Thank you. Good afternoon, everyone, and welcome to Ajanta's earnings call.

With me today, I have Mr. Rajesh Agrawal, our Joint Managing Director; Mr.

Arvind Agrawal, our CFO; Mr. Rajeev Agrawal, our VP Finance and Investor Relations.

I hope all of you have received the results by now. For the overall business performance, we have now completed the third quarter and first nine months of the current financial year on a strong note.

For the quarter, our revenue from the operations grew by 20%, and our margins remained resilient despite higher investments and operating expenses. All our businesses are shaping broadly in line with our plans, and we remain confident about sustaining this growth momentum going forward.

This trend is also reflected in our returns. As of December 2025, our return on capital employed stands at 34%, and return on net worth stands at 26%, reinforcing our position amongst the best performing companies in the industry.

Let me take you through the different business verticals. I will start with the branded generic business in Asia and Africa, which contributed 40% of total revenue.

We continue to invest heavily in people, products, and market expansions to ensure long-term consistent growth. I'll give you the overview of Asia first.

During the quarter, Asia branded generic business sales stood at ₹288 crore compared to ₹316 crore last year, reflecting a degrowth of 9%. For the nine-month period, sales stood at ₹902 crore compared to ₹888 crore last year, registering a growth of 2%.

Asia performance was modestly below our internal plans, driven by softer-than-anticipated performance in the few markets. We remain confident that the business will return to its normal growth trajectory over the coming quarters.

During the nine months, we launched 13 new products, largely in chronic therapies, which strengthens the long-term quality and sustainability of the Asia business. Now, we move to the Africa.

During the quarter, Africa branded generic business sales stood at ₹230 crore compared to ₹173 crore last year, registering an impressive growth of 33%. For the nine-month period, sales stood at ₹679 crore compared to ₹617 crore last year, reflecting a growth of 10%.

During the quarter, we launched one new product, taking the total number of launches to seven during the nine months of the year. At the beginning of the year, our internal plan envisaged double-digit growth from Asia, while Africa was expected to deliver modest mid-single-digit growth.

Over the course of the year, the performance mix evolved differently. Africa delivered stronger-than-anticipated performance, surpassing our initial plans for both the quarter and the nine-month period.

Asia, on the other hand, remained modestly below our original plans due to softer traction in certain markets. Overall, our branded generic business continues to remain in line with our guidance, and we are confident of continued healthy performance over the coming quarters.

Let us talk about other two verticals of international business now. US generics: as guided earlier, the US generic business delivered an excellent performance.

During the quarter, US generic business sales stood at ₹399 crore compared to ₹263 crore last year, registering an impressive growth of 52%. For the nine-month period, sales stood at ₹1,052 crore compared to ₹723 crore last year, reflecting robust growth of 46%.

The strong performance was driven by eight new product launches over last 12 months, supported by consistent execution and strong customer relationships. The US generic business contributed 26% of the company's total revenue during the nine-month period.

We continue to remain a preferred partner for the distributors and customers due to our reliable supply, quality standards, and committed execution. Moving to Africa Institution: during the quarter, Africa Institution business sales stood at ₹41 crore compared to ₹33 crore last year, registering an excellent growth of 22%.

For the nine-month period, sales stood at ₹111 crore compared to ₹118 crore, reflecting a modest degrowth of 6%. The Institution business contributed approximately 3% of the company's total revenue during the nine-month period.

We expect modest growth for the full year, with Q4 performance anticipated to be stronger than the first nine months. Now, I invite Mr.

Rajesh Agrawal, our Joint MD. Thank you, and over to you.

Thank you. Good afternoon, everyone.

I will now take you through the India business performance. We have completed current quarter and nine months on a strong note for the India business.

In current year, India business contributed 31% to the company's total revenue, supported by the launch of 16 new products, including one first time in the country. During the current quarter, sales stood at ₹409 crore compared to ₹345 crore in the same quarter of the previous year, registering an excellent growth of 19%.

