Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
Advanced Enzyme Technologies Ltd (NSE: ADVENZYMES) Q4 2026 Earnings Call dated May. 12, 2026
Corporate Participants:
Aakash — Operator
Ronak Saraf — Investor Relations
Mukund Kabra — Whole time Director
Beni Prasad Rauka — Chief Financial Officer
Analysts:
Abhishek Navalgund — Analyst
Unidentified Participant
Ravi Purohit — Analyst
Umang Shah — Analyst
Shreyansh Gattani — Analyst
Presentation:
Aakash — Operator
Good morning, ladies and gentlemen. I’m Aakash, moderator for the conference call. Welcome to Advanced Enzyme Technologies Limited Q4 and FY26 earnings conference call. As a reminder, all participants 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 the conference call, please signal an operator by pressing star then zero on Your touchstone telephone. Please note this conference is being recorded.
I would now like to hand over the floor to Mr. Rolak Sharaf. Thank you. And over to you sir.
Ronak Saraf — Investor Relations
Good morning everyone. Welcome to Advanced Enzyme Technologies Q4 and FY26 earnings conference call. We hope you all have gone through our financials press release and PPT which has been posted in the Investor Relations section of our website. We have with us Mr. Vasanthrati Kyapasan, Mr. Mukund, full time Director and Mr. Bini Prasad Rokhar Group CFO. Today the management will discuss the performance and business highlights, updates on strategies and respond to any questions that you may have. As is usual, for ease of discussion, we will look at the consolidated financials.
Now I’d like to draw your attention to the fact that some of the information shared during this call, particularly regarding our plans, strategies and future outlook, may contain forward looking statements. These statements involve inherent risks and uncertainties and are based on current expectations, forecasts and assumptions. Actual results may differ materially from those expressed or implied in these statements influenced by a range of factors including but not limited to economic conditions, changes in government policies, regulatory developments and other unforeseen circumstances.
Recipients are cautioned not to place under reliance on these forward looking statements as they are not guarantees for future performance and should not be viewed as substitute for independent judgment. The Company undertakes no obligation to update or revise any such statements whether as a result of new information, future events or otherwise. Now, without any further ado, we shall commence this call. Over to you Vik Sir.
Mukund Kabra — Whole time Director
Thank you Ronald. Good morning everyone. I know this is the first time we are changing a call time from 4 to 9 so thank you for taking your time early in the morning during the working day. I sincerely appreciate you all taking your valuable time. I extend my heartiest welcome to everyone joining us today on the conference call to discuss the financial results for the quarter and fiscal year ended 31 March 2026. The global economy has faced severe disruption as you all know in recent years due to a compounding mix of conflicts.
Geopolitical tensions and inherently fragile supply chain conflicts between nations have interrupted the steady flow of energy, food and crucial raw materials, thereby injecting substantial uncertainty across international market. Concurrently, supply chain disruption worsen by transportation bottleneck and stringent trade restrictions have slowed down production cycles and delayed the delivery of essential goods worldwide. These escalating changes challenges have significantly contributed to rising inflation as the business face higher manufacturing and shipping costs that are ultimately passed on to the consumers.
Consequently, the prices of everything necessities are so globally, placing heavy financial pressure on households and weakening purchase power in this uncertain global environment. Despite this daunting global supply chain challenges, we have maintained a highly consistent supply track record. However, we remain vigilant as increasing geopolitical disruption will escalate the prices of input essentials such as fuel, salt, solvent, packaging visible also logistics, potentially creating near term margin pressures across the industry Turning in our financial performance, I’m delighted to announce that Advanced Enzyme has reported its highest ever quarterly annual revenue for the fiscal year ended March 2026.
For the fourth quarter we reported revenue from operation at 2,034 million, reflecting the robust year on year growth of 22% and sequential growth of 18%. For the full year our annual revenues stood at 7,458 million, representing a solid growth of 17%. Our operating profitability also demonstrated excellent momentum. EBITDA for the quarter stood at 632 million, registering a 39% year on year growth and 28% sequential growth. On a full year basis, EBITDA grew by 18%. EBITDA margin for both the quarter and the year remains strong at 31%.
Profit after tax stood at 453 million for the quarter, showcasing a staggering growth of 69% on year on year basis and 5%. Subsequently on the annual basis PAT grew by 30%. Consequently, by PAT margin stood at 22% for the quarter and 23% for the full fiscal year as compared to 28% in FY25. Our overall financial performance is firmly in line with the earlier guidance. All of our business divisions delivered healthy growth and we are confident that this steady momentum will continue into the coming years.
Looking at the broader industry landscape, global pharmaceutical, nutraceutical and biotechnology sectors and increasingly shifting towards wider adoption of ENZYME across various regions, this macro trend is driving substantial market demand for players like us who can offer integrated end to end capabilities and customized solutions across these platforms. Over the course of the year we have taken several strategic steps to fortify our mid to long term market positions. We have continued to invest in enhancing our R and D capabilities which will accelerate our innovation pipeline while parallel exploring expansion into newer high potential geographics.
On the regulatory and compliance front, during this year we filed two Food Enzyme dossiers with the European Food Safety Authority and three cross dossiers with the US fda. As mentioned in our previous interaction, our new R and D center in Nasiki is expected to become fully operational in the later half of this fiscal year, significantly boosting our product development bandwidth. Additionally, we are anticipating approval of our anti inflammatory products that we filed two years back in European region during this year.
Now I will take you take you through our segment wise revenue performance for the fourth quarter of FY26 as well as full fiscal year 2026. Let’s begin with the Human health care our largest and most critical segment. Revenue for waterfall stood at Rupees12.81 million making a 24% year on year growth and 33% sequential increase for the full year year to date basis we observe a solid growth of 15%. This growth was primarily driven by higher sale volumes in pharma, API, biocatalysis and nutritional business.
Human Healthcare continues to be our flagship division, contributing 63% of our total revenue. Annual health care revenue in this segment rose to 250 million delivering a 19% increase year on year, 2% sequential and 25% on year to date basis. Annual healthcare account for 13% of our total revenue. Animal healthcare accounts for 13% of our total revenue. The growth is mainly driven by increased sales in Asia. Turning to bioprocessing, this segment recorded 17% year on year growth during the quarter despite a 10% sequential contraction, finishing the year with 16% year to date growth.
