Sanofi India Limited (SANOFI) Q2 2026 Earnings Call Transcript

Good evening, everyone, and a very warm welcome to the investor conference call hosted by Sanofi India Limited. Joining on the call, we have with us Mr. Deepak Arora, Managing Director, Mr. Vachid IRE, Old-time Director and CFO, and Mr. Harishwala, Company Secretary from Sanofi India Limited. Before we begin this investor call, there are three important announcements. Please note that the proceedings of this meeting are recorded. Secondly, please note. A standard disclaimer that there are certain statements in this call which may be forward-looking, and the actual results may vary depending on the various other factors which may impact the future performance. Moving on to the agenda, we will cover the performance for the quarter and half year ended June 2026 and other highlights. Thereafter, we will have a Q&A session which will end at exactly sharp 5 p.m. All investors and participants are please requested to keep their questions brief and to avoid any repetition. As a reminder, all participant lines will be 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 this conference call, please signal an operator by pressing star and zero on your touch-tone phone. I now hand over the proceeding to the management to take us through the presentation.

Thank you so much, and a very good evening to everyone. I'm very, very excited and delighted to share the domestic results of quarter 2, 2026. On behalf of the India leadership team, along with me, I have Rashid and Harish. So let's start with the good news first. I think a strong momentum further boosted by diabetes business. As promised last time, we will be investing ourselves into making sure that we optimize and maximize diabetes business unit, growing by double digit and being above market growth. And here we are. If you look at the quarter two results, close to around 14 percent double digit growth, powered by Innovative Portfolio, which is both with Tojo and Soliqua. This was not possible without looking at how we did transformation last year, bringing in discipline and execution, and re-looking into some of these strategic levers like public sector and trying to accelerate in public sector by expanding into new accounts of care or state accounts with Dojo and Solicqua. And you can see that close around 70% growth is attributed by that discipline of execution, expansion and acceleration in the public sector, while we continue developing strategies with diabetes care in terms of making sure that we reach the last milestone with help of digital footprint. I'm also happy to share that there's a 2% growth in quarter two over last year's quarter two based on the continued ROI or return of investment, which we looked into for partnership with M-Cure and CIPLA with the expanded footprint and reaching the last milestone for our patients requiring an established portfolio. This is coupled by continuous optimization of resources and profit before tax, which Rashid will take us through. So overall, very, very happy with and pleased with the quarter two results. And I would say very optimistic also as we move forward based on what we have seen in consecutive two quarters of what diabetes business unit is giving back to us. Can we go to the next slide? Just talking about the performance, this is basically, in the next slide, we're talking about how we delivered it. The scale of innovation was met with the value proposition and the equity Sanofi holds in the diabetes market. Simply, the strategy of owning Lantus and growing Tojo and Solicua. If you look at, we still continue to be a market leader, close to around 47% market share by value and volume acceleration of plus 6% with Lantus. Tojo, being the preferred second-generation basal insulin, has grown by 11% in the market share in value. And if you can look at the basal analog market share, which is, you know, which is the result of both Lantus and Tojo, we have 58% value in the market share and close to around 61% in the volume. This toll text, this really talks about our consolidated leadership in basal analog segment as we continue. And last but not the least, the icing on the cake is the shaping of Soliqua, which happened last year. It's continuing despite of erosions happening in GLP-1 market. Soliqua continues to grow by 16% quarter by quarter. Innovation is the key, and innovation is just not about bringing new products. Innovation is about also kind of advocacy and adoption we are doing in the market. If you look at the big aspect is about the data set, which is actually added with the Indian data set coming from the real world experience narrative and the Indian patients, which is strengthening Toji and Solicua positioning also in the Indian guidelines. So we have Solico and Toji real-world experience publications, which are close to around four, between quarter four to quarter two of this year. Landmark real-world evidence study, which was a scientific evidence of dissemination and QL advocacy. And last but not the least, continue preparing how do we make sure that the overall insulin initiation to intensification is simplified by bringing some novel devices and AI platforms to strengthen patient support program. Extend, as we talk about own and grow, talk about innovate. We need to make sure that we extend the access and equality in the access to the public sector. And with this, whereas we shared 70 percent growth in the public sector, but expanding into the care segment tells us about the pathway which we are opting for in terms of continuous diabetes franchise growth. And last but not the least, digital outreach in Tier 2 and Tier 3 markets, despite of the optimization. So this gives us an overarching promise. What we shared with you was leveraging existing diabetes portfolio, maximizing it for a sustainable and profitable growth. With this, I hand over to Rashid.