In nine months of the year, sales stood at ₹1,250 crore compared to ₹1,083 crore in the previous year, registering a healthy growth of 15%. Our India business also includes revenue from the trade generics segment, which contributed ₹48 crore in Q3 against ₹43 crore, a growth of 10%, and in the first nine months ₹139 crore against ₹130 crore, a growth of 7%.

I will now take you through Ajanta's performance as per IQVIA MAT December 2025. We continue to outperform the Indian Pharmaceutical Market by 28% as per IQVIA MAT December 2025, with Ajanta delivering an impressive growth of 11% compared to IPM's 9%.

We continue to exceed volume growth by 47% to IPM and new launches by 59%. This positive trend is evident across most therapeutic segments in which we operate, where our growth has consistently outpaced the segment growth.

We remain confident of sustaining this momentum in the coming quarter. In the covered market, we are fifth largest in IPM and among top 10 in all our therapeutic segments as per IQVIA MAT December 2025.

Cardiology contributed 36%, followed by ophthalmology 30%, dermatology 24%, with remaining 10% coming from pain in India branded sales. You may observe that the growth in cardiology segment as per IQVIA is slower than IPM, but our internal growth numbers indicate growth in line with the IPM.

This appears to be due to some anomaly in the IQVIA data, and we are in touch with them to resolve the same. The new therapy of gynecology is taking good shape and is expected to contribute meaningfully to the revenue in the coming years.

I am pleased to share that during the quarter, we added 150 medical representatives across our existing therapy areas, taking the total additions for the current year to 300. With this, our overall MR strength now stands at 3,750 MRs.

The newly onboarded teams are being integrated swiftly, with a strong focus on accelerating productivity and driving effective field execution. With this, I now invite Arvind Agrawal, our CFO, to take you through the financial performance.

Thank you, and over to you.

Thank you, and good afternoon to all. Before we begin, I would like to mention that during this call, we may make certain forward-looking statements.

These statements are based on management's current expectations and are subject to risks and uncertainties that may cause actual results to differ materially. The company does not undertake any obligation to update these statements publicly.

I will now take you through the consolidated financial performance on year-on-year basis. Total revenue in the third quarter stood at ₹1,375 crore compared to ₹1,146 crore last year, registering a healthy growth of 20%.

For the nine-month period, revenue stood at ₹4,031 crore compared to ₹3,478 crore last year, reflecting a growth of 16%. As you may have observed, our diversified business segments have consistently helped us maintain growth momentum over the years, despite temporary softness in some markets, which is a normal part of business.

Growth during the year so far has been mainly driven by the India branded business and the US generic segment. Gross margins stood at 79% for the quarter and 78% for the nine-month period.

For the full year FY 2026, we expect gross margin to remain around 78% plus or minus 1%. Personnel cost for the quarter stood at ₹331 crore compared to ₹265 crore last year, reflecting an increase of 25%.

For the nine-month period, personnel cost stood at ₹950 crore compared to ₹810 crore last year, reflecting an increase of 17%. The increase was mainly due to medical representative additions across branded generic businesses over the last 12 months.

During the quarter, the Government of India's new labor code became applicable. Based on our initial assessment, an additional provision of ₹7 crore has been made towards liabilities arising from the new code.

Other expenses for the quarter stood at ₹376 crore compared to ₹302 crore last year, reflecting an increase of 24%. For the nine-month period, other expenses stood at ₹1,140 crore compared to ₹918 crore, also reflecting an increase of 24%.

These expenses represent our continued strategic investment in products, brands, and people across our branded generic portfolio. We expect other expenses to broadly remain in line with trends seen during the current quarter.

R&D spend, which is included within personnel and other expenses, remained at around 5% of the total revenue and is expected to continue at similar level. R&D expenditure for the quarter stood at ₹63 crore compared to ₹53 crore last year.

