or will it be 9,000 crores? 14% growth on consol number, yes. And on a stand -alone number, arou nd 10.5% to 11%. The next question is from the line of Kunal Dhamesha from Macquarie. IPCA Laboratories Limited May 30, 2024 Our aim is to reach ultimately to that level of around 24%, 25% over the next 6, 7 years. the margins for these -- both these There was also a lot of fluctuation in the material cost. That was the primary reason. Even this ally on account of lower material costs, plus contr ol Plus contribution from formulation business as a ratio of total business was higher where value addi tion is more. These are the 3 basic things, Clarification on the margin, sir, if I heard right, you have given a more consol EBITDA margin has answered to one of the questions that Unichem s hould do is Unichem has to do, its EBITDA margin should go from around 6% last year to around 9.5%, 10% this y ear. So the entire EBITDA margin at the consol level increasing from FY '24 to '25 seems to be coming from Unichem. There is no ificant improvement, I can see in the rest of Ipca. Am I reading it correct? No. Ipca's, basically, EBITDA margins in current ye ar is 19.29%. From there, it will move to There are also some improvements. Understood, sir. And second, sir, on the top line guidance, crores number, which Bino, what happened actually in the consolidated re sults of FY '24, Unichem consolidation was only from August onwards. So in the financial y ear '25 whole year consolidation will 2,000 crores of Unic hem top line Understood. So the reported number will be 14% grow th on the consol number? Or will it be nd 10.5% to 11%.

Sir, the EBITDA margin guidance of around 18%, does that include the other income?

No, no. Now we have stopped including other we have presented in the press conference, it is ex cluding other income it is excluding other income.

Okay. So 18% excluding other income.

Yes. We have exclu this year about

And for Unichem, the EBITDA margin improvement, is it largely a function of new product launches, if yes, how man

No, no that Mr. Jain has already explained, whateve r low capturing. The other work is ongoing. The benefit w ill come perhaps maybe start getting benefits from the next financial year. Launch a bit more time whereas all other work, which can be done fast, like integration of purchases, raw material costs, utility costs, a little bit imp rovement in the operational efficiency of their API facilities. seeing, last financial year also and the current financial year also.

But there will be growth as well, right? expecting it to be around

That is right. Current year expected

So how many product launches are we factoring in for Unichem? And what is the price erosion that we are baking in for the Unichem's U.S. business?

Unichem, their gross margin has been steady. There is no change. More or less, their pricing is also on a stabilized basis, hardly any changes happ ening. So they will launch maybe current year 5 to 6 formulations in the U.S. market.

Okay. And anything on the outlook?

Maybe around

Total should be

Yes, on a consolidated basis, that is right.

Okay. And sir, our U.S. fa maybe what is the current EBITDA drag

Maybe around for the U.S. market. In fact, 2 formulations are al ready shipped to U.S. in the current month. IPCA Laboratories Limited Sir, the EBITDA margin guidance of around 18%, does that include the other income? No, no. Now we have stopped including other income in our EBITDA. Whatever calculation we have presented in the press conference, it is ex cluding other income -- press release, sorry, it is excluding other income. Okay. So 18% excluding other income. Yes. We have exclu ded other income. We have also excluded exchange ga ins. What we made this year about INR20 crores, that also we have excluded. And for Unichem, the EBITDA margin improvement, is it largely a function of new product launches, if yes, how man y products? No, no that Mr. Jain has already explained, whateve r low -hanging fruits are there that we are capturing. The other work is ongoing. The benefit w ill come perhaps maybe start getting benefits from the next financial year. Launch a nd source change and all that will take a little bit more time whereas all other work, which can be done fast, like integration of purchases, raw material costs, utility costs, a little bit imp rovement in the operational efficiency of their API facilities. All this has only contributed whatever incremental EBITDA, the Unichem is seeing, last financial year also and the current financial year also. But there will be growth as well, right? INR1,700 crores revenue for Unichem, we are it to be around INR2,000 crores? That is right. Current year expected -- yes. So how many product launches are we factoring in for Unichem? And what is the price erosion that we are baking in for the Unichem's U.S. business? Unichem, their gross margin has been steady. There is no change. More or less, their pricing is also on a stabilized basis, hardly any changes happ ening. So they will launch maybe current year 5 to 6 formulations in the U.S. market. Okay. And anything on the capex front for this year at a consol level, what would b e our Maybe around INR300 crores to INR 350 crores, including our normal, whatever Total should be INR350 crores or total should be somewhere around INR 500 crores? Yes, on a consolidated basis, that is right. Okay. And sir, our U.S. fa cilities, Silvassa, Pithampur, what is the current utilization level or maybe what is the current EBITDA drag that they are putting for us at a console level? Maybe around INR50 crores, INR 60 crores drag. Silvassa has already started manufa cturing for the U.S. market. In fact, 2 formulations are al ready shipped to U.S. in the current month. IPCA Laboratories Limited May 30, 2024 Sir, the EBITDA margin guidance of around 18%, does that include the other income? income in our EBITDA. Whatever calculation press release, sorry, ded other income. We have also excluded exchange ga ins. What we made And for Unichem, the EBITDA margin improvement, is it largely a function of new product hanging fruits are there that we are capturing. The other work is ongoing. The benefit w ill come perhaps maybe start getting nd source change and all that will take a little bit more time whereas all other work, which can be done fast, like integration of purchases, raw material costs, utility costs, a little bit imp rovement in the operational efficiency of their All this has only contributed whatever incremental EBITDA, the Unichem is revenue for Unichem, we are So how many product launches are we factoring in for Unichem? And what is the price erosion Unichem, their gross margin has been steady. There is no change. More or less, their pricing is also on a stabilized basis, hardly any changes happ ening. So they will launch maybe current front for this year at a consol level, what would b e our 350 crores, including our normal, whatever capex. 500 crores? what is the current utilization level or that they are putting for us at a console level? 60 crores drag. Silvassa has already started manufa cturing for the U.S. market. In fact, 2 formulations are al ready shipped to U.S. in the current month. Another 2, 3 products are under commercialization. And Pith ampur facility, we are also using for other markets like Australia and New Zealand, E urope and all, where current capacity utilization may be around 35%, yes.

