Hi, thank you. Good morning, everyone.

On behalf of 361 Capital, we welcome you all on Q1 FY '27 earnings conference call of Corona Remedies Limited. Today on the call, we are joined by Mr.

Nirav Mehta, Managing Director and CEO; Mr. Ankur Mehta, Joint Managing Director; and Mr.

Bhavin Bhagat, Chief Financial Officer at Corona Remedies Limited. We will begin the call with opening remarks from the management followed by a Q&A session.

Thank you, and over to you, Nirav sir.

Good morning, ladies and gentlemen. Thank you all for joining us on Quarter 1 FY '27 earning conference call for Corona Remedies Limited.

Along with me on the call, I am joined by our Joint Managing Director, Mr. Ankur Mehta; our Chief Financial Officer, Mr.

Bhavin Bhagat; other members of senior management team; and Strategic Growth Advisors, SGA, our Investor Relationship Advisors. We have uploaded our results, press release, and investor presentation on the stock exchange and on company's website.

I hope everybody has had the opportunity to go through the same. The Indian Pharmaceutical Market, IPM, is witnessing one of its strongest growth phases.

The IPM delivering sustainable double-digit monthly growth of over 10% since last December 2025. As per PharmaTrac, Corona has continued to outperform the market, emerging as the fastest-growing pharmaceutical company amongst top 30 pharmaceutical companies.

This strong performance has helped us improve our ranking by three positions over the past years, reaching from 29 to 26 position in IPM. We are pleased to report yet another strong quarterly performance in Quarter 1 FY '27 after listing, making our fourth consecutive quarter of robust growth.

During the quarter, Corona's revenue grew by 21.9% year-on-year, surpassing our stated growth guidance of 15%. Our India business delivered an impressive 22.7% year-on-year revenue growth in Quarter 1 FY '27, significantly outperforming the Indian Pharmaceutical Market, which is grew by 11.6% during the same period.

This performance this performance reflects growth at nearly twice the pace of IPM, underscoring the strength of our product portfolio, market execution, and brand positioning. This sustained momentum reflects our disciplined execution, commitment to growth, reflection of our brand building, and the continued trust that healthcare professionals place in our products.

Most importantly, it reinforces our confidence in the strength and sustainability of our long-term growth strategy. Our growth during the quarter was broad-based, driven by the healthy product mix of volume growth, price growth, and new introduction growth, and continued brand building.

As per PharmaTrac, in MAT MAT June 2026, our volume growth growth stood 6.3%, significantly ahead of the IPM's volume growth of 1.3%, which means we have grown in volume growth by 5 times than the IPM. This reflects strong demand for our products among healthcare professionals and patients.

Driven by strength of our brands, we continue to build a portfolio of sustainable brands that deliver consistent market-beating growth over the long term. Similarly, MAT June 2026, as per PharmaTrac, new product introduction continued approximately 3.4% to our growth compared to 2.9% of IPM.

This is on the back of our ability to consistently launch relevant new products with strong market acceptance while leveraging our existing field force and relationship to drive effective cross-selling. Our price-led growth was approximately 8.7% compared to 5.6% of the IPM as per MAT June PharmaTrac data.

This demonstrates the pricing power of our brands and our ability to implement price increases ahead of broader market, supported by sustained volume growth and strong brand equity. Corona operates across four key therapeutic areas: women's healthcare, cardiometabolic, pain management, and urology.

We are pleased to share that we have established a strong leadership position across these focus therapies. We currently rank 5th in the Indian Pharmaceutical Market in women in both women's healthcare and pain management, 9th in urology, and 20th in the highly competitive cardio-diabeto segment despite being a relatively late entrant.

This this achievements reflects our focus therapeutic strategy, differentiated marketing initiatives, and disciplined execution by our field force. Our performance across all four therapies continues to outpace the market.

As per PharmaTrac, in women's healthcare, we delivered a revenue growth of approximately 23.3%, nearly 2.5x the IPM growth and 9.4% in in urology, we grew 27.6% compared to the IPM of 14.9%. In cardio-diabeto and pain management, we outperformed the market by 1.7x and 1.54x, respectively.