The annual growth was predominantly fueled by healthy performance of our food business which grew by 20% year on year and 19% on the year to date basis. Conversely, the non food business contracted by 1% year on year and 7% sequentially, remaining flat on the year to date basis. Lastly, the specialized manufacturing segment registers a 17% growth year on year and a 16% sequential growth on year to date basis it grew by impressive 23%. This segment currently represents 9% of our overall revenue. Our strategic product mix within each business division and operating leverage has continued to perform exceedingly well supporting our healthy overall margins.
We anticipate that our entire portfolio spanning human nutrition, animal nutrition and bioprocessing will perform even better and grow stronger as we move right into the new fiscal year. That said, our business outlook remains extremely steady, will continue to focus on optimized capacity allocation, improving supply chain efficiencies, ramping up new product launches and expanding our operational footprints across both developed and emerging market. With this, I will now hand over this call to Raukaji.
He will walk you through the financials and key subsidiary numbers. Denny.
Beni Prasad Rauka — Chief Financial Officer
Thank you very much sir. Good morning everyone. I hope you all are in good health and doing well. On the company’s consolidated financial for the fourth quarter and year end of fiscal year 2026 year on year basis, our revenue is increased by 362 million 22% from 16. 72 million to rupees 20, 34 million. Our EBITDA increased by rupees 176 million. A 39% of increase from rupees 456 million to rupees 632 million and it stood at 31% profit before tax after exceptional item increased by rupees 163 million.
A 38% increase from rupees 430 million to rupees 5, 98 million PAT increased by rupees 186 million from rupees 260 million to rupees four hundred and fifty three million. So PAT is 22% of our revenue in this particular quarter quarter. On quarter basis this is sequential Revenue increased by Rupees 315 million. 18% increase from Rupees 17, 19 million to Rupees 2034 million. EBITDA increased by Rupees 138 million. 28% increase from Rupees 494 million to Rupees 632 million. Profit before tax are professional item increased by Rupees 15 million from 583 million to 598 million.
Profit after tax increase by Rupees 21 million from Rupees 432 million to Rupees 5, 32 million. Financial year performance YDD FY26 with FY annual basis Our revenue increased by Rupees 10, 89 million. 17% increase from Rupees 6369 million to 7458 million. Our EBITDA increased by Rupees 347 million. This is 18% increase from Rupees 19. 44 million to Rupees 22, 91 million. And it is 31% of our revenue and even FY25 it was 31% profit before tax increase by Rupees 451 million. A 24% of increase from Rupees 1874 million.
2 Rupees 23, 25 million. So this is 31% as compared to 29% profit after tax increased by Rupees 396 million. A 30% increase from Rupees 1340 million. 2 Rupees 1736 million. Our PAD stood at 23% of our revenue as compared to 21% in FY25. JC Biotech revenue for last quarter Q4 was 172 million EBITDA 15 million PAT of 3 million as compared to 112 million of revenue. 4 million of EBITDA and PAT was negative in that particular quarter 7 million. So the CB on annual basis sales increased from 600 million to 728 million, EBITDA increased from 70 million to 92 million and PAT increase from 12 million to 29%.
29 million Evokes for the quarter revenue stood at 88 million, EBITDA of 19 million and PAT of 14 million as compared to revenue of 43 million and the negative EBITDA of 4 million and PAT of negative PAT of 9 million in the quarter 4 of FY25 on annual basis revenue of Evoke stood at 319 million as compared to 2, 13 million 50% increase and EBITDA is increased negative 12 to 72 million. PAT is increased to 50 million as compared to 39 million negative in FY25. Saitech has performed excellent and Q4 number stood at revenue 179 million, EBITDA of 38 million and PAT of 29 million as compared to revenue of 156 million and EBITDA of 10 million and PAT of 5 million respectively.
Annual basis SITAC top line stood at 668 million as compared to 542 million A 23% increase and EBITDA stood at 104 million as compared to 76 million A 37% increase and PAT is 45 million as compared to 37 million. So 22% of increase on annual basis. Our top product which is anti inflammatory enzyme sales stood at 23% and top 10 customer contributed 23% as compared to 22% in FY25. B2C segment is about 0.9 million as compared to 119 million in FY20. I am so complete. Total number is 4. 4.37 million for FY26 as compared to 4.46 million in FY25.
Our R&D expenditure total on standalone basis is 356 million in FY26 as compared to 328 million in FY25. On consolidated basis our R and D spend is about 5.6% during quarter four and 5.3% in the corresponding quarter of FY25. So this is all from my side. We shall open the floor for question answer.
Questions and Answers:
Aakash
Thank you sir. Ladies and gentlemen, we will now begin the question and answer session. If you have a question, please press Star and one on your telephone keypad and wait for your turn to ask question. If you would like to withdraw your request, you may do so by pressing Star and one again. Ladies and gentlemen, if you have any questions please press star and one on your telephone keypad. The first question comes from the line of Mr. Abhishek Navalgun from Centrum Broking. Please go ahead sir.
Abhishek Navalgund
Yeah, hi sir. Good morning and thank congratulations on a good set of numbers. My first question is on. I mean you just explained the segment wise details also. So this clearly reflects that the quarter is all about growth that we have witnessed in you know, Serishio peptide, anti inflammationary enzyme. But I’m just curious that while our sequential margin is also kind of in stuck, it is mainly because of the operating leverage maybe, but why the gross margin has kind of moderated on a sequential basis especially when we see the US share is also more or less similar and our human nutrition which is like the highest margin segment is also maintained or rather gained some share in terms of revenue.
So this first question on the gross margin.
Unidentified Participant
Can you, can you, can you. Hello. What
Abhishek Navalgund
Is exactly what you want to know about the gross margin? Abhishek, I just wanted to know the movement that we have seen on sequential basis the gross margin. While our human nutrition portfolio has done well, we have not lost share in terms of our US exposure also. So what could be the reason why our gross margin has moderated on QOQ basis this quarter?
Beni Prasad Rauka
So this is, this is mainly what happens is because of the, you know, the variable cost and fixed cost issue, right? If you have incremental sale then definitely your gross margin are going to go up because your fixed expenses remains fixed and you have that operating leverage
Unidentified Participant
At the same time. Abhishek, we try to improve the productivity and there are certain products which we could increase the productivity as well in this quarter. Okay. And that’s a continuous process with the R and D which comes up. So it’s a combination of both which helps us even though the cost are written on the higher side because of all of this inflations and other things which is happening with the war still we could do it because of all the other factors because there is a constant improvement on the output side as well.
Abhishek Navalgund
Sorry sir, actually what I was trying to ask you is while our EBITDA margin has increased, I think if you see our gross margin number it has kind of dropped as compared to 3Q.
