Thank you, Rituja. Good evening, everyone.

I, Candice Pereira, on behalf of Dolat Capital, welcome you all to the FY26 earnings conference call of Indoco Remedies Limited. I would like to thank the management for giving us this opportunity to host the call.

Today from the management team, we have with us Ms. Aditi Panandikar, Managing Director, Mr.

Sundeep Bambolkar, Joint Managing Director, and Mr. Pramod Ghorpade, CFO.

I now hand over the call to the management for their opening remarks. Over to you, sir.

Thank you, Candice. Good afternoon, everyone.

Thank you all for joining this call. Let me draw your attention to the fact that on this call, our discussion will include certain forward-looking statements, which are projections or estimates about our future events.

These estimates reflect the management's current expectation of the future performance of the company. Please note that these estimates involve several risks and uncertainties that could cause our actual results to differ materially from what is expressed or implied.

Indoco does not undertake any obligation to publicly update any forward-looking statement, whether as a result of the new confirmation, future events, or otherwise. Thank you so much.

Now, I request our Managing Director, Ms. Aditi Panandikar, for her opening comments.

Yeah.

Thank you, Pramod. Good afternoon, everybody, and thank you for joining us on our Q4 FY26 call this afternoon.

It gives me great joy to announce that after almost six quarters, we are in positive in the in this quarter for performance. This performance has been possible due to a great acceleration shown by international formulations business, both in the regulated markets as well as emerging markets.

While in India, as the season did not support performance, quarter four numbers were muted. Anti-infectives and respiratory, in particular, gave a significant hit.

However, at the level of product-wise prescriptions generated, almost all our main and important products are showing good growth in prescriptions, emphasizing the fundamental strength of the brands and ensuring that there is great demand for those products in the market. In US, we received approval for the ANDAs of liquid orals for brivaracetam and lacosamide.

In India, we launched a new brand extension of Cyclopam, our number one brand. Our API manufacturing plant at Patalganga made us proud with their EcoVadis score.

We were also recognized for our CRO work at IDMA's Annual Day. I'm also happy to announce that as of January this year and even for the month of on MAT basis for the month of March, Rexidin-M Forte gel has become the most prescribed stomatological brand in the market.

We also overtook as a company in prescription audit, we have overtaken Pfizer to become the 20th most prescribed company for for the number of prescriptions we generate. Last week, Indoco entered into an agreement to hive off its ophthal business in India and Africa to Sunways.

This move was made in the interest of our wonderful brands and portfolio, which should now get the requisite attention they deserve and therefore grow. This hive-off would also help us at Indoco focus on areas of strength and those which are our core areas for growing the ethical business.

The OTC business has also done well, and our efforts to add presence of our products with the grocers, the modern trade, and quick commerce are underway and should soon give promising results as well. The macroeconomic factors at this time are certainly not at all conducive for doing business, especially as regards the cost of goods and the likely disruption in exports.

We hope, as a management, to steer our business with responsibility during these tumultuous times. Thanking you once again, and I hand over to Mr.

Sundeep now to take you through the quarter performance.

Thank you, Aditi. Good afternoon, everyone.

Let me first begin with the business highlights. Standalone net revenues of the company for the fourth quarter FY 25-26 are at ₹4,291 million compared to ₹3,411 million for the same quarter last year and ₹3,896 million for the immediately preceding quarter, that is Q3 of FY26, growing at 25.8% and 10.1% growth respectively.

Consolidated net revenues of the company for the fourth quarter are at ₹4,559 million compared to ₹3,839 million for the same quarter last year and ₹4,343 million for the immediately preceding quarter, with 18.8% and 5% growth respectively. Standalone EBITDA to net sales for the quarter is 14.7% at ₹630 million compared to 1% at ₹35 million, and for immediately preceding quarter, EBITDA was 6.6% at ₹259 million.

Consolidated EBITDA to net sales for the quarter is 10.9% at ₹497 million compared to -0.2% at negative ₹8 million last year, and for the immediately preceding quarter, 7.3% at ₹315 million. Revenues from domestic formulation business for the quarter are at ₹1,739 million as compared to ₹1,851 million.

Major therapeutic segments like vitamins, antidiabetics, stomatology, gastrointestinal, and cardiac performed well during the quarter as compared to the same quarter last year. Revenues from international formulation business grew by 94.6% at ₹2,147 million compared to ₹1,104 million.