Our strategy of focusing on middle of the pyramid specialist segment has enabled us to deepen prescription share, strengthen relationship with healthcare professionals, and build a portfolio of sustainable, high-growth chronic brands. Our engine brand strategy continues to deliver strong results by consistently scaling up high-potential brands into meaningful growth platforms.

As per PharmaTrac, in MAT June 2023, we had one brand with annual revenues exceeding ₹100 crore. Today, we have two such brands, and similarly, the number of brands gathering annual revenues of over ₹10 crore has increased from 32 in MAT June 2023 to more than 40 brands in MAT June 2026.

This scaling up of our brand portfolio reinforces the strength of our commercial model and gives us confidence in our ability to create many more enduring, market-leading brands in years ahead. Speaking of specific highlights of the quarter Quarter 1 FY '27: during the quarter, we have successfully commercialized India's most advanced Europe GMP-approved women's hormone manufacturing facility.

This state-of-the-art facility enables us to manufacture complex hormonal products and that meet global quality standards, providing a significant competitive advantage in the development and commercialization of advanced therapies for women's healthcare. The facility is designed to serve several niche and high-growth segments, including hormonal disorders, fertility care, menopause management, and hormone replacement therapy.

It houses multiple dosage forms, including tablet, softgelatin capsules, ointment, and gels, with a single specialized manufacturing ecosystem enhancing our manufacturing flexibility, operational efficiency, and ability to address evolving patient and market needs. This investment represents an important milestone in strengthening our manufacturing capabilities and reinforce our long-term commitment to building a differentiated, diversified, and innovative-led product portfolio.

We have successfully renewed the Europe GMP certification for our Ahmedabad oral solid dosage form facility, reaffirming our commitment to manufacturing medicines that meets the highest global standards. Guided by our philosophy of one world, one quality, this certification strengthens our ability to serve the India business while also supporting our long-term strategy of expanding into regulated and emerging international markets.

It reinforces our manufacturing excellence and enhances our credibility as trusted, global quality pharmaceutical manufacturer. We continue to significantly outperform the market in chronic and semi-chronic therapies, which is now contributes around 73.4% of our total portfolio.

We have successfully integrated Wockhardt, which were acquired on the last day of FY '26 into our brand building strategy, and expect this focus execution to drive sales acceleration and deliver growth in the coming quarters. We have realigned our field force and established a dedicated IVF task force focused on gynecology and women's healthcare.

This specialized team will deepen market penetration, strengthen brand adoption, and build a sustainable growth platform for the future. In the pharmaceutical industry, sustained success requires continuous innovation, adaptability, and the ability to evolve with changing patient needs and market dynamics.

In the line with this philosophy, we have significantly strengthened our focus on R&D, with investments directed towards improving process efficiencies, developing differentiated formulations, and identified new product opportunities across our focus therapies. We are also augmenting our R&D team by adding meaningful talent to enhance our research and development capabilities.

This investment will not only strengthen our innovation pipeline, but also create a strong foundation for sustainable, long-term growth and reinforce our competitive positioning. Our growth strategy remains focused on expanding market share across our core therapies areas by strengthening our chronic portfolio and offering comprehensive solution across patient lifecycle.

We will continue to drive growth through focused new product launches, addressing unmet patient needs, complemented by brand extensions, acquisitions, and in-licensing opportunities. At the same time, we are deepening our engagement with the specialists and superspecialists through our strong field force to further strengthen our presence in high-value therapy segments.

Supported by diversified portfolio, strong brand, and and expanding distribution network, experienced leadership, and disciplined capital allocation, we remain confident of delivering sustainable growth and profitability. We continue to target 15% revenue growth and 20% PAT growth over the FY '27.

I would like to hand over the call over our Chief Financial Officer, Mr. Bhavin Bhagat, to take you through financial and operational performance.

Thank you so much, and over to you, Bhavin bhai.

Thank you so much, Nirav bhai. A warm welcome to everyone to our Q1 FY '27 earnings call.

I'll take you through the financial performance for the quarter. Speaking of performance, revenue for Q1 FY '27 stood at ₹422 crores versus ₹347 crores in Q1 FY '26, reflecting a healthy growth of 21.9% YoY.