And then one last question. I starts increasing, shall it positively impact our API business? Or you don't see this one

See, what was happening, any incremental raw materi al cost, we used to pass unfortunately, the situation was not so in the last 2 financial years because of stocking and other situation. But hopefully, going forward, ever ything should get normalized. So I don't think from here on, anything adverse will happen as far as the

By and large, prices are stable at market, and I th ink we are not witnessing any kind of major change in any kind of procurement prices. Minor cha nge here and there may happen, but that will not impact right no

But this raw material pricing cycle has also impact ed our API pricing as well, right? Our API prices have also come down in the last couple of ye ars, API business pri API business.

Not all. Only a few.

The major impact in the API business was because of a single product, Losartan, where currently there is a stability sale price also and raw material price also.

And at some point, we had also put a continuous man ufacturing facility for sartan, how is that doing?

No, it was not for sartan, for some intermediate, t hat work is progressing. It will be a slow progress. You can't expect mira

The next question is from the line of Tushar Manudh ane from Motilal Oswal Financial Services.

Sir, just on the India domestic formulation, the to p 16 metros forms what perce domestic formulation sales for us?

The metro- wise sales, we don't capture and separately monitor it. It's monitor is IQVIA numbers that tabulate the numbers based on the reps territory wise, we don't tabulate as per the metro, and that's not how we see the numbers. But what we have done in the last few years is that we have more focus on metro side, increase depending on the overall number of doctors our field force in metro cities. And that's what I said that, that has started resulting in giving a higher growth. So IQVIA has captured almost around 16% growth for us in 6 large metro IPCA Laboratories Limited 2, 3 products are under commercialization. And Pith ampur facility, we are also using for other markets like Australia and New Zealand, E urope and all, where current capacity utilization may be around 35%, yes. And then one last question. I f let's say, the raw material prices were to move a dversely, if it starts increasing, shall it positively impact our API business? Or you don't see this one See, what was happening, any incremental raw materi al cost, we used to pass unfortunately, the situation was not so in the last 2 financial years because of stocking and other situation. But hopefully, going forward, ever ything should get normalized. So I don't think from here on, anything adverse will happen as far as the material cost is concerned. By and large, prices are stable at market, and I th ink we are not witnessing any kind of major change in any kind of procurement prices. Minor cha nge here and there may happen, but that will not impact right no w. So more or less, it's a very steady kind of pricings are there coming. But this raw material pricing cycle has also impact ed our API pricing as well, right? Our API prices have also come down in the last couple of ye ars, API business pri ces, like realization in API business. Not all. Only a few. The major impact in the API business was because of a single product, Losartan, where currently there is a stability sale price also and raw material price also. And at some point, we had also put a continuous man ufacturing facility for sartan, how is that No, it was not for sartan, for some intermediate, t hat work is progressing. It will be a slow progress. You can't expect mira cle over there. Things are happening, but it is slow. The next question is from the line of Tushar Manudh ane from Motilal Oswal Financial Sir, just on the India domestic formulation, the to p 16 metros forms what perce domestic formulation sales for us? wise sales, we don't capture and separately monitor it. It's -- basically, what we monitor is IQVIA numbers that -- how they are reporting the overall numbers because we numbers based on the reps territory wise, we don't tabulate as per the metro, and that's not how we see the numbers. But what we have done in the last few years is that we have more focus on metro side, increase depending on the overall number of doctors practicing there. We have increased the strength of our field force in metro cities. And that's what I said that, that has started resulting in giving a higher growth. So IQVIA has captured almost around 16% growth for us in 6 large metro IPCA Laboratories Limited May 30, 2024 2, 3 products are under commercialization. And Pith ampur facility, we are also using for other markets like Australia and New Zealand, E urope and all, where current capacity f let's say, the raw material prices were to move a dversely, if it starts increasing, shall it positively impact our API business? Or you don't see this one -off... See, what was happening, any incremental raw materi al cost, we used to pass on. But unfortunately, the situation was not so in the last 2 financial years because of stocking and other situation. But hopefully, going forward, ever ything should get normalized. So I don't material cost is concerned. By and large, prices are stable at market, and I th ink we are not witnessing any kind of major change in any kind of procurement prices. Minor cha nge here and there may happen, but that w. So more or less, it's a very steady kind of pricings are there coming. But this raw material pricing cycle has also impact ed our API pricing as well, right? Our API ces, like realization in The major impact in the API business was because of a single product, Losartan, where And at some point, we had also put a continuous man ufacturing facility for sartan, how is that No, it was not for sartan, for some intermediate, t hat work is progressing. It will be a slow cle over there. Things are happening, but it is slow. The next question is from the line of Tushar Manudh ane from Motilal Oswal Financial Sir, just on the India domestic formulation, the to p 16 metros forms what perce nt of the basically, what we how they are reporting the overall numbers because we numbers based on the reps territory wise, we don't tabulate as per the metro, and But what we have done in the last few years is that we have more focus on metro side, increase practicing there. We have increased the strength of our field force in metro cities. And that's what I said that, that has started resulting in giving a higher growth. So IQVIA has captured almost around 16% growth for us in 6 large metro cities. And as ag the business for us.

So at least on the field force side, if you could share how many are dedicated for metro cities?

Division wise, it's a differ

Tushar, we have 21 market divisions.

No, no, no, division

Division has presence in all metro cities.

Okay. And what's your outlook at the industry growth for, say , next 12 to 24 months for domestic formulation? Industry industry level.

The industry is currently, I think setting challeng es on very robust and also because of all those kind of s ignificant amount of heat and the temperature is rising everywhere and all. So that is also resulting in the overall lower growth in the market because people are not ve longer period of time, we are not seeing such kind of numbers for Acute segment. So over a period of time, Acute should revive. Chro nic has already revived and Chronic markets are growing very wel are there. And once the Acute segment revive, overa ll market may start growing again by around 10% to 12% and currently 7% to 8% kind of growths are there in the market.

Understood. So that's helpful.

[inaudible 0:41:11

Sorry, sir, I missed your statement.

If markets start growing by around 10% to 11% kind of thing, our growth in domes then we'll start giving around 14% kind of growth.

Understood. And for fourth quarter or for full year , if you could also share price volume and new launches for Ipca?

Pardon, Tushar?

Sir, pric e volume and new launches growth for Ipca?