Revenues from reg markets for the quarter grew by 78.3% at ₹1,401 million against ₹785 million. Revenues from US business for the quarter grew by 77.5% at ₹546 million as against ₹308 million.

Revenues from Europe for the quarter grew by 68.7% at ₹786 million as against ₹466 million. For South Africa, Australia, New Zealand, the quarter grew by the base being small, the revenues were at ₹692 million as against ₹122 million.

Revenues from emerging markets for the for the quarter grew by 134% at ₹746 million as against ₹318 million. Revenues from API business for the quarter degrew by 23% at ₹315 million as against ₹409 million.

The services part, AnaCipher CRO and Indoco Analytical Solutions, for the quarter grew by 65.3% at ₹895 million as against ₹467 million. That is all about the business highlights for the fourth quarter, and now request all the participants to put forth their questions.

Thank you very much for your patient listening.

Hi. Thanks for the opportunity.

Aditi ma'am, the performance is definitely a recovery sequentially for sure, and that's heartening to note. I have a couple of questions around the receivables and the debt, if I may.

The standalone trade receivables grew 45%, while revenues grew only about 9%, and Q4 alone saw a disproportionate spike. Can you break down the receivables aging, identify which geographies or channels are driving the elongation of collection concerns, and confirm what percentage of Q4 revenue was kind of recognized on shipment versus actual receipt?

Because it's kind of looking slightly disturbing. The interest payments and the debt.

Both the working capital, receivables and the MSME payables are getting stretched. That's one concern.

The other one is the overall debt levels. It has been alarming for a while now.

It's probably getting worse now.

I will quickly answer your question. Can you hear me?

Yes, yeah, I can. Thank you.

Yeah. Then Pramod will probably give you more details.

For this quarter, in particular, what you would have seen is that the international business has done so well, and typically our collections for international business, especially collections for the emerging market international business, have a long credit period. That has probably impacted.

Coming back to the borrowings, and happy to share that efforts are underway to ensure that the borrowings get reduced at the earliest. With performance improving, I'm sure we will be able to do that.

I will allow Pramod give you answers on some of your concerns.

Yeah. Thank you.

Mr. Sajal, as Madam mentioned, specifically about the receivables, you are right.

Our fourth quarter performance, if you see in terms of our exports to reg market, which is overall up by close to about 28%, 29%, out of that, our emerging market growth is significant growth, I would say, in a fourth quarter, where we have longer receivables, I would say, as compared to domestic business and API business. That is the primary reason of number of days of receivables which are going up.

Your second question about the overall loan position, that remains more or less same as compared to last year March '25. We are at total consolidation level, we are at 960-odd number.

Long term 620 crore and short term of 344 crore. More or less, that was the same position during last year.

In between, whatever repayment commitment were there with the funders, banks, which we have repaid along with interest. Plus, additional borrowing in some pockets initially during six months for our capex.

Of course, we are very sure in terms of servicing the debt along with interest with EBITDA number, which we would like to maintain during next four quarters. Thank you.

Yeah. Additionally, as we have disclosed earlier, there is very tight control on capex now, and good effort is going on to bring down the operating expense also going forward.

This should all help.

Sure, ma'am. Just one follow-up.

Can you help me double-click on supplier payables and the MSME dues because they have risen sharply.

There has been some where we have not paid suppliers on time, given some of the cash flow situation we had, but I am confident within a week we should be able to settle this.

All right, okay. Thank you so much, I'll rejoin the queue.

Yes, hi. Thank you for the opportunity.

My first question is on the domestic business. Now as you mentioned in the opening remarks also, the season was not good for us.

Do you see this growth coming back in the next say year or two? Secondly, considering we have seen prescription growth, what is the challenge here when we see prescription growth, but then the medicines are not sold?

One is that. Secondly, is there any more optimization on the portfolio front?

I think we discontinued some tail brands during this year also.

Further,

we've sold off some more our division also. Any more such revamps for the next year?

Okay. I'll start with your first question on what we call primary, secondary, and tertiary, which is the prescription growth.

Typically, the numbers you see in IQVIA or any of the agencies like Pharmarack on our products is what we consider secondary, that is what is sold from stockist to retailer. Then the number of prescriptions we generate, we use it as a measure to understand demand for our products and therefore the absolute offtake at the chemist counter, which is tertiary.

