Natco Pharma (NSE:NATCOPHARM) Q1 2026 Earnings Call

0:00 Ladies and gentlemen, good day, and welcome to the Natco Pharma's Q1 FY 'twenty seven Earnings Conference Call. As a reminder, all participant lines will be in a listen only mode, and there will be an opportunity for you to ask question after the presentation conclude. Should we need assistance with the conference call, please signal an operator by pressing star, then 0 on your touch tone. Ladies and gentlemen, a reminder that this call is hosted by three sixty one Capital Market Private Limited. I now hand the conference over to mister Rishikesh Patuli from three sixty one Capital Market Private Limited. Thank you. And over to you, sir, Rishikesh. Thank you, Ramesh. Good evening, everyone. On behalf of three sixty one, I welcome you all to the q one f y twenty seven earnings conference call of Natco Pharma.

0:49 Hope everyone is in good health and doing well. On behalf of Natco today, we have with us mister Raju Nana Panini, vice chairman and CEO mister Amit Parekh, chief financial officer mister Rajesh Chabiam, executive vice president, Crop Health Sciences and mister Raju Menon, investor relations. I now hand over the call to Raju Menon for the opening remarks, post which we'll open the session for q and a. Over to you, Raju. Thank you, Rishikesh. Good evening, and welcome everyone to Natco's conference call discussing our earnings results for the first quarter of FY twenty seven. I'm Rajiv Menon, lead investor relations at Natco. We hope you have received the press release that was sent out earlier.

1:34 It is also available on our website. Let me draw your attention to the fact that on this call, we may be making certain forward looking statements, which are not necessarily historical facts. And anything said on this call, which reflects our outlook for the future, must be reviewed in conjunction with the risks that the company faces. We undertake no obligations to update these forward looking statements. I would like to state that the material of the call, except for the participant questions, is the property of Natco and cannot be recorded or rebroadcast without NATCO's expressed written permission. We'll begin with the financial highlights and then follow-up with an interactive q and a session. With that, I will request our CFO, Amit Pare, to discuss the financial highlights. Over to you, sir.

2:26 Thank you, Nell. Greetings to everyone, and thank you once again for joining Natco's quarter one FY twenty seven earnings call. The company recorded consolidated total revenues of rupees $7.94.4 crores in quarter one FY twenty seven compared to rupees 1,390.6 crores in the corresponding quarter last year. The decline is largely attributable to lower levonilatomide revenue during the quarter, which was partially offset by double digit growth in the base business. EBITDA including other income for the quarter stood at rupees 245.7 crores with EBITDA margin of 30.9%. There has been an improvement in EBITDA margin quarter on quarter, which can be attributed to the performance of our international and domestic business and lower and measured operating costs.

3:24 Consolidated profit after tax stood at INR 206.5 crores compared to INR $2.69 crores in quarter four of FY 'twenty six, which included onetime benefit of rupees 115 crores arising from remeasurement of deferred tax assets on mass credit and other deferred tax assets in liabilities following the company's decision to move to the new tax regime from FY 'twenty seven. On a normalized basis, excluding this onetime tax benefit in quarter four last year, consolidated PAT grew by 34% quarter on quarter. With regards to our associate company, Natco Ingram Holdings Limited, South Africa, revenue for the quarter stood at rupees 1,582.8 crores, and profit after tax at rupees 242.2 crores.

4:18 Natco's share of profit based on 35.75% holding as on 06/30/2026 was rupees 84.3 crores. In July 2026, we acquired additional stake of 13.25% in Natco, Imran, taking our total holding to 49%. This, we believe, will further strengthen our strategic position in South African market and increase our participation in the performance of ATCOPHARM. Our domestic formulation business revenue stood at rupees 126 crores. We also saw strong growth in our Brazil business. Revenue from Brazil stood at rupees $1.78 crores, representing the growth of 180%.

5:07 Thank you all, and now we will take questions and answers. Thank you so much, sir. Ladies and gentlemen, we'll now begin with the question and answer session. Anyone who wishes to ask a question may press star and 1 on their touch tone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are request to use handsets while asking question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. Reminder to all the participants, if you wish to ask a question, may press star and 1.

6:10 First question comes from the line of from ASKIM. Please go ahead. Hi, sir. Thanks for the opportunity, and congrats on a good set of numbers. My first question is in terms of the breakdown of your export revenues. Can you please give me a constant currency growth across your key geographies of Canada and Brazil? So so Brazil has grown... As I said, it has grown by one eighty percent. The revenue of Brazil, as I mentioned earlier, was $1.38 crores. And Canada sales? Canada sales Canada sales for the quarter was around 56 crores.

