Thank you, Danish. Good evening, everyone.

On behalf of 361, I welcome you all to the Q1 FY27 earnings conference call of Natco Pharma. Hope everyone is in good health and doing well.

On behalf of Natco today, we have with us Mr. Rajeev Nannapaneni, Vice Chairman and CEO; Mr.

Amit Parekh, Chief Financial Officer; Mr. Rajesh Chebiyam, Executive Vice President, Crop Health Sciences; and Mr.

Rajeev Menon, Investor Relations. I now hand over the call to Rajeev Menon for the opening remarks, post which we'll open the session for Q&A.

Over to you, Rajeev.

Thank you, Hrishikesh. Good evening and welcome everyone to Natco's conference call discussing our earnings results for the first quarter of FY27.

I am Rajeev Menon, lead investor relations at Natco. We hope you have received the press release that was sent out earlier.

It is also available on our website. Let me draw your attention to the fact that on this call, we may be making certain forward-looking statements which are not necessarily historical facts, and anything said on this call which reflects our outlook for the future must be reviewed in conjunction with the risks that the company faces.

We undertake no obligations to update these forward-looking statements. I would like to state that the material of the call, except for the participant questions, is the property of Natco and cannot be recorded or rebroadcast without Natco's express written permission.

We'll begin with the financial highlights and then follow up with an interactive Q&A session. With that, I will request our CFO, Amit Parekh, to discuss the financial highlights.

Over to you, sir.

Thank you, Menon. Greetings to everyone and thank you once again for joining Natco's quarter one FY27 earnings call.

The company recorded consolidated total revenues of ₹794.4 crores in quarter one FY27, compared to ₹1,390.6 crores in the corresponding quarter last year. The decline is largely attributable to lower lenalidomide revenue during the quarter, which was partially offset by double-digit growth in the base business.

EBITDA, including other income, for the quarter stood at ₹245.7 crores, with EBITDA margin of 30.9%. There has been an improvement in EBITDA margin quarter-on-quarter, which can be attributed to the performance of our international and domestic business and lower and measured operating costs.

Consolidated profit after tax stood at ₹206.5 crores, compared to ₹269 crores in quarter four of FY26, which included one-time benefit of ₹115 crores arising from remeasurement of deferred tax asset on MAT credit and other deferred tax assets and liabilities following the company's decision to move to the new tax regime from FY27. On a normalized basis, excluding this one-time tax benefit in quarter four last year, consolidated PAT grew by 34% quarter-on-quarter.

With regard to our associate company, Adcock Ingram Holdings Limited, South Africa, revenue for the quarter stood at ₹1,582.8 crores and profit after tax at ₹242.2 crores. Natco's share of profit based on 35.75% holding as on 30th June 2026 was ₹84.3 crores.

In July 2026, we acquired additional stake of 13.25% in Adcock Ingram, taking our total holding to 49%. This we believe will further strengthen our strategic position in South African market and increase our participation in the performance of Adcock Ingram.

Our domestic formulation business revenue stood at ₹126 crores. We also saw strong growth in our Brazil business.

Revenue from Brazil stood at ₹178 crores, representing the growth of 180%. Thank you all, and now we will take questions and answers.

Hi, sir. Thanks for the opportunity and congrats on the good set of numbers.

My first question is in terms of the breakdown of your export revenues. Can you please give me a constant-currency growth across your key geographies of Canada and Brazil?

Brazil has grown, as I said, it has grown by 180%. The revenues of Brazil, as I mentioned earlier, was ₹178 crores.

Canada sales?

Canada sales for the quarter was around ₹56 crores.

Understood, sir. Also, if you were to just look on a quarter-on-quarter basis, in constant-currency terms, there seems to be a 14% kind of decline.

Any specific geography which you would attribute this to?

Could you rephrase that question? I didn't understand the question.

Could you say that again?

Yes, sir. Basically, I was trying to understand the quarter-on-quarter decline that has happened in the export sales.

There seems to be a constant-currency decline of almost 14%. Is this attributable to any specific geography?

No, it's just a seasonal factor. I think you have different orders at different times.

I think the increase in profit didn't come from the Indian company. It came from the associate company.

If you see the numbers, normally the Adcock profit share is around ₹35 to ₹40 crores a quarter at our 35% holding. This quarter came to 80.

