IPCA Laboratories Ltd

Ladies and ge Ipca Laborato participant lin questions afte call, please si note that this I now hand th Thank you an

Michelle. Hi. Good afternoon, everyone, and a very warm welc nings Call hosted by DAM Capital Advisors Private Limited. esenting Ipca Labs, Mr. A.K. Jain, Managing Director; and Mr ounsel and Company Secretary. he call to Mr. Jain to make the opening comments and then w Please go ahead, sir.

delivered aro around INR1 8%. In spite of ge INR801 crore promotional m the last financ As far as mar is around 18 quarter. For f 16.22% in FY 11.29% for Q And consolid in FY '24. Ma 35.58% in FY As far as the business grow will further im around 14% t to around 18% Having given Thank you v Macquarie. Pl The first ques And have you Sorry to interr So how is ou own plant as o our R&D exp Overall, let's from our plan pipeline is no will be taken. So it will take concerned, bo which will tra Page 3 of 14 und 9% growth. And overall formulation business for the ye ,775 crores from a business around INR1,659 crores, with a eneric export growth of around 22% for the year to around IN es, overall growth is lower because of challenges we have market like Russia and West Africa and decline in institutional g cial year. rgins are concerned, the stand-alone margin for the quarter is -- .5% as against 11.29% that recorded in previous financial y full financial year, the EBITDA margin is achieved at around Y '23. And consolidated EBITDA margins are at around 14.98% Q4 FY '23. ated EBITDA margin for the year is around 16.72% for FY '24 aterial cost to sales ratio stand-alone basis has improved to aro Y '23. And we are witnessing a price stability for majority of our guidance for 2025 is concerned -- FY '25 is concerned, we exp wth of around 10.5% to 11% for FY '25. We expect that our mprove from 19.29% to 20.5% to 21%. Our consolidated bu to 14.25% for FY '25 and consolidated EBITDA to improve fur % for the financial year 2025. all these numbers, I now request participants to ask questions. very much sir. The first question is from the line of Kunal lease go ahead. stion on our own U.S. plants are kind of cleared. How is that bus u started filing new ANDAs... rupt, sir, your voice is not clear. May I request you to use your h ur own U.S. business shaping up? And have we started filing of now? And do we expect an 18% EBITDA margin guidance? penses to go up? say, that as far as U.S. is concerned, we have not started so far nts because it will take -- we had -- nothing we had in the pipe ow building. So people are working now in R&D and thereafte Stability will take a lot of time, 6 to 7 months time and then dat e some time before we start filing as far as U.S. is concerned. oth companies put together are spending almost around INR25 anslate into -- for ourselves and Unichem put together. And t ear has reached to growth of around NR981 crores from faced in branded generic business in - EBITDA margin year in the fourth 19.29% as against % for Q4 as against 4 as against 15.3% ound 32.08% from r procurement. pect a stand-alone EBITDA margins usiness to grow at rther from 16.72% l Dhamesha from siness shaping up? handset? ANDAs from our Are we expecting filing the ANDAs eline for U.S. And er, buyback shares ta compilation. As far as R&D is 0 crores on R&D, that translates into

around 3.25% remain in this your next que So our U.S. -- Let's say, pos there for a lon changed, som needs to be up

And now fina product is in the places wh of works are e

So that all th current year, m as the progres any sales as fa Okay. And wh growth, but ca domestic API Let's say, on generics will of lower grow Russia and als

So there will 14% kind of g Ipca, that sho that's the stan

And on a con consolidation quarter numb number was a So overall, th considering o almost aroun consolidation translate into

Page 4 of 14 % to 3.5% kind of expenditure to sales. And more or less, th s particular range only as far as R&D is concerned. And the - estion? - our own U.S. dynamic sales, how has that shaped up post the p st plant clearance, a lot of work was to be done as far as -- bec ng period of time. Somewhere the IP status changed, somewhe mewhere the processes have changed, also API has changed an pdated in all these kind of ANDAs and so all those activity was ally, I think last few days back, first shipment has gone of one p pipeline. And more products will be the shipment would start here the IP status -- sorry, USP status -- where pharmaco status even going on right now. he ANDAs are fully updated and then business starts. So hop maybe around 6 to 7 products will be launched and that will be ss happens during the year. So as far as sales are concerned, it ar as U.S. is concerned. hile we have provided the outlook on a consolidated basis of aro an you provide more details on the business segment-wise grow I, export API and the generic business, et cetera? a stand-alone basis, domestic business is expected to grow aro also have a similar kind of growth. The promotional market wi wth because of some issue being faced at -- because of currenci so West African market, there are some certain challenges there be a little lower growth on that. And institutional business w growth. And we expect around 7% to 8% business growth in AP ould be around 11.5% -- 11% to 11.5% kind of growth would nd-alone number. nsolidated basis, the growth is coming a little higher because la , Unichem was acquired in our second quarter. So consolidation er was not full. August, yes, it was August number was there. also not full. hat effect is also there in that. And overall, I think we should our business growth and Unichem's business growth, and over nd, I think sales-wise, may be around INR9,000 crores, and may reach to almost around INR1,600 crores plus kind of EBI that kind of number of 18%, 18.5% kind of overall.

