Innova Captab Limited (INNOVACAP) Q1 2027 Earnings Call Transcript

Ladies and gentlemen, good day and welcome to Innova CapTab Limited Q1 FY27 Earnings Call. As a reminder, all participant lines will be in 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 then zero on your touch-tone phone. Please note that this conference is being recorded. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as on date of this call. These statements are not guarantees of any future performance and involve risks and uncertainties that are difficult to predict. Today, from the management side, we have with us Mr. Vinay Lohariwala, Managing Director, Mr. Lokesh Vaseen, Chief Financial Officer and SGA Investor Relations Advisor. I now hand the conference over to Mr. Vinay Lohariwala, Managing Director of Innova CapTab Ltd. Thank you, and over to you, sir.

Thank you.

Good morning, everyone, and thank you for joining us today. It is my pleasure to welcome you all to InnovaCaptap Q1F27 earning conference call. We have started financial year 27 on a strong note, delivering strong year-on-year growth of 34% and 33% in revenue and EBITDA respectively for the quarter. The performance is broadly in line with growth trajectory we have outlined in the year and provides further confidence in our ability to deliver on our guidance of 20% revenue growth and profitability outpaced revenue for FY27. This performance reflects the continued strength of our diversified business model, disciplined execution, sustained customer collection across the CDMO and branded generic business. Growth during the quarter was supported by steady order flows, an extending product portfolio, and deeper engagement with both existing and new customers. Our continued focus on operational excellence, manufacturing efficiency, and stringent quality standard has enabled us to strengthen our competitive position and effectively address the evolving requirement of our customer across domestic and international market. Coming to our CDMO business. The CDMO business reported revenue of 328 crore during Q1 FY27, reflecting a year-on-year growth of 32%. We continue to witness healthy demand across our customer base, and our focus remains on strengthening relationships with our existing customers, increasing our share of business with them, and simultaneously adding new customers across therapeutic category and doses form. Over the years, we have built a broad and diversified product portfolio, supported by strong formulation development capabilities. We continue to invest in product development and complex dosage capabilities, which will enable us to address a wider range of customer requirements and further strengthening our position as a trusted CDMO partner. Our manufacturing capabilities remain a key competitive strength. And with technology advance, Facilities, increasing automation, robust quality system, and a scalable manufacturing platform. We are well positioned to support the growing requirement of our customer while maintaining consistency, efficiency, and compliance. Coming to our branded generic business. The branded generic business continue to maintain healthy momentum with revenue of 142 crore, growth of 39% year-on-year basis. Our strategy remains focused on strengthening our presence in existing market and gradually expand into newer domestic and international geographies. We continue to broaden our product offering and deepen market penetration supported by our integrated manufacturing and product development capabilities. Over the medium and long-term, we believe the branded generic business provides us the significant opportunity to further diversify our revenue base and strengthen our presence across the key markets. Our long-term focus remains firmly aligned with building InnovaCapCap into a future-ready, scalable pharmaceutical organization, while maintaining a strong focus on disciplined capital allocation and sustainable value creation. Our strategy priorities remain clear, improving capability utilization across our manufacturing facility, expanding our capabilities in complex doses form, strengthening our R&D platform, deepening customer relationship, and expanding our branded generic presence across the market. At the same time, we remain committed to deploying capital in a disciplined and prudent manner, with investment being prioritized towards opportunities that offer optimum return. Stensen our capabilities and competitiveness, support our long-term growth objectives. We remain confident about the opportunity ahead and are committed to creating sustainable long-term value for all our stakeholders. With this, I would like to hand over to call to our CFO, Mr. Lokesh Vazhin, to take you through the financial performance for Q1 FY27. Thank you.

Thank you, sir. And good morning, everyone. I will now walk you through the financial highlights for Q1FY27. Q1FY27 highlights are Q1 performance reaffirms the growth trajectory, and we remain confident of delivering on our stated growth objectives. With healthy demand across our businesses and continued execution focus, we believe the momentum is sustainable in the future also. Consolidated revenue for the quarter stood at Rs. 470.9 crores, registering a strong 34% year-on-year growth, supported by a strong demand across both of our business areas. Exports contributed 32% of our revenue during this quarter, reflecting the continued progress we are making in expanding our presence across international markets. Our CDMO business reported revenue of Rs. 328.7 crores, growing by 32% year-on-year. The growth was driven by an expanding product portfolio, addition of new customers, and deeper engagement with existing customers, resulting in higher wallet share. Our Vendee's journey business recorded revenue of Rs. 142.2 crores, representing a growth of 39% year-on-year, supported by continued traction across our key markets. On the profitability side, EBITDA for the quarter stood at Rs. 75.1 crores, a growth of 33% year-on-year with a margin of 16%. Profit after tax for the quarter came in at Rs. 44.1 crores, reflecting a growth of 42% year-on-year. With this, I would like to conclude our opening reports and open the floor for questions and answers. Thank you.

Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Achal Maheshwari from Naredi Investment. Please go ahead.

Hello, sir. I just had two questions.

So, can you, is it possible to give the breakup for our branded business between domestic and international branded?

So, at an overall level, while further break up in business area wise, we normally do not track, but at an overall business, overall consolidated revenue basis, our domestic business is around 70%, export business is around 30%.

Okay, sir. And just what is our current capacity utilization for our newly commissioned Jammu facility?

So, Jammu plant has just started ramping up. So, if I see this quarter at an annualized basis, we are looking at a capacity utilization of around 25 to 30 percent on an annualized basis based on the performance of this particular quarter.

And so, what are the asset terms that we expect from this particular plant?

So, at an optimum level, we expect that the asset terms from this plant would be north of 3X.

Okay, sir. Thank you so much.

Thank you. Participants who wish to ask a question may press star and mark. The next question comes from the line of Juhi Kumari from Narnolia Financial Services. Please go ahead. Yes, ma'am, please go ahead.

Yeah, thanks for the opportunity. Congratulations to the team for the good set of numbers. I had a couple of questions. My first question is regarding the networking capital. Like, management was aiming for the historical levels following the Jammu ramp-up. So, what is the networking...

Sorry to interrupt, ma'am. May I request you to please use the handset as your voice is not clear.

Hello.

Hello. Yes, please, go ahead.

Yeah, I was asking about what was the net working capital cycle as of June 30, 2026, and also are the inventory holding days and trade receivable normalizing back towards the historical levels following the general ramp up?

So, see, as far as our Jammu ramp-up is concerned, the initial working capital has already been built up and factored in our initial ramp-in days previous year itself. And as of now, we are maintaining our expected cash conversion cycle of 90 days plus minus 10 days for our entire group level.

Okay, okay. Thank you, sir. And one more question, like, how many new products or formulations were commercialized in first quarter, and what is the planned warranty spend percentage for sales at the remainder of the FY27?

So, our overall R&D spends range between around 0.7 to 1% of our total revenue in general, and at the same time, there is a continuous flow of new product developments, and R&D keep on working on new products with a very firm timeline to be commercialized in short-term, mid-term, and long-term. It's a normal course for business in which new products depending upon customer and market demands are introduced to buy R&D through proper study and research.

Okay, okay. Thank you so much. That's all.

Thank you. The next question comes from the line of Deepak Ajmera from IGE India. Please go ahead.

Yeah, hi. Am I audible?

Yeah.

So, what will, what is our revenue from the Jammu facility in absolute term, if you can mention, in this quarter, specifically?

So, this quarter, we have achieved a revenue of around 107 crores from Jammu.

Got it.

And what was the revenue last quarter?

Around 90 crores.

The rampart is a bit slow.

No, sir. So, Jammu ramp-up is pacing up the way we expected. So, we should also consider that normally, there is a seasonal impact of the entire year. And from quarter to onwards, the normal healthy season starts picking up. So, in coming quarters, we are expecting the Jammu plant should also ramp up as we speak.

Thank you.

Thank you. A reminder to all the participants, to ask a question, please press star and 1. The next question comes from the line of Pavitra Jaiwanth from Time Investor. Please go ahead.

Hello, thank you for the opportunity. Congratulations on the numbers. I just wanted to know, how should we look at possible conflicts of interest between your CDMO business and your blended generics business? Is that something we should think about?

So, you are talking about the contribution of these two business areas in our overall revenue growth?

No, sir. I am just talking about a conflict of interest. Like, for example, if you have the same product which you are making for your CDMO clients, as well as under your own branded generic business, would that be considered a conflict of interest? How would that work?

See, while we are having two front-end business areas, CDMO as well as branded journey business, so from a plant perspective, from a manufacturing capability business, our branded journey business is just considered as a normal CDMO customer by our plant. So, from that particular view point, there is no, I would say, additional treatment or any special treatment for our Bradley Journey business. So, from a manufacturing capability business, they are just producing for both business areas. And at the same time, it's a competitive industry, and whatever product that has been transferred from manufacturing capability, from manufacturing plants to our branded journey business are transferred on an armless basis. And in an open market, it is an open competition. And at the same time, it's a normal industry practice, accepted practice to have that CDMO business is having also a branded journey business. So, normally does not there is no conflict of interest per se, having both CDM as well as brand is any business.