I think that is why the bumper earnings came from there, and that's the reason why there's an increase in profit. Orders themselves, it's all cyclical, right?

The reason why Adcock delivered good set of numbers is because there's a strong flu season in South Africa at this time. I think that's the reason why the numbers are the way they are.

Okay?

Even on a constant-currency basis in the Adcock business, there is a healthy growth, sir, of let's say high single digit?

In this particular quarter, yes, because of the flu season, yes.

Understood, sir. Also, if I were to just ask a question on the domestic sales growth, could you provide a breakdown of how the base business has grown and how semaglutide has incrementally contributed this quarter?

I think that base business normally is about ₹107 crores a quarter. I think this quarter it went to 130-something.

We believe we will be able to maintain that 130 number. I think a lot of it has come, I think, from semaglutide obviously.

I think we had a pretty good run on semaglutide and some third-party orders on semaglutide. Also our base business has also done well in our oncology and other segments that we operate in.

Overall, domestic has done very well. I think this year we expect that domestic will increase by about 25%.

Understood, sir. Just one last question if if basis the permission.

Sir, in the quarter so basically, sir, we closed the year at about ₹2,400 crores of cash. After having paid out for this incremental stake in Adcock, I think we still have a decent, close to about a 1,000 ₹1,000 to ₹1,500 crores kind of cash sitting.

Any incremental insight on why the proposed fundraise of ₹2,000 crores is planned? Any specific target therapies or kind of assets that you're looking at?

Yeah. You are right.

Our net cash as on today is around ₹1,400 crores. Obviously, in last one year, if you look at the kind of investments we have made, it's almost ₹3,000 crore, primarily in Adcock.

We had a two two times acquisitions of stakes in Adcock. Both put together was around ₹3,000 crore.

We have obviously some short-term loans to pay off and some capital expenditure. At this juncture, we are also looking at couple of very interesting opportunities of acquisitions, and some kind of an M&A opportunity.

We believe that this cash would be really required, and we believe that this would be helpful at the right time. Hence we want to raise the money from the market.

Understood, sir. Any color on the kind of M&A you're looking at?

We'll give a chance to another person.

We'll come back to you again, my friend. We'll come back again.

Next caller, please.

Sure, sir. Thank you.

I'll join back the queue.

Hi, good evening. First question, Amit.

Very sharp decrease in other expenses, both quarter-on-quarter, year-on-year. If you can kind of highlight the reasons behind it and is this the kind of a new run rate that we should expect going forward?

Kunal, thank you for the question. There has been a decline.

Obviously, if you look at the last year Q1, there has been a high R&D spend which happened. R&D are not a very stable quarter-on-quarter run rate.

It depends on a lot of milestone and exhibit batches, clinical trials, etc. In last year's quarter, yes, there was a very high spend on R&D, and we also had higher legal costs in last year.

Current quarter is slightly lower, and this cannot be the run rate. There'll be a little bit higher spend going forward.

Current quarter has been lower than the previous quarter for sure.

On an annualized basis, not talking on a quarterly basis.

I think sometimes there'll be an increased base for the project. For example, let's say you're doing a big clinical trial with a huge exhibit batches, sometimes there will be an $8 million expenditure.

If you don't have that batch in that particular quarter, then there's no expenditure. We plan it according to the cash flows that we have, we plan our project based on when we have cash flow and so on and so forth.

You've asked me to pin me down and say this will be this quarter, it could be higher or lower. Typically, I think when we give our guidances, we assume these costs and then we build in the PAT number once based on what we believe we will spend in the year.

I think you should take an annual approach as opposed to take Q-on-Q.

Sure. Okay.

Got it. Thank you.

Second question is the international formulations business this quarter was ₹477 crore. You also mentioned there was good growth in Brazil.

What would explain the quarter-on-quarter decline? Is it the seasonality or the decline in pomalidomide, if you could throw some light on this?

I think you mean the profit share was See, there are see Kunal, I mean you can't like you know there there's different cycles for different products. I generally don't give a product-by-product analysis and why this product came.

We sometimes you have one tender on one product, sometimes you have obviously pomalidomide, obviously the 180 days was in the previous quarter, all the seasonal and quarter stuff happens. I think I would I would focus on the larger picture.

I think, I don't want to get we generally give a guidance for the year and then we tell you what the major highlights of the year for the quarter

are. Yeah.