If you look at first of all what we call primary, which is the booking of sales, that for the quarter ended March is often dependent on the motivation, morale, and how many people in your field staff are actually going to do their annual target. They start going a little low.

Despite of all efforts from our side, we always see this kind of a performance. I'll give you an example: if we take stomatological itself, then as per IQVIA, we are down only by 8%, but my primaries are down 20%.

Then if you look at the prescription on those products, they are all in high growth. What it simply means is that if you are seeing an Rx performance now, then your IQVIA should follow after that.

Unless there is too much stock in the market, your primary should automatically get corrected. However, your concern about if we are really generating demand, what if our products are getting either substituted or not available, for that, this year in particular, we are undertaking a major exercise to reach out to the stockists who stock our products and the retailers.

I can give you some statistics. Directly and indirectly, our organization reaches around 1,50,000 chemists.

That is both through Warren Remedies, which is the OTC arm, and our own prescription business. However, if you look at availability of Cyclopam, it is available at 3.5 lakh chemists.

Generally, it is prescriptions and demand created which is expected to make your product available. That is how we work.

Typically, because our products are seasonal, what always happens is when the season doesn't come in, you see the stockist is not very motivated to increase the inventory he carries on certain products, and therefore he goes muted. Down the line, there are very few shortages because there are stocks in market.

Let's take our product Cital, for example. It is a urinary alkalizer and typically does very well in summers.

This year in the month of March, I think there were a few rains also and summer did not kick in the way it should have. Cital, if you look at internal performance, for the quarter, it is down 10%, and QoQ, it is down 1%, but in IQVIA, it is growing.

Are prescription on it. The other day, I had a Pharmarack review where they disclosed that in the market, there is less than 30 days stock of this product.

Typically now, Cital should fire. These are not things we can always control because always motivating the stockist to purchase from us pretty much depends a lot on many factors, including the morale of the field staff who are going to do their annual target or not.

I hope that answers your question.

Yes, ma'am. The second thing on the non-core Okay.

Ophthalmology in particular, I wouldn't say it was non-core for us because we had a division. We tried to create two divisions.

We were very bullish on it because we have filed several ophthalmic ANDAs in US. As a therapy, it remains an area of attention for us.

In India, for the last 4 years, we were not able to grow the business too much, and it remained very much dependent on whether conjunctivitis came in or not and things like that. At the size at which it was, we could not give it enough attention.

That is why the hive-off. Other than this, if you look at the present portfolio we hold, most of it is coming within the four or five main segments of the company.

You will have products either in respiratory, anti-infectives, stomatologicals, GI, or vitamins and minerals, which is carried by our gynaec division. At this point, I don't see any more such identified opportunities for the India business.

Okay. Just to confirm, this division sale was also not done to tide over the liquidity situation, right?

Because

No, there is absolutely not. It is a very small division.

At primary level for internal sales, for the year, we have clocked 37 crore in India. We had to recognize that we are a 13th player in this market where companies like Entod, Sunways, even very small organizations are able to get a lead on us, obviously because for them, it is a very, very fundamentally core area of business, they approach it differently.

Ma'am. Understood.

Yeah.

Now coming to our international business, we've seen good growth across all the markets, US, Europe. We expect this traction to continue in the next year as well?

Particularly for the US because the plant is still not resolved. Do you see this growth continuing in the US without the FDA approval?

What we have done, which I have said on earlier calls, is for our key products, we have gone into adding second sites. Some of the sterile sales for US that you see in this quarter has actually got build from those sites, and that has helped.

Therefore, what will really impact us if the plant situation doesn't get resolved really is the future approvals which should be coming on time. Otherwise, we are okay.

Of course, we carry and continue to spend a lot on that site. That is a area of concern, and we are trying to resolve that as soon as possible.

Other than that, US today is not just sterile and ophthalmics.

We

do considerable amount of solid orals, and now we are getting into liquid orals as well. Also, the UK and Europe business has done very well.

We have a decent order book right now, and I'm sure our team will work very hard to continue this kind of performance.

Sure. One question on the interest cost for this quarter.

If you look at the consolidated numbers, the interest cost has gone up materially. Is there some forex impact also here?

Yes. Yes.

I think it is particularly coming for Warren Remedies, therefore it comes in the consolidations. Because there was one loan in foreign currency and as such, it is notional unless the war goes on and on and on.

Then it will actually impact us. Maybe Pramod would like to say something.

Yeah.