6:59 Understood, sir. Also, if you were to just look on a quarter on quarter basis, you know, in cost... In currency... In constant currency terms, there seems to be a 14% kind of decline. Any specific geography which you would add to with this too? Could you repeat that for 10? I I didn't understand. Could could you say that again? Yes, sir. Yes, sir. So basically, I was trying to understand the quarter on quarter decline that has happened in the export sales. So there seems to be a constant currency decline of almost 14%. Is this attributable to any specific geography? No. It's just a seasonal cycle. I think we have different orders at different time. I think the increase in the profit income from the Indian company came from the associate company.

7:49 You see the numbers. Normally, the ad cost profit share is around 35 to 40 crores a quarter at our 35. Came... This quarter came to 80. I think that's just why the bumper learning came from there. In this particular quarter, yes, because of the. Understood, sir. Also, if I were to just ask a question on the domestic sales growth, could you provide a breakdown of how the base business has grown and how semi has incrementally contributed this quarter?

8:48 I think that base business normally is about a 107 for the quarter. I think this quarter went to a 130 something. We believe we're able to maintain that 130 number. I think Understood, sir. Just one last question if if... Based on the foundation. Okay. So during the quarter... So, basically, sir, we closed the year at about 2,400 crores of cash.

9:36 And, you know, after having paid out for this incremental stake in Natco, I think we still have a decent... You know, close to about a thousand thousand... 2,500 crores kind of cash sitting. So any incremental insight on why the proposed fundraise of 2,000 crores is planned? Any specific target therapies or kind of assets that you're looking at? Yes. So you are right. Our cash... Net cash as of today is around 14 withdrawals. Obviously, last one year, if you look at the kind of investments we have made, it's almost 3,000 per annum, primarily Natco. We had a two two times acquisitions of Natco. Both together was around 3,000 crore. We have a business on those two short term loans to pay off and some capital expenditure.

10:26 But we... At this extension, we are also looking at couple of very interesting opportunities or acquisitions on some some kind of an M and A opportunity. And we believe that this cap would be really required, and we believe that this would be helpful at the right time. In this, we want to raise some money from the market. Understood, sir. Any color on the kind of payment that we're paying at? But you must have another... Okay. Let me come back to you again, my friend. If somebody can make a call. Sure, sir. Thank you. I'll join back the queue. Thank you. Ladies and gentlemen, anyone who wishes to ask a question may press star and 1.

11:19 Also, in order to ensure that the management will be able to address all the questions from the participant, We request you to kindly limit your question to two question only for participant. If you have a follow-up question, please rejoin the queue. Thank you. Our next question comes from the line of with Access Capital. Please go ahead. Hi. Good evening. First question, Mohit. So very sharp decrease in other expenses, you know, both quarter on quarter, year on year. So if you can kind of highlight the reasons behind it? And is this the kind of a new update that we should expect going forward? So, yes, Anand. Thank you for the question. Yeah. There has been a decline. Obviously, if you look at the last year q one, there has been a higher R and D spend which happened. And, you know, R and D are not a very stable quarter on quarter run rate. It depends on a lot of milestone and the batches exhibit classes, clinical trials, etcetera. So in last year's quarter, yes, there was a very high spend on R and D, flow and so on and so forth. So

13:08 you can't, like... You've asked me to send me now and say this will be this quarter. It could be higher or lower. But, typically, I think when we give our guidance, we assume these, you know, these costs, and then we build in the back number of months based on what we believe we have spent. And you should take an annual approach that of the 51. Sure. Got it. Second question is international formulation business. This quarter was $4.77 crores. You also mentioned there was good growth in. So what would explain the quarter on quarter decline? Is that seasonality or the decline in commodity demand? If if you can, you know, throw some light on this? I think even in the profit share was... Obviously, on your mind, obviously, the one is able to, you know, previous quarters.

14:09 All these seasonal and what this stuff happens, I think I would I would focus on the larger picture. I think, you know, I don't wanna get... Be really good again for the year, and then we said you want to make the guidance for the for the quarter. Yeah. Thanks. Next one, please. Thank you. Ladies and gentlemen, anyone who wishes to ask a question, may press star and one on your touch tone telephone. Next question comes from the line of with Dollar Capital. Please go ahead. Yeah. Thanks for the opportunity.