Unidentified Participant
So if you, if you ask that
Beni Prasad Rauka
Contribution. Right.
Unidentified Participant
So last quarter there was some Rockaji you can take last quarter we had some extraordinary items.
Beni Prasad Rauka
No, no, I think Abhishek, can you again come back with your question please. You are talking about. No, no,
Abhishek Navalgund
We can take this offline. That’s fine. I was, my, my question was on gross margin. I’ll connect with you later on this. Yes, yeah, yeah. So I’m saying on this ratio peptide side the increase that we have seen this could be a function of you know, some market share gain in the domestic market. So is it fair to assume that you know, this quarterly run rate will continue going ahead?
Beni Prasad Rauka
I think Mukun will give you the answer.
Unidentified Participant
I won’t comment on that Abhishek. There are always quarter and quarter variability particularly but I would say that we’ll retain most of it and it’s not only like, only like inflammatory products but we are working on many other products as well and those are also contributing.
Ravi Purohit
Sure.
Abhishek Navalgund
And you mentioned about the EU approval for the same product so possible to share. I mean how big would be the EU market for this product?
Unidentified Participant
It’s a novel, novel food which we submitted two years back and, and we expect this year it should be approved. If it gets approved then we will be the only person who can supply that product for next five years or 10 years. I need to see exactly what is the time frame which we get and that should be really interesting for us. I won’t be able to give you the numbers but the interest can be very big.
Abhishek Navalgund
Sure. I am not asking for any specific guidance but any aspiration number that you can talk about let’s say five year down the line. How do you see this product growing? Whenever we’ll get the approval. I mean post that
Unidentified Participant
We cannot, we cannot, I can’t comment on the particular product but overall what we expect to grow is in the double digit and maybe with double digit and that’s like what we, we are aiming for and that is where all the efforts are there. We won’t be able to say about a single product or two products. There are multiple things which we work.
Abhishek Navalgund
Absolutely, absolutely. My next question is on the current environment wherein we are seeing inflation and everything. So I think you talked about fuel, salt, solvents, packaging and logistics. So just would like to know in two answers as in terms of raw material increase? I guess we are relatively sorted because we procure largely from India but when it comes to these items like fuel, soil solvents, packaging logistics. So how is the pass through structure like in this quarter and do you expect some margin pressure because of the full effect getting flowed through in one Q
Unidentified Participant
There is always going pressure because if, if you’re really looking to the. You want to take mama, go ahead. Hello mixer. You want to. Yeah,
Mukund Kabra
No, no, there’s always going to be margin pressure. Now These are all, these are all uncertain times with what is going to happen tomorrow with, with your energy. You know industry is very much based upon lot of energy. And so
Abhishek Navalgund
Yeah, just my only point was basically is there will be a 1/4, 2/4 lag. Is, is it possible to you know, comment on that whether we are passing it on or partly passing it on to the customers.
Mukund Kabra
No, Abhishek, it is difficult to pass on very competitive word global, global climate. But you know you, you try to increase the productivity, efficient, increase the efficiencies and try to reduce the cost. There are a lot of mitigating, a lot of things which you have to work and management is very aware of it. Trying to compete in the global marketplace. We had to be very efficient.
Abhishek Navalgund
Right. My last question sir, in terms of guidance, what do you expect in revenue and margins in FY27 and a specific color on US business in particular?
Mukund Kabra
Well, margin and things as I mentioned before is going to be steady. Same area what we are talking about. We wanted to keep this momentum and hopefully build upon it. Okay. As far as the US market is concerned, your second part of the question. There is enormous pressure of the inflammatory pressures here in the US economy due to energy. Nobody knows what’s going to happen in 15 days from now or two months from now. But overall cost is dramatically increasing. And as I mentioned before in my comments before the, the spending or what you call it, people’s discretionary expenses is going to be a lot of pressure on that.
So we’ll see how that, how that plays out. Okay. This is going to be very challenging years no matter what. Okay.
Abhishek Navalgund
Awesome. This is very helpful. Thank you and all the best.
Mukund Kabra
You’re welcome. Thank you.
Aakash
Thank you so much sir. The next question comes on the line of Mr. Kunal Tanvi from Banyan Tree Advices. Please go ahead sir.
Umang Shah
Hi, thanks for the opportunity. I had two questions. One was you know, if you can throw some light on you know, India business growth in terms of pricing and volume. Like was it an element of price increases because like 3, 4/4 back we saw significant price erosion in our largest product. Second question was to Mr. Rati about you know, your thoughts on buyback of shares. We’ve seen, you know been buying from open market and there’s a change in the taxation law in India post which buyback becomes good for the retail investors.
Any thoughts if you can share about capital allocation because like you’ve also not announced this time around. Was curious to know how we are thinking about the cash that we have on the Balance sheet.
Mukund Kabra
Well, I will try to answer your second question first. You guys are more, more professionals knowing about the market and prices. But we will be looking at all the necessary options. What is in the best interest of our shareholders and how we increase the value of our shareholders. Okay. The, the becauseing the pressure on the engine.
Umang Shah
So. So is it fair to assume that buyback is also something that you is like the board is considering?
Mukund Kabra
Yeah, it’s a board’s collaborative to look into various different areas and I’m sure that on right time board will take a decision. Okay. To see whatever they, they feel is best interest of the company shareholders. And regarding the your first part, Mukun can probably answer this.
Unidentified Participant
Kunal, you want to know if there is a margin pressure or what?
Umang Shah
No, my question like is the growth that we see seen in the Indian mafia, Indian business side, is it entirely volume driven or there was some price increase that also we saw during the quarter because like you know, 4/4 back or 3/4 back we have, you know, when there was competition in this segment we, we would, we had talked about you know, pricing pressure. So is this a reversal of that pricing pressure now coming through leading to this kind of growth or it was purely a volume, you know, growth that we have seen.
Unidentified Participant
So let’s not look into the quarter and quarter basis. I would say some quarters you will have a higher growth on the particular products some quarter some other products will have it. In terms of pricing, the pricing is more or less constant. It’s more driven by the volume. But at the same time going forward we are looking how do we increase the cost and pass on some of the cost and which we are trying to do from the, from the new year.
Umang Shah
Sure, fair. Got it. And last question was, you know we talked about the US market. You know that the possible slowdown will continue for FY27 given the, you know, geopolitical situation. And then like at the other end you’ve you know, spoken about, you know our aspiration to do a double digit growth in FY27. Like if you can, you know, break down these count dos into, you know, what are the markets that you believe will kind of support the growth or you know to make sure that a flat or a negative US market, you know, for FY27 and still be, we kind of do, you know, double digit growth and like if that happens, what is the like you know, second order impact on the margins?