This quarter exchange loss itself on a foreign currency loan, ECB loan is substantial. Almost a half a portion of this finance cost is towards the exchange loss.

So, 20 crore impact?

24 crore impact.

24 crore. Okay.

What would be our ECB loan?

10 million euro.

€10 million. I'll join back the queue.

Ma'am, I had one question. Last quarter, we had a loss of 34 crores in 34 we had a net worth negative of 34 crores.

This quarter, it's 82 crores. Any reason why FPP, which has seen increase in sales from 35 crores to 48 crores, has seen a negative net worth of 50 crores this quarter increase?

Pramod, go ahead.

Kunil, for FPP, it is early years where it's all about investment. The negative net worth which you see is the losses incurred during last couple of years.

We expect now this to turn around in coming years. The net worth which you are referring is the impact of the losses incurred since acquisition till today.

No, no. Last quarter, as per your result press release, it was 35 crores negative net worth.

This quarter, it's 82 crores. What is the reason for 50 crore jump in a quarter

of under Kunil, FPP had a historical business of purchase and sale from others. It typically depends on the portfolio of FPP in that particular quarter.

Whenever FPP only sells products supplied by Indoco, we do much better. When they are purchasing finished goods from others and selling, that margin comes down.

If you look at sale of FPP and the COGS, that is where you see the maximum jump.

Kunil, you are looking at consolidated number, which includes not only FPP, but Warren also, another legal entity. There also we have a negative number.

That is both put together, not only FPP, but FPP plus Warren.

Okay. You have not specified the Warren part in that.

Yeah. Consolidation is at

both. Warren, as is in OTC business, and we have very clearly decided for at least 3 years, we will consistently support it for advertising and any other things required to build that business.

Understood. Ma'am, we have filed a lot of products in Europe market if we see based on product basket in 2025 and 2026.

Based on your export data, we are not seeing that expansion in that product basket except for allopurinol and paracetamol and colchicine, few products.

Colchicine. Okay.

What happens is, as Europe and UK, there is major fluctuation in pricing. Sometimes, some of these small molecules, if the current business environment doesn't support in a manner that we should make margin on it, then we choose not to sell.

Yeah. Sundeep would like to say something.

Yeah. Hello.

Yeah. See, besides allopurinol and what you mentioned, colchicine, we are also selling pregabalin and zonisamide very well, these two molecules.

With contract manufacturers, of course, there's cetirizine, there's paracetamol, zonisamide, pregabalin, colchicine. There are many products.

We are not dependent on one or two. We have got a lot of approvals like apixaban, rivaroxaban, then lacosamide.

Apixaban should come in soon. Yeah.

Apixaban should come in soon.

Okay. Understood.

On the API business side, as we have got approval for the Warren Remedies plant, should we see the increased scale-up now for that part of business too for outside consumption?

Yeah. Warren Remedies doesn't yet have a reg market approval.

Till now, it makes key starting materials for us, which we finish in Patalganga and sell in the reg markets. Therefore, we're not able to optimize it fully because what is made at Warren Remedies does not fetch reg market prices as of now.

That is partly the reason Warren Remedies' financials also get disturbed.

Understood. Ma'am, wanted to know any reason why we have got approval for rivaroxaban, but only we have supplied very negligible compared to other peers who have captured the market share over the last six months for US market?

We have got approval only for one strength.

Okay. Yeah.

Understood. No problem, ma'am.

Thank you.

Yeah.

Hi. Thank you for the opportunity.

Ma'am, just wanted to understand what has driven the growth for our US business. I understand you answered that sterile products which were site transferred drove growth.

What else was the reason why we witnessed this growth?

Same quarter last year in particular, if you remember, we were undergoing major part of our master manufacturing cycle at two of our large solid oral sites, plant one in Goa and Baddi III. Plant one in Goa, in particular, supplies solid orals to US, and this plant therefore had got impacted as in we we could not supply it to optimum requirement.

It is not just ophthalmics, but we also have a considerable amount of solids coming, as well as ophthalmics. What is the split between US sterile and If I'm not mistaken, I know for the year, but quarter should be

For quarter, it is 10 12 sterile and rest is our solid.

Yeah. Sterile is only 12 in this, rest is all oral solids.

Okay. Sterile is $12 million, and the rest is

No, not million, 12 crore.

12 crore.

12 crore. 12 crore.

We've got quite a basket of solid orals,

and they are doing well. Yeah.

Understood. Ma'am.