his number would -- sorry, what was plant clearance? cause we were not ere our vendor had nd all that. So that going on. roduct and second now. And a lot of has changed, a lot pefully, I think in launched by the -- t does not include ound 14% top line wth, let's say, API, ound 12%. Export ill have some kind ies depreciation in e. will deliver around PI side. So overall, d be there, yes. So ast year, I think on n is -- even second So second quarter be almost around rall, we should be EBITDA overall ITDA. So that will

And sir, just acquisition ad much of that w If you look at around INR45 is a almost ar year.

And as far as material buyin those are may has come in t sourcing chan extensions an

API cost redu filings and th numbers right Ladies and g connected wh the manageme So I would sa all. We are c achieved, yes The next que Limited. Sir, my first q How should w the benefit of to come in? A earnings cont many years.

But from you we should see past, just like our next 2 ye helpful. As far as int companies an

Page 5 of 14 one last, if I may. When we say the INR1,600 crores, apart f ddition, the synergy number that we had at around INR200 cror would be factored into the INR1,600 crores? t Unichem, I think last financial year, they had -- I think EBITD 5 crores. From there, they have achieved an EBITDA of INR10 round INR145 crores, say, in the current year once after -- for s the changes are concerned, whatever the low-hanging fruits a ng and somewhere rationalization, somewhere utility cost ration ybe production efficiency improvement and all. These are the o the EBITDA margin and a lot of other things which we are loo nges from, let's say, from outside purchase to some of the APIs o nd those all work -- are all work in progress. uction is also work in progress because you need to do the stabi hen approvals and all. So those has not started to come in the t now. gentlemen, the line for the management has been disconnec hile we try to reconnect. Ladies and gentlemen, thank you for ent's line has been reconnected. Over to you, sir. ay that we are confident in whatever we had talked around acq confident that all those things will be achieved. And better th . estion is from the line of Surya Narayan Patra from PhillipCap question is about our -- although you have given the guidance fo we see, sir, in fact, the overall growth for the integrated opera f integration has started flowing in or what portion of the integra And let's say, in terms of the growth, while the domestic is tributor for us, and it's been consistently delivering double-d ur -- what should be the real earning driver for us, whether it is e in our export activities now after seeing some kind of a moder -- or what should really drive the earning momentum qualitativ ears? If you can give some long-term oriented viewpoint then tegrations are concerned, let's say, it's not a merger. It's -- nd both are run as a separate companies, and Unichem as Manag

from, let's say, the res synergies, how DA was minus by 00 crores. So there r the whole of the are there, like say, nalizations and all only factors so far oking at, like, say, of Ipca and market ility and thereafter e overall EBITDA cted. Kindly stay patiently holding, quisition time and han that would be pital India Private or the current year. tions? So whether ation benefit is yet one of the largest digit growth since s some uptick that ration in the recent vely from here for that will be really both are separate ging Director, and

he runs that procurement advantages ar volumes are m

So those adva say, whatever those duplicat were incurring because of o operational ef is coming from

And Ipca is a together, both of our major again, everyth and subsequen

So it will may in. As far as process becau all over and t time, sources effect. So that Okay. About can be meanin ramp up onl Unichem's pre On the export also about you So bigger and putting all the Canada, Sout process curren

A lot of work those that wo monitored and of work can portfolio of ar in generic ma markets. So th