Because us I would assume is a higher margin business. Right. So like if you can talk about these two are cited.
Unidentified Participant
So going forward the next year we expect like little growth coming from the US and not like the negative growth. We are working on many different fronts at the same time. When we go into the Indian areas we are working on different, different avenues, different markets we are opening. The last year we worked on many different areas and all the growth will come from all the three sectors, segments including like human nutraceutical food and like animal feed. So we expect a healthy growth this year from Indian Indian space as well.
Umang Shah
Sure. And is it fair to assume that you would be able to hold on to the margins or you know, as they’ve seen in FY26 or because of some pressures and cost pressures in US there could be an impact on margin.
Unidentified Participant
I wouldn’t say that too much of impact. 1% or 2% is always possible and that’s a variability what we have. And I wouldn’t like to get into the nitty gritty of it. Maybe like Raul Kaji can explain but if you ask me more or less we will go with the same margins and that’s what our assumption is. But Raul Kaji can give more focus on the margins. Exactly. What are the numbers say?
Umang Shah
Okay, perfect. Thank you so much.
Unidentified Participant
Thank you.
Aakash
Thank you so much sir. The next question comes from the line of Mr. Rajesh Joshi from Chris Capital. Please go ahead sir.
Unidentified Participant
Yeah, thank you for your question. So my first question is on a US business. So if I look at the revenue for this quarter it is down some 11% in INR terms. Now given the depreciation of the INR in dollar terms the decline must have been a lot more sharper so to speak. So just want to get a sense on what exactly is happening there because I think now with the tariffs behind as well, we were expecting a recovery in this business that has somehow not shown up in the numbers. So just wanted to get a sense of what exactly is going on and is it time for us to rethink our strategy in US and probably change the way we are working there?
Mukund Kabra
Rajesh, the. The market is changing in US quite a bit. There is, there is more concentration on the deliverable registration, the studies etc. On US strategy changing accordingly. So market is as I, as we said before, also very challenging. But we are making very good inroads with registration in the regulatory areas as well as in the market segments. Okay, so it is going to be as I said before, very challenging year. But we, we are expecting to grow in U. S Market also.
Unidentified Participant
Thank you for the answer. My second question would be on our India. You know, India business this quarter has seen a significant increase in sales of about 50%. And beer has also been good for us in India. So Sarah, obviously I think there was an earlier mention of Sera volumes going up. But outside of Sera, any other products that you would like to call out or any other segment that you would like to possibly call out that has done well for us in India both in this quarter and for the year as well even.
And if you could please also call out your biocatalysis revenue for Q4 and for the full year as well, please. Revenue. Raukaji can tell you what exactly the revenue is. But going forward we do expect like a good growth to come from the biocativity as well in Indian market. I would like to mention that like not only like the pharma, but this year like we grew very well in the food area as well as in the animal feed area. And even our specialty business grow very well. And we expect that this momentum to continue going forward as well.
But if you want a specific biocatinist numbers probably like Crockerjee can give you. Yeah. But going forward we do expect a good growth coming from those areas as well. Understood sir,
Beni Prasad Rauka
I have gotten this. I think you wanted the numbers, right?
Unidentified Participant
Yes, please.
Beni Prasad Rauka
247 million. And for the FY26. Yes. And last year it was 174 million.
Unidentified Participant
Understood sir, thanks a lot. My next question would be on our R and D pipeline. So outside of sema, which you know, sorry Sarah, which you’ve already spoken about the European filing, any other products that are there in the pipeline for us which you know gaining good traction or you know we are expected to launch soon in the year after that, which you would like to highlight. This is a continuous process. We are working on many projects. As we were talking coming this year, probably like in the second half our R and D new facilities should be operational and after that we should be able to work on more different products.
And because of the competition of the nature, I don’t want to now go going forward specify the individual products because that just creates the pressure on the products. So going forward I will not be like to mention the exact product but we are working on many different products. That’s what I would like to say. And I mean it seems like the company has turned around in you know, FY26 after a difficult FY25. So I mean apart from the revenue outlook which we shared as the nature of our revenue, some sense also you know, kind of become more long term or recurring than it was earlier is the quality of revenue increased, so to speak.
Mukund Kabra
Quality of revenue is extremely well and very stable.
Unidentified Participant
Understood, Understood. Got it. And last question on capital allocation. I think one of the earlier participants also question this. So I mean looking at a balance sheet we have around 700 crores of cash and despite that we have cancelled the interim dividend. So just wanted to get some thoughts on your thought process regarding that.
Mukund Kabra
That’s again I will say that these board decisions, which board always evaluate from time to time on how to enhance the shareholders value by different modes and methods as you guys know very well. So we are always as a company board board members are always looking to see how and where we can do how we can benefit this to the our shareholders.
Unidentified Participant
And so when I broader question on the fermentation space, so to speak, this would be my last question. You know there are a couple of peers, you know who actually have now entered let’s say emerging areas like animal, no sorry, non meat based proteins which are also manufactured using fermentation itself. And those segments also have you know, good growth potential and healthy margin profile as well. So just trying to get a sense on how we are looking at some of these adjacent areas and are we considering these areas for future expansion as well?
Mukund Kabra
It is protein oil category is a growth category as you all know very well. Okay. Non meat protein is taking some traction as we understand it. And we are continuously working on various different areas to to see how we can take the advantage of it, you know, in the whole segment, not only non meat protein area but all entire protein area so to speak. But yes, it is a very interesting area and obviously we are always looking into all these growth areas.
Unidentified Participant
All right, thanks a lot sir and wishing you all the very best.
Mukund Kabra
Thank you. Thank you so much.
Aakash
Thank you so much sir. The next question comes from the line of Mr. Nikhil Upadhyay from Security Investments Manager. Please go.
Ronak Saraf
Hello. Good morning. Am I audible?
Mukund Kabra
Yeah.
Ronak Saraf
Thank
Mukund Kabra
You. Good morning.
Ronak Saraf
Congrats on a good set of numbers for the quarter and the year as a whole. Now my broader question is sir, if we look at our growth trajectory in the past since listing there have been periods when we had very strong growth. Then there was a period when the growth would come down to single digit. This time it seems you are more confident on the sustainance. So what are the factors or what we have done differently from the past which you which gives you confidence that this growth momentum can sustain.