Okay, thank you, sir.

Thank you. The next question comes from the line of Fredanth D. Laker from ICICI Securities. Please go ahead.

Hello, sir. I'm audible. Yes, please.

Congratulations to the management for a great set of numbers. I just have one question on the gross margin front. So, we have seen a worldwide dip in the margins.

Could you please throw some light on it, and how do we see the trend for the full year?

See, but the movement in gross margin is a combination of our overall business mix. So, it is just a one percent, one and a half percent down from year on year. So, which is in the normal course of business and mainly due to the contribution of our different business mix in overall QT.

Right, so on an overall year basis, we should not expect a major deviation.

Yes, it should. So as of now, we have posted a gross margin of around 35.5%. So our overall at a full year level, this should maintain between this range, plus minus 2%.

Okay, got it. Thank you.

Thank you. The next question comes from the line of Ankit Shah from Canada, Rubeco AMC. Please go ahead.

Hi, sir. Thanks for the opportunity and congrats from a great quarter. My first question is related to your growth. So, we managed the 34% YY growth. Can you break it up between volume and realization and also excluding Jammu? What was the volume growth? If you could give some sense.

Anki ji, while your voice was not that audible, you were just asking that 34% of revenue growth breakup between existing and Jammu. Am I right?

Yes, and also volume growth as well. Okay, okay. Yes, yes, yes.

So, volume growth at overall level on a revenue basis, if I break this growth into two parts, volume is around 22% growth year on year at an overall manufacturing capability level. And the rest of the growth has been fueled up by favorable change in products slash sales mix and favorable pricing.

Right, sir. Of this 22%, I mean, excluding Jammu just from Vaddi, how much would have been the volume?

I think it should be in the range of 12 to 14%.

Got it, sir. And secondly, you gave a sense on the revenues from Jammu, but now how would the profitability look? I mean, are we now positive EBITDA margin on that?

Yes, sir. So, we are pleased to inform that this quarter, we have posted a positive EBITDA for Jammu to the keynote of 1 to 1.5 crores. Okay, okay. Got it.

Thirdly, there is a rise in other expenses, you know, Y1 and Q1, Q1. So, any cost particularly risen, especially in light of, you know, global supply chain disruption? So, anything you would like to call out?

So, if you see from a percentage basis, my other expenses are slightly reduced on year-on-year basis, but yes, overall cost has increased, which is commensurate with the increase in my operations also. And as far as that conflict is concerned, there was slightly increase in logistics costs, which will be duly factored in our overall with the period of time and in overall revenue scenario also. It was not that material.

Oh, okay. Got it. And so in the light of the strong performance in this quarter, do you still maintain the guidance of like 20% plus growth or is there a room to upgrade that for this year?

So, whenever we say growth for projectivity is always on a volume basis. So, as of now, we are maintaining that we are growing north of 20% on volume. And we would like to maintain that we are very much confident that we should be growing on a 20% plus volume growth in coming period also.

The business mix that should continue for the coming quarters as well or was there anything one-off in this quarter?

So, from an overall business perspective, while our front-ending team keeps on working on bringing value to the table and doing value addition to overall kitty, but since there are other macro, macro, political and geopolitical reasons which keep on changing. So, we will involve as and when these things unfolds.

And lastly, can you give any updates on the Vati Capex and also Capex guidance for this year and next?

So, as far as our general Capex is concerned, it will go in normal course of business for both maintenance as well as our certain growth Capex to help augment our overall capabilities in our existing manufacturing plants. And in addition to this, as we submitted also regarding that, but the new plot that we bought last year, so the plan as of now is on the same line, and we are working still working to form it up. So as and when we will form it up, we will come to the market with more concrete plan.

Got it. Thank you and wish you all the best.

Thank you, Ji.

Thank you. The next question comes from the line of Pritesh Cheda from Lucky Investment. Please go ahead.

Sir, just on the margin bridge, so Jammu margin is about 1 to 1.5%, which means non-Jammu margin is plus 20%. Now, you know, we always, in our growth phase, would have a situation where there will be a new plant which will come up. So, let's say in this space, where do we see the overall margin heading before the new plant comes in?