Revenue growth excluding acquired portfolio, that is Wockhardt, stood at 21.4%. Revenue from India business stood at 97%, whereas the revenue growth for India business stood at 22.7%.

EBITDA stood at ₹93 crores versus ₹70 crores in Q1 FY '26, a growth of 33.5% on a YoY basis. EBITDA margin improved by around 190 bps and stood at 22%.

Profit after tax stood at ₹60 crores compared to ₹46 crores in Q1 FY '26, a growth of 30.1% YoY. PAT margins for the quarter stood at 14.2% as compared to 13.3%, an increase of 90 bps on a YoY basis.

Revenue contribution from chronic segment stood at 73.4% in Q1 FY '27. With that, I would like to open the floor for questions.

Thank you.

This is Pratik Dharmshi from Union Mutual Fund. Many congratulations Nirav bhai, Bhavin bhai for excellent set of numbers.

A couple of questions from my side. One is on the overall IPM market.

You have been telling that there is an acceleration post-December where healthy double-digit growth have been observed, both pricing plus volume growth has picked up. Can you dwell more about it?

What's driving this at the industry level?

Thank you Pratik bhai. Pratik bhai, what I understand, this is about COVID, post-COVID, and post-post-COVID.

I think so industry's been anticipating the same thing, that after Diwali, more or less around December 2026, everything will be normalized, and IPM will come into the force of around double-digit lower double-digit growth, and that's exactly has been happened. If you look at this Indian Pharmaceutical Market since last 20, 25 years, this has always been performed in the tune of lower single-digit, and that has again come in the force after few years of COVID, post-COVID, and post-post-COVID.

I think so now it is sustainable. According to me, this industry growth will continue to grow in the tune of around 10%, 9% to 11% in between.

Got it. That's heartening to hear.

Second was on your EU GMP-approved hormone manufacturing facility which got commercialized. Will our focus be more on international side or domestic on the hormone strategy?

Can you elaborate more on that as well?

Today Pratik bhai, our 97% business is from India and about 3% is international. We are India-based, India-focused pharmaceutical company.

If we look ahead for another 3, 4, 5 years also, I think so the share of India business will always been more than 90% and the international business will about a higher single digit after 5 years also. We will remain focused on India business.

To strengthen our philosophy of Think Hormone, Think Corona, which is been little complex in nature and there are very few plants who are focusing on the hormone things, it will help us in India also and it will start getting recognition in international market, too. We will remain focused on India business, and that will not from this year, but next 3 to 5 years minimum, we will be India-focused company.

Got it. Thank you and all the best.

Thank you.

Thank you for taking my question, and congrats to Corona management on the great set of numbers. I have first question on margins.

Considering this is second quarter where our growth is coming 20% and more, our earlier expectations was maintaining 15%, 16% kind of a growth for next 2, 3 years. If we maintain this 20% kind of a growth, let's say for this year and coming years, is there any scope for margin improvement or you think that whatever the incremental growth we will get, you will try to reinvest further?

Thank you Amey bhai. The margin performance is influenced by multiple factors, including product mix, operational efficiencies, and operating leverage.

We remain focused on disciplined cost management and continuously strive to improve our operating efficiencies to support sustainable margin expansion. However, we also need to be mindful of the current operating environment, which remains volatile and can have a direct impact on input and ancillary costs.

During the current quarter, a favorable product mix coupled with operating leverage contributed to the improvement in margin. While we are encouraged by this performance, we remain cautious about extrapolating the current margin profile into coming quarters, given the evolving cost environment due to geopolitical, South East Asia risk.

At this stage, it would be a premature to comment on the sustainability of current levels, although our endeavor is to maintain margins within a similar range. As we have continuously communicated, our FY '27 guidance remains unchanged.

We continue to target 15% organic revenue growth and about 1.5% to 2% inorganic revenue growth, resulted about 17% revenue growth and 20% PAT growth, and we remain confident in our ability to achieve this objectives.

Sure, sir. That is well-articulated.

I have second question on our cardio-diabeto division. This is typically a mass specialty segment where we are at 20th rank.