Thank you. Thank you, Deepak. Oh, sorry.

While we talk about sustainable and profitable growth, we also have to give back to the society. I'm very happy to share that our CSR 2026 update in terms of our promise being made on the commitment to CSR projects, we are actually ahead of it, reaching out to build stronger communities. By end of this year, around 600,000 plus direct beneficiaries will be reached with different programs, example, it's kids and diabetes in school, as well as mobile medical units. And we recently added an MOU signature with NHM in MP, and we are making sure that we expand from what we have been doing in Lucknow, in Uttar Pradesh, in Maharashtra, Goa, And with this addition to Madhya Pradesh, in terms of bringing and expanding our flagship CSR project, Kids, as well as the mobile medical units, to make sure that we have early screening, screening to diagnosis and treatment, closing the loop in non-communicable diseases. Thank you, Rashad. Over to you.

Yeah, thank you, Deepak. Good evening, everyone. So, in our presentation today, we try to be brief. So, we give you more time, you know, for your question and to clarify, you know, any point because, you know, there are a lot of fluctuations in the financial statement. So, I hope that you will ask all the questions that are not clear yet. So as mentioned by Deepak, strong quarter. So we tried to detail the total income. So plus 7%, mainly 94% where we focus on the sales, which is growing by 6% between the domestic and the export. The other operating income, it's mainly related to service that we are providing to a certain entity of the group, mainly the private company in India and the consumer health. And for the other income, it's mainly the interest on the deposit and the FX gain. So a strong quarter that allowed to offset the quarter one where we have a certain fluctuation coming from the partnership and the transition period. And if we look to the YTD right now, June 2026, we are at minus 4% offsetting significant gap that we have in Q1, minus 2% on the sales, domestic and export. It's mainly coming from the export, where we are losing a bit, and other operating income, it's related mainly to consumer health, where there are certain services that were provided in the past that we are not providing anymore as today. Can you move to the next, please? Yeah, so... So if you take another quarter, as mentioned by Deepak, plus 8% for the domestic, minus 2% in the export part, we see the same trend in YTD, H1, so minus 2% on the top line, including export and domestic, with good performance from diabetes, so double-digit growth, plus 17%. And this is a great achievement for Sanofi India, thanks to Deepak and the team, of course, and the restructuring that was done in Sanofi India and the new strategy where there is a focus on the new products and also on the public sector, which is paying significantly in diabetes part. Still, in the partnership, is impacted, as mentioned in Q1 and in the different interaction, by one-off from 2025 related to safety stock or certain transaction agreed with a partner in the transition phase. Export, more or less, we are stabilizing, and we are facing certain challenges from the Australian market, where, you know, a huge competition in this market for the mature products, but the good things that, you know, the strategy that we put in place, we are offsetting, you know, a significant part of it, thanks to, you know, specialization of the go-aside in certain parts. product that are manufactured worldwide from GoaSight. Yeah. Can we move to the next? Again, you know, in terms of operating expenses, we... A lot of focus and financial discipline on the financial without impacting any project where we see that there is return on investment. So there are certain things that we see that there are not any more important to do or to impact our top line. So if we look from a quarter perspective, it's minus 5%. In YTD, H1, minus 15%. And we continue. This will be the trend without impacting, of course, the top line. So for this part of the OPEX, we focus only on the personal cost, employee cost, and the other OPEX because the depreciation and financial cost, there is no major fluctuation. So we focus only on this two part. Can we move to the next? Regarding the profit before tax and exceptional items, so strong performance for the quarter with double-digit growth plus 19%, so from 94 crores to 112 crores. And we see a significant improvement as well, plus 3% in terms of percentage to net sale from 24% to 27%. This is on a quarterly basis. And if we look to the H1, so we see minus 4%. And this is mainly explained again, I'm sorry that I'm coming again to the transition period for the partnership that impacted Q1. This is the impact. And yesterday we were in the board and we tried to eliminate all one off. And you find out that if you take all the one off, the top line will be positive. And if you take the bottom line, the profit before tax and exceptional items, we have a kind of high-digit growth if we exclude all the one-off from last year and all what is related to this transition period with the partners. Before concluding, I'm moving to the Q&A. Just, you know, when you look to the financial statement, you'll see that, you know, it's a very healthy situation where you look to the cash of the company. So we are growing by 34% in terms of cash. No major risk that we're faced. So the company remains strong, and I hope that we continue to deliver on as per expectation. I think this is the last one, the last side from my side, right? There is one to Deepak, yeah.