14:57 Sir, out of your total export formation business of $4.77 crores, how much contributes from the subsidiary? You have given us Canada and Brazil number. If you can also give rest of the world number. I don't have a split, Rich. I I have a bigger one. The smaller one, I don't have it. So I I I don't have it on hand, so I I don't want to get an incorrect number. I'll pass it. Okay. And on the agrotech sales on the agrotech sales, that is your crop health sciences, have you breakeven in this business? Say that again. Have you... Can you repeat the question, please? Sir, on the crop health business, are you still making the EBITDA loss or we have already done the breakeven?

15:47 No. So, basically, for the quarter, there was a loss. Right? But the the goal and our expectation for the year is to breakeven. So if you look at overall scenario for the crop, it's very, seasonal. Right, So as probably most of you are aware, there's been the El Nino fear and delay in rates. So that's what actually caused a little bit of delay in in the dropping season. So we expect q two to be significantly better than q one. And I think we are on track to, again, as I said, to breakeven for the year. And, sir, on the revenue part, what will be the guidance for the Yeah. It's okay. That is... Mean, for the profit that we're talking about? Yeah.

16:36 See, I I... Let me just give you a a... An indicative number. See, last year, we did about 138 crores total, and we're about 40 in q one. By by q two, q three, I think we should, you know, be fairly close to that number. They're pretty done growth, but, again, visits, So only total sales which you are saying, you know, 33 to 34,000,000,000, when you just annualize the... This quarter sales, it comes to around 2,800 crores. That is... That roughly comes to 28,000,000,000.

17:38 So whatever that extra sales which we will be generating, it would be coming basically from which geography. Who will be the major contributor? Whether we are going to see a traction in the export part of the business in The US or in India or in the rest of the world? Okay. Understood, sir. Thank you. That's it from my side. Thank you.

18:32 Our next question comes from the line of with Yes. Magalis Investment Managers. Please go ahead. Hello? You're not able to hear me. You think you're speaking? Can you go to the next caller, please? Okay. Sure. Abhiyan, can you hear us? Yeah. I can hear you. Can you hear me? Yes. Yes. We can hear you now. Thanks. Thanks for taking my question, sir. I have a few questions.

19:22 Sir, firstly, this current quarter, do we have any contribution from Revlimid? So current quarter, it is very, very small. It is negligible to see the list. Okay. Got it. And, sir, as tax rate has been a bit volatile for this quarter and the previous quarter as well, Do we have particular tax guidance for FY twenty seven and going forward? See, tax rate is a combination of... Since at the control level, it's a combination of the global tax in country by country contribution.

20:08 In India, at least I can say that we have since we have moved to the new regime, the tax rate would be around 25.16, and obviously, there are some disallowances of PSR and donations happening. So roughly, India will be around 27%. And globally, it all depends on which geography is contributing more. This quarter, the larger contribution where the tax rate is more than 25%. And hence, the quarterly tax rate is quite high this quarter. So very difficult to give a very clear guidance around that because it is a combination of multiple factors. But, yes, this quarter, it is high. Okay. I see. I see. And, sir, two questions around our recent launches, which are upcoming.

20:56 So for Carfilzomib, we have a a likely a calendar twenty seven launch with the launch settlement with the innovator. So are we on track for this launch? I cannot confirm the date, but, yes, the launch is on track. I believe when we will talk about it for this for launching. Yes. The plan is gonna upgrade right now, and Are we done with your question?

22:00 Yeah. Just one more one more question. Regarding OlaParrot, could you please share the what the current litigation status is with the innovator? And do we have any sort of, like, an outer timeline by which by which you believe that an outcome might be decided? I think I don't remember the date. I think the trial date is set. I think... I don't know what the date. I think sometime in the next few months. I know the exact date. I'm not able to remember what what date it is. Precise. It's scheduled, I think, the next few months, but it's kinda clear today. And then the the termination of the exclusivity is normally determined yet. So I think these are two open back... Open questions on this. Okay?

23:16 Okay. Got it. Okay. Thank you. Thank you. Reminder to all the participant, please limit your question to two question only per participant. Our next question comes from the line of Tanya with Investec. Please go ahead. Thanks for the opportunity. Sir, given that you have some experience in South Africa now after the acquisition, what are your plans to improve growth and profitability in South Africa? I think, overall, I think we see a lot of synergies between NATCO and NATCOPHAR. I think the first synergy is, obviously, the pipeline from NATCO, which can be put in NATCOPHAR and distributed in South Africa. Second, we'll connect with our Indian partners.