You also said in the opening remark we enter this market a bit late. Despite being late entrant, we have grown significantly here.

For us to come under top 10, what do you think what steps we need to take? Is it expanding into more metros, adding more specialist, or adding more brands?

What is the thought process there for us to get into top 10? Thank you, sir.

See, cardio-diabeto is our most focused therapies. Today, if you look at we are 20th rank in the IPM, but as far as consolidation business is concerned, we are in top 10.

More or less, we can't change the history, but if you look at the present, we are in top 10 as far as consolidating new business is concerned. This cardiometabolic has been growing around 15% as far as IPM is concerned, and we are in top 10 already.

Portfolio has been well-placed. There is a possibilities to do new launches also.

On our brand building, new introductions, I think so we are well-placed as of now and will continue to focus on the cardiovascular. Our endeavor is to continue to maintain the momentum of top 10 in consolidated new business.

Sure, sir. A last question to Bhavin bhai.

Depreciation cost has gone up to ₹13 crore for this quarter. I believe this is maybe the capitalization of the hormonal plant.

Should we expect this number going ahead as a normal depreciation?

Amey bhai, we capitalized hormonal block by the end of this quarter, that is 30th June. The depreciation impact has not been there in the amortization or depreciation.

The major impact in the amortization or depreciation earlier in FY '26, if you see Q1 FY '26, the depreciation amortization was ₹10 crores, which has increased to ₹13.4 crores. The major impact is because of the amortization of Wockhardt, their brands, which we acquired in the last quarter of FY '26.

Okay. Going ahead, we will expect the further increase on account of the hormonal block.

Yes.

Sure, sir. Thank you so much.

I will join back.

Hi, thank you for the opportunity and congrats to the team on a very strong set of numbers. Sir, first question, did you see any impact of higher raw material prices in the first quarter?

You spoke about being cautious given the geopolitical issues. The question basically is, given the gross margins were so strong in the first quarter and you also spoke about a better product mix, can we expect a higher impact of the raw material inflation in the second quarter versus the first quarter?

See, Alankar, thank you so much. Global geopolitical disturbance has started around 27, 28th of February.

We already have about 70 to 90 days of stocks, it's not impacted much in the quarter one. By June 2026, the last month of the quarter, we have started getting the new stocks after this disturbance.

This is very difficult to predict as of now, but the answer is yes, 100 basis point here and there we may get the hit. That's why we're trying to reduce other operating leverage or other operating things and try to maintain the guidance which we've been told about 20% PAT growth.

Disturbance will come, geopolitical, how much and till what time, it's been difficult to predict as of now. We are trying our level best to maintain the guidance which we've been given.

Got it, Nirav bhai. That is helpful.

The second question is if you look at the the growth which was spelled out by Bhavin bhai on the organic ex-Wockhardt domestic number, Wockhardt was broadly about ₹28, ₹30 crores in FY '26. If I if I just take that extrapolation into into the first quarter, Wockhardt sales seem to have come down at least on a YoY basis.

Just trying to understand whether you took any corrective steps in this quarter, in the first quarter, and can you take us through the journey towards that 25% sales growth that you had outlined for this portfolio or this molecule in the previous quarter?

Alankar, as you mentioned about ₹28 to ₹30 crores of the revenue, that was the external revenue, whereas the internal revenue of Dr. Reddy's was ₹20 crores.

We have eyed a 25% growth for coming 3 years down the line to make the brand double in coming 3 years of ₹20 to ₹40 crores. Having said that, this is the first quarter of the launch of Wockhardt.

In the first quarter, there are all possibilities to integrate the brand in the supply chain, which is most important. In India, we are in India-focused company, supply chain comes to a biggest milestone of the pillar which we need to achieve.

The things are in place in the first quarter. First quarter can't be considered for the future coming quarters' numbers perspective, but we are eyeing what we have commented of our 25% growth of ₹20 crores in Wockhardt.

We are eyeing to achieve those numbers in coming quarters.

Got it, sir. The other question is you're not going to add any MRs in FY '27.