So, Pradeci, if you see the Jammu extension is like a large extension, when you see the existing base, when we done the 500 capex, that time, let's say, the ex-Jammu capex is also like a 500 crore. So, it's a 100% FPR extension to the existing one. So, the future expansion could not be in that territory that in a single slot, the 1000 crore is not invested. So, it could be like in a franchise of like 200 crore, 250 crore. So, drag on the existing margin could not be that much. Do you understand what I'm trying to say? Jammu is a big project for the company on the base of the 500 crore expansion was 500 crore. Now, let's say if we are doing a 250 crore expansion, then the operational expenses or the depreciation will not be that material for the overall console balance sheet. So, the question number two, that once the Jammu start giving a good EBITDA margin, then the overall margin that is at a level of 15 to 16 percent should expand.

Your ex-Jammu margin is 20 percent today. So, should the overall company level margin should move eventually towards 18 to 20 percent number?

So, for margin guidance, we always maintain that 15 to 16 percent plus minus 2 percent. Right. So, that because of the growth engine as well as the other things. Right. So, if the once the Jammu margin is maturing and the new factor in capex, right, can have the 1 or 2 percent drag. Right. So, assuming 20 percent is very high expectation, I think 17, 18 is the fair number.

Okay. So, basically, it's a 20% consistent volume growth with a margin improving to 18% in the forthcoming years is where the business model sets in.

So, our statement is that 20% volume growth vis-a-vis 20% sales growth, and let the margin should put the margin should be, let you analyze it as a list where the margin should go.

Yeah. Okay. Okay. And just last question, on the utilization side, so the current asset. How much more volume growth is possible from the whole combined assets? So, if you, is it a two-year volume growth, three-year volume growth that you have with you?

So, in the last one, also, we maintain that line that, so where the, from, from where the future growth will come. So, one thing is that the existing capacity with the volume growth will saturate. So, we need to extend the existing capabilities. So, let us say if we have the general tablet capsule or a liquid, we need to extend in that area. The other is that we can have, we have the opportunity where we are not present currently. Like if you see the pharmaceutical is a large plate of the formulations, doses form and therapeutic category, dedicated sections, right? And we are present almost in, let's say, six or seven categories, right? So we have that, in the past also, we expanded one by one in the other area, and successfully, we have created a good revenue growth because of that as well. So both of the engines will work that, one is that, let's expand where we are strong, we are reaching to the saturated capacity, let's expand in that area. And number two, let open up the new doses form or the new therapeutic category area, right, where we are currently not present.

Right. Okay.

So, both the engines can help the company to grow or maintain this 20% plus stagger in the future.

Okay. So, there will be ongoing capex in certain categories which you already saturated this year, correct, despite Jammu facility. Having being operated at 30% or 25% utilization because those categories are not there in Jumbo, correct? So you need to invest. Plus, if you add any new category, then there will be an ongoing investment for that new category. That's all we have to assess.

Yes, yes, yes. So, let's say, Jammu, we have expanded in the category of Phenom, Beta, and Sefa, where we have a sufficient capacity, looking next two to three years, right, where we can have the current is like a general facility of the Bhakti portfolio, core Bhakti portfolio, right. So, in that category, we need to expand all the basket extension expansions, all right? So, whenever we will zero on that front, any statistical concurrent move will be there with the board approval. We will definitely inform the street and we'll come back to with that detailed proposal.

Can you give out your growth capex, annual growth capex number?

As of now, what is your annual growth KPX number and

annual maintenance KPX number for two years?

So, you're talking about previous year?

No, no. It's not coming here. F527 and F528. What will be your growth KPX and what will be your maintenance KPX?

Yes, so my general maintenance capex is between a range of 20-25 crores, and gross capex, when I am saying gross capex, it would be only for my existing capability augmentation or certain deep bottleneck, it should be in the range of same range of 20-30 crores.

Okay, until you announce a bigger, large, newer category or newer green.

So, this is basically an internal de-bottlenecking or replacement of the equipment with a better efficiency or doubling the capability of the equipment per se, right? Whereas, a few capex goes in the maintenance, replacing of the aged asset, right? So, these two already explained by the location, and whenever there will be a greenfield project expansion, we will definitely inform the state. Okay. Thank you very much, sir.

Thank you. Thank you. Participants who wish to ask a question may press star and one. The next question comes from the line of Vanj Gupta from President Capital. Please, go ahead.

Hi, sir. Am I on the one?

Yes, please.