Okay. Thanks.

Next caller, please.

Thanks for the opportunity. Sir, out of your total export formulation business of ₹477 crores, how much contributes from the subsidiary?

You have given a Canada and Brazil number. If you can also give rest of the world number?

I don't have a split, Rashmi. I have for the bigger ones, the smaller ones I don't have.

I don't have it on hand, sorry. I don't want to give an incorrect number.

I'll pass the next

question. On the agrotech sales, that is your Crop Health Sciences, have we break-even in this business?

Say that again. Have you?

Can you repeat the question, please?

Sir, on the Crop Health business, are we still making a EBITDA loss or we have already done the break-even?

No, basically, for the quarter there was a loss, right? The goal and our expectation for the year is to break even.

If you look at overall scenario for the Crop Health, it's very very seasonal, right, Rashmi? As probably most of you are aware, there's been the El Niño fear and delayed in rains, so that's what actually caused a little bit of delay in the cropping season.

We expect Q2 to be significantly better than Q1, and I think we are on track to again, as I said, to break even for the year.

Sir, on the revenue part, what will be the guidance for the Crop Health?

Amit, for the Crop Health you're talking about?

Yeah.

See, let me just give you an indicative number. See, last year we did about ₹138 crores total, and we're about 40 in Q1.

By Q2, Q3, I think we should be fairly close to that number and There will be some growth, but again, which is I think Q2 will give us a fair idea how things are because Q2 is the strongest quarter for the agro business. I think we would defer any particular guidance.

I will stick to the same guidance that we gave earlier in the year that we'll end the year with about 750 PAT and our gross sales will be between 3 3 to 3 33 to 34, 33 to 34 in that region. Beyond that, at this time we don't want to say.

On the total sales which you are saying, 33 to 34 billion, when you just annualize this quarter sales, it comes to around ₹2,800 crore, that roughly comes to 28 billion. Whatever that extra sales which we will be generating, it will be coming basically from which geography?

Who will be the major contributor? Whether we are going to see a traction in the export part of the business in the US, or in India, or in the rest of the world and?

It will be all-round growth. I think the US will because there are couple of US orders we have and we are not doing a geographic split per se.

I think for Brazil and Canada we had because we have a sub that we can identify, but other numbers are all together. Yes, I think the growth areas will come from these three geographies, you're right: Brazil, Canada, and US.

I think all three will do well.

Okay. Understood, sir.

Thank you. That's it from my side.

Thank you. Next caller, please.

Hello.

We are not able to hear you in case you're speaking. Can we go to the next caller in the meantime, please?

I can hear. Can you hear me?

Yes,

Yeah. Hi.

Thanks for taking my question, sir. I have a few questions.

Sir, firstly, this current quarter, do we have any contribution from Revlimid?

Current quarter, it is very very small. It is negligible, to say the least.

Got it. Sir, our tax rate has been a bit volatile for this quarter and the previous quarter as well.

Do we have a particular tax guidance for FY27 and going forward?

See, tax rate is a combination of since at a consol level, it's a combination of the global tax in country-by-country contribution. In India, at least I can say that we have since we have moved to the new regime, a tax rate would be around 25.17%, and obviously there are some disallowances of CSRs and donations happen.

Roughly in India we'll be around 27%, and globally it all depends on which geography is contributing more. This quarter Brazil has a larger contribution where the tax rate is even 35%, and hence quarterly tax rate is quite high this quarter.

Very difficult to give a very clear guidance around tax because it is a combination of multiple factors. Yes, this quarter it is higher.

I see. I see.

Sir, two questions around our recent launches which are upcoming. For carfilzomib, we have a likely a calendar '27 launch settlement with the innovator.

Are we on track for this launch?

I cannot confirm the date, but yes, the launch is on track. I believe we will talk about it closer to the launch date.

Yes, the plant is under upgrade right now and I think the upgrade is expected to be completed by end of the year and we believe that we'll be able to launch it at the time when the launch date is set. This because of confidentiality reasons, I can't reveal the launch date, but yeah, we're on track.

Yes,

yeah. We'll

chance another caller. You've had your two questions, I'm sorry.

Next caller, please.

Hello.

Just one more question. Regarding olaparib, could you please share what the current litigation status is with the innovator, and do we have any sort of an outer timeline by which you believe that an outcome might be decided?