I think to sum it up, thanks, Rashid, when we talk about continued progress and clear priorities, these are always set on the execution, the business strategy, financials, but I think starting with people. And as you are aware, with the transformation done last year, it was all to make sure that we are building right capabilities and leadership changes to we remain focused and bringing in some kind of vigorous in terms of the way the world looks at AI today and how AI can help not only internally but externally in terms of making sure from screening to diagnosis, diagnosis to treatment, the pathway is streamlined. And there are bridges in terms of closing the loop with help of new technology. Execution remains the main stage with strategic transformation, which was completed. Focus on insulin and winning partnership model for legacy brands is key. And delivering results today really shows the strong execution, driving growth, significant margin expansion through operational excellence and alliances. Talking about business, I think we are already there in terms of future ready-to-go market capabilities, and testimony is the consecutive two quarters gain and the growth which we have seen with diabetes portfolio being very customer-centric in AI-enabled initiatives, and last but not the least, making sure we are bringing some innovative customer journey orchestrations with devices and processes. Last but not the least, I will sum it up by saying 2026 marks a year of acceleration for diabetes business unit with 17% growth in the first half. And this talks about the ready capabilities of a modern organization, business model, supporting sustainable, profitable growth, and a strong quarter too with 19% profit before tax driven by business and OPEC's efficiency through. With this, we will open up for question and answers, and happy to take your questions between me and Russian.

Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Participants, kindly keep your questions brief and try and avoid any repetition. Ladies and gentlemen, we will wait for a moment while the question queue assembles. First question is from the line of Rajkumar Vedinathan from RK Investments. Please go ahead.

Yeah, good evening. Thanks for the opportunity. First of all, congrats for the good set of numbers on the diabetic segment. So the question is on the partnership business, why there is a prolonged, you know, dynamic growth here. And I think the management is not kind of explaining this piece, you know, while you are answering the good part of the business elaborately, but this part is not being, you know, articulated well to the investors. So I would request more color on it.

Yeah, so I will take that if you want to develop more Deepak. So we signed, you know, the partnership for cardiovascular and CNS in March 2024. And, you know, the first year, so the first year, the agreement with the partner that we start building their inventory, safety inventory in Q1 in 2025. And this was done once we prepared, you know, all the safety stock was done in Q1. This was impacting the performance of Q1 2026 because there was a kind of supply of safety stock in Q1 2025 because what we are booking in our accounts is the sales in, the primary sales to the partner. This is one. There are other agreements with the partner related to sales returns in the transition period that was agreed, and it was one-off. It was positive in Q1 2025. So this is the major, let's say, impact that were positive in 2025 Q1, and then if you take them out in 2026, This is what impacted the performance in Q1 2026 and systematically the H1 2026.

Yeah, but Rashid, even Q2, you're showing only 2% growth, and you know, it is not even in line with the industry, and if you see the cardio and the CNS segments have done very well in this quarter. So when do you think you will catch up with the industry? Because there is no grass to net issue also here, right? So we are comparing apple to apple. So that's the question. So that's the question the investors have, because people invest when you show growth. I mean, if there is no growth in the top line, then, you know, there will not be much interest from the institutional segment, right?

No, you are right. You know, if we take you two, it's apple to apple. Yeah. So. Uh, yeah. Uh, so two percent, we, we are expecting...

So basically, I want to know whether this... Yeah, so the question is, is this anemic growth is more, is it a structural issue or is it more something, you know, headwind just for a, you know, few quarters, then you will come back to the normal industry-led growth, you know, I just want to know what time frame you have, you know, if that can be articulated, that will be helpful.