Now, given that you are demonstrating such strong growth and I understand the volatility on the raw material side, and there would also be some under-recoveries from the hormonal facility, would it be fair to assume that there can be meaningful operating leverage if I take a 2 to 3-year view hereon?

I couldn't get it. You're talking on revenue growth and sustainability of the revenue growth, or asking something else?

No, I'll elaborate on that, sir. The question is on margins.

Firstly, you're not going to add any medical reps in FY '27. On the other hand, the top line growth is very strong, the commentary on the top line growth is also very strong.

If I take a 2 to 3-year view, it's safer to assume that the under-recoveries from the hormonal block will also come down. Looking at EBITDA margins with say a 3-year view, should there be a meaningful operating leverage benefit that should play out?

That is the question.

See Alankar, we've not added any MR in FY '27, but if you look at the last quarter of FY '26, we have added two teams into our kitty by adding around 400 medical representatives if you consider task force or other medical representative, put together a 400 as a number. We are leveraging this number in FY '27.

By going ahead, we will continue to remain about the guidance of 6% to 8% addition of medical representative, which is in the tune of 200 to 250 medical representative every year. I think so on a broader guideline of 15% revenue growth and 20% PAT growth, we can able to achieve in near-term future also, in FY '27 and near-term future also.

Fair enough. Sir, would you call out the under-recoveries from the hormone facility in first quarter?

It has just started on 30th of June. First year, I think so the turnover ratio will be little less than one, and then moving ahead, we will go to the turnover ratio of three, 1 to 3, 1 to 2 and 2 to 3.

Got it, sir. Final question from my side, how has been the initial offtake in the two semaglutide brands?

Semaglutide has been a very interesting point where everybody's been talking about semaglutide in this market. What I understand, this GLP-1 market, for us, we should be maintained about top 10 position in the semaglutide market, and we are expecting about ₹1,500 to ₹1,800 crore market, and we will well-positioned over there.

Our focus is with semaglutide, we are more focusing on our other engine brands, which I've been told earlier also, and I think so we are getting a good results out of it.

Got it, sir. That's helpful.

Thank you and all the best.

Thank you.

Hello. Am I audible?

Okay. Congrats to the management for a good set of results.

I had a couple of questions. I think there have been questions earlier from participants on the margin, I won't ask on the trajectory.

Just to understand the structure better, I see that you have a high share of chronic and that gets reflected in your gross margins as well, which are quite high and industry-leading. Your employee costs and other expenses are a little higher than say larger peers in the industry.

Could you just explain the reasons for the higher costs there and yeah, just kind of a maybe just a guidance on how you are optimizing those costs and trying to bring it up to larger peers in the industry? That would be my first question.

Gopal, answering to your question, you have to see Corona from a 3 to 4 years' lens when you see the employee cost. If you see in the last 3 and 1/2 years, we have deployed 1,000 medical reps in the system.

Today our medical reps are 3,111. Almost 35% medical reps have been deployed in the last 3 years.

Of course employee cost would be high because the PCPM what they generate compared to the peers would be lower. To a larger extent, what we have explained in our earlier questions, that the operating leverage will come in play in coming years down the line, with the help of which this employee cost will come down.

Okay. Other expenses is also a little bit higher, around 30%.

What would be the reason for that, and what could be the measures to optimize that as well?

In the other expense, broad major part comes from the sales promotion expense, which has been governed by the UCPMP guidelines, which is linked to the revenue. To be very honest, it is variable in nature and not fixed in nature.

This we would like to continue in coming years down the line, no matter in a lower percentage trajectory, which also will improve our operating leverage in coming years down the line.

Okay. Got it, sir.

That's clear. Secondly, just wanted to check with you that how much is the share of in-house manufacturing for Corona right now?

I of course understand now you've come up with a new plant. Generally how much is in-house versus say outsourced for Corona?

It is about 60:40, 60% in-house and 40% outsource. It will remain more or less 60:40 for FY '27.

Okay. Got it.

Thank you.

Hi, congratulations Nirav bhai, Bhavin bhai on a great set of numbers. Three questions.

One, you had mentioned 15% organic growth and acquired 1% to 2% acquired brand growth. On the current quarter, was it more the acquired brands that led that growth or the organic brands?