I think I don't remember the date. I think the trial date is set.

I don't remember the date. I think sometime in the next few months.

I don't know the exact date. Top of my head, I'm not able to remember what date it is.

We have a tentative approval, which is good. Then the issue of exclusivity is there, because it took more than the 30 months.

We're hoping we have kept the exclusivity. We have some arguments that has not been determined yet.

I think these are two important factors: the determination of the 180 days and setting the issue of the trial. I think the trial date I'm not able to remember, sorry.

I don't want to guess the date. It's scheduled I think the next few months, but I can't recollect the date.

Then the determination of the exclusivity, which has not been determined yet. I think these are two open questions on this product,

okay? Got it.

All right. Thank you.

Next caller, please.

Thanks for the opportunity. Sir, given that you have some experience in South Africa now after the acquisition, what are your plans to improve growth and profitability in South Africa?

I think overall we see a lot of synergies between Natco and Adcock. I think the first synergy is obviously the pipeline for Natco, which can be put in Adcock and which can be distributed in South Africa.

Second is our connect with our Indian partners, because we do a lot of alliances with other Indian companies for other markets, we have pretty strong relationship with other Indian family-owned companies, we bring that to the table as well. We're using those relationships to improve the pipeline of Adcock.

I think they're two major synergies I see: one is the R&D sending synergy, and second is the pipeline, we're able to source pipeline. The benefit of our associate holding you'd see whatever getting right now on Adcock is based on the base business that they have already.

The value of Natco and Natco's pipeline and all will come in the next two to three years, not today. We are playing for the long haul, as you know.

Also Adcock has a lot of meaningful strength to our base business. As you can see, this quarter, for example, 35% to 40% of our earnings are coming from Adcock.

We are able to sort of build that strong base business so bring less volatility in our earnings, which has always been the case with Natco, right? I think we're trying to strengthen that.

Okay?

Got it, sir. Also in Brazil, given that you're witnessing strong growth, are there any key launches which are driving such growth and are there any meaningful launches planned going forward?

I think our oncology pipeline is driving the growth, I think that's why you're seeing very good numbers. We also have other meaningful launches in the year '27 as well, subject to some patent litigation.

Generally, we don't reveal which molecules because of competitive reasons, but overall the portfolio is doing extremely well. We anticipate very good growth in Brazil as well.

It's a fairly diversified model. Now I think India is also growing very well.

A lot of the revenue pickup you're getting now is over multiple geographies. I think that's a comfortable way we are.

Objective is that we'll do another acquisition, hopefully. If we're able to do that, we're able to build a diverse pipeline of geographies and revenue avenues so that we have more stability in our base.

I think that's the objective. Okay?

Got it. Sir, lastly, if you could guide for how much we've done from semaglutide in the first quarter through

I think the brand is doing

Just roughly Just a broad idea.

I can tell you what we're doing. The market is fairly cutthroat.

I think this is what we always said in our earlier calls as well. It's been fairly cutthroat.

I think our brand per month is doing around 2 Cr, I think roughly. We had a lot of other third-party business which I don't think will get repeated.

As safe to say that I think right now this is where it is, but over a period of time this brand should do very well. Right now the market is fairly not so good in terms of because the competition is very intense, I think things are just settling down.

We'll see. The pricing stability will come in the next few months and then I think things will settle down.

As of now, it's pretty okay.

Is it profitable, sir?

As of now, it doesn't lose money, but it doesn't make much money either.

All right. Got it, sir.

Thank you so much.

Thanks. Next caller, please.

I hope I am audible?

You're audible, Arjun. Go ahead.

Yeah. I think we are in interesting times with respect to South Africa.

On 12th of August, India and South Africa have signed their terms of reference for preferential trade agreement, right? I want to understand how this is going to impact our business, and I also seen one of the Indian company has already got approval for semaglutide launch in South Africa.

When are we going to get approval and how big the market would be?

Regarding the trade deal, I'm not well informed, my friend, I don't want to answer that question because I don't know enough about it. Regarding semaglutide, Sun Pharma has got approval in South Africa, that's what I understand.

In terms of our approval, I think a little away, but we're trying to see what other ways we can hasten the launch for semaglutide. We are also looking at other third parties as well.