Yeah, the partnership part is, you know, is really strategic for us and very important for our business. So there is a strict follow-up with the steering committee and the organization is focused on that. So, look, the 2%, yes, I agree that it's not as per our expectation, but we are working with the partners to see how they can, you know, reorganize, reinvest. And this is what happened. So we see that they reorganized their team to have more focus on the portfolio. So this is as today. So the investment that has been done from the partner. But still, you know, the competition in the market is quite aggressive in this portfolio. So maybe 2026, I'm not expecting that we will reach the industry growth. This is what we are evaluating right now.

Just to add to Rashid, we have to look at the partnership from the three aspects of CV, CNS, and OADs, anti-diabetic. And if you look at the last changes which you did in the partnership with Emeril and with M-Cure, and today when we look at… We just divided and look at OAD segment, for example, the sales out from the partner in Amcure is meeting the market growth, which gives us a very promising kind of a direction that we are on the right track. It's taking little time for others, but I think as we move a couple of quarters, we should be getting closer to the market growth, if not on the market growth. Knowing that this is a generic market, everyone is playing very competitive, but I can assure CIPLA and MQR and us are not leaving any grounds to make this partnership do what is really intended to.

Okay. Thank you, Deepak. Sorry to labor on this point. So, is there an issue that the MQR and CPLR are pushing their own products, sidelining the Sanofi products?

No, there's a difference.

Would that be a situation?

No, that can, we can tell you very clearly, as a partnership, it's a win-win, and MQR is really invested as we are invested, while the other products which they are bringing in have a separate team. But they have a team which is a standalone team for Emeril, and also for the CV portfolio. So, let's assure that there's no digression happening because of the new products coming into their pipeline.

It's a very good point. You know, when we selected the partner, we have taken in consideration at this point to avoid having such risk when we start running this partnership. But as mentioned by Deepak, so today we there is no risk, such risk, you know, in the in this partnership. It's we are working like one team, honestly, so a lot of interaction. And when there is problem, we try to to fix it together. So no, no risk from from this Okay.

Thank you, Rashid. Thank you, Deepak. And all the best, Rashid, for your next venture.

Oh, thank you so much. Thank you so much.

Thank you very much. For participants, you may press star and one to ask a question. Ladies and gentlemen, you may press star and 1 to ask the question. Participants, you may press star and 1 to ask the question. Next question is from Lanavrosmik Osa from Nine Rays. Please go ahead.

Yeah, hi. My question was that we are very focused on diabetes. So beyond diabetes, is there any initiative to get into any new segment of the Indian market? And can this 14% growth which we saw in last quarter, will this be sustainable in the next two quarters till the end of this calendar year?

Let me start, and it's up to... Go ahead, go ahead. I give you the 40% sustainability. Look, you know, it's a good point, but we are not only focusing in diabetes, in fact. So, you know, if you take the partnership, the cardiovascular market is still very important for us, and the CNS with CIPLA, the same. So this is what we should not neglect, and there is a lot of focus, and it's part of our strategy. Now, regarding the diabetes, we think that there is still significant opportunity in the Indian market. Where, you know, the underdiagnosis patients is still there. And today we are talking about 100 million patients, right? So in the next upcoming years, it will evolve. So with our portfolio for, you know, the insulin part, we had a lot of discussion and questions regarding the GLP-1. We don't think that there will be any impact for the insulin part, and we are expecting that, you know, opportunity is still there in the market. And Deepak, I think you can develop better than you.

I think... What we have seen in the last two quarters gives us a very clear direction that, you know, the equity of Sanofi insulin portfolio is very high in the market, and we need to keep continuing leveraging it. So I don't know whether it's 14%, 15% or 10%, but yes, the promise, what we have with ourselves and to our patients and to our community is that we'll continue doing what we can do to support these patients in their progressive disease. Unfortunately, diabetes being a progressive disease and making sure that we bring in innovation from patient support program to early diagnosis to treatment and also getting into the public sector to bring innovation into public sector for getting these patients equitable access to Toji or Solicua. So that can be what I can assure you that we're not leaving any rounds to make sure that what we have seen in the first half to repeat it in the second half.

Thanks. One more question was that are there any identified products from the parent's basket which can be brought into India going forward based on whatever internal discussions we have with our parent?