Page 6 of 14 company. Integration benefits, whatever coming is relatin is one area where integration reliefs we are getting the adva are coming in that because our buying efficiencies are muc much higher. antages are definitely coming there. As far as the other areas ar r work both the companies are doing and there are some duplica tions are now avoided. So it's -- that unnecessary cost of both g. That is no longer there. So that's another benefit that's c our expertise and utilities and also there are utility cost red fficiency on production side is also building up, so that's another m integration. also able to extend some kind of expertise to them on cost redu h the companies and teams are working to reduce the cost of AP concerns for there. But getting the benefit will take some tim hing is regulatory -- regulated process and work is happening t ntly approvals and all. y before some time -- it will take some time before those kind o synergies of procurement from Ipca of lower-cost API for use they have started doing the R&D work and put in stability u they go back to the regulators and take the approval of that s are added in their master files and all, they can't procure. So i t effect will also take some more time. the export outlook, if you can give some sense and which mar ngful? And also U.S., as you are saying that, okay, it will see a ly, but at least benefiting from the Unichem acquisition o esence, we want to at least penetrate faster, quicker for APIs at t outlook front, if you can give some sense and if you can give ur key markets. d bigger benefit of integrations will come of Unichem portfo ese Unichem's product in various markets like Europe, Austra th Africa, all those markets when we start putting those produ ntly going on. ks are going on, on repeat bios and compiling all those kind o ork is going on. So till the time that work is over, it's -- ever d there are time lines for that. But it takes time. It is not that ove be done. So that the bigger benefit of that will come once, round 40, 50 formulations, and there portfolio of around 80 kin arkets. So all those becomes a significant size of number of prod hat is the work which is currently work in progress.

ng to -- basically antage. Significant ch higher because re concerned, let's ations for there. So h the organizations coming. Third is ductions and their r advantage which uctions and all put PI, which was one me because it's -- o reduce the costs f approvals comes them, it's again a until the stability is source. Until such it's still to take the rket that you think a kind of a gradual or leveraging the least to start with. some more clarity olio when we start alia, New Zealand, ucts. So that's the of dossiers and all ry project is being ernight, those kind , let's say, if cost nd of formulations ducts for the other

And that will Europe, they products. And 50 products. working, but i particular fash Okay. So then kind of a back No, I have n given. Uniche talked. So I h INR100 crore in current yea capture a lot o I'm saying. Okay. Just la discussing. If some impairm should we th performance f Let's say, wha delivering all solid state ch around GBP1 basis.

Second subsid delivered goo Bayshore. No And now sin marketing cer from Banglad

So it was a v now -- by and to be from. U also whatever that's how inte

And another company we business oper

Page 7 of 14 l give a larger integration benefit because even though Unic are only marketing 5, 6 products whereas their U.S. market d currently, they are also selling a good number of products out So it's an integration that's going to be the key drivers and it will take time to -- because everything is regulated, and it has hion. n, sir, the 15% kind of a margin guidance for Unichem, what w k-ended only, let's say, FY '26 or '27, like that. not given any guidelines for Unichem. I have said consolidati em will still take some time. I said that, yes, we are on a path, have said that from INR50 crores of minus EBITDA, they have es in current year. And we expect them to reach to almost arou ar with all those kind of efficiencies what we are talking. But of those things which we are currently talking, which are in pro ast one question that since it is the full year results perform f you can give some sense about your key subsidiaries also beca ment charge also relating to the credit that we have booked in th hink all our investment into various core or noncore subsi for the current year? at subsidies we have is one is Onyx Pharmaceuticals, which is th these -- the development of new manufacturing processes and hemistry now. So that subsidy is doing very well. I think their 15 million to GBP16 million, and they are a profitable compan dy in India is Trophic Wellness, they market the nutraceuticals a od profit in current year and they are in profit. Third subsidiary ow with Unichem coming in Bayshore was created only to mark nce Unichem is a bigger setup, so the relevance of that and rtain kind of products, which we are sourcing from some of desh and some from India and all that. very small operations and it had its own cost. So Bayshore is o d large, the entire operations will happen through, not through B Unichem's -- Ipca's product will also be distributed in U.S. thro r was being done from Bayshore, that will also get transferred egration will happen. subsidiary that we have is Pisgah, that subsidy we have cre have created for CRAMS business in U.S. because we hav rating from U.K. in the name of Onyx. So it was an extension of

hem is present in t is more than 80 of that, more than d on that, we are s to be done in that we had given, it is ion guidelines are whatever we have reached to around und INR225 crores t that will still not ogress. That's what mance that we are ause we have seen is quarter. So how idiaries, and their here at U.K. That's d all those kind of r turnover may be ny on a continuous and they have also y what we have is ket Ipca's product. d they were only the suppliers like one which will be Bayshore it's going ough Unichem and d to Unichem. So eated -- subsidiary ve very successful f that because right

now, no servi being done by extend there.