For the nine-month period, R&D spend stood at ₹182 crore compared to ₹161 crore last year. EBITDA for the quarter stood at ₹382 crore compared to ₹321 crore last year, reflecting a growth of 19%.

For the nine-month period, EBITDA stood at ₹1,061 crore compared to ₹962 crore last year, registering a growth of 10%. EBITDA margin stood at 28% for the quarter and 26% for the nine-month period.

Excluding the impact of mark-to-market foreign exchange movement, EBITDA margins remain in line with our guidance of 27% plus or minus 1% for the nine-month period. Mark-to-market forex loss recorded under other expenses stood at ₹61 crore during the nine months, while forex gain under other income stood at ₹53 crore.

Excluding this impact, EBITDA margin for the nine-month period would have been around 28%. There were no mark-to-market losses during the quarter.

We remain confident of maintaining EBITDA margin of 27% plus or minus 1% for the remaining period and for the full year. Profit after tax for the quarter stood at ₹274 crore compared to ₹233 crore last year, reflecting a growth of 18%.

For the nine-month period, PAT stood at ₹789 crore compared to ₹695 crore last year, reflecting a growth of 14%. PAT margin remained stable at 20% for both the quarter and the nine-month period.

The effective tax rate for the nine-month period stood at 23% and is expected to remain in the similar range for the full year. Capital expenditure during the nine-month period stood at ₹235 crore and is expected to be in line with our full year guidance of around ₹300 crore.

With this, we now open the floor for question and answer. Thank you.

Thanks for the opportunity. Sir, firstly, clarification on the growth guidance which you gave for full year '26, if you could just sort of repeat?

It is in line with what we said, mid-teens growth for the whole year.

Understood. Sir, secondly on gross margins, we have seen significant improvement for the quarter, and wherein we've seen geographies like US growing at a much higher rate.

If you could just explain this improvement in gross margin and sustainability of gross margin?

I think what I just mentioned, I think you should consider 78% plus minus 1%. Some variations keep on happening quarter-to-quarter.

Overall, I think we are very confident that we should be able to maintain it at about 78% plus minus 1%.

For the US business, we have launched eight products in last 12 months, we are seeing the full-year benefit of that. Plus, we have seen the increase in the market share for some few products.

Also, we have one seasonal product for the flu, where typically the season starts in the December, January. That also aided the growth for the current quarter.

The combination of all these three aspects, it has, of course, resulted into a very robust growth for the US business.

Got it, sir. Now that the launch benefit has been sort of reflected entirely, and we will end FY 2026 on a very strong note as far as US business is concerned, given the pace of launches, may not be in terms of exact numbers per se, but how do you think about FY 2027 for US geography?

It should be good only, but I think it will be a bit early to give the guidance for that. I think let's do that in the next quarter when we have all our plans closer and then we'll have the more concrete numbers in terms of our budgets which are finalized.

Overall, I think the growth probably not be in the similar line of what we have seen in current year, but I think we should be able to post double-digit growth for sure.

Just lastly on this, how much would have been the constant currency growth for US business?

Come again?

Sir, how much would be constant currency growth for US business for 3Q FY 2026 and nine months FY 2026?

I think I don't have that figure right now

ready. We will compute it, yeah.

We'll share it later. We've seen some dollar movement.

The volume growth is far far bigger than the rupee appreciation.

Got it, sir. That's it from my side.

I'll join back the queue.

Okay.

Hi, sir. Thank you for the opportunity.

Sir, first on the India growth for close to 19%. You mentioned the cardiology portfolio has grown in line with the pharma market growth or the like-to-like basis growth.

What exactly has driven this outperformance, if you could highlight?

No, I think it's mostly a little bit of seasonal also for us in some sense. At the same time, we have had some very good activities, some very good customer connect that has happened.

Like I said, our gynecology has done much better than what we were expecting. Dermatology, as you would have seen, we have gained two ranks.

We outperformed the market by nearly two times the growth rate. These are the segments that have contributed better than what we were expecting.