Also, there was one exceptional gain for 4Q. Can you just help us quantify?

I think in the notes, it was for full year, was not able to understand. Can you help with that, please?

Which number you are referring to, sorry?

Around 34 crores of exceptional gain, I think, in 4Q number.

No, no. You are talking about other income?

16?

No.

In the exceptional item. There's no other operating revenue where it is 16 crore.

Exchange gain on the foreign currency. 34 crore exceptional income is not there.

You got the number wrong, huh?

Oh, sorry, ma'am. Sorry.

My mistake. It is 3.7 crores.

Sorry. Okay.

What is 3.7 crore exceptional gain, Pramod? No idea.

That is our gratuity. Ah.

Revaluation of

Oh, okay.

Some small amounts like revaluation of gratuities, etc., provisions.

Oh, okay. Related to the labor code only, right?

Yeah.

Correct.

Understood. Okay.

Thank you so much, ma'am.

Yes, thank you for the opportunity again. Just two, three questions on the balance sheet item.

One is there's a entry asset classified as held for sale in the balance sheet, about 23 crores. What is this regarding?

We have a land parcel we are looking at.

We're looking to sell that land?

Yeah. It was lying idle for the longest time.

Okay. Secondly, in the cash flow statement, I could see some provisions for doubtful debt, and that has increased year on year, about 10 crores this year.

Is this in line with what we generally do or there is some issue?

Yeah. Nirmam, it's a combination of both.

One is one of the party wherein we have supplied some material, they have declared their bankruptcy. That is one, we have provided for that.

Second is this is in line with our policy for provision for bad debts. Based on the aging analysis, we do provide for bad debts.

Some

old aging wherein we are discussing with them in terms of certain stocks, expiries, price differences. On a safer side, we provide for those receivables.

Okay. Now coming to Warren again, this quarter also, I think we have a loss, and I think because of the advertisement that we did in the World Cup or something, which you mentioned in the previous calls.

What level of opex or advertisement do you have budgeted for the next year? What kind of growth can we see in Warren?

The business has, I think, grown from 90 or 90 92 or 94 last year to 120,

Yes.

130 this year, so that is a good jump. The Sensodent DSP, DPC has been well-received, the first consignment which has gone into the market.

We are now looking for additional orders. As such, the division looks set to continue to grow.

Of course, we need to add more products to the basket in order to justify, because we have close to 350 people in the field. With three or four products, it's not very effective.

We have a few toothbrushes also, which our team calls fillers. They are doing well now.

Kidodent, in particular, which used to be a Rx product only, has been taken OTX. Both the ethical team as well as the OTC team sort of focuses on this brand, and it's doing very well.

With the toothpaste, I have less concerns despite all the advertising expenses, etc., etc. The toothpaste side of the business at EBITDA is doing decently all right.

It is the API capex done and the operating costs at API level from where we are really not able to sell anything right now because most products are under validation. Once you see the API side turnaround, which is likely to take couple of quarters more, then the Warren Remedies standalone will also start looking good.

Ma'am. Understood.

About one more year for the approvals and the validations to get over, right?

Yes. Yes.

Yes.

Okay. Again on the emerging business, we saw pretty good growth this year.

You've mentioned in the past calls that we have a good field staff doing there and doing good work. Do you expect this to continue over the next two, three years?

Do you have the portfolio basket, the products and approvals?

Yes, certainly. I think Sundeep would

Yeah. I'll just come in here quickly.

Yes, we do have a very impressive basket and a portfolio, and we are mainly operating in Eastern Africa, that is Kenya, Tanzania, Zambia, these three countries where we have field force on the ground, and about eight countries in French West Africa, that is Ivory Coast, Mali, Burkina Faso, Benin, Niger, Cameroon, Senegal, and Chad. These are our main areas, and it is absolute promotion, scientific promotion that is getting us prescriptions.

Secondary business is more important to us, which is actual sale from the grossistes, as they are called, the stockists in these countries, to the retailer. That is being measured.

We also have a software installed there, HiDoctor. Sales force effectiveness is getting measured in a very proper way.

We are measuring the per-head yield, as we call it, that is how much per representative we are getting in terms of euros. To answer your question in short, yes, the confidence level is pretty high for next two to three years on this business.

Understood. Under MMP that we had undertaken, till last quarter, we were still facing some challenges, some customer approvals were delayed.

Now is everything solved? We can only see growth from here?