And some kin manufacturing also has mayb that once the U.S. producti development building up, th

We have 2 a delivering pro our Krebs tha we have intro amount of our

So they have large capacity there in terms progress to ut

And as far as blocks are on have loss and Krebs operati Sir, can you scale up? And Let's say, we few months, received arou

So almost aro number we ha in. So right n change in the on right now.

And at least a current financ

Page 8 of 14 ices are being -- hardly there is any service to the U.S. compan y Onyx from -- to the European companies are there. So that is w nd of, let's say, low volume and high value kind of API producti g facilities are there of certain narcotic products and all that kin be 2, 3 new commercial API on their pipeline and development volume pick up, those kind of -- once they are launched in the m on may happen at Pisgah and certain other narcotic products ar at Pisgah. So Pisgah has some small losses currently. With the hat will be not there. associated companies. One is Avik. Avik is a steroid busines ofit. The only company where we have not been able to still co at's fermentation operations. This company was producing simva oduced some of our products like Serratiopeptidase because r own captive consumptions and all. started producing that and -- but still, they have very large ca y fermenters. So we are looking for some kind of -- the other o s of contract manufacturing and all. So far, it has not happene tilize their unutilized capacities, which are there on fermentation they have certain chemical blocks, which are being currently u n the breakeven plus they are making profit. But on fermenta d it may take some maybe 1.5 years' time before we start m ons. stion is from the line of Chirag Dagli from DSP Mutual Fund. indicate in your guidance of INR9,000 crores, how are you b d just a little more color around the U.S. scale up over the next 3 had almost around -- Ipca's around 18 products were approved and I think we have received almost around -- current mont nd 4 approvals. And prior to date, I think 3 or 4 approvals has c ound 18 plus around 8 -- 7 or 8 approvals has already come. So ave. And then there are balance filings are there. So once thos now, it's now whatever updations are required in those existing e processes or change in the pharmacopeial status and all that, t around 6 to 7 products will be launched out of those kind of app cial year. And once all those updations are happened, then I th

ny. It's all services what we wanted to ion that very small nd of things. Onyx t of new drugs. So market and all, the re right now under CRAMS business s and they're also ome in the green is astatin and there -- we have a large apacities and very opportunity is also ed, but we've seen n side. utilized. And those ation side, we still making profit from baking in the U.S. 3 years? d I think in the last th itself, we have ome. o that's the overall se approval comes g files in terms of that work is going proved products in hink next year, the

bigger ramp- financial year So FY '26, yo launches? Yes, yes. Yes Sir, these 25 t the market ov Yes, that's tru because most maybe there a business? Som teens kind of maybe 3 year Sir, I'm sorry, reconnect the management h Chirag? Sir, do you wa No, no, no. I disconnected. Sir, do you wa Yes, yes, plea Sir, I was ask business, exp forward, how Chirag, with improve going 100 to -- over Every year, 10 Over the next

Page 9 of 14 up would happen because all those products will be comme r. ou should not only see the full impact of the 6 to 7 launches in . that you have or 26 that you have as approved products, all of ver 3 years. Is that how we should think about it? ue. Maybe a few out of that may not be viable now. So -- but t t of them are from our own API source. It's not an outsource are a few maybe -- may or may not be market area.

And sir, can you also give some color around margins in the AP me very basic math suggests that these are businesses which ar f margins? Does that make sense? And how have these beha s? , the management line has been disconnected. Kindly stay conn em, yes. Ladies and gentlemen, thank you for patiently holding has been reconnected. Over to you, sir. ant me to repeat the question?

I think there is some problem in connectivity off and on, the Yes, Chirag? ant me to repeat the question? ase. king on the segmental, how should we think about margins in th port formulations and API business at least over the last 3 are you thinking about these business margins? this raw material prices now stabilizing, we are very confident g forward, 100 to 150 basis points next 2, 3 years. That is what i r the next 3 years is what you're saying, sir? 00 to 150 basis points. t 3 years, okay. Understood.

ercialized in next '25, but also more them should be in there are very few ed API. So -- but PI and the exports re still in the early aved over the last nected. I will try to g. The line for the e lines are getting he exports and API years. And going t our margins will is our guidance.

