Alivus Life Sciences Limited (ALIVUS) Q1 2027 Earnings Call Transcript

Ladies and Chairman, good morning, and welcome to the Life Sciences Limited Q1 FY27 conference call. As a reminder, all participant lines will remain in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal the operator by pressing star, then zero on your touch-tone telephone. Please note that this conference is being recorded. I will now hand the conference over to Ms. Somi Rao, Senior General Manager of Alive's Life Sciences Limited, for opening remarks. Thank you, and over to you.

Good morning, everyone. I welcome you all to the earnings call of Alive's Life Sciences Limited for the quarter ended June 30th, 2026. From Alive's Life Sciences Limited, we have with us Dr. Yasser Raochi, our MD and CEO, and Mr. Tushar Mistry, our CFO. Our board has approved the results for the quarter ended June 30th, 2026. We have released it to the stock exchanges and updated it on the website. Please note that the recording and transcript of this call will be available on the website of the company. Now, I'd like to draw your attention to the fact that some of the information shared as part of this call, especially information with respect to our plans and strategies, may contain certain forward statements that involve risks and uncertainties. These statements are based on current expectations, brokers, and assumptions that are subject to risks and which could cause actual results to differ materially from these statements, depending upon the economic conditions, government policies, and other incidental factors. Such statements should not be regarded by recipients as a substitute of their own judgment. The company undertakes no obligation to update or revise any forward-looking statement. Our actual results may differ materially from those expressed in or implied by these forward-looking statements. With that, I invite Dr. Yasser Aulji to say a few words. Thank you, and over to you, Dr. Aulji.

Thank you, Shami. Good morning, everyone, and welcome to our Q1 FI27 earnings call. We are pleased to begin the first quarter on a positive note, marked by healthy revenue growth, improving profitability, and continuing momentum across our markets. So we reported revenues of 640 crore, which is a 6.4% year-on-year growth during the quarter. Our performance this quarter was particularly encouraging as it delivered, despite a significant decline in the GPL business, reflecting the growing strength of our broader portfolio and the resilience of our business model. Our non-GPL business delivered strong growth of 26.5% year-on-year, driven by successful new product launches and strong demand across all geographies. So the momentum we have built in recent quarters continues to strengthen, with recently launched products continuing to gain scale across markets. So this has provided greater diversification to our revenue base and created a platform for sustainable growth going forward, giving us confidence in the sustainability of this momentum. GPL has been muted as a result of inventory rationalization, and so, if you recall, Q4 was pretty strong, and we saw a dip in Q1, a decline of 52.6% year-on-year. However, the strong execution across the non-GPL portfolio helped us to offset this impact, underscoring the benefits of a broader and increasingly diversified growth engine. While growth in the GPL business is expected to remain flattish in FY27, the business has been historically rated towards the second half of the year, and we expect a similar trend to play out this year, resulting in a stronger H2 performance. At the same time, we expect the healthy growth momentum in the non-GPL business to continue, supported by a robust product pipeline, recent launches, and sustained demand across all markets. This provides us confidence in our ability to deliver growth despite the near-term weakness in the GPL business. Overall, the underlying strength of the API business remains intact. Geographically, we saw broad-based growth across all markets during the quarter, highlighting the strength of the diversified business. On the profitability front, a favorable product mix and newer launches helped improve gross margins. Thank you. Inherently lumpy nature of the CDMO business, the performance does vary from quarter to quarter. We've seen that before. However, we can expect the segment to gain momentum in the second half of the year, supported by contributions from newly added projects. On the CapEx front, Shodapur continues to progress as planned. There's a little bit of a delay, but it's going to be operational in early Q3 of F527. So, construction at Taloja, the R&D center has begun in earnest and it will happen on schedule. The pipeline remains robust with 617 DMF and CEP filings globally as on June 30th. Our high-potent API portfolio continues to advance with 29 products in the active grid representing a total addressable market of $82 billion. Of these, 13 products have been validated. Seven are in advanced stages of development and the remaining nine products are progressing through lab development stages. So while we remain watchful of the evolving geopolitical and demand environment, the strength of our business fundamentals gives us confidence in our growth outlook. We are guiding for revenue growth of 10% to 12% in FI27, with growth skewed towards H2 FI27. We also remain confident of sustaining EBITDA margins in the 30% to 32% range. So with this, I now turn the floor to our CFO, Mr. Prashar Mistry, who will walk you through our financial performance for the quarter in depth.