Understood. Sir, with the 150 reps what you have added this quarter, and I believe in international geography as well, so, where exactly are the MRs getting deployed, and any new product you're launching, either on the GLP side in India and overseas with your recent partnership, and, should we think of this addition in that way, or that will be over and above what you have done recently?

Number of reps what we have added in domestic are across these four therapeutic segments. That is basically pan-India.

In that sense, there is no new division or new therapy launch. These are basically just to increase the coverage.

Wherever our productivity was higher, we felt that we need to cover more effectively. That is what it is.

For GLP, we will be launching in India under our own trademark, and we hope to be in the first wave of the product launches that will happen in the month of March. That will naturally be factored into the growth plans of next year, which will start from April to next March.

That is what it is. I don't know if you have any other question in this.

Yeah. With regards to GLP, then, your overseas partnership with Biocon, if you could shed some light as to how the arrangement is?

The arrangement will be that they will be supplying to us finished product. They have the finished product.

They have all the required data, which they have filed in all the regulated markets. We have tied up with them for 26 countries, where 23 is exclusive tie-up with us.

Three countries is semi-exclusive, which means semi-exclusive is they can come back on their own, or they can give to one. At the most, they can give one more company other than Ajanta.

We are looking to start filing the dossiers from Q1 in all our markets. From 12 months onwards, we should start getting the approvals in various countries.

We are looking, if all going well, from I think '27-'28, the revenues for this GLP-1 should start coming in. It's fairly straightforward.

They will give us the product. We will commercialize it in this 26 countries, where we have very strong ground presence through our all field force and promo plans.

This will be in our brand. Please.

It will be in our brand name.

Okay. Okay.

Sir, fair to assume that this would be like a profit-sharing agreement, or you would be paying some upfront fee, something like that, yeah?

There is some confidentiality agreements which we have in place, I'm not able to give the exact details. It's a combination of all what you have just mentioned.

It is going to be the transfer price, and then there'll be some arrangement on some kind of mechanism on some profit share, things like that, yeah.

Understood. Sir, last one, if I may, just a bookkeeping question on the depreciation expense.

Sir, that has been ranging a little higher as compared to what we have done last year. What exactly is the reason for that?

Basically, we commenced one more manufacturing facility at Pithampur for the liquid line, which we announced last quarter. That particular depreciation has already come in in this particular quarter.

Because of that, the depreciation is increased.

Got it, sir. Thank you.

Good evening. I have two questions to ask.

One is about the dividend payouts in terms of percentages of PAT. We have maintained both payout in terms of dividend and buyback, in last four, five years in a range between 60% to 80%.

This year, we have given a payout of about 44%. Do we expect the similar kind of a payout from the trend what we have seen in the past?

I think it is still not decided, because there is one more quarter which is going to be there. We need to take a call in the board meeting.

As we mentioned that you must have seen the article that we are increasing our thrust on the acquisition. If that happens, then in that case, the board will advise accordingly.

I think we need to wait till quarter four for the decision of the board.

Another question is that we are nearing becoming a $500 million turnover company. What is our roadmap or a plan to go from a $500 million to a billion-dollar company?

Please elaborate on this.

It's a everyday progress which is being made. In the existing markets, we are continuously, as you have seen the last two, three years, increase in the field

force.

Therapeutic. We're increasing the therapeutic segments.

In India, we have launched two new therapeutic segments. Internationally, we have got into the psychiatry portfolio.

The idea is to increase the new therapeutic segments. Internationally, we are looking at to add at least one new therapeutic segments next year.

The idea is to increase our field presence in various markets, add new therapeutic segments, and we are also looking to expand into the new territories, possibly to the Latin America, which is probably I think we want to take a serious look at it. There'll be some new geographies also which will get added in the coming time.

With all this, I think we are expecting and hoping the growth momentum to continue in the coming years.

Good. Thank you so much.

Also

Please continue.