Thank you for the opportunity, sir, and congratulations on a great set of numbers this quarter. Sir, I just wanted to get an understanding. The export mix and our revenue has been growing quarter on quarter since the last few quarters. And excluding Jammu, our margins are close to 20% as of now, which you're saying is a one-off case. It's not sustainable. Sustainable, it's close to 18%. Wouldn't it be fair to assume that given that we're a cost-plus model, even the fact that we're achieving an 18% margin, that's largely because exports, export business of ours that we have, that's a higher margin business. And because of increasing contribution from it, our margins are even higher than other CDMO players out there. Would that be a fair, Ramishu?

See, once our revenue and margin profile is a combination of a complex... We have a lot of business areas as well as geographical markets, and there is a certain margin profile for each and every business. So that's why we always, and quarter to quarter and period to period, depending on the market and seasonal conditions, these contributions may try to keep on changing from period to period. That's why we always maintain that on an average level, our margin profile will remain 15 and 16 blended level, which having a contribution all those business areas and manufacturing This is the call, biff, diff, diff, diff, and diff, and diff. So, that's why we maintain a statement that on a running basis, on a normal BAU basis, our margin profile remain in the range of 15 to 16 percent plus minus 2 percent.

Got it, sir. So, sir, the ex-Jabmoo margin that you achieved this quarter, has that also been impacted because of an increase in API changes quarter-on-quarter? Given that our gross margin also, if you look at it on quarter-on-quarter basis, our gross margins have also improved. So, has that also contributed to our margins?

So, as I committed that out of my revenue growth of 33-34%, probably 22% comes from volume growth, and my existing capabilities also contributed to that growth. So, it's a combination of my getting, optimizing my resources and getting a benefit of crossing that operating leverage. At the same time, ramping up of Jammu has also been contribution to overall scenario, but you're talking about as Jammu. And yes, since we maintain a cost-plus model and transfer of our PPI prices to customers, there may be a certain element of that addition also, but not to add material level.

Okay, so given the gross margins have expanded, would it be fair to assume there has been some positive impact of API price increases in a margin this quarter?

So the API price is generally the pass-through, right? Rather than gain or loss, it is a pass-through model. And what we can say that in few cases, we can assume that we have the inventory in hand, so it can impact positively. In few cases, we have the sales order in hand, and we don't have the inventory, where it can negatively impact us. So, we don't speculate on the API price. Generally, our focus is the business performance rather than the API prices. In a broad spectrum, our line is that we have the pass-through model.

Understood, sir. Thank you for the explanation. And, sir, on Sharon, I believe you received around 240 euros of revenue last year. How has the revenue growth been this quarter on an year-on-year basis?

So, there has been a seasonal impact on Sharon's performance, and on a full year level, we expect that it will continue to growing as our expectation over organic business.

Right. So, around 20% year on your growth in Sharon as well.

Organic business, we always maintain, it should be in early teens.

Early teens.

So, how we are getting the 20% plus is we have... Covered in our previous consoles as well that early teams from the base businesses and then the flavor, top of flavor that comes from the Jammu. That is how the company's strategy is to achieve 20% plus.

You got it, sir. Thank you for that clarity. And, sir, I believe in the last quarter we had also discussed that we are developing some SEMA Glutide products. Has there been any new development in the same this quarter?

So, the SEMA, what we have covered in the last con-call, the status is as-is. We are totally watching our development and the plant team is working on the best.

You got it, sir. Thank you so much for all the answers, sir. Wishing you the best of that. That's awesome.

Thank you. Thank you. Thank you. Thank you. The next question comes from the line of Amrita Malu from Dhunferi Investments. Please go ahead.

Hello, sir. This is a solution. I wanted some clarity on the Jammu plant margin profile. Like, as the earlier participant asked, our current base business is already 20% margin, but still we are guiding that our overall console margin will range around 16% plus minus. So, what is the, like, if I want you to understand, what's the Jammu plant's margin profile will be?

So Jammu margin profile will be in line with the base business margin profile once it will cross the breakeven line that is already done. So now we estimate that once the Jammu ramp up, then most of the margin will go and sit in the contributing margin at the company level.

Sir, like the base business EBITDA margin this quarter is approximately 20%. And our overall reported margin is 16%. And as you mentioned that we have already hit breakeven, actually positive in this quarter. And as we expect ramp-up, our Jumbo business margin, you mean to say, will come to 20% margin. But then you are not guiding for our...