At this time, yes, our dossier is a little away, but yes, I think we're looking at other possible third-party vendors who could give us, but yeah, we're working on it. The size of semaglutide in South Africa, it's interesting opportunity, but numbers I don't know exactly.

Top of my head, I can't recollect. Thank you.

Okay. Sir, one more question, sir.

This is with respect to our Natco Crop Health Sciences business. I understand already we have approved the demerger and other things.

When can we expect the actual demerger to take place from an investor point of view, sir?

Yeah. Hi, Arjun.

The demerger again, the plans are still active, but now we're also looking at this potential fundraising activity. That activity is in the immediate frame.

After that we will continue on the demerger aspect, it could probably delay by about two to three months.

Oh, okay.

Yeah. I think probably instead of December, it could be about March.

Okay.

Thank you.

Next question.

Hi, sir. Congratulations for good quarter.

Sir, I just wanted to understand one small thing. We had somewhere close to ₹3,500 crores of cash on our balance sheet as on March.

After that, we would have spent some to acquire the additional stake in Adcock. Any particular reason for taking the additional resolution?

As I already tried to explain earlier in the call, between March and now we spent money on Adcock for additional stake acquisition. Currently, we have around ₹1,400 crore of net cash.

As you would have realized that over last one year ₹3,000 crore has already been spent. We are looking at couple of interesting acquisition opportunities for which we would require cash.

Additionally, we have some short-term loans and some capex requirement. I think whatever money we raise will be going towards these things, and we want to be ready with the money for any interesting opportunity which is already there in our evaluation.

That's the primary reason we want to raise the funds.

Got it. Sir, and so you highlighted that you require cash for your internal capex and some capacity expansion that you have been planned.

Can you highlight what that number will be, say, for this year and the next? Capex?

Ex

of inorganic? Not sure details at this juncture.

Sir,

for organic capex, you can please highlight a number for the next two years. Organic

Organically, I think every year, we have around ₹250 to ₹300 crores of capex year-on-year. That's the run rate anyways we have.

Got it. Sir, any color that you can provide on when do you plan to launch some of Natco's India products in the Adcock entity now that you have 49% stake?

What we've done is we've filed for registrations. We actually filed three dossiers already.

Typically, registration takes two years or so. We see that Natco's products might come into the market maybe around '28.

Typical registration takes about 18 months to 24 months, '28 is actually

Got it. Perfect.

Thank you so much, sir. I'll get back

in the queue. Next caller.

Hi. Am I audible?

Quickly Rajeev, can you provide any material changes that could have happened on the innovation side, the four assets that we have? Can you take us through?

I think there's nothing much to report at this time. I think the biggest bet we have made is eGenesis.

That entity is doing reasonably well. I think they have done transplant for multiple patients and two patients have done extremely well.

They've survived on the pig kidney for about more than eight months. I think we'll have some updates in short time over that asset.

I'm very happy of the four assets that are there, this is the most exciting one that we have and I think it's the most valuable one that we have, and at this time I can't give an update, but I'm hoping that in the next few months we'll be able to give some very exciting updates on this asset.

When can we see a next catalyst or when an update?

At this time it would be premature to say, but as I said, we're hoping to give you some good updates in the next few months.

Great. Second question on the R&D pipeline of the assets FTF, what kind of filing do we expect now in the next two years?

Any idea, any piece?

I think we have an internal target of doing about 8 to 10 ANDAs a year and FTF especially we target about two to three. I think we'll see how things go.

I'm very positive that we'll be able to deliver some FTFs, but so far, it'd be premature to say, but I think we're hoping to deliver at least one or two this year over and above the pipeline we already have.

Sure. Thank you, Rajeev.

I'll get back in the queue.

Sure. Thanks.

Thank you. Next caller, please.

Hi, sir. Thanks for the follow-up.

I just wanted to check on whether the PAT guidance of close to ₹750 crores still holds or is there a upside risk to this number? Because if I see Adcock's contribution currently, there's close to about a 150 million constant currency, or in real terms close to 150 million kind of contribution to Natco's earnings, and given the increase in stake now, it is likely that if I were to annualize the same number and see, close to about 4 440 to ₹450 crores of that would be coming from this Adcock entity itself.

Wait, wait, wait, wait, Vamsi, wait, wait, wait. Don't annualize it.