24:46 Not today. So... But we are... But I'm... We'll make it long, as you know. So... But also, Akbar has a lot of meaningful strength to our midday business. As you can see this quarter, for example, given that you're witnessing strong growth, are there any key launches which are driving such growth, and are there any meaningful launches planned going forward?

25:37 I think our oncology pipeline is driving to growth. So I think that's why you see very good numbers. And we also have another meaningful launches in the year '27 as well subject to some patent litigation. A diverse pipeline of geographies and revenue avenues so that we have most everything on this. And that's.

26:33 Got it. And and lastly and, sir, lastly, if you could guide for how much we've done from Semahooter in the first quarter to I think the the the analyst doing our I forgot. Idea. I mean, I can give you what we're doing. It's marketing is very. It's not... I think this is what you always said in our earlier calls. So it's been fairly. And so I think our brand per month is doing around two CR, I think, roughly. But we had a lot of, what is that, as of now Is it profitable, sir?

27:44 As of now, it doesn't lose money, but it doesn't make much money. Alright. Alright. Got it, sir. Thank you so much. Thanks. Thanks. Next call. Thank you. Our next question comes from the line of, an individual investor. Please go ahead. Yeah. I hope... I'm audible? You're audible. Go ahead. Yeah. So I think we are in interesting times with respect to South Africa. On August 12, India and the South Africa have signed their terms of reference for preferential trade agreement. Right? So I want to understand how this is going to impact our business. And I also seen some... One of the Indian company has already got approval for semaglutide launch in South Africa.

28:32 So when are we going to get approval, and how big the market would be? Regarding the trade deal, I... I'm not well informed, I think. So I don't wanna answer that question because I don't know if I know about it. Regarding Symantec, signed up for approval for Africa. This is what I understand. In terms of our approval, I think I'm little early, but we're trying to see what are the ways we can Okay.

29:23 Okay. Sir, one more question, sir. This is with respect to our COF... Natco Health Science business. I understand that already we have, you know, like, approved the demerger and other things. So when can we expect the actual demerger to take place on an investor point of view, sir? Yeah. Hi,. So the demerger, again, the the plans are still active. But now we're also looking at this potential fundraising activity. So with that activity in in the immediate trade. So after that is we'll continue on the deal with your aspect. So it could probably delay by about two to three months. Oh, okay. It could be done by... Yeah. Instead of...

30:09 I think probably sort of December, it could be about March. Okay. So thank you, sir. Thank you so much, sir. Thank you. Our next question comes from the line of with GM AMC. Please go ahead. Hi, sir. Congratulations on good quarter. Sir, I just wanted to understand one small thing. We we had somewhere close to $33,500 crores of cash on our balance sheet as on March. After that, we would have spent some to acquire the additional stake in our account. Any particular reason for taking additional resolution? So, yeah, as already quite explained again in the call, right now, between March and now, we spend money on network for additional stake up...

31:03 Stake acquisition. Currently, we have around 1,400 total net cash. As you would have realized that over the last 23,000 total has already been spent. We are looking at a couple of interesting acquisition opportunities for which we would require cash. Additionally, we have some short term rules and some CapEx requirement. So I think whatever money we raise will be going toward these things. And we want to be ready with the money for any any interesting opportunity, which is already there in our evaluation. So that's the primary reason we want to base the funds. Got it. Sir, and and so you highlighted that you require cash for your internal CapEx and something... Or some capacity expansion that will be planned. Can you highlight what that number will be, say, for this year and the next?

31:57 It's for, you know, the next details at this point. This extension of time. Got it. And, sir, any color that you can provide on when do you plan to launch some of Natco's India products in the ATCOPHARM entity? Thank you. And this question comes from the line of Rishikesh Patulia of three three sixty one Capital Market Private Limited. Please go ahead.

33:14 Yes. Hi. Am I audible? Yeah. It's. Yes. So quickly, Raj, can you provide any material changes that could happen on the innovation side? The four assets that we have, can you take us through? I think there's nothing much to report at this time. I think the biggest value I made is. So that entity is doing reasonably well. I think there's no multiple patients. So they have done for multiple patients. And two patients have done this to me. They've... I mean, they've survived on the big kidney for about more than eight months. So I think we'll have some of this in short time for that asset. I mean, I'm very happy of of the four assets that are there. This is the most exciting one that we have. And and I think it's the most valuable one that we have. And and I'm... I just said I'm not we're hoping to leave some good updates in the next few months. Yes.