So at this moment, when we look at the, so we need to complement what we have today, right? So diabetes is which are the cornerstone for us at this moment, followed by CV and CNS. Currently, we are evaluating whatever comes in the pipeline for diabetes. Surely India will be a place to really focus upon. For this moment, whatever is available is the innovative devices, Bluetooth devices, AI platforms. We are working on business cases to see how we can complement and make it very simple for our patients who are taking insulin on a daily basis. The rest of the stuff, as the pipeline evolves, we will keep our discussions close to our parent company.

Okay. And the last question, sir, you know, before the demerger, the payout ratio used to be quite healthy. So going forward, also, can we expect the payout ratio to be, the dividend payout ratio to be closer to the yearly earnings number?

Look, so we cannot, you know, communicate on forward looking, and this is part of it. But we, you know, if you look to the financial statement today, and the cash is generated by the company, and that's what I mentioned in my presentation, plus 34%. So we are expecting, you know, we are expecting that we will be minimum at last year payout. But then, you know, there are a decision and discussion that will be done in the board and the final decision and the proposal will be from the board. So today we cannot commit. Okay, but what we are expecting that it would not be lower than what we were doing in the past.

Thank you, sir. Thank you so much.

Thank you. Thank you. Participants, you may press star and want to ask a question. Next question is from land of Divyakusa Agnihotri from Nippon, India. Please go ahead.

Hello. Yeah. So congratulations on the incident portfolio growth. Actually, I just had one question around that. So what I wanted to understand is probably threat of new insulin. So you have Novo Nordisk with a weekly, which has come out, which is a higher incident unit dosage format for long acting based on incident injections. So, have you assessed this as sort of competitive intensity increasing Philanthus, Tojo, and Siliqua, and how sustainable is your insulin portfolio growth number going ahead? I'm not asking for particular guidance as such, but just want to get a sense of is this growth figure sustainable over the long term?

Thank you for the question. And I was waiting for someone to ask about this. I think, first of all, we welcome innovation, which is basically being a patient-focused and patient-centric organization. Anything which new comes in can help the patient's simplicity. And diabetes, you know, it's a very progressive disease. Injections, pricks, hypoglycemia are a touchy subjects. If you look at a weekly versus the portfolio we have, which is basically Tojiu and Lantus in the once daily, there are very specific patient profiles which may benefit from once weekly versus continued support, which is there from the once daily insolence. We do not see a major shift which will happen because the market is big. The share of voice will help in terms of capitalizing the market. We are now being joined by Novo because basically everyone was focusing on GLP-1. Now you see there is attraction coming back on insulin, which is a good news for us. And we'll try to maximize and hop upon that share of voice. But very clearly, there are patient profiles which will get benefit with once weekly, and there are much bigger patient profiles which will continue getting support and will benefit from once daily basal analogs, which we have, whether it's for, whether we talk about Toji or Lantus. And remember, the public sector, which continues to grow, and the expansion into public sector, whether it's into CGS, ESI, railways, state, and army, will continue helping us in terms of bringing the innovation into the excess market. So it's a welcoming news, but I think patient profiles are very, very different for both once weekly versus once daily.

Inherently, do you think like the insulin market right now for Nantes and Togio, which is once a day based on insulin injections, is this market directly sticky in the sense that your existing patient base is not going to be as affected while also having scope for adding newer patients and these sort of newer entrants, regardless of sort of different them having different patient profiles? It's not going to be impacted as much. That is what I want to understand mainly.

So if you look at the new initiations and also intensification, you will see that patients who are very much restrictive and do not want to initiate on insulin therapy, and there is around one third of those patients, which were neither on once daily insulins, not on GLP once, maybe the interaction with those patients once weekly will really help. Being a progressive disease, I think you also see as a disease progress, the intensification really adds on to, and that's why we have Soliqua, and you will see that patients will be requiring basal bolus treatment. So, that's where Tojio along with Apidra or Lantus with Apidra will come into the feature. So, I think it's too early to comment on, you know, if there's a major impact which will happen, but I think the market will open up, especially on the patients. At the time of initiations, which were not getting onto the insulin therapy because of the daily injection, that's where I think once weekly discussion will happen and may help these patients to get onto insulin therapy now. And as they progress, then, you know, there are different options which will be available for these patients. So I think we have to wait for a quarter to really see the momentum. But as I said, I think it's a welcoming news to expand the insulin segment as we are bringing our innovation with Soliqua, GLP-1, and Basel together. And then what we are seeing, what NOVA is doing with Once Weekly.