It is a seasonal bump because it was a flu season. Our guidance still remains around 750.

I'm not changing the guidance. What it had was a bump because of the flu season.

Normally the profit is usually around ₹100 crore a quarter, I think typically, and obviously we'll have a see-through of about 49% now with the increase. I think normally that's the base number, but again, how this year holds and all, I don't want to answer, but please please don't annualize the quarter numbers because it was a bump in the flu season.

Okay?

Sure, sir. Thank you and all the best.

Yeah.

Hello, sir.

Go ahead.

I just want to ask in future, if Adcock be opportunity to buy some more percent of share, will we go for that?

Of course. I think, as our management strategy is to always be on a long-term, and we are very well committed to South Africa investment.

At this point of time, we don't have an opportunity, but whenever it comes up, we'll be more than happy to take it. That's our strategy.

It's a very strategic call for us, and yes, of course, we'll go for it. Right now there is no opportunity.

How much percent till we can go? Till 70, 80?

Do we have any target like that or?

I didn't understand your question, my friend. We lost you.

Speak in the handset.

Right now we are in 49% stake. Till how much percent if we get opportunity, we will go for that?

As of now, we're at 49. I think as of now, Bidvest wants to hold on to the 51.

There is no opportunity yet, but we have a first right of refusal. I think if the opportunity comes, then yes, definitely we will look at.

We like the asset and we're very happy with the asset. At this time, it was only 49 which we were able to get and at the near term, I don't see it increasing.

At this time, this is what it is.

Okay. Thanks, sir.

All right.

I hope I'm audible?

You are, Arjun. Please go on.

Yeah. Sir, I believe our company also has a very good land bank.

Sometime back, I think we have sold some land to Microsoft. Are we not getting such offers nowadays?

Because we are raising funds also, I thought this could be one of the source.

I think we have a reasonable land bank, but there are some we can sell, and some we want to utilize for our own operations. Problem with land bank, Arjun, is that there are always that little litigation that you always have, there's always, I would say, 15%, 20% of our land is tied up in litigation.

It's all frivolous in nature, because people just want to profit by having litigation and then threaten and ask you for money. I think these can be divested.

I agree with you, absolutely you're right. At the right time, at the right price, yes, of course.

I'm also looking at that and this could also another avenue of raising credit. Subject to the right price and subject to clearance of these small litigations.

Typically, let's say I'll give you an example so that you understand our predicament. Let's say you want to sell a 20 acre piece.

You will have 19 acres will be clean, and there'll be that 1 acre right in the middle which is not clean. If you want to get a good price, you've got to sell all the 20, otherwise you've got to break it up into smaller pieces.

Sometimes you're like, okay, fine, let me wait and resolve all the issues before I sell. These are the predicaments that we tend to have.

I would say, yes, we can monetize it, but as of today, we're holding on. Okay?

Yeah. Sir, My next question is with respect to the fundraise.

I have seen the history of the prior fundraises which you have conducted, it has been mostly QIPs only. As an individual investor, I'm placing a request if there is a rights issue, we would like to participate and increase our stake, sir.

This is just a request rather than a question.

I understand. I think we're exploring all options, my friend.

I think we're looking at QIP and rights and all other options. I think the board allowed us to consider all these options.

We are looking at all and I think once we get a feel of what the right thing to do is, we will consider your request. We are seriously thinking about rights issue as well, but we're exploring all options, absolutely.

Thank you so much, sir. We are very happy with the way you are running this organization and being very transparent and honest.

Thank you so much.

Thank you so much. Thanks.

You're very kind. Thank you.

Next caller.

Am I audible?

Go ahead, please. Yeah.

I am a new investor in Natco, I wanted to know that what is the payback timescale for our R&D expenses, how do we think about the future while we are doing R&D expenses?

I think it's a very good question, my friend. Generally we have different payoffs for different things.

I'll tell you what really makes money, what makes moderate or more money or low amount of money. The one that comes sooner is the one that has the least amount of money, because the outcome has a lot of competitors.

The one that you're willing to wait the longest has the highest return. Typically, if you want to take in this business, things which are 8, 9 years away are the most valuable ones, will probably make what 20, 30x of what you've put or 40x of what you've put.

You want to do things which are in next 12 months, then there's only 15%, 20% return. I think the longer you wait, the bigger the return.