Our aim is to Understood, businesses co There was als year also, the over the over ratio of total which added t Clarification o guidance of 1 Yes. Yes. Okay. And y around INR22 Yes. To roughly ca from around 6 consol level i significant im No. Ipca's, ba around 20.5% There are also I heard 2 num is correct or th Bino, what h was only from happen. So to consolidated w Understood. S INR9,000 cro 14% growth o

Page 10 of 14 reach ultimately to that level of around 24%, 25% over the next sir. And sir, over the last 3 years, have the margins for th ome down substantially, that understanding is right? so a lot of fluctuation in the material cost. That was the primary margin improvement is basically on account of lower material rhead expenses, nothing else. Plus contribution from formulat business was higher where value addition is more. These are t to this margin expansion. stion is from the line of Bino Pathiparampil from Elara Capital. on the margin, sir, if I heard right, you have given a more conso 8% for FY '25, correct? you also told -- has answered to one of the questions that Un 25 crores of EBITDA in FY '25? alculate, the INR225 crores is Unichem has to do, its EBITDA 6% last year to around 9.5%, 10% this year. So the entire EBIT increasing from FY '24 to '25 seems to be coming from Unic mprovement, I can see in the rest of Ipca. Am I reading it correct? asically, EBITDA margins in current year is 19.29%. From ther % to 21%, yes. That's what we said. o some improvements. Understood, sir. And second, sir, on the mbers. One is a 14% top line growth and other is INR9,000 cror here is some difference between these two? happened actually in the consolidated results of FY '24, Unich m August onwards. So in the financial year '25 whole year c o my top line, whatever is there, about INR2,000 crores of will also get added.

So the reported number will be 14% growth on the consol num ores? on consol number, yes. And on a stand-alone number, around 10 stion is from the line of Kunal Dhamesha from Macquarie.

t 6, 7 years. hese -- both these y reason. Even this costs, plus control tion business as a the 3 basic things, ol EBITDA margin nichem should do margin should go TDA margin at the chem. There is no ? re, it will move to top line guidance, res number, which hem consolidation consolidation will Unichem top line mber? Or will it be 0.5% to 11%.

Sir, the EBITD No, no. Now we have prese it is excluding Okay. So 18% Yes. We have this year abou And for Unic launches, if ye No, no that M capturing. Th benefits from bit more time raw material API facilities seeing, last fin But there wi expecting it to That is right. So how many that we are ba Unichem, thei also on a stab year 5 to 6 for Okay. And a outlook? Maybe around Total should b Yes, on a con Okay. And si maybe what i Maybe aroun for the U.S. m

Page 11 of 14 DA margin guidance of around 18%, does that include the other we have stopped including other income in our EBITDA. Wh ented in the press conference, it is excluding other income -- pr g other income. % excluding other income. e excluded other income. We have also excluded exchange gain ut INR20 crores, that also we have excluded. chem, the EBITDA margin improvement, is it largely a functio es, how many products?

Mr. Jain has already explained, whatever low-hanging fruits are he other work is ongoing. The benefit will come perhaps m m the next financial year. Launch and source change and all tha e whereas all other work, which can be done fast, like integra costs, utility costs, a little bit improvement in the operational . All this has only contributed whatever incremental EBITDA nancial year also and the current financial year also. ill be growth as well, right? INR1,700 crores revenue for o be around INR2,000 crores? Current year expected -- yes. y product launches are we factoring in for Unichem? And what i aking in for the Unichem's U.S. business? ir gross margin has been steady. There is no change. More or le bilized basis, hardly any changes happening. So they will laun rmulations in the U.S. market. nything on the capex front for this year at a consol level, w d INR300 crores to INR350 crores, including our normal, whate be INR350 crores or total should be somewhere around INR500 nsolidated basis, that is right. ir, our U.S. facilities, Silvassa, Pithampur, what is the current u s the current EBITDA drag that they are putting for us at a cons d INR50 crores, INR60 crores drag. Silvassa has already start market. In fact, 2 formulations are already shipped to U.S. in t

r income? hatever calculation ress release, sorry, ns. What we made on of new product e there that we are maybe start getting at will take a little ation of purchases, efficiency of their A, the Unichem is Unichem, we are s the price erosion ess, their pricing is nch maybe current what would be our ever capex. 0 crores? utilization level or ole level? ted manufacturing the current month.