34:27 And and second question on the r and d pipeline of the asset, FTF. What kind of filing do we expect now in the next two years? Any idea, I'd brief. I think we have But so far, you know, we're pretty much the same. But I think we're hoping to deliver this one or two this year or about the pipeline we already have. Sure. Thank you, Rajiv. I'll get back in the queue. Yeah. Sure. Thanks. Thank you. Thank you, Rajiv. Ladies and gentlemen, anyone who wishes to ask a question, press star and 1.

35:19 Question comes from the line of with ASCIM. Please go ahead. Hi, sir. Thanks for the follow-up. So I just wanted to check on whether the ad guidance of close to $10.50 crores still holds, or is there an upside risk to this number? Because if I see ad cost contribution currently, you know, there's close to about one fifty million constant currency or in real terms, closer $150,000,000 kind of contribution to Natco's earnings. And given the increase in stake now, it is likely that if I were to analyze the same number and see, close to about $404.40 to $4.50 crores of tax would be coming from this ad community itself. I think I'm not sure if you're Wait. Wait. Wait.

36:08 Don't analyze it. It is a seasonal month because it was but, again, not... All this year, what is the norm? I I I don't wanna answer, but please at least wanna analyze the quarter numbers because, you know, this is a long. Sure, sir. Thank you, and all the best.

36:54 Thank you. Our next question comes from the line of, an individual investor. Please go ahead. Hello sir. Yeah go ahead. I just want to ask in future if I could give opportunity to buy some more percent of that? Will we will we go for that? Yeah. Of course. I think we are... As you know, our management strategy is to always be on the long term. And we are very well committed to South Africa investment. At this point in time, we don't have an opportunity, but whenever it comes up, we'll be more than happy to take it. And that's our strategy. It's a very strategic cost for us, and, yes, of course, course, we we go for it.

37:42 But right now, as we do So how much percent things we can put, like, since I'm thinking, do we have any? Or I I didn't understand the question, my friend. We lost you. So Right right now, we are in 49%. So till how much percentage we get the opportunity, we'll go from that. As of now, we're 49. I think that is from the investment launch. And the near term, I don't see increasing at this time. This is what it is.

38:31 Okay. Thanks, sir. Thanks. Thank you. Our next question comes from the line of, an individual investor. Please go ahead. I hope I'm audible. Yeah. Sir, I believe our company also has a very good land bank land bank. Sometime, I think we have sold some land to Microsoft. Are we not getting such offers, you know, nowadays? Because we are we are raising funds also. So I thought this could be one of the source. I think we have a digital landline, but there are some you can sell and some we want to utilize for our own operations.

39:46 But at the right time, at the right price, yes, of course. Yeah. I'm I'm also looking at that. This is also another aspect. But subject to the right price and subject to, you know, clearance of these small I would say, yes, we can monetize it. But as of today, we're holding on. Okay? Yeah.

40:31 Sir, this is next... My next question is with respect to the fund rate. So I have seen the history of the prior fundraisers which you have conducted. So it has been mostly, you know, QIPs only. But as an individual investor, you know, I'm placing a request. If that is the right issue, we would like to participate and increase our stakes, sir. This is just a request, sir, rather than a question. I understand that. I think we're exploring our options, sir. I think we're looking at UIC and rights and and all other options. And I think we would allow us to, you know, consider all these options. We are looking at Yeah. And I think once we have feel of good way, what the right thing to do is we will. We are here to bring about.

41:18 But we're excluding all options. Absolutely. Yeah. Thank you so much, sir. We are very happy with the way you are running this organization and being very transparent and honest. Thank you so much. Next question comes from the line of, an an individual investor. Please go ahead. Yeah. So am I audible? Yeah. You are, please. Yeah. So I'm a new investor in Natco. So I wanted to know that what is the payback time scale for our r and d expenses? Like, how do we think about the future while we are doing r and d expenses? So, typically, if you wanna take on this business, things that's eight, nine years away are the most valuable one. We'll probably make a month.

42:34 20, 38 or 48 or or you do. Okay. Yeah. So what percentage of our expenses we kind of put towards the long term, and what percentage is towards the short term? I would say 70 to 80% of our money is put in... Which are gonna happen in two thousand twenty nine, twenty nine. The earliest one will probably be twenty eight, nine, and then going up to 2035.