Europe business did show a good uptick,

but

any more challenges left?

I think if I'm not mistaken, a very small delivery of paracetamol remains in the old smaller size in Baddi I, just one. Otherwise, almost all other customer approvals have come in.

We should be able to scale Europe and scale it with addition in margin from here on. Okay.

We should still see some margin benefits coming in the next years, right?

Certainly.

Sure.

Hi, ma'am. Good evening and congratulations for the good numbers.

Thank you.

Madam. See, what is the debt expectation for this financial year and for the next financial year as well?

Debt. As we said, in IRL alone, there is 630 crore debt,

Long-term, yeah.

which is

Combined.

combined, and for the total entity, it is close to 950. Of all this, our short-term debt which has to be repaid will be around 300 crore, right?

Next year, repayment is 140.

140 for the next year, yeah. So, 140 crore to be repaid in the next year, coming year.

During financial year 2027, is there any plan for any reduction, madam?

Obviously. We are working on it.

What would be the number? Is it 150?

147 crores is for this financial year or for the next financial year?

No, no, 140. Pramod,

explain. Mr.

Madhav, next financial year, which is 26-27, we have commitment to repay 140, another 140 in a year after that, and almost similar amount after in 28-29. About 140 crore every year for next 3 years.

While our objective, our target will be to repay or to prepay a little more than this.

Okay. Is there any additional capex than the normal capex?

Are we planning for any capacity expansion kind of thing is there either current year or next year?

No.

No, no. We don't plan any major capex now in next 2 years.

Okay. Thank you.

On the Europe side, I know when I was talking to the Mr. Sundeep during Q2 FY26 call, there was an update from is that you want to update on the Clarity Pharma, there was 15 products for the 18 months, I think that 18 months are really completed by now.

The current book is Europe is doing well, and is there any contribution come from that or if so, any light management want to share with us on the Europe and the Clarity Pharma business?

Clarity Pharma, as Sundeep had told you that time, has several products, and probably at that time in Q2 when he spoke to you, few were being transferred. Now some more products, specially in liquid category, are also going.

However, as I said in answer to one of the calls earlier, we are very careful. The whole purpose of being on ground in UK is to be able to get more margins and not lose it.

If we see that the market is not opportune on price front, then we hold. In that manner, Clarity business is yet to come to a sizable level where we can talk about.

Understood. Anyway, that's natural that you are taking active participation depending upon the market situation.

Understood. Absolutely.

Yeah. On the domestic front, madam, I think we could not other than the legacy products, we cannot bring any other product for the flagship rather than the what should be taken.

So No,

we have done extremely well on new launches, sir. I think fourth quarter total new launch has contributed to more than 2 crore.

No, 20. Total 20 crore.

Total?

In this particular financial year.

In the financial year, 20 crore.

Yes.

Yeah. We are getting a sizable amount in new launches, and they're doing very well.

Products like Cital PM6, Dropizine, Drotikind-M, then we have Nosikind-OD, OHD3. We have Vepan CV, Bepanza, a lot of new products, as well as brand extensions being launched.

The latest product which you've launched in this quarter is Cyclopam AC suspension. There's also Strawfer.

All our new products are being well received pretty well. On that front, I think I'm sorry?

If you can add know this thing in the management presentation, you know that will helps us to Yeah.

Because

a lot of people saying that it helps us to.

Yeah.

Thank you. Thank you.

Thank you. That's all from me.

Thank you, madam. Thank you.

Ma'am, thank you for the opportunity again. Just wanted to understand what are our growth triggers for the regulated markets for the next year, which is FY 27-28?

For the reg markets, of course, the Europe business of base contract manufacturing will continue to grow. More than top-line growth, that business is likely to give us better margins in the coming year because it could be manufactured in plants which have completed all its MMP scale-ups and all those things.

In US, while historically we were only dependent more on sterile, we have now added a substantial solid oral base, and that is also doing very well. In this year, both in Europe and US, we intend to launch our liquid orals, which is not as crowded a space as other solids, and we expect to do well here also.

There are a lot of plans, a lot of products filed, being approved and getting approved also. You will see a good combination of efficiency in manufacturing with the value add of good orders in place helping us grow these businesses.

Okay. Thank you so much, ma'am.

Thank you.

Ma'am, would like to know what is the capacity utilization for our oral business at Warren Remedies out of the four lines? What are the initiatives we are taking to increase our sales other than OTC?