Thank you, Dr. Yasser. Good morning, everyone. Welcome to our Q1 F527 earnings score. I would like to highlight the key performance updates for the quarter ended 38 June 2026. For Q1 F527, revenue from operations stood at 640 crores, a growth of 6.4% year-on-year. Gross profit for the quarter was 385 crores, up 16.3% year-on-year. Gross margins for the quarter stood at 60.2%, up 510 basis points year-on-year. Driven by new launches, product mix, and operational efficiency. EBITDA for the quarter was at 234 crores, up 29.1% year-on-year. EBITDA margin for the quarter was at 36.6%, up 650 basis points year-on-year. FAT for the quarter stood at 160 crores, with FAT margins at 25%. Turning to the therapeutic mix, CVS and CNS continued to anchor growth during the quarter, together contributing 58% to the top line. Overall, chronic therapies accounted for 75% of topline in Q1-FI27. R&D expenditure for Q1-FI27 was Rs. 24 crores, which was 3.7% of overseas. On the balance sheet and cash flow movement, our capex for the quarter stood at 85 crores. We expect to enter a capex of approximately 540 crores in FI27. We generated a strong free cash flow of Rs. 90 crores, leading to cash and cash equivalents. Including short-term investments of Rs.880 crores as of 38 June 2026. We continue to remain our debt-free company. Overall, we believe the business is well positioned to deliver steady growth over the coming quarters, while maintaining strong profitability, supported by improving demand trends, and continued operational discipline. With that, let us open the floor for Q&A.

Thank you. Ladies and Chairman, we will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use their handsets while asking a question. Ladies and Chairman, we will wait for a moment while the question queue assembles. We take the first question from the line of Ahmed from Unify Capital. Please go ahead.

Thanks for the opportunity. Dr. Raji, congratulations on the great set of numbers, especially for the non-GPL business. My first question is to understand the gross margins a little better. If you look at last three quarters, obviously the gross margins have improved materially. You have spoken about all of process improvements, yield improvements, and so on and so forth. If one has to try to understand the . The data which has come in, how much is due to the process improvements we have made and how much is because certain products, new launches have done well in the initial life cycle and that may sort of normalize as we move ahead. How should we look at it? And the point I'm trying to understand is whether 60% is a more sustainable gross margin or as things move ahead, it may normalize a little bit.

So, the two main reasons are launches and operation efficiency. Launches will not, I mean, the margins from launches will not just drop off. I mean, the word you used is normalized, right? Because we are always ready with a second-gen process, okay? So, we expect, and these sort of launches have not fully fructified, and there are still markets opening up for the new molecules. That we recently launched, so that growth along with the margin stability will continue, and we've had significant improvement on the operational efficiency side, which also is incremental and will continue to deliver.

Sure. In that case, if we assume gross margins to be more sustainable, obviously there will be a quarter or two years or there, then the EBITDA margin guidance which you have, it implies it's fairly conservative.

Yeah, you know, we can guide to a better margin, frankly, I mean, even up to 34%. The issue is this war situation, right, and what it's doing to raw material prices. Thank you. We need to be a little cautious. There's no point in giving you, you know, a higher guidance and then, you know, not delivering. So, I'd much rather, I mean, as a company, you know, we've been always conservative. We tell you what we can do, and if there's an upside, there's an upside. But basically, it's the war situation that has made us a little more cautious in giving a higher guidance.

I mean, on the war situation itself, how do you see, I mean, raw material prices, have they corrected meaningfully from the peak for you? As a basket, have you been able to pass on the pricing? Has there been price hikes in your end products and that helps you mitigate part of the raw material hikes?

So there has been an increase in raw material prices. It's not been very steep. Okay, and we have managed to pass on a part of it to our customers. But we'll have to see how to, I mean, you know, manage that. I mean, there's a steep increase. Obviously, customers do understand. And I mean, we've had positive, you know, feedback from customers that, yeah, we know the situation and we're okay to support. But then you can't do that across the board. So we need to understand that.

But is it fair to assume that in the near term, the 60% margin broadly should hold? It's just clear to be taken off.

Yeah, like you said, a quarter here, a quarter there, but yeah, I think we can work.