And in similar spirit if we look at it this time the growth even for the year has been more broad based like human nutrition has grown, animal nutrition has grown. So if you can just talk about what at a company level we have done differently or what changes we have done over the last two years where we are seeing this broader growth versus segmental growth which is used to happen earlier.
Mukund Kabra
Sure, Nikhil, it’s a very good question and thank you for asking that. As you can see, the growth is broader and what it was is we have to focus on the areas which we want to grow. And initially also from the beginning we are telling that we have changed the focus on not running after every single thing, but focused on the areas which we are very good at. And we want it to grow and it has to become supplemented with a lot of research and not necessarily just a commodity product or metal products.
So we made a lot of changes in that particular segment. Our outlook is more broad based and long term rather than the short term margins. And what you see is that results culminative efforts for some years now that it is paying off this year in spite of lot of challenges in the global marketplace. Okay. And our outlook is a global now. It is not a segmented outlook only. We look at the entire region world is very fast. It’s now coming to the AI world in the very shortly. And as you can see we need to be very rapid and very broad based and deeper rather than a commodity.
So those are the kind of changes we are making. We made actually and continue to make as you as I mentioned that also in my opening remarks that within next six months, this quarter, this year fiscal year will be operational into our R D center which is one of the largest research based center in in our area so far that I know of. You know, so we are going for innovations as our PM says. You know, rather than just service industry. And you know, that is what you can see. A lot of registration, a lot of papers, a lot of research.
And we are spending substantial and committed to spend substantial amount of our earnings into the R D sector. Does that make any. Does that give you answers to your question?
Ronak Saraf
Yeah, it gives a comprehensive view. I would just want to understand one more point because when we. When we go for a more comprehensive and in depth entrance with the customer or entrenchment and more innovation. But there are two aspects which probably can throw light. One is with our existing customers which were present three years back today, what quantum of business we would have increased with them. And secondly, if we look at the growth beyond our top 10 customers, how would that be?
Mukund Kabra
Well, you will find that our top 10 customers will be very much evolving and expanding. Okay. And that is because of what we have, what I said before. And we are very keen on increasing our share of revenues from the existing customers also which they have already established for so many years. So there is a lot of changes globally happening right now as you are very well aware Nikhil. And obviously a lot of companies are looking at us also into the different, different angle, different perspective.
So it is an exciting, even though challenging time. And we feel very confident that this really with a lot of work which we have done in last several years is he’s taking a deep root into it.
Ronak Saraf
Sure Sir. Thanks. Just two questions. One is sir, see today we are almost a 750800 crore kind of a top line company. When we today go to a new customer, the kind of discussion which they are having with us versus when we were a smaller company say five or seven years back. Today with the kind of projects which we are getting, are they more innovation driven or is it more of a like second supplier source kind of a replacement which we are doing. So how would you define the kind of work on the R D we are doing?
Is it more newer products and the even the companies are open to give them to us or is there still some skepticism?
Mukund Kabra
Okay, that’s again yeah, you’re asking very good questions. Well, both. Again. Again I will answer your both because new companies, quite a few new companies are approaching us. Old companies are or those companies which are established are checking us out kind of thing, you know. So yes, we are working on both. One is we need to continue on getting the revenues from the existing or these new sources which are just. Which are just cost driven. At the same time we have to establish the new markets which with our innovations which, which is little deep rooted.
So the strategies are combination of both.
Ronak Saraf
Okay. And last question. See two or three years back, if we go back to our call, one of the idea which we had was that this is a business which is driven by volumes and volumes will provide us operating leverage. Now even from and I’m taking a base post Covid when we were at 530 crores, today we are at 750 crores. It seems we have sacrificed some bit on the gross margin because gross margins have come down from 75 to 75 may not be a sacrifice but the operating unit has not played out the way we had thought or we as investors had thought that as volumes will come operating leverage will play out.
So is there something wrong with the understanding of the business or is it a sacrifice which we have said that we are okay doing business at 30% margins, but let’s focus on getting more customer traction. So what have we chosen between the two?
Mukund Kabra
More customer tractions.
Ronak Saraf
Sure. So which means that margins should remain in this level and operating leverage would probably provided for more volume growth. We would look at.
Mukund Kabra
Yeah. Yes.
Ronak Saraf
Okay. Thanks a lot.
Mukund Kabra
Thank you.
Aakash
Thank you so much. Sir. The next question comes from the line of Mr. Alexmi Narayana from Tunga Investments. Please go.
Mukund Kabra
Yeah, thank you. Hope I’m audible, sir.
Aakash
Yes, sir.
Mukund Kabra
Yes, you are.
Ronak Saraf
Two questions. I noticed that Mr. Broda is moving on and he has been a big part of our management. I just wanted to understand, you know, how the organization is maintaining stability and you know, how the organization is actually moving forward and whether any next person has actually taken lead in that area.
Mukund Kabra
I. I cannot hear from your questions properly. Maybe a little too.
Ronak Saraf
I understand that Mr. Deepak Roda, which who has been part of our team for a long time,
Mukund Kabra
Had
Ronak Saraf
Decided to move on.
Mukund Kabra
And I just wanted to just understand, you know, how that role has been motif transformation and if any other person has been replaced, how he has been replaced also. Well, in an organization, of course when somebody leaves does such as Mr. Roda, who. Such who works for a long time with the company as a part and becomes a part of the company does hurt overall. But there is always, and there is always a, you know, management, second level management and third level management which take off, take care of it.
Ronak Saraf
Okay. Has anyone been appointed and it’s the same capacity of heading
Mukund Kabra
He was in.
Unidentified Participant
What we did is like Mr. Broda was handling some part of Indian business and some part of like US business. So we, we manage with two different heads at this point of time who are like equally capable and the second lineup. And that’s how we are going right now. And I guess like we should be able to do good. We will not be having too much of difficulty going forward as well.
Mukund Kabra
And Mr. Vatu, you are always urged us to think the company on a longer term, not look at quarter, not look at year. But if I just look at our US business from March 22 to March 26, I see that there is a significant divergence from the performance which is down around 6% on Indian rupee terms, while the currency has actually also depreciated by 22%. So how does the management view this? Is it something which you anticipated or you are happy about? How do you like to measure
Unidentified Participant
Or how do you like us to look at your US business? Over a longer period. Period, not necessarily a year or two, but slightly longer
Mukund Kabra
Overall. We always told you that it is a balanced business, a global business. It is export driven business as well as local business. So look, you have to keep and look at it in the same way. Nothing is changed. You know, one year, as I said, various things takes little time to deep root. And that is what we are doing right now, you know, globally. Not only in US market, but global markets all over. So it is just like somebody said, when one door closes second some other door opens.