Thank you. Thank you so much for the answers. That will be all for my answer.

Thank you. Participant, you may press star and one to ask the question. Next question is from the line of Dr. Karthik Bane from Bajaj Life Insurance. Please go ahead.

Thank you very much for the opportunity. My question is partially answered, but still I would like to reiterate and ask a macro level question. So how is the insulin market overall growing before GLP-1 came into, before generalization of GLP and after that? Is it increasing, decreasing? What is the impact, positive or negative?

I think I will, mainly we will talk about our portfolio, not harping upon how has been the biosimilar entry of GLP-1s. If you look at Toji, for example, Orlantis' growth over last quarter and this quarter, I would owe a lot to GLP-1s also because you will see that there are patients which require both basal and bolus, you know, support. And we have seen that Toji or Lantus along with GLP-1 have been a great combination of complementary therapy that we've seen a good growth. And even Soliqua, a 16% growth, is attributed to the increased share of GLP-1 by patients who cannot tolerate GLP-1 but require a bit of GLP-1, but at progressive therapy on insulin without any weight gain or neutrality of the weight, Soliqua has been added to those patients in the OAD failure. So I would say I think the insulin will be here to stay and being a gold standard of care in managing type 1 and type 2 diabetes. Anything which comes in into this market increases share of voice because of the awareness which is created in the market of managing diabetes, whether it's type 2 or type 1. So I think our growth, the insulin market growth may be a little bit declining because of the initiation phase, which was taken by the GLP-1. But as time progresses, you will see that a higher single-digit growth of insulin will continue. But when you talk about analogs, you see a double-digit growth, and irrespective of GLP-1s, that double-digit growth has been sustained. And we can see it's a true reflection also on our portfolio with the analog segment.

Thank you. And my second question, if you would like to enlighten us on the export business, what is the strategy at the moment, and how are you thinking about it?

Go ahead, Rashid. Yeah. For the export, in fact, you know, what we are trying to do is, so the losses that we have in Australia, we try to compensate with other markets. So, and that's what has been done with France, Italy, Turkey, and Russia, by the way. So, this is what we are trying to do, and to make kind of Goa as a specialized site to manufacture worldwide for certain products. So, we succeed already for one product, and still, you know, still awaiting certain other action. We are expecting as well, you know, certain tenders from South Africa that we are waiting for, you know, for the result. So, basically, we say that... The volume that we are losing in certain mature markets, we try to offset with other opportunities in other markets, but there is, you know, a kind of team working on the export, which is challenged, you know, in each board meeting by the independent and even by us, by the way. So strategy is there to offset, you know, this losses by other markets. And it's working. In addition to that, you know, there are certain products that were outsourced with CMOs. We are trying to get them back as, you know, this will increase the volume in the site as well. So this is the strategy in general.

Oh, thank you very much. Thank you.

Thank you. Parasabhan, you may press star and one to ask the question. Ladies and gentlemen, you may press star and one to ask the question. Anyone who wishes to ask a question may press star and 1. Next question is from M3 Investment Management. Please go ahead.

Hi, any thoughts on probably, you know, using...

Yes, sorry, your audio is not clear. Can you speak through the answer, please? Yes, go ahead.

Yeah. Any thoughts on using our cash to probably go in for an open market buyback? Considering our promoters, I think, at 60-odd percent. So, I mean, we have room to go up to 75. Any thoughts on that, using our cash for buying back our stock? Yeah, that's it from my side.

Yeah, thank you for the question. As today, you know, all these proposals are discussed in the board, so there are certain discussions, but as today, it's not in the strategy, let's say.

Sure. Thanks. Thanks. Thank you.

Thank you. Participants, you may press star and one to ask a question. Anyone who wishes to ask the question may be a star and one.

Mm-hmm.

A reminder to all the participants, you may press star and 1 to ask the question. So we don't have anyone in the question queue.

Thank you. Thank you so much for the quality of the question. We hope that we replied to the, you know, to your requirement. Otherwise, you know, if there is something that is not clear enough, then you can come back to us as well. Thank you so much.

Thank you so much. Thank you. Have a good evening.

Thank you very much. On behalf of Son of India Limited, That concludes this conference. Thank you very much for the quality of the questions, and thank you for joining us. Even now, disconnect your lines. Thank you.