See, current year wholesale price index, you also k now, Tushar, there is no price increase as far as the products which are under NLEM. So otherw ise, the normal 4%, 5%, 6% price increase, maybe anot introduction, another 2%. IPCA Laboratories Limited cities. And as ag ainst market was growing in those are around 8%. So metros are now driving the business for us. So at least on the field force side, if you could share how many are dedicated for metro cities? Division wise, it's a differ ent number. I don't... Tushar, we have 21 market divisions. No, no, no, division -wise, sir, our overall field force metro, non-metro... Division has presence in all metro cities. what's your outlook at the industry growth for, say , next 12 to 24 months for domestic formulation? Industry -wise, you already shared your revenue growth just o n the industry level. The industry is currently, I think setting challeng es on Acute segment, Acute growth are not very robust and also because of all those kind of s ignificant amount of heat and the temperature is rising everywhere and all. So that is also resulting in the overall lower growth in the market because people are not ve nturing out and all those kind of things. So longer period of time, we are not seeing such kind of numbers for Acute segment. So over a period of time, Acute should revive. Chro nic has already revived and Chronic markets are growing very wel l. So overall, it's on only the Acute segment, wher e certain issues are there. And once the Acute segment revive, overa ll market may start growing again by around 10% to 12% and currently 7% to 8% kind of growths are there in the market. Understood. So that's helpful. inaudible 0 41:11 ] it should be go to around 14%, yes. Sorry, sir, I missed your statement. If markets start growing by around 10% to 11% kind of thing, our growth in domes then we'll start giving around 14% kind of growth. Understood. And for fourth quarter or for full year , if you could also share price volume and new launches for Ipca? Pardon, Tushar? e volume and new launches growth for Ipca? See, current year wholesale price index, you also k now, Tushar, there is no price increase as far as the products which are under NLEM. So otherw ise, the normal 4%, 5%, 6% price increase, maybe anot her 5%, 6% volume growth. I'm telling non- NLEM and plus new product introduction, another 2%. IPCA Laboratories Limited May 30, 2024 ainst market was growing in those are around 8%. So metros are now driving So at least on the field force side, if you could share how many are dedicated for metro cities? what's your outlook at the industry growth for, say , next 12 to 24 months for wise, you already shared your revenue growth just o n the Acute segment, Acute growth are not very robust and also because of all those kind of s ignificant amount of heat and the temperature is rising everywhere and all. So that is also resulting in the overall lower growth in nturing out and all those kind of things. So -- but over a longer period of time, we are not seeing such kind of numbers for Acute segment. So over a period of time, Acute should revive. Chro nic has already revived and Chronic l. So overall, it's on only the Acute segment, wher e certain issues are there. And once the Acute segment revive, overa ll market may start growing again by around 10% to 12% and currently 7% to 8% kind of growths are there in the market. If markets start growing by around 10% to 11% kind of thing, our growth in domes tic market, Understood. And for fourth quarter or for full year , if you could also share price volume and See, current year wholesale price index, you also k now, Tushar, there is no price increase as far as the products which are under NLEM. So otherw ise, the normal 4%, 5%, 6% price NLEM and plus new product

Understood. And secondly, sir, any further clarity in terms of the inspection at Unichem side, I guess they have been inspected last in 2020.

Nothing. Only one plant got inspected and without a ny 483, they have cleared the inspection. Beyond that there are no other plants got inspected. Only one facility got reinspected.

The next question is from the line of Jayant, an current participant is not answering. And that was the last question. I would now like to hand the conference over to the management for closing comments. Over to you, sir.

Michelle, unless ther comments we want to make. So you can the question queue, anything, nothing?

Sir, nobody is there in the queue.

Okay. Then we can close, Michelle.

Thank you so much, sir.

Thank you, all.

Thank you, sir. Ladies and gentlemen, on behalf of DAM Capital Advisors Limited, that concludes this conference. We thank you for joining us lines. Thank you. IPCA Laboratories Limited Understood. And secondly, sir, any further clarity in terms of the inspection at Unichem side, I guess they have been inspected last in 2020. Nothing. Only one plant got inspected and without a ny 483, they have cleared the inspection. Beyond that there are no other plants got inspected. Only one facility got reinspected. The next question is from the line of Jayant, an individual investor. Ladies and gentlemen, the current participant is not answering. And that was the last question. I would now like to hand the conference over to the management for closing comments. Over to you, sir. Michelle, unless ther e is anybody else asking questions, I don't think t here is any further comments we want to make. So you can -- one more time you can ask if anybody is there in the question queue, anything, nothing? Sir, nobody is there in the queue. Okay. Then we can close, Michelle. Thank you so much, sir. Thank you, all. Thank you, sir. Ladies and gentlemen, on behalf of DAM Capital Advisors Limited, that concludes this conference. We thank you for joining us and you may now disconnect your lines. Thank you. IPCA Laboratories Limited May 30, 2024 Understood. And secondly, sir, any further clarity in terms of the inspection at Unichem side, I Nothing. Only one plant got inspected and without a ny 483, they have cleared the inspection. Beyond that there are no other plants got inspected. Only one facility got reinspected. Ladies and gentlemen, the current participant is not answering. And that was the last question. I would now like to hand the conference over to the management for closing comments. Over to you, sir. e is anybody else asking questions, I don't think t here is any further one more time you can ask if anybody is there in Thank you, sir. Ladies and gentlemen, on behalf of DAM Capital Advisors Limited, that and you may now disconnect your