Export or contract manufacturing for some bigger players?

Thank you for that question because we have started exports from that site at this stage, to South Africa, manufacture of toothpaste. I don't know whether it has come in this quarter.

It has.

Yes, this quarter.

37 lakh, a small amount to start with, and we are seeking other such opportunities. Meanwhile, about four lines you said, no?

We have actually installed only one. Although provision was made, we have installed only one.

There was a second line of mouthwashes, but we are not gone for that yet because we continue to make mouthwashes at other location. Capacity utilization of the toothpaste block is not a very big concern for us because we have set up a state-of-the-art unit, and we are able to make 500 5,000-kilo batches with only five people inside.

That is our better-managed plant. We really have good control on efficiency in that plant.

It is the API plant, as I said, where we have both capital expenditure done, we also have operating expenses because we are doing validations of products there. These validations are not resulting into sales right now because those products are not yet approved out of that site.

That is putting pressure on the entire Warren Remedies numbers. As somebody said earlier, it will take us one more year to get reg market approval.

We are trying to hasten it by varying site of a product from Patalganga to Roha. Hopefully, that should bring US FDA faster, but I cannot promise that.

Understood. One more question, ma'am.

Our India business over last few quarters, we are seeing growth in cardiac and antidiabetic. Is it due to low base or we have launched new products?

No, our base is very low, which is why you're seeing the growth.

Understood. What would be the actual revenue basket base we will see growing for the India business apart from the OTC?

In line with IPM or it will degrow over last few if you

have seen? In line with IPM.

Understood. During the quarter, FPP was technically profitable, as we have seen in last quarter, if we exclude the Warren losses?

No. FPP, as Pramod explained, we were impacted with some extraordinary costs which were taken at the end of this quarter on expired products, etc., which is why it has seen a hit.

-4 crore. Yeah, 4 crore.

Almost 4 crore was the impact seen. Also the product mix, we actually looked into this because the COGS on the Q4 sales of FPP have been extraordinarily high.

Yeah. We do have a few products in our basket which don't get very good margin.

When we sell more of that or when we have to do a shelf stock adjustment or things like that, in that quarter, you see a hit.

Understood. Going forward, would we see that again or it will reduce as we have seen increase in the Indoco portfolio?

It should reduce.

Understood. Can we get the new product sales revenue mix in the overall India business during the year or quarter?

I think we have done close to 20 crore

20 crore during the year.

in new launches this year in India. One of the highest is come from Drotikind-M, it has done well, your Webpazil, Breathesafe, there are many products.

What we could do, like somebody requested, is possibly from next time, if possible in the MDA, we'll give you a note, a line or two on this.

Ma'am, if we exclude anti respiratory and anti-infective, which has seen degrowth, our base portfolio would have been in the volume growth? Is that correct, ma'am?

Yes, there is another category which got impacted in this quarter in particular, which is the urological, which is our urinary alkalizer, Cital. Like I explained, that should kick off this.

Because of season, there are shifts in these products. You get it sometimes in Q4, then sometimes in Q1 of the next year, depending on how summer or rains kick off.

For India business, it is better to look at a MAT performance as to review whether the products are doing all right, what is happening to them, because otherwise there will be these kind of peaks and troughs.

Understood. Ma'am, the asset for held sold land, is it at the book value or we will get a more value than we have shown on the balance sheet right now?

We should get more,

but

this is book value.

Okay. Understood.

No questions. All the best.

What is the OTC revenue for the current quarter, madam?

Just check. For the year, it's 120.

I think this quarter, we did Quarter is 27.

27

crore, yeah. 27.4.

Okay. How much reduction in interest expenses can be considered for both standalone and consolidated for the current financial year, madam?

Mr. Madhav, if you see our repayment schedule, 140 as I mentioned, and our average interest rate is in the range of 8.5% to 9%.

You can consider that much reduction in overall interest cost.

Okay. Then so the 960 minus 140 means so, 960 140 means around 120 crores reduction will be there.

Yeah, 140 crore repayment if you consider in a straight line Staggered manner, then average cost of borrowing is just short of 9%.

Yes. Understood.

Yeah.

Understood. Thank you very much.

Okay.

Yeah. Thank you, everybody, for joining us on this discussion and call, and for the very interesting questions you've asked.

Wishing everybody a great weekend ahead. Thank you.

Thank you.

Thank you.

Thank you very much.