Yeah. On the GPL part of the business, obviously this was steep degrowth, you alluded to, full year. The numbers being flat, does that confidence come from the conversations in terms of what order pipeline, what product pipeline you want to deliver them over the next three quarters? Because there is a certain resistance among investors at least that, you know, that part of the business, if that degrows materially, then the entire efforts on the non-GPL business is sort of offsetted. So how should one look at it as a whole for the full year? Yeah, I understand Q1 was, I mean, inventory, assimilation, those things happen, but full year, if we give a little more color in what gives us confidence to achieve whatever 700, 750 crore range, which you have been delivering for last three years in GPL business.

That's exactly right. What you said is that, you know, they are an old customer, okay, and a very big customer spread it out, you know, there are more than 50 commercial products that we supply them. So, you know, Q1 is not an indicator of how the year will go, and we are pretty confident that in the sort of worst case, it will be a flattish growth.

On the new launches and HP API pipeline, I mean, I'm assuming there will be gradual progress happening every quarter in terms of where we reach in terms of commercializing those 2829 products we have as of now. Is there anything coming by end of this fiscal year or it is more tilted towards FI28, 2829 and beyond? Are there any new launches you can expect to happen in FI27 and so on?

Yeah, so, the sort of, it starts off in the end of calendar 27 with the patent expiries, but then we have a good, we have a good run for the next four to five years with the pipeline on HPI API. Okay. So, end of calendar 27, so that's more like FI 28, you know. Of course, API starts off a little earlier, okay, because they have to supply launch quantities, customers have to prepare for launch, so we could change something, okay, but our projections are more FY28.

Sure, that helps. And lastly...

Amit, if I do apologize to interrupt you, could you please join back the queue for follow-up questions? Sure, no worries. Thank you. Thank you. Thank you. Participants who wish to ask a question, please press star and 1. We take the next question from the line of Yog Rajani from Omega Portfolio Advisors. Please go ahead.

Hi, thank you. My first question was regarding the margin improvement. So, since a GPL business has come down, would it be a fair assumption that the non-GPL business is more margin-accretive than the GPL business?

Yeah, we can say that.

Okay, great. My second question is, if you could give us some more clarity into how we are better positioned with regards to the entire global conflict. So, as I understand, we are very good at solvent recovery compared to, say, a lot of our peers. So, does that put us in a significant competitive advantage in the current situation?

So, Net Consumption... Well, I mean, it's favorable for us on our processes, but there's still a requirement now. And we have a pretty wide product basket. So even the range of solvents that we use is much, much bigger than we typically would if we had a sort of lesser portfolio. So solvents are, you know, and you've seen oil prices, right, the way they are going. So solvents do have, you know, an impact. And we're trying to get better. Recently, I mean, we introduced some membrane-based technology, apart from just regular distillation. Okay. And that is proving to be pretty effective. So we might scale that up. But again, you know, we might improve by about 5 to 10 percent there on recovery. It's not going to be, you know, like, you can't recover everything. Okay.

Okay. All right. Thank you.

Thank you. What has been a reminder, if you wish to ask a question, please press star and 1. We take the next question from the line of Costa from Paul Asset. Please go ahead.

Thank you for the opportunity. You previously highlighted that you're expecting to close two brand-new CDMO contracts in early H2FY27. So, is it still on track, or are there any changes? It's on track. It's on track, right? So, as I understand, the non-GPL business is more margin-accurative, right? So, will the EBITDA margins blend lower as GPL revenues improve in H2FY27?

Yeah, well, we factor that in to the, you know.

And that's the reason why we are giving slightly, I mean, 32% while we are staying, and doctor mentioned that it can go to 34%. But given the current quarter is 36.6%, if GPL comes in, it can come down to around 34% in a steady state scenario.

Okay, I'll get back in the game.

Thank you. Participants who wish to ask a question, please press star and 1. We take the next question from the line of Supreet D. Patu from iSight FinTrade Private Limited. Please go ahead.

Good morning to the team. I have two questions. The first question to Mr. Yasser is, you know, beyond the regular outlook, what are the top two to three execution priorities you are focusing on in the next few quarters? And alongside that, what do you see as the biggest risk in client adoption, regulatory shifts, or compliance pressure? And how are you preparing to manage them while strengthening a list position in the API and license solutions? That's my first question. I'll ask you second question after this. Thank you.