43:22 Everything between '28 and '35. Okay. Yeah. Thank you. Okay. Thanks, sir. Next caller, please. Thank you. Our next question comes from the line of, an individual investor. Please go ahead. Am I audible, sir? Yes.. Please go ahead. Sir, you invested 1,400 crores in South Africa. What was the reason for this? And And my second question, are you looking for acquiring more stake? I mean, controlling stake in Natco?

44:10 Controlling stake now. So as we mentioned earlier also that we are very happy with the investment in the company being very, very well... Run very professionally. Overall, it's a very good asset for us. Controlling sales right now, the other other shareholder is bigger than... It's not in offering right now. Whenever it comes up, we have a prospect of refusal, and we'll be happy to execute that, provided it comes at the right price. So we are looking for the opportunity to increase the asset, but currently, it's it's not there. And my last question regarding... Hello? Yeah. My last question regarding users 2,000 crores, so which is.

45:02 You broke up. Can you repeat that, please? Hello? I'm audible? Yeah. So you raised 2,000 cover from issue of the equity. So good geography you Yes. I... Sorry. For the acquisition? Correct. Good geography. We are evaluating various options of how to raise the money. It can be anything. It can be quality. It can be right. It can be other things also. There are opportunities of acquisitions as we mentioned earlier. There is smaller piece in India and a very large opportunity outside India. So I'm not getting into the geography specific, but there are two opportunities. So one could be outside and one could be within India as well.

45:52 Okay. Thank you. This is from my side. Thank you. Our next question comes from the line of with three sixty one Capital Market Private Limited. Please go ahead. You may please proceed ahead with your question. Hi. Am I audible? Yes. You are. Yeah. So quickly on semaglutide, you provided the update for India market as well as the South Africa. I mean, we are still far away. Can you similarly provide for Canada as well as the Brazil region? Where is... At what stage is the dossier and when do we We're not.

46:46 And this is time of the reminder. We're not. We're We're adopted on. So in Canada and Brazil both? Both.. Oh. That... That's happened. And second, can you forward any update on the launches lined up for FY twenty seven, twenty eight, twenty nine for The US market? Anything that you would like We intend to launch this service with you guys. We can't use them because we have not quite yet. Okay. Just... And just lastly from my side, if I may. On the agreed piece, I mean, CTPR exports are coming, so we are still... I mean, any update on that?

47:38 CTPR technical, some level of exports have been done, Ashish, but not not very significant. The dominant thing we have to have domestic focus at this stage. But we are working on several registrations across industry. Thanks, sir. Just a follow-up on that. On on the domestic portfolio, except apart from CTCL, have you done any more launches? Yeah. Actually, quite a few. I mean, if you... CTCLARM was a a segue, right, when we entered. But today, we have roughly about 35 products and a good combination of insecticides, fungicides. And some of the fungicides are doing fairly well. In fact, one of the top, you know, things which is working well, fungicides on... For the brand called Blanche, which is...

48:32 Yeah. I would say it's it's it's a very cost limited competition product, Glance. And if you look at CTPR versus non CTPR, you know, in terms of revenue contribution also, I'm I'm not really... I can't give you the exact number, but it's sort of 35 products that we have. Eight products are CCAR related, the rest are non CCAR. Right? So it is a significant number of products. From a revenue perspective, I'll get back to you on that. But, you know, maybe CTBR, 3035% is the contribution from CTBR. Right? The rest is not CTBR. So the pipeline is also very interesting. What we are looking at, you know, particularly typically look at the registrations that we do internally is something called a 93 registration, which means limited competition versus a nine four, which is a lot of competitive players out there. So we have interesting legacy products which continue to come, and the next financial is... Has a very interesting portfolio as well.

49:40 So I think we're quite bullish in terms of where we are today. Thank you, Rajesh. That's all from my side. Okay. Thank you so much. Ladies and gentlemen, anyone who wishes to ask a question may press 1. Reminder to all the participant that if you wish to ask a question, you may press 1. As there are no further questions from the participant, I now hand the conference over to the management for the closing remarks. Thank you, and over to your team. Thanks. Thanks, everyone, for joining the call. We value your time and participation. If you have any further questions or need any additional information, please do free... Feel free to reach out to us. With that, we conclude today's earning call. Thank you very much. Thank you so much, sir.

50:36 Ladies and gentlemen, on behalf of Natco Pharma Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.