Ronak Saraf
If I just engage on that
Mukund Kabra
Further, sir, how do you like us to look at the US business? Because that’s a business where it’s very dear to you and
Unidentified Participant
You’re putting all your efforts to expand that business. And how do you think you look at it? I mean, how do you think we should look at it and how you are looking at it over a longer period? I’m not looking at a year, but slightly longer. Yeah,
Mukund Kabra
It’s going to be a growth business as usual. Our business is a growth business and US business you should be looking at long term, steady growth business. Okay,
Unidentified Participant
Got it, got it. And the third question is that from, you know, business, right? I mean how much does it contribute for the full year and what has been the year on year growth. And as a follow up on that business, I see that the competition is little muted, if I can understand.
Mukund Kabra
So can you just tell me how are you thinking about competitive intensity in the Sarasio business? So I think two parts of the question. One is what has been the
Unidentified Participant
Contribution of Sarasio for the full year and last year and how is the competitive intensity? Because I understand
Mukund Kabra
That one of the competitors is not selling the product. Benny, you want to answer on that one?
Beni Prasad Rauka
Yeah. So as Mukun was mentioning, I think this is the last time we will be sharing this number. This is like Sarah, I think we have on YTD growth about 45% and Q on Q is about 54% growth. I think you will all appreciate because there is always, you know, kind of a lot of pressure this is created and all that. We will stick that.
Mukund Kabra
Okay, thank you so much.
Aakash
Thank you so much, sir. The next question comes from the line of Mr. Shayans Gathani from SG Securities. Please go ahead.
Shreyansh Gattani
Hi, good morning, sir. I had a couple of questions. The first one is on the biocatalysis. You know, few calls ago it mentioned that there are some trials going on. So just wanted to get a sense of the overall business and any updates on that?
Unidentified Participant
Sorry, I Was on mute at this point of time. I would like to say that we are working on few of the products. Trials are going well but won’t be able to comment on the exact number right now next year. What we are looking at it if some moderate growth coming from this area.
Shreyansh Gattani
Got it. So any estimate on like when these would complete because they’ve been going on like as far as I know, like six to nine months. There
Unidentified Participant
Are not, there are not one or two products. We are working on many different products. In some of the products you get some challenges. But I would still say like to go and say that the. This year we expect some growth coming from this area. Whenever that will happen, that will be the quarter we are going to put it up as a different category or we would like like to comment on that. As of now I would say that this year we expect some growth coming from this area.
Shreyansh Gattani
Got it. Got it. That’s it.
Mukund Kabra
Keep in mind that this is a very, this is very again challenging area. Would I. I would say because it also depends slot on the government, government bodies regulations and global, global competition. You know, so changes of processes. There are a lot of things, a lot of factors into this. But we still irrespective because of the several different product lines and trials going on, we expect as Mukun says, moderate growth in this continuous growth on this market.
Shreyansh Gattani
Got it. That’s helpful. The second question was on the gross margin. I think we alluded there’s some extraordinary item this quarter. If you could just extend. Expand on that. Just trying to understand a little more.
Unidentified Participant
So the gross margin is particularly driven by you know, product mix which the company have and the group have. So or if you see the domestic sales is kind of higher as comp. As compared to total consolidated sales which you know, in turn sometimes gives us the lesser margin. But on an overall basis, if you see on a year portfolio basis the gross margin is kind of, you know, one percentage down. Because of product mix only.
Mukund Kabra
Yeah,
Unidentified Participant
No, he was asking about some extraordinary item. I. I guess something was there in the last quarter which is not here right now.
Mukund Kabra
Oh, okay.
Beni Prasad Rauka
That was there in fy quarter three. Right, Quarter three. We had some exceptional items that was. I think one was related to
Unidentified Participant
Reversal
Beni Prasad Rauka
Of some provision which we were carrying in our books for some litigation matter. So that that has come in our favor. So about I think 16 crore was the reversal. And in addition to that we have provided for the, you know, the impact of the labor laws because we have in India you have seen that, you know, new labor Laws have enacted so impact of those labor laws on our payroll cost so that we have taken into account. So this is I think pertaining to quarter three of this year.
Shreyansh Gattani
So my last question pertains to the R D center. Like we expect it to operationalize in the second half of the year. So what kind of incremental expenses are we looking at in terms of percentage of R and D spends? In terms of like you know, percentage and you know, rupee spends and also like have we already started hiring for that? Like what is it going to be the capacity, you know for that? How many people are we looking to hire over there?
Unidentified Participant
Of course the expenses are going to go up but not like we’ll try to maintain between the whatever the current percentage what we are going up because it also depends on the function of the sales in terms of persons. Some persons we already hired, some persons we are planning to shift from our existing R and D center and some persons we are in a process to hire. In terms of capacity, the capacity in a given time it will take some more time to really come to the fullest utilization. But we intend to increase in the first phase by the three of what current capacity what we have.
Shreyansh Gattani
Okay, it’s
Unidentified Participant
Enough. It’s a phase in phase manner, you know, expansion will be in a phase out manner.
Shreyansh Gattani
Got it, Got it. That’s helpful. So are we looking to close down the other R and D centers? Because you said we are moving people.
Unidentified Participant
Those
Abhishek Navalgund
Will, those
Unidentified Participant
Will continue. Those will continue. But at the same time some people will move from here. We will be going with a lot of modern machineries out there so that the people requirement will be lesser but we can get like more higher output out there.
Beni Prasad Rauka
Okay. Okay. The R D revenue expenditures and expenditure is likely to go up by 50 million. Okay. And CapEx is definitely this is going on so that will be again additional I think 50 crores we will be spending this year. So I think overall capex on R D will be about 130 million. 30 crores. Sorry, 130 crores.
Shreyansh Gattani
Got it.
Beni Prasad Rauka
50 we are going to spend during this year.
Shreyansh Gattani
Got it. Okay. And what would be our current utilization? Are we looking to do any kind of capacity expansion in terms like I know we just do incremental and we find efficiencies but anything as we are increasing sales are we going to need more capacities or are we okay with
Unidentified Participant
In the main company? We will be taking that call after September. As of now we do have a preparation on the on the ground so that whenever we want to go we can go very quickly, rapidly. The infrastructure buildup is done. We may look into the some capacity increment in the one of the subsidiary company this year. So those are the plans as of now.
Shreyansh Gattani
Got it. That’s. That’s very helpful. That’s all from my end. Thank you and good luck.