It was there in the press also that we are actively looking for the acquisition also, and as it was there in the news that we have earmarked 1,000 crores plus for that. All those possibilities also do exist.

Let us see if and when they materialize.

One last question I have is there was also a news article regarding, although it was denied by the company that there can be an acquisition of non-related business from Ajanta Pharma. I hope that the denial is firm, and we are still only focusing ourselves on the pharmaceutical business?

Absolutely. We are very clear about this.

You must have seen that later on the clarification also came that it is by one of the promoters' family office, not by Ajanta Pharma. Ajanta Pharma remains only in pharma business and will continue to do this business only.

Okay. Thank you, sir.

Thank you.

Hi, sir. Thank you for the opportunity.

Sir, just two questions related to India business. India business has shown quite good numbers.

Sir, just wanted to understand the break-up of the India growth, in the terms of volume growth, price, and new products?

Sure. I will share that with you in a second.

Volume growth, IPM is at 2.1%. This is the composition of 8.9% IPM growth.

Ajanta has grown at 3.1% as per IQVIA, we are 1.5 times as far as the IPM in the volume. For the new products, IPM has shown a contribution of 2.5% in the growth, and Ajanta has shown 3.9%.

Is it 4.9%?

4.9%.

It's 3.9%. Again, nearly 1.5 times the IPM growth rate in the contribution towards our 11.4% growth.

Understood. Sir, what has to be the PCPM of us?

Also, we've been adding around 150 MR team this quarter as well, wanted to know that as well.

PCPM for the quarter you I'm not able to hear you clearly, sorry.

Yes, PCPM for the quarter.

PCPM for the quarter, it will not be there, but I think for the PCPM, if you want, for nine-month period, we are at about 3.6 crore. 3.6 lakh.

Lakhs per month per MR. 3.6

is the first nine months monthly average PCPM, yeah.

Understood, sir.

Thank you.

Thanks for the opportunity again, sir. Sir, just on this GLP semaglutide for Asia, Africa, while at least in India it seems it's going to be a competitive market even in the first wave of market formation, if you could just provide certain insights on this Asia, Africa focused geographies, how do you see the competition shaping up post patent expiry in these markets where you have sort of tied up exclusively with Biocon?

We believe that India will be more aggressive competition in India, which should be in the range of what, 10, 12 around

15

to 20 plus. In the our markets, we believe it will not be as aggressive.

We are expecting it should remain around 4 to 6 depending on which companies get approval, what time and point. The competition intensity, in the emerging markets, will not be as high as what we are going to see in India.

Subsequently, given this low competition, but from a pricing point of view, given your experience with the earlier products in, let's say, India, Asia, Africa, how do you see the pricing playing out, given their per capita income, given the demand, any color you can throw, or it's too early to ask, which ever way?

I can give you a general sense. As the DNA of Ajanta, we operate at a acceptable margin.

We are not interested to enter the products below the margin threshold which is good enough for us. Overall, the margin should be good only, decent only.

As I said, the pricing is also a factor of how much competition you will be having in the market. Since we are not expecting as aggressive competition as we are going to see in India, we believe the pricing should remain pretty decent, and we are expecting a good margin product.

Overall, I think that's the broader color which I can give you.

Would it require additional marketing as in MRs or marketing spend, or this product will get funneled through existing?

Exactly. It will go through the existing.

In all our markets, we already have CVD presence, cardio-diabeto presence is there in all our markets wherever we've tied up this. That's precisely the reason for us to go, because it really complements our presence in this segment.

The second is the weight loss. Both these segments, our existing team will be able to handle this product.

In fact, they'll be able to capitalize on this product better because we already have the relationships with the doctors in the field in this specialty.

Interesting. Interesting.

That's about it, sir. Thank you.

Thank you, sir. Sir, I don't know if you already answered this.

For nine months, Asia is quite muted. If you can just explain that, sir?

No particular reason, I can say. We started the year, as I said in my opening comments, hoping that Asia would probably post double-digit growth.