Sorry if I missed this because I joined a minute or so a couple of minutes late. That was one.

Second one is on the facility, the hormone facility that you set up. Currently I'm assuming there is no revenue coming from there, but what is the cost relating to that facility that are sitting in the P&L right now if you could give us some color on that?

The third one is to understand your new entry into the ₹10 crore club. You have two new entries.

Are these your own organic new introductions or some of the smaller brands that you had acquired which have scaled up to ₹10 crore?

Thank you for giving us a compliments. Let me give you the answer of first and third, and then Bhavin bhai will give you the answer of second.

As far as this quarter is concerned, overall our revenue growth is 21.5% 21.9%. You split this 21.9%, it is about 22.7% on India business.

If you further make it divided from organic and inorganic, 21.4% is coming from the organic growth. More or less about 21%, 22% overall growth, majority is from the organic side only.

International, we have not grown this quarter, and that's why from 22.7% India growth, we have gone down to 21.9% revenue growth. As far as your guidance on 15%, 17%, and for medium term or long term, our stated revenue growth guidance of 15% organic growth for FY '27 should not be interpreted based on the performance of any single quarter.

Quarterly growth can vary due to several factors, including product mix, seasonality, and market dynamics. Therefore, it is important to assess our performance over the entire guidance period rather than annualizing quarterly numbers.

Based on our current projections, strong brand portfolio, and robust product pipeline, we remain confident in achieving our medium-term revenue growth guidance of 15% organically against the anticipated IPM growth of 10%. At the same time, we continuously strive to outperform both the industry and our own internal benchmarks.

Any outperformance would naturally be beneficial for the company and its stakeholders. However, from a guidance perspective, we remain confident on maintaining our 15% organic revenue growth outlook or beating the IPM by 500 basis points.

It is also important to note that our 15% growth guidance pertains solely to our organic business. Any growth arising from the inorganic opportunities would be incrementing to this target.

As far as FY '27 is concerned, we have given a guidance of 25% growth out of inorganic and 15% revenue growth out of organic. Hope I can able to answer your first and third question.

Now over to Bhavin bhai for second questions.

Sidharth bhai, about the hormone cost, I would like to take you through first the key therapeutic areas of the company. See, women's healthcare plays 30% of the total revenue split of domestic business as far as Corona is concerned.

Out of that 30%, 30% comes with the hormone side. Hormone is always an important playbook for Corona since years.

Earlier we used to manufacture our hormonal products at Solan manufacturing facility. Now it will be shifting to our EU GMP-approved manufacturing facility with a concept of one world, one quality, means we will be catering to domestic as well as the international market.

As far as the hormonal cost are concerned, it were already placed in the P&L of which we are generating the revenues in the day one. Having said that from a capex standpoint, we had already invested a ₹130 crores capex in our new EU GMP-approved hormonal facility, which Nirav bhai mentioned the asset turned by the end of this year would be in tune of near to 1%, will increase in coming years down the line.

Okay. Thanks.

Thank you, Bhavin bhai. Just Nirav, just one follow-up.

The two new entries into the ₹10 crore club, are they your organic brands or All are organic.

All organic.

Okay.

Both are organic.

Okay. Just a follow-up on the organic and inorganic brands, what you mentioned 15% organic revenue growth and 25% growth on the inorganic brands.

All the brands that you've acquired in the last couple of years, on that purpose, what is the growth trajectory this quarter, and broadly what growth trajectory I understand you have a longer-term guidance of 25%, but what was that in this quarter?

To very honest, when we acquired a brand first four quarters, we are considering as a inorganic, and others is organic. The brand which has been acquired before a four quarter is been a part into the organic growth portfolio of the company.

It's been very difficult to now identified that what is the organic and inorganic brands being now organically growing. Still I will do it and advice SGA to give you the synopsis of this.

Still Bhavin bhai also would like to add into it.

Sidharth bhai, what Nirav bhai mentioned, I would like to just add into it, that out of ₹100 growth what company has earned, 85% came from the organic side, only 15% came from the inorganic, which you are talking about the brands which we acquired before 3, 4 years back. Having said that, whatever we are growing, which is hardcore on an organic basis.