Unidentified Participant
Thank you. Thank you.
Aakash
Thank you so much sir. The next question comes from the line of Mr. Rohit Ori from Progressive Stress. Please go.
Ravi Purohit
Hi team. Good to see the company evolve from domestic enzyme manufacturer to an integrated specialty biosolution platform. I think this is where the alpha lies and many congrats on this. One of the strongest
Unidentified Participant
Quarter that you all have delivered.
Ravi Purohit
Yes sir. So I have a few questions. Well, you’re becoming a global innovator in this bio manufacturing platform with certain modes that you have. And we also see this small cwip or some sort of expansion that is happening. If you can take us through that. This fermentation capacity that we have of around 500. 500 kind of a metric Q, sorry, a meter cube capacity. But when do you think that the next round of expansion should come through?
Unidentified Participant
That’s what I said like we might. That’s what I said like we might look some capacity expansion into the one of our subsidy company and we will take the call in the month of September when we should really increase. So that’s as of now currently standard we do have infrastructure to increase the capacity increment by 50% right away. Okay, so we’ll take the call as we move forward in this year.
Ravi Purohit
Kabirji, what would be the peak revenue that we get from this capacity currently
Unidentified Participant
It’s very difficult to say because Rohit, it’s like always a product mix. How it’s moving, what are the different areas which are moving. And as I was saying like there is a constant improvement in the productivity. So it’s a. It’s a lot of blending games even like I mentioned earlier as well. Like this year we could increase some of the products output to maintain the pressure on the pricing. So these are all the blended. I mean like it’s very difficult to say exactly when you.
Ravi Purohit
Okay, so on the working capital we see some stress over there in the inventory. Is it, is it because of the demand or is it some new client that you
Unidentified Participant
All are onboarding or maybe just talking because of the pricing in the industry. It’s not only the pricing but it’s because of the uncertainties of supply chain and other things. And you never know what will happen tomorrow. So you don’t want to get stuck out for the raw materials and other areas and you should be able to deliver because it’s a game of like logistic delivery. So sometimes you need to build up the capacity, build up the inventories to manage all the changing global environments.
Ravi Purohit
And on the receivable side, is it because of stronger sales or are we giving some higher credit to some of the clients or customers?
Unidentified Participant
The things are more or less same. But Rauka, you can put some more lights on the number. I don’t feel like there is a much of difference. Like on the strategy front.
Ravi Purohit
Okay, so on the competitive positioning, while Ratiji also mentioned that this year could be little bit of a challenging on the international front. How do you see or what, what are the things that generally the customer looks at while they are trying to choose AETL over Novo Na says and or Hanson. What are the cost advantages that we generally see and why would they prefer us? While we might compare with some of the European players or maybe some other players in China who could be having better margins or maybe defensive margins as compared to us.
Unidentified Participant
There’s like the timing is always challenging. It’s a very good question. The time is always challenging and the challenging time always creates some opportunities. I always feel that the company like us gets more opportunity when the time is more challenging. Because that’s the time when every everyone is in like panic. That’s the only time the people start looking for the alternatives as well. If you are like comfortable, you don’t look into it. And
Mukund Kabra
Also one more thing. You have to remember that we are not a company which is just came up in last few years. It has a tremendous track record of last 30, 40 years. Right. So that all counts. That is because ultimately people should trust you delivery that you can deliver.
Ravi Purohit
Okay, makes sense. Ratiji, my last two questions is if you can take us through what are the developments which are happening with Staria which was recently having some corporate developments happening over there.
Mukund Kabra
Well, it has been just being established completely independently and I think this will be coming year will be the first year for the the Saria as this independent company. The response is pretty good.
Ravi Purohit
Anything on the numbers that you’d like to share on the top line? No, there is
Mukund Kabra
Nothing, nada. It is just a starting. So there is not much of a numbers game.
Unidentified Participant
Rohit. I would say that we are not really looking for the numbers but it’s more like a strategical fit as well to expand the US market as well. Right. So it’s more like a strategy rather than the exact number. And we are not really looking for two big numbers to come up in the, in just a near terms.
Ravi Purohit
Okay, last one, if, if you have the number handy, maybe an approximate number to the revenue which could be coming from the products which are launched in the last three years or so.
Unidentified Participant
Ah, good questions. We will have to calculate Rohiji. But yeah, there will be some good as well because we don’t like separate it out that way. Yeah, it is, it
Mukund Kabra
Is not. Yeah, it is not. Like as you know, we, we have grew a lot of combination products, a lot of say very proprietary products. And it’s not possible sometimes to just say this is the, this is more or this is less kind of thing. We have a broad range of enzymes and they have their own function and it is just create a very unique formulation for the industry.
Ravi Purohit
Ballpark number may be like 10% or maybe 15%. That is what I was looking at.
Mukund Kabra
Well, the growth you can see whenever you, you take out one individual product which you all know and rest of them is all like that. Okay. You know, we have, we are very much as a, as a what you call it, proprietary and product kind of company.
Ravi Purohit
Okay. Thanks for answering my question. Thanks a lot.
Mukund Kabra
Oh, pleasure. Thank you. Anytime.
Aakash
Thank you so much, sir. The next question comes from the line of Mr. Ashish Tavka from UTI.
Ronak Saraf
Yeah, yeah, thanks for the opportunity. Any update on where we are in terms of the U.S. Tariffs discussion with the customers? Are they still on the back foot? What’s the scene there?
Mukund Kabra
Ashish, thank you for asking that question. You know, there is every day as a new drama we initiated. The customers are always asking when they can get the refund back and we are asking the government when we can get the refund back and so on, so forth. So let’s play the tune and see what happens. You know, whether the Congress in US Congress acts on it or don’t act on it. But there is a lot of drama going on with the court and you know, politicians and the business people more or less understood that there is a reality of this and prices in the marketplace is going up.
Inflation is really heating up here also in the US not only in energy, but all the sector, food sectors, supplemental sector, supply sector, all supply lines. Okay. We just have a challenge how we can pass on this cost to the customers.
Ronak Saraf
So as of now, we are still absorbing 10 odd percentage cost right from the tariffs?
Mukund Kabra
To a certain extent, yes. And it is a gradual process to pass it on and to explain. So that’s a process. But you cannot just pass on everything to the Customer and lose the market share.
Ronak Saraf
But at 18% tariff, we would not be very uncompetitive. Right, versus the competition.