Somehow, we've seen some low traction in certain countries. Because of that, our growth has been slightly below what we would have liked it to be.

I think we are very confident structurally, fundamentally, there's nothing wrong. I think we are hoping that Q4 onwards itself, we will start seeing the revival, and we should start posting some good growth.

Also, there was some export

Is it Red

Sea thing? That also little bit.

That also little bit. There were some exports which got delayed shipments from the Q3 and which will get pushed over to the Q4.

Had that supplies also come in, the Q3 would have looked better than what it is right now. That also effect we will see in the Q4, the Q3 spillover into Q4, and then we should be able to catch up.

Understood. Arvindji, did not see any forex loss in other expense.

I was surprised by that because apna hedge book ka kuch na kuch mark to market to hona chahiye tha, right?

Fortunately, everything got booked into the second quarter. Fortunately, the quarter closing of quarter three was lower than the quarter two.

Because of that, there was no loss at all during this quarter.

That was the case for USD, but Euro to was lower only, na sir? Apna Euro

to Euro bhi

rehta hai, but Euro mein bhi jo hai humko thoda benefit mil gaya. Achha.

Very nice. Theek hai.

Sir, yeh ek last question. This Biocon partnership is also for India or it's not for India, only for emerging markets?

No.

No, it's only for

emerging markets. Okay.

Sir, there the responsibility for the regulatory approval, is on us, or is on Biocon?

It is on us. It is on us.

Biocon only will provide the dossier, but responsibility in terms of getting the approval is ours.

There's a process called COPP route. We are following that, or we are going through a COPP route, sir?

COPP route is applicable for Europe, no? There are few countries in Africa which have this mutual recognition, but mostly it is individual countries only.

We are doing individual countries.

Theek hai.

All right. All right, sir.

Thank you.

Hello, am I audible?

Thank you for the opportunity, sir. Sir, if you just see, then in last nine months, our US business is almost 50 percentage up.

Is it that the only newer products are contributing for this 50% growth, or it is the older products also which have started to grow in volume terms?

As I mentioned, older products also, we have increased the market share in some of the important products, and that also is one of the factor besides the new products.

Okay. Will it be fair to assume that the older products would have grown by almost 15% and then the rest is only the new launches roughly?

Difficult to give you the exact granular details as much, but I can say that it's a combination of both, the new products as well as the existing products, both. As I mentioned in the Q3, the small bump-up also happened because of the flu seasonal product which we have, which sells typically in December, Jan, Feb, it starts November, December, Jan, Feb is three, four months when we have the sales for that product, so.

Sir. Got it.

Just wanted to know that in which all therapeutic segments are we majorly present in US, if that's okay to know?

US as such, there is no focus on therapeutic segment. It is the opportunity which we really look at, the individual product opportunity.

Therapeutic segment is not much, but CNS is there, and mostly it is oral solids.

Sir. Got it.

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

Hi, sir. I just have one quick question.

If you can provide a guidance on how should we look at the impact of labor codes on the staff cost going forward?

We have already provided for it. We have provided ₹7 crore of rupees in the employee cost on account of the new labor code regulation.

There will be an additional liability on account of gratuity and leave pay, which has already been provided in this quarter.

Sir. Thank you.

Thank you for the opportunity. My first question is on the Asia business.

We have seen softness due to softer traction in certain markets. Could you name the markets where we have seen softer traction?

Unfortunately, we don't give such granular details of the country-wise or things like that. I think that's all about as much as I can tell, yeah.

Could you just give us a guidance for FY '27 or FY '26, what are we guiding full year for Asia branded and Africa branded?

I think Asia we should be able to post mid-single digit to high-single digit.

For FY '26,

right? For the FY '26 for the Asia.

Okay.

For Africa, we should probably post in low-double digit, I think.

Can we give guidance for FY '27 as well?

Too early. I think let's wait for the next quarter, no?

Okay. My second question is on the India business.