Wow, that's a big question. You talked about compliance pressure, and what else, Sripit?

CapEx regulatory approvals or diversification along those lines.

Okay, so see, Sholapur will be up and running by Diwali, okay? And we are going to trigger an inspection within a year. From some major regulatory agency. Okay, so we've lined up those products. Okay, so I would say that if we are able to achieve that within a year of, you know, getting Shodapur up and running, then that's a big milestone that we would be, you know, we would have achieved because then we get a good runway for the next three to four years for servicing the business with Shodapur. Okay, that's one big thing. As far as compliance pressure goes, I think we've had a pretty decent track record. Things have been going well. And because we got the FDA, you know, we got a VAI in the enclosure and an NAI in the hedge, a lot of agencies are actually not coming anymore. Okay, so this year has been relatively light in terms of the audit scenario from major agencies. Of course, we continue to have customer audits, and those are fine, those are happening. So, I don't see any major compliance pressure issues. Okay. You also asked about scaling up the business. Execution priorities. So, look, I mean, we've got to get the launches right, okay. So far, so good. If you've seen the last three quarters, launches have been contributing significantly, and I explained to one questioner, I think, Ahmed, before that, you know, the launch momentum is pretty strong, okay, because markets, because patents don't expire at the same time in all markets. And so as patents are expiring the... Our newer products are having a significant volume growth. So we need to execute and ensure that we service across markets.

Can I ask my second question? Yeah, yeah, go ahead, no? Mr. Misri, along the similar lines, a forward-looking one, from a financial point of view, what key risks or challenges do you anticipate in the coming quarter, and what specific measures are being taken to manage margins, cash flow, and balance sheet strength, especially in areas like raw material cost volatility, receivables, or compliance. Obviously, compliance has given us guidance, but just along with it, actually. Thank you.

Yeah, so margins, as Dr. mentioned earlier, we are confident of delivering these margins. Dr. has added to 32% on a conservative basis, but if the steady-state affairs remain, even the war-like situation does not impact us significantly, we can be touching 34% margin as well. While we are seeing the raw material prices are going up, And, in fact, it started from solvents and then now to PASMs. It is moving towards that. But having said that, we are actively monitoring it almost on a daily basis, and looking at as to what are the impacts on our cost of production, and then taking adequate steps to engage with customers and see as to how we can perform some of these to our customers. So, while this exercise used to be once in a while, now it is being done on a more regular basis, so that we don't get caught on the wrong side of the margins. As far as the cash flows are concerned, cash flows are robust. The receivables, we haven't had any defaults on receivables yet. Coming timely in a timely manner. We don't see those challenges. Exchange is favoring us today because of the rupee deprecation to a great extent. Because we are net exporters. There will be a slight increase on the inventory side is what we are saying as we keep on building inventory so that we are able to continue to... We will support our customers in a timely manner and at more predictable prices, so that's why we will be covering our inventories at prices which are more suitable to us, and that is something that will continue to happen over the next few quarters. So, overall, while the balance sheet is having cash, it's a... It's a good position to be in. Even in these times of uncertainty, we are well positioned to face these challenges and see through these challenges very effectively.

Best wishes.

Thank you. Participants who wish to ask a question, please press star and 1. We take the next question from the line of Pratik Khotari from Unix PMS. Please go ahead.

Good morning, sir. So, if you can make this growth down to what you will pretend?

I think I do apologize to interrupt you but your audio is not clear. I trust this is better. Go ahead.

Yeah, so my question one if you can break this growth down in volume and price.

So, the non-GPL business, you have seen a 26.5% growth. Compared to Q1 last year to Q1 this year, the exchange has given us an impact of about 7% in that. So, if we look at a constant currency growth is about 20%. Within that 20%, the volume growth will be about 21% to 22%. The price decline is about 1% to 2% is what we have seen.

Okay. Okay. And, sir, this phase 2, Sholapur seems to have been pushed out by another year in our strategic way forward, what we have shown. So, any thoughts, comments, why the delay? Even in FY27, the capacities that were supposed to come, I think, have been delayed by a quarter or two. Just on our execution and how are we thinking out in terms of building capacity? Thank you.