Mukund Kabra
No, it’s a competitive market. It is, you know, when you get into ingredients and when their cost goes up in the market is very different. You know, how many times they have to increase that to make their sales is. And then that becomes whether the consumer can afford it or not is another issue which they have to face and what will impact for them. Because it’s a B2B market. No. So
Ronak Saraf
Yeah. Great. And I see lastly on this chemistry is since we are also on the peptide enzymes and peptide design, you know, finding lot of relevance globally, what are the opportunities that we are seeing in these chemistries and if you could help us highlight what are the new chemistries that you guys are targeting.
Mukund Kabra
It’s a very interesting opportunity. So we will try to explore it. Also since we are in a protein area and enzymes, proteins go hand in hand and peptides are also part of it. So very interesting areas and we are exploring, exploring all various different possibilities.
Ronak Saraf
Great, thanks. And all the best.
Mukund Kabra
Thank you.
Aakash
Thank you so much. Sir, the next question comes from the line of Mr. Omangsha from Banyan Tree Advisors. Please go ahead, sir.
Ronak Saraf
Hi sir. Congrats on the great performance. Am I audible?
Unidentified Participant
Yes, sir.
Ronak Saraf
Yeah. Great, great. Sir, I have two questions. Sir, first was if you could give the breakup between India and international business in the India and international business in the human nutrition segment.
Unidentified Participant
This is
Mukund Kabra
A question.
Ronak Saraf
Yeah, the
Mukund Kabra
Breakup of the India and
Unidentified Participant
International.
Ronak Saraf
Yes,
Beni Prasad Rauka
Yes, yes, I’m giving the information,
Ronak Saraf
Sir. Meanwhile, the second question was if you can help me understand, Was there any one time component in the India revenues of Q4, any sort of pre booking or pre buying by a customer or something?
Mukund Kabra
No,
Unidentified Participant
There is no that kind of revenue. It’s not a one time revenue.
Ronak Saraf
Okay, sure sir, sure, sir. Answer one. One last question. Was that with with our India R D coming in, would we be freeing up some capacity ebox to make it more customer facing or would EVOX continue doing R and D for us? EVO will continue
Mukund Kabra
Doing R and D,
Ronak Saraf
Which. Yeah, okay, okay, sure sir.
Beni Prasad Rauka
32% of our business has come from India. I’m talking about human nutrition business. And total revenue 32% from India domestic market and 30% has come from international market. The total is 63% contribution of human nutrition business in our total revenue for FY26.
Ronak Saraf
It’s a balance. Absolutely, absolutely, sir. So it’s 32% and. Yeah, got it, got it. Yes, yes, yes, got it. Thank you. Thank you so much
Mukund Kabra
Sir. Have a great. Yeah,
Aakash
Thank you. Thank
Mukund Kabra
You so much.
Aakash
Thank you so much sir. The next question comes from the line of Mr. Ketan Chaddha and Indonesian investor. Please go.
Ronak Saraf
Yeah. Thank you so much for the opportunity. And so congratulations on a good performance for the whole year. Indeed a good growth that we have achieved. So my first question is with respect to the patents, the numbers that you publish every quarter in your presentation I saw that the number has gone down from 17 to 15. Could you just throw some light on that, sir? Why is the number of patent reduced?
Unidentified Participant
So some of the patents like which were not giving the revenue or we thought that is not significant. We are cut down from the list. But we filed two or three. I need to see the exact numbers which we got granted this, this year as well. But few of the old patents which we thought are not like making, contributing to the revenue we are not focusing on.
Ronak Saraf
Thank you so much for that. And my other question is when I look at your segmental performance, of course you know it’s, it’s a very good growth on all segments, human nutrition, animal nutrition, so and so forth. But when we look at the geographic, this thing and of course the US market has been much discussed in the call earlier. But my question is with respect to a bit long term going in the past, even If I see four or five years right from starting 2021 onwards, our US business has not kind of grown significantly.
So if you could help us understand what kind of business are we doing there. And you of course mentioned about the competitive landscape being a bit tougher there. So if you could throw some more light, I don’t know what kind of business it is and what kind of challenges that we face that would help us understand the business, the US business better.
Mukund Kabra
Yeah, most of our US business is in nutraceutical market. We do, we do various different industrial segments in food area and so on. But most of the business is in the nutraceutical market. Okay. And nutraceutical market is under tremendous churn right now in last few years changing the face of it and changing the habits of the people. So as you can see last few years now probiotics is one of the major market segment.
Ronak Saraf
Yeah, US market always
Mukund Kabra
Are changing with the new habits and then rest of the global catch up is there and this is always going to be like that. But market is growing in various different segments and we need to catch up that rising trend and that’s what we’re doing.
Ronak Saraf
Right, Right. So my next question was Also with respect to probiotics which you just touched upon. If I look at the presentation given a segmental revenue also for the probiotics which has significantly reduced from last year. So again like it could help us understand why we see probiotics as a growth segment for us and our revenue contribution in that segment is a very small one and the addressable market is a significant one.
Unidentified Participant
What Ketanji, what happened there is like what we are reporting. The revenues are the induced what we used to or what we are currently as well reporting. The revenues are the individual which was like kind of what I would say the commodity market. Now the approach is changed and we are like making a lot of different solutions using the probiotics which are not really reflecting into the exact numbers because it is very difficult to segregate them because it’s, it’s always been the not utilized as an individual product.
So the probiotics is like used very widely in a lot of like us formulations. But the, you won’t be able to separate it out exactly the numbers what you are looking at it is going down or going up is individual probiotics which you were selling and those are like more like commodity segments. But I can assure you that our, our
Mukund Kabra
Probiotic
Unidentified Participant
Business is very strong.
Ronak Saraf
Sure, sure, sure. Thank you. Thank you for asking all questions and wish you all the best. Thank you so much.
Mukund Kabra
Thank you.
Aakash
Thank you so much. Sir. There are no more further questions. Now I hand over the floor to Mr. Ronak Sharma for closing comments.
Ronak Saraf
Thank you everyone for taking your valuable time for attending our earnings conference call. We will keep you all posted for any further updates. I request you all to kindly send in your questions that may remain unanswered. Audio recording and the transcript of this call will be uploaded on our website in the due course. Looking forward to host you all in the next quarter. Till then, stay healthy, stay safe.
Unidentified Participant
Thank you. Thank
Mukund Kabra
You. Thank you. Thank you everyone. Thank you everybody.
Aakash
Thank you sir. Ladies and gentlemen, this concludes your conference for today. Thank you for your participation and for using Dosabas conference call service. You may disconnect your lines now. Thank you and have a pleasant day.