So, ask Frick, multiple times we have covered that our normalized margin, let's don't take the 20, let's take it in a band of 70 to 80. Right? So, Jammu will also, once 17 to 18 percent of the margin profile from the base of 16, we should upgrade towards 2 to 3 percent extension, once the Jammu start giving a contributing margin.

Okay. Okay. And so, one more few things, let us have Jammu plant that peak will do a revenue of around how much?

1,400. That is an optimum revenue that anticipate at a utilization of 65 to 70%. Okay.

And like, as a margin which we are contemplating for Jumbo plant, like, is it inclusive of the government incentive? Or that is over and above?

No, no. That is already factored in our revenue and overall profitability statement.

Sayana, sayana, sir. Understood, understood. I think for now, I'm done. I'll get back to you.

Thank you. Thank you.

Thank you. The next question comes from the line of Nitish Rege from Chris Capital. Please go ahead.

Hello. I hope I'm audible.

Yeah. Hi, Nitish. Go ahead.

Yeah, so this one question, Q1 is generally a weak quarter, and we've done 22% volume growth, so you expect better volume growth in the coming quarters, and should we basically assume more than 20% volume growth for this year?

Yeah, so in the last quarter, what the statement was that a 20% plus growth expected this year. So that is based on the volume growth only, keeping the price as a constant, right? So, this after closing the Q1 and in mid of the Q2, we hopefully will deliver 20% plus volume growth on a year-on-year closing basis.

God, God, thank you.

Thank you. The next question comes from the line of Siddhant Mantri from Invesk Investment. Please go ahead.

Hi, sir. Thank you for this opportunity. I hope I'm audible.

Yeah, yeah.

Please go ahead.

Yeah, sir. So I wanted to ask on the Jammu plant, how much visibility do we have and what kind of timelines can we assume for an optimal level of utilization?

So, Siddhant, if you see how the business all around the any facility is being developed, even if you see our Paddi facility or the plan for the Jammu, so it is augmented by, let's say, multiple domestic marquee customers, then our presence in the So, once the onboarding of the customer and, let's say, the product as well, right, customers audit, countries audit, one by one it is clear, then the dossier approvals or the product approvals is being done, then how the business grow at a steady state? So, initially, we have started this facility in the January last year. We have, our team have done a wonderful job. A lot of what it has is already being done. The plant has been fixed approved now, the last year, right? And adding the flavor of the different ROW countries over and above that, right? And we are expecting that in this financial year, by the end of this financial year, We may have the. Product approval from the different market also. So, once that all come, then the formula 1 plus 1, 11 works, right? So, that is how we can cross the thousand crowd revenue mark from the Jammu. Onboarding of the countries, products, customers, then customers' products. So, everything works all together, then the ramp up clearly will be visible.

Yes, sir, that's very helpful. And, sir, I wanted to ask at what level of, you know, steady state utilization should we be looking for the next leg of KPEX in maybe Jammu or Buddy? At what level of utilization could Jammu reach by maybe this year or, you know, second half?

So, thank you.

So overall guidance, we don't want to give at a line item level. The overall guidance is 20% on the console company level.

So is it possible that the H2 will be much higher growth given that Jammu is ramping up and we have this visibility of newer products and newer geographies, almost everything in line?

So is that on the track? Yeah, again, the same line that we have already given you a spring in the all line line term ranges. Then rolling up to the console level, we have given a fair estimation of the guidance.

All right, so we don't see any challenges in the ramp-up, right?

So, challenges will be always there, but we need to overcome from them.

Okay, no, no, so my question was coming from...

So, that's why I'm saying that it is not the easy job that the company can grow 20% freely, easily. So, challenges will be there, but we need to, our team need to overcome from all these challenges and to prove ourselves that we can grow at 125%.

Right, right. So, definitely. So, any pricing pressure have we seen in this quarter, and if you could just throw some light on that?

Can you please repeat your question, Siddharth?

Sir, any pricing pressures have we seen on the API side or in any of our products in this quarter?

So, this quarter, the price is towards the increasing price. So that is always said that our pricing model is passed through. So we, at a certain level, we are able to pass through that pricing to the customer.

Okay. Thank you so much, sir. All the best.

Thank you. Thank you, ladies and gentlemen. Due to time constraints, that will be our last question. And I would now like to hand the conference over to management for closing comments. Thank you, and over to you.

Thank you, everyone, for joining us in this earning call. We appreciate your time and showing interest in our company. In case of any queries, you can get in touch with us or SGA, our investor relations advisors. We look forward to meeting all of you over the next earning call. Thank you.

Thank you. On behalf of Innova CapTab Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.