We have been pretty calibrated with respect to bringing on new capacity. Okay, the key is to get Sholapur Phase 1 and 1.1, you know, on track. Once the facility is built out and, you know, we get audited by FDA or a European agency, right, then our ability to use Sholapur for the reg markets improves significantly. So, the thought process is that it's a green field, we need to have a functioning facility, which we are going to do, you know, by Q3 and then a little later, like in Q4, right? But then, once it's, you know, operational, then it's how much business we can service out of Sholaki. So, the main thing is going to be to bring an agency in quickly for an inspection. Once we get that inspection, then we can really drive business hard from Sholapur. So, we don't want to hurry it up. And our experience on Brownfield is that we are able to, you know, put, you know, because then it's only the manufacturing infrastructure. And that can come up in about eight, nine months' time. So, we don't want to hurry it up. Just, you know, have a large, like phase two, you said. Phase 2, you know, if we execute Phase 2 quickly, it will get us into a situation where we'll have a lot of under-absorption, and we don't want to do that. Okay, no point, right? I mean, we have Dahej, Ankleshwar, which are reg sites, and Mahal, and we are comfortably able to manage the business now, because even there is a brownfield expansion happening in Ankleshwar as well as in Dahej. Okay, which should give us a lot of comfort for this year and even going into next year. But then beyond that, we need to get Sholapur basically audited.

Sorry. No fair. Thank you. And all the best, sir.

Thank you.

Thank you. Participants who wish to ask a question, please press star and one. We take the next question from the line of Ahmad from Unify Capital. Please go ahead.

Thanks for the opportunity again. Question on the similar line on the CAPEX front. We have pushed out the timelines a little bit over the last couple of quarters. The question why I'm asking this is considering we are already operating at probably 80-90% utilization or higher. Then, capacity constrained to grow in second half or thereafter in FI 28, can that be a challenge considering the Ankhreshwar and Dehege has been pulled out and so it can give some sense there.

Ankhreshwar and Dehege are on track, you know. We did push on Ankhreshwar and Dehege. Sholapur's got a bit pushed out. Part of it was also, there's been a slowdown with labor and, you know, a few other things. But Ankhleshwar the hedge will, you know, complete on time. Okay, sure. And, from a, see, because you know that 80 plus percent of the business is a reg market business, right? So we can't do that out of Sholapur. So our priority on the capex has continued to be, you know, completion of the expansion of Dahej and Ankhashwar. So Dahej is getting 160KL and Ankhashwar is getting like 100 and something, 110KL.

Sure. So, is this capacity enough for us to grow double digits for, I mean, this year you've added 10, 12, and hopefully 28 also double digits. So, is this capacity enough to grow at double digits for 27, 28 before Solaru gets inspection and stuff?

Yeah, yeah. And see, the thing is, Sholapur is not going to run empty. I mean, in phase 1 and 1.1, we've already mapped out enough products to, you know, come out of Sholapur. Because initially we'll be loading it with some intermediates, large volume intermediates for captive consumption. And we also have a big backward integration block that is coming up. So all that will keep Sholapur pretty busy, you know, once it gets started. Only thing is we can only do ROW business out of Sholapur to begin with. So for about a year, we'll be parking R.O.W. You know, business.

Thank you so much, and all the best.

Thank you. Participants who wish to ask a question, please press star and 1. We take the next question from the line of Yog Rajani from Omega Portfolio Advisors. Please go ahead.

Hi, thank you for taking my question again. So, I will see we've constantly increased our R&D expenditure as a percentage of our revenue, currently being at around 3.7%. So, is there a target cap that we plan to reach? Because it's... Constantly going up, so we just would like to understand what our R&D expenses in the future could look like.

So we should sort of end up at a steady state of around 4%.

Okay, and could you give us some more clarity in terms of the R&D spend, in terms of the areas it would be going to? Would it be more CDA, more driven, or more API driven?

Uh, this API... And that's new API, because you've been seeing the pipeline has been growing pretty nicely, right? So there's significant investment in new API. And we also put a fair amount of effort on our second generation processes, next generation processes, in order to, you know, keep the margins, you know, comfortable, right? So that's a big part of the R&D effort. And yeah, there is some CDMO element also, which is a broader effort where we support the customers with analytical and regulatory support. These are more the speciality CDMO projects, you know, where there are 505 B2 filings and so on by the customer. So, largely, though, it's API. I mean, you know, we see a strong enough, you know, pipeline that is, you know, we are developing, and it makes a lot of sense for us to make that investment in R&D today, you know, so that, I mean, the future is secure.