Another 2, 3 for other mar utilization ma And then one starts increasi See, what w unfortunately other situatio think from he By and large, change in any will not impac But this raw m prices have al API business. Not all. Only The major im currently ther And at some doing? No, it was no progress. You The next que Services. Sir, just on t domestic form The metro-wi monitor is IQ tabulate the n that's not how

But what we h depending on our field force higher growth

Page 12 of 14 products are under commercialization. And Pithampur facility, rkets like Australia and New Zealand, Europe and all, where ay be around 35%, yes. e last question. If let's say, the raw material prices were to mo ing, shall it positively impact our API business? Or you don't see as happening, any incremental raw material cost, we used , the situation was not so in the last 2 financial years becaus n. But hopefully, going forward, everything should get norm ere on, anything adverse will happen as far as the material cost is , prices are stable at market, and I think we are not witnessing y kind of procurement prices. Minor change here and there may ct right now. So more or less, it's a very steady kind of pricings material pricing cycle has also impacted our API pricing as we lso come down in the last couple of years, API business prices, . a few. mpact in the API business was because of a single product, e is a stability sale price also and raw material price also. point, we had also put a continuous manufacturing facility for s ot for sartan, for some intermediate, that work is progressing. u can't expect miracle over there. Things are happening, but it is estion is from the line of Tushar Manudhane from Motilal the India domestic formulation, the top 16 metros forms wh mulation sales for us? ise sales, we don't capture and separately monitor it. It's -- b QVIA numbers that -- how they are reporting the overall num numbers based on the reps territory wise, we don't tabulate as p w we see the numbers. have done in the last few years is that we have more focus on m n the overall number of doctors practicing there. We have increas e in metro cities. And that's what I said that, that has started res h. So IQVIA has captured almost around 16% growth for us

we are also using e current capacity ove adversely, if it e this one-off... to pass on. But e of stocking and malized. So I don't s concerned. any kind of major y happen, but that are there coming. ell, right? Our API like realization in , Losartan, where sartan, how is that It will be a slow slow. l Oswal Financial hat percent of the basically, what we mbers because we per the metro, and metro side, increase sed the strength of sulting in giving a s in 6 large metro

cities. And as the business f So at least on Division wise Tushar, we ha No, no, no, di Division has p Okay. And w domestic form industry level The industry very robust temperature is the market be longer period

So over a pe markets are g are there. An around 10% t Understood. S [inaudible 0:4 Sorry, sir, I m If markets sta then we'll star new launches Pardon, Tusha Sir, price volu See, current y far as the pro increase, may introduction,

Page 13 of 14 s against market was growing in those are around 8%. So metro for us. the field force side, if you could share how many are dedicated e, it's a different number. I don't... ave 21 market divisions. ivision-wise, sir, our overall field force metro, non-metro... presence in all metro cities. what's your outlook at the industry growth for, say, next 12 mulation? Industry-wise, you already shared your revenue gr l. is currently, I think setting challenges on Acute segment, Acu and also because of all those kind of significant amount s rising everywhere and all. So that is also resulting in the overa ecause people are not venturing out and all those kind of things of time, we are not seeing such kind of numbers for Acute segm eriod of time, Acute should revive. Chronic has already rev rowing very well. So overall, it's on only the Acute segment, wh nd once the Acute segment revive, overall market may start o 12% and currently 7% to 8% kind of growths are there in the m So that's helpful. 41:11] it should be go to around 14%, yes. missed your statement. art growing by around 10% to 11% kind of thing, our growth in rt giving around 14% kind of growth.

And for fourth quarter or for full year, if you could also share for Ipca? ar? ume and new launches growth for Ipca? year wholesale price index, you also know, Tushar, there is no oducts which are under NLEM. So otherwise, the normal 4 ybe another 5%, 6% volume growth. I'm telling non-NLEM and another 2%.

os are now driving for metro cities? to 24 months for rowth just on the ute growth are not of heat and the all lower growth in s. So -- but over a ment. ived and Chronic here certain issues growing again by market. n domestic market, price volume and o price increase as %, 5%, 6% price d plus new product

guess they ha Nothing. Only Beyond that th current partic the conferenc Michelle, unl comments we the question q Sir, nobody is Okay. Then w Thank you so Thank you, al Thank you, s concludes thi lines. Thank y

Page 14 of 14 And secondly, sir, any further clarity in terms of the inspection a ve been inspected last in 2020. y one plant got inspected and without any 483, they have clear here are no other plants got inspected. Only one facility got rein stion is from the line of Jayant, an individual investor. Ladies a ipant is not answering. And that was the last question. I would e over to the management for closing comments. Over to you, s less there is anybody else asking questions, I don't think the e want to make. So you can -- one more time you can ask if an queue, anything, nothing? s there in the queue. we can close, Michelle. o much, sir. ll. sir. Ladies and gentlemen, on behalf of DAM Capital Advis is conference. We thank you for joining us and you may now you.

at Unichem side, I red the inspection. nspected. and gentlemen, the d now like to hand ir. ere is any further nybody is there in sors Limited, that w disconnect your