We mentioned that gynecology is picking up well. If you can give us some more color like how big is the therapy now, or how much does it contribute to the India business, some color there?

The contribution is insignificant, primary reason being it's a very new therapy. To have any meaningful contribution to the entire India business, it will take some years.

What is very important and encouraging is the fact that we are getting good acceptance from the gynecologists. Our brands have been picked up well in a otherwise highly competitive segment.

We are able to make a good inroad for ourselves. We are fairly confident that in the next two to three years, it should become an important and a prominent therapy, just the way we have developed the other four therapies.

I think that's what's more important.

That's helpful. We mentioned that we will be participating in the GLP first wave.

The guidance for FY '27 would also include the GLP accountability. Could you just give us the number, what guidance should we look at for FY '27 India business?

Again, that's still in the works. We would rather focus on the current quarter, past quarter.

I think we'll come out with the guidance in the Q4 earnings call. I think that will be more firm and better in that sense.

Yes, we will be in the first wave of GLP launches. That product would be included in the growth plans for the next year.

Okay. Lastly, if you can just help us understand the TAM that you're looking at for Asia market for the GLP products.

Would some geographies have a billion-dollar kind of market, or would it be lower? How should we look at it?

Likewise for Africa as well.

It will not be to that level. Our Africa markets are not comparable to Europe or US.

Right, but Asia?

Asia can do better than Africa, but not in the tune of billions of dollars. I think currently, yeah, it's very difficult to put a number on it, but it's a growing segment.

That it's every year it's growing exponentially.

Yeah.

We've never seen a launch of a product like this in the longest time. Already globally it's become I think what, 25, 40 billion, and 25 billion each, 50 billion.

It's still growing at 25%, 30%. I'll hesitate to put any number on the market size on these products.

It's evolving.

Sure, no problem. That's helpful.

Thank you.

Hi. Good evening, everyone.

Sir, I'm quite not able to wrap my head around this 19% domestic growth. I'll appreciate if you can give a bit more color.

Is it because sales to Next Gen is largely growing? Is there some channel filling happening here, or is there some recovery in cardiac that has led to higher primary sales?

Because there is a fair bit of discrepancy between what you've actually reported and what the IQVIA numbers suggested.

You are right, because see, ultimately, this 19%, neither it is a channel filling nor it is something which is bump-up. It is something which is normal sales.

What happens is that every quarter there is some traction which comes into some of the segments. That is what is happening in this quarter.

There is absolutely nothing really abnormal in this case. As you see, every year, this quarter is always good quarter, and next quarter will be little lower because as you must have seen in our last four, five years, our last quarter is always low.

That is what is going to happen. I think it sits in the normal course.

There is no channel filling or there is no abnormal thing at all.

No particular therapy you would like to call out?

The IPM is recording Ajanta growth at 14.8% for Q3. IQVIA is showing a near 15% growth for Ajanta.

This is all pure secondary growth that they are reflecting. As against that, our internal growth is 19%.

Okay. No particular therapy, right?

All therapies are starting to do well or have done well?

In the 15% that they are reporting, cardiology is lesser than what we are actually recording internally, right? If you add that back into 15%, it will come up to 19% or 18% or whatever the number may be.

It's essentially exactly the same what we are actually posting.

Got it, sir. Sir, just one more clarification.

Sir, you mentioned that you've been adding some sales force in your export businesses. Is it in the existing markets, or is it in some of the new frontiers like a LatAm or Anglo Africa that you're targeting?

In the existing countries only.

In the existing countries. Okay.

Existing countries, correct.

Right. Sir, can you give us some guidance on how much the expansion is here to take place in the next couple of years?

Expansion in terms of what?

Sales force, sir.

Next few years is a very long outlook to give. I think I will restrict to the current year.

I think let's talk about next year in the next quarter's con-call.

Sure, sir. Thank you, sir, and all the best.

Thank you, everyone, for joining this call. In case if there are any further questions that remain unanswered today, please reach out to our investor relations team.

Thank you.