Inorganic, yes, what we are mentioning that 25% for the Wockhardt part, which we acquired in the last year, would be going for coming 2 to 3 years down the line.

Clear. Bhavin bhai, just to clarify, I understand that the revenue on the hormone side is already there.

What I meant to understand is from the new plant, there is no revenue. Before the setup, at least there must be certain costs sitting there, right?

Is there a certain level of costs that is already sitting there save for which the profits would have been even higher? That's the

Sidharth bhai, see, just to tell you, that whatever the cost which have been levied in the hormone plant before its commercialization are at capex level. All the costs are being capitalized in nature.

Any new cost will be incurring after commercialization would be part of an opex.

Clear.

Hope I answered your question. Absolutely.

Absolutely. Thank you so much and all the best.

Thank you.

Thanks for taking my question. Sir, this 21% organic growth which we saw during the quarter, can you split this growth between volume, price, and new launches for the quarter in terms of the growth split?

If you can also talk about how the traction has been on the IVF portfolio for which you launched this dedicated MR team a quarter back?

Let me give your first answer first and then the second answer second. As far as, Rahul bhai, split between volume, we have grown by 6.3%, which has been about 1.3% of the IPM, it's been 5 times more.

As far as new introduction is concerned, we have grown by 3.4% versus IPM is 2.9%. About pricing, it is 8.7% versus market is 5.6%.

This is mota-mota split. Majorly, significant jump is from the volume side of the growth where we have grown about 5 times than the market.

Sure Nirav bhai, sir that is on a MAT June '26 basis which I saw in the presentation. What I was looking for is for the quarter.

For the quarter June '26, what was the split of growth? It is

Rahul bhai, it is in tune of the same percentage allocation of what 6.3, 8.7, 3.4 comprise of for the MAT basis. You can extrapolate the things from the quarter's standpoint.

It is more or less near to the same.

In terms of the growth proportion contribution?

Yes. 27.

22.7% domestic India business growth, you please extrapolate of this 6.3, 8.7, 3.4, it is near to that.

Sure sir. If you can talk about the ramp-up seen on the IVF business as well?

IVF business, we have just started from the month of April, and this is probably the first quarter where we are looking at the things. I think so our team, our task force team is working towards establishing the concept, our company, and try to talk on the technology part of it.

We have started good. They are I think so working in the right direction, but it's too early to comment.

Give me another 2, 3 quarters, we can give more colors on the IVF task force. As of now, IVF task force has started generating the business.

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

Bayer Zydus portfolio more or less everything has been set, and then we have launched that Noklot brand in the cardiometabolic vertical also in the last month of this quarter, that is in the month of June. We have given about ₹7 crore as the acquisition cost, and then in the quarter, we have recovered ₹7 crore out of it.

Honestly, we are lucky to get this acquisition. A first quarter, we have got the revenue out of it, and then long way to go.

For the first quarter, revenue contribution from this portfolio you are saying, sir, was 7%? Oh sorry, ₹7 crore.

The acquisition cost is about ₹7 crore. I'm just telling that we have tried to recover matlab things are going in a right track.

Sure sir. Sir, on this new hormonal plant, what kind of a ramp-up do you expect on the export business because of this hormonal facility getting commissioned?

Because through this facility, you are trying to target some of these, let's say, ROW markets. If you can talk about the export trajectory as well from a next 2 to 3-year perspective?

Rahul bhai, plant has just started on 30th of June, which is the last day of the quarter one FY '27. We are in the final stage of developing the dossiers.

I think so by November, December '26, we will be ready with the dossier after completion of the bioequivalent etc., and then we have already international team set to go ahead with the lot of agreements has been done, promising agreement has been done. Then we will send this dossier to the concerned countries to our partner.

They are going to register it. That will take another 12 to 18 months.

I think so we are projecting FY '28, '29 to kick off this plant on a international level, and we are high hope with international market also.

One thing is

sure that international business is also grow from 3% to a higher single digit in 3 to 4 years, but then India business will continue to focus about 90% plus.

Sure, sir. This asset turnover which you talked about the plant between 1 to 3x over the next 3 years, that scale-up is essentially would be driven by the domestic business?