Higher the risk, more bigger the return. I think you always have to look at this business in an 8 to 10 years cycle, not in a 2, 3 years cycle.

That's how you want to be. Did that answer your question?

Yeah.

What percentage of our expenses we kind of put towards the long term and what percentage is towards the short term?

I would say 70% to 80% of our money is put for things which are going to happen in 2029, 2029. The earliest outcome will probably be 2028, '29, and then going up to 2035.

Everything between 2028 to '35.

Okay. Yeah.

Thanks.

Thank you so much. Next caller, please.

Am I audible, sir?

Please go ahead.

Sir, you invested ₹1,400 crores in South Africa, what are the reasons

for this? I think we took a resolution, but I think the total amount we invested in that particular tranche when we bought 13% was I think ₹1,060 crores.

₹1,064 crores. In my second question, are you looking for acquiring controlling stake in Adcock?

Controlling stake in Adcock.

As we mentioned earlier also that we are very happy with the investment. The company is doing very very well, run very professionally.

Overall, it's a very good asset for us. Controlling stake right now, the other shareholder is Bidvest and it's not offering right now.

Whenever it comes up, we have a first right of refusal and we'll be happy to execute that, provided it comes at the right price. We are looking for the opportunity to increase our stake, but currently it's not there.

My last question, right Hello.

Yeah.

My last question regarding you raise ₹2,000 crores, which geography you invest this?

You broke up. Can you repeat that, please?

Hello, I am audible?

Yeah.

You raise ₹2,000 crores from issue of equity, which geography you

Which market? For

acquisition?

Correct. Correct.

We are evaluating various options of how to raise the money. It can be anything.

It can be QIP, it can be rights, it can be various other things also. There are opportunities of acquisitions as we mentioned earlier.

There is a smaller piece in India and a very large opportunity outside India. We're not getting into geography-specific, but there are two opportunities: one could be outside and one could be within India as well.

Okay. Thank you.

This is from my side.

Hi. Am I audible?

Yeah. Quickly on semaglutide, you provided the update for India market, as well as the South Africa, we are still far away.

Can you similarly provide for Canada as well as the Brazil region? At what stage is our dossier and when do we

expect to launch? We've not filed in We've not filed in Brazil.

There's a settled mind is We've not filed also so I think we are we're our dossier is not been filed.

In Canada and Brazil, both?

Both.

Yes. Both.

Okay.

That's helpful. Second, can you provide any update on the launches lined up for FY27, '28, '29 for the US markets?

Anything that you are

expecting? In the US, we intend to launch which are exclusive to us.

We can't name them because of the confidentiality reasons, but yes, we have two launches in the next financial year.

Okay. Just lastly from my side, if I may, on the agri piece, CTPR exports have commenced, or any update on that?

CTPR technical some level of exports have been done, Hrishikesh, but not very significant. Predominantly, we have domestic focus at this stage.

We're working on several registrations across interesting geographies.

Thanks, Rajesh. Just a follow-up on that.

On the domestic portfolio, apart from CTPR, have we done any more launches?

Actually quite a few. CTPR was our segue, right, when we entered.

Today, we have roughly about 35 products and a good combination of insecticides, fungicides. Some of our fungicides are doing fairly well.

In fact, one of the top things which is working well, fungicides, one brand called Glance, which is I would say it's a triflox and limited competition product, Glance. If you look at CTPR versus non-CTPR, in terms of revenue contribution also, I can't give an exact number, but out of 35 products that we have, eight products are CTPR-related, and the rest are non-CTPR, right?

It is a significant number of products. From a revenue perspective, I'll get back to you on that, but maybe CTPR 30%, 35% is the contribution from CTPR, right?

The rest is non-CTPR. The pipeline is also very interesting, what we are looking at.

Typically if you look at the registrations that we do internally is something called a 9(3) registration, which means a limited competition, versus a 9(4), which is a lot of competitive players are there. We have interesting 9(3) products which continue to come, and the next financials year has a very interesting portfolio as well.

I think we're quite bullish in terms of where we are today.

Thank you, Rajesh. That's all from my side.

Yeah.

Thanks, everyone, for joining the call. We value your time and participation.

If you have any further questions or need any additional information, please do feel free to reach out to us. With that, we conclude today's earning call.

Thank you very much.