Great. So, as the R&D spend has gone up, it's not affected our PAT margins. In fact, our PAT margins have gone higher. Is that a trend that we see in the future as well, or do we see the PAT margins coming down as a result of this increased expenditure?

No, no. PAT will continue to be good. I mean, there's no problem.

Okay, great.

I just had one more question. I mean, the whole business is driven by a pipeline. Okay. So as the pipeline builds better, we continue to drive the business growth as well as the margins.

Okay, that's great. I had a question about our acquisition strategy as we have say 800 crores on our balance sheet and we have been thinking about an acquisition, just wanted some more clarity on it. So in case facilities are available, just FDA approved facilities, is that something that we would be interested in or are we interested in acquiring companies with their own pipelines available?

See, capacity is not a challenge for the growth at Alibus, okay, and... If you know, I mean, our facilities are pretty top of the line, okay, so we would not spend money on facilities, right, we have enough capacity. As far as pipeline also goes, pipeline, pipeline is not again, I mean, unless it's a very different, a pipeline that comes from a very different platform, okay, is where we will, you know, go after it. So, the bigger, but the fact of the matter is that, yeah, we will be looking, and we are looking actively, you know, at synergistic opportunities, and we believe that, you know, for something that adds greater value to what we already have, not only what it has, but bring greater value. So, we don't want to do a 1 plus 1 is equal to 2. We'd rather have a 1 plus 1 equal to 3 or 4. That's our thought process. So, we want to expand laterally. And we've been talking about Plus. I don't know if you have heard it before from us, but we are more driven by API Plus. So, get more out of the existing portfolio as well as the new portfolio. And then, of course, whatever the platform technology provides. Both for API as well as CDMO.

All right. Great. Thank you. Thanks.

Thank you. For participants who wish to ask a question, please press star and 1. We take the next question from the line of Bhavna Israni from Ambit Asset Management. Please go ahead.

Yes.

Yes, yes. Congratulations, sir, for the good set of results. So, just wanted to check on the CDMO side. So, we are seeing that the Indian CDMO companies are currently in the sweet spot, gaining more traction. And so, from the Alivis perspective, how many new customers we have added in last two, three quarters or the product addition from the existing customers? How has been the inquiries flow? And... How we are seeing the CDMO business panning out in the next 2-3 years?

So CDMO, we have active discussions with almost on about 7 projects right now. But it takes time to sort of fructify and like you said Indian companies are in a sweet spot. We are seeing that quite nicely especially from the US. Okay. But our focus remains on life cycle management as well as, you know, speciality. Because again, you know, in about one to one and a half year, we can get the project going. And regulatory approvals also don't take that much time. So, how it will look in the next two to three years, again, it's going to be a better growth. Because you realize that we are doing this 160-170 crores, right, which is expected to improve towards second half of this year, okay, because the two new projects are kicking in pretty well, and the older projects are also coming back. So with this kind of, you know, traction, we are seeing that CDMO will grow faster than the overall business. I can't put a number on it, Bhavna, okay? I mean, it all depends on the size and the number of projects that we are able to crack.

But you said that we are working on the seven projects, but any new inquiries? One sec, one sec.

I talked about seven new inquiries that we are working on. You asked it. You got new questions. Okay, the current revenue is coming out of five projects.

Okay. On the margin front, as the CDMO growth accelerate in the second half of FY27 or in FY28 as the new product commercialized, can we expect that the margin profile of current 33% can increase from here on also or it is going to be a sustainable basis 33-34% margin because generally CDMO is a high margin business?

See, it does add to margins, but then the overall volume is small. Plus, the API business is also doing very well in terms of margin. Like we explained, right, most of this margin growth that has come in the last two to three quarters has come driven partly by CDMO, but the new API launches have also contributed quite well. So, we expect that margin improvement will come, you know, as a mix between CDMO as well as the new launches.

Got it. Got it. Thank you. Thank you, sir. Okay.

Thank you.

Thank you.

Participants who wish to ask a question, please press star and one. As there are no further questions from the participants, with that, we conclude the question and answer session. On behalf of Life Sciences Limited, that concludes this conference call. Thank you for joining us, and you may now disconnect your lines.