Domestic and international.

Sir, you are saying that international revenue will at least take, let's say, 2 years to start flowing

Major is domestic. If you look at two 2 years, it is major domestic.

Third year, international share will start adding into the domestic business.

Sure, sir. Last question from my side for Bhavin bhai.

Sir. This depreciation and amortization expense which you talked about, the impact from the Wockhardt acquisition looks a bit high to me.

Can you talk about that?

Yes, Wockhardt we acquired for ₹97 crores plus GST. Let's remove the GST part out of it.

We have amortized for 10 years. So 10 years, it comes to ₹10 cr a year.

A quarter would be in tune of ₹2 and 1/2 cr somewhere around. Then we acquired the brand from Bayer of ₹7 cr, which we again amortize for 10 years.

The major part of the amortization comprise of Wockhardt and Bayer in it.

Sure sir, I was working with the 20-year amortization period, so that's the difference. Sir what kind of an impact should we build in because of the hormonal plant starting from 2Q as far as depreciation and amortization is concerned?

It would not be much because we have capitalized and we'll be depreciating the hormonal plant for 20 years. So ₹130 crores capex divide by 20 if I just do, it comes to a ₹6 and 1/2 cr a year.

It will not have that much impact like amortization of the brands.

Sir. Thank you.

That's it from my side. Thank you.

Thank you for the opportunity. Sir, as we have announced this capacity of hormone and EU approved, just want to understand do we have any dossier filed for it in the EU market?

As it's a EU approved, how we see it going to expand our business in the global market from this particular facility? What's the asset turnover can be expected from this facility?

As far as turnover issue is concerned, it will be little than one in FY '27, and then gradually it will grow to two and to three in next 3 years of time. As far as dossier is concerned, we are in the final leg of preparing the dossier.

Bioequivalence has been done, and we have already been done the agreements with from the emerging country, from UK, and from the rest of the world. Once the dossier is ready by November, December, we are going to give them for the filing, and we will start getting the business in next 12 to 18 months once the dossier has been getting approved.

I'm hoping that FY '29, I think so we are getting the initial business starting from the international market.

Currently this facility will serve the domestic market?

Yeah.

Also, as we have already taken 24% stake in Lal Chandrawat Pharma Labs for the API thing in the hormones plant. Any new update on that?

Have we increased the stake or what's the status of that particular acquisition?

Lal Chandrawat Pharma Lab, we have 31% stake as Corona Remedies Private Limited. Lal Chandrawat is the associate company of Corona Remedies Limited.

Lal Chandrawat is focusing towards the production of quality hormonal products like progesterone, dydrogesterone, norethisterone, medroxyprogesterone, on and so forth. It's a API company.

That is our backward integration for us. From taking this API, we are moving ahead with the preparing the dossier because they already have EU GMP-approved, they recently got US DMF approval also.

The quality part of it, Lal Chandrawat is being taking care as far as API is concerned. We are trying to take that API and would like to convert into the dossier and going ahead with the formulation facilities.

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

We are taking all the India business hormonal API like progesterone, dydrogesterone, estradiol hemihydrate, estradiol valerate, all the API, norethisterone, medroxyprogesterone, we are taking from them only.

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

No, no, no, it's not about 100%. We are one of the big consumer of Lal Chandrawat, a customer of Lal Chandrawat.

Lal Chandrawat also because they have huge plant. Today in India, about 65% progesterone Lal Chandrawat is manufacturing.

On and above Corona, they are going to give to other companies also.

No, no, I'm asking about our capacity. The things which we are manufacturing, our 100% API consumption is happening from this particular facility, we are buying from them?

I understand. You can estimate about 60 60% to 65% API consumption from Lal Chandrawat and the others from the other part of the world.

Other part of the other companies of the API.

Got it. Thank you so much.

Thank you all once again for joining us today on Quarter 1 FY '27 earning call. We will keep the investor and analyst community posted with any update relating to Corona Remedies.

We hope we have been able to address all your queries. For any further information, kindly get in touch with us or SGA, our Investor Relationship Partner.

Thank you. Thank you so much.