Jagsonpal Pharmaceuticals Ltd (NSE: JAGSNPHARM) Q1 2026 Earnings Call dated Jul. 28, 2025
Corporate Participants:
Unidentified Speaker
Manish Gupta — Managing Director
Sachin Jain — Chief Financial Officer
Analysts:
Unidentified Participant
Soumya Chhajed — Analyst
Deepesh J. Sancheti — Analyst
Amit Agicha — Analyst
Pratik Bafna — Analyst
Anupam Agarwal — Analyst
Dhruv Maheshwari — Analyst
Bhavana Jain — Analyst
Rishi Kothari — Analyst
Anush Jain — Analyst
Pratik Dedhia — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to Jagsonpal Pharmaceuticals Ltd. Q1FY26 earnings conference call As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded I now hand the conference over to Ms. Soumya from GoIndia Advisors. Thank you and over to you ma’a m.
Soumya Chhajed — Analyst
Good evening everyone and welcome to the Q1FY26 earnings con call of JacksonPal Pharmaceutical Ltd. We have on call with us Mr. Manish Gupta, Managing Director we must remind you that the discussion on today’s call may include certain forward looking statements and must be therefore viewed in conjunction with the risk pertaining to the business. We are sure that all of you have gone through the Q1FY26 results and the presentation released by the company on 26th of July. I now request Mr. Manish Gupta to take us through the same and provide some insights on the quarter gone by.
Post that we’ll open the floor for Q and A. Thank you and over to you sir.
Manish Gupta — Managing Director
Thank you Soumya and good evening or good afternoon everyone. Thank you for joining us today for earnings call of Jackson Pal Pharmaceuticals Ltd. We are pleased to welcome you all as we share companies progress and also discuss our growth strategies. We appreciate your interest in Jacksonpal and your continued support as we navigate through this pivotal phase of growth. In this journey before I dive into the performance for the period it is my duty to update you about an important recent corporate development. The employment of Mr. Sachin Jain who was appointed CFO on 5th February 2025 was terminated by the Company on 8th July 2025 within the Probation period for acts of misbehavior, misconduct and misrepresentation.
Overall his conduct was not in line with the ethics and governance that we stand for as an organization thereby necessitating this decision. I wish to put on record my deepest appreciation to our entire finance team for their strong ethics and compliance in safeguarding the company as also the board of directors who acted quickly and decisively. Now coming to the performance for the quarter gone by we have started the FY26 on a strong note with growth across all parameters. Revenue rose by 23% YoY to 75.5 crores or 756 million driven by strong brand equity and focused marketing push which also supported a 80bps margin expansion in gross margins to 64.4%.
Operating EBITDA before ESOP grew 24% to rupees 157 million with margins at 20.8%. Overall, the PAD doubled to over 108 million in the quarter, an improvement of 560bps against the same period last year and the net margin Thereby stood at 14.3% during the quarter. We are also pleased to report that we had one notch improvement in Gyne CVM ranking and are now ranked number 7 as per CMARC. This is reflective of the strong brand equity that the company enjoys amongst our core franchise of gynecologists in India. The strength of our brands and quality of business is also reflected with top 15 brands of ours accounting for two thirds of our business.
In fact, we are ranked amongst top five in 14 of these 15 brands and we are actually ranked number one in five of these brands. Continuing on the financial performance, the strength of any business is reflected by the free cash flow that the business generates. We ended the quarter with a closing balance of almost 161 crores or 1609 million, an increase of 153 million over the previous quarter. This strengthens our ability to scale operations efficiently while reinforcing confidence in meeting annual guidance supported by both organic and inorganic growth initiatives. Our performance this quarter underscores the strength of our journey supported by operational and financial discipline.
Our journey has been creating long term value backed by purpose, precision and performance and we step into the future. As we step into the future, we carry forward the same vision to lead with science, scale with agility and grow with responsibility. Thank you for your attention. I now throw open the floor for questions.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press STAR and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press STAR and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Dipesh J. Sanchety from Finance. Please go ahead.
Deepesh J. Sancheti
Congratulations on a good set of numbers. Am I audible?
Manish Gupta
Very much.
Deepesh J. Sancheti
Okay, how is the field force being scaled or optimized to support growth?
Manish Gupta
So technically we are not making any changes. Of course there is some element of optimization as we reorient the field force for more performance. So there is a small optimization happening in terms of changing geographies and whatnot. But having said that, overall our focus is on improvement of their Productivity rather than any large scale changes in terms of both numbers or anything around the field force.
Deepesh J. Sancheti
And how is the company strategically positioning itself to maintain market share and what steps are being taken to mitigate pricing pressure, if any.
Manish Gupta
So typically in the nature of business that we are in, and if you understand our business model, we are in smaller niche molecules rather than over competitive molecules. So the pricing pressure in that sense is limited. As a company we have good presence in doctor’s chamber and we having a 40 and 50 year old history makes you seen as a quality conscious player within the doctor setup. So at our end we do not see any pricing pressure per se, excepting in one molecule which I think I’ve covered multiple times in my previous calls, which is Dydrogesterone.
Other than that we do not see pricing pressure set off.
Deepesh J. Sancheti
Okay, and if you were to give any guidance, do you think that we will be able to maintain the ROE in this range only of 18, 19% or ahead going ahead for the next two years?
Manish Gupta
Certainly that would be our all our efforts are in that regard. And I don’t see any reason why that should be disturbed.
Deepesh J. Sancheti
Perfect, sir, thank you so much.
Manish Gupta
Thank you, Dipesh.
operator
Thank you. Ladies and gentlemen, before we take our next question, you would like to remind the participants to press the AND one to ask a question. The next question is from the line of amita Gicha from HG Hawa. Please go ahead.
Amit Agicha
Yeah. Good afternoon Mr. Guptaji. Thank you for giving me the opportunity to answer question.
operator
Sorry to interrupt you sir, but your voice is cracking. Could you go to a better reception area?
Amit Agicha
Yes. Yes. Am I audible now?
operator
Yes sir, you’re audible.
Amit Agicha
Yeah. Thank you. So the question is like with 161 crore in free cash and no debt, like what are the criteria and timelines for inorganic acquisitions?
Manish Gupta
Yeah. So if you notice, we did our first inorganic about 12 months back when almost 90 plus crores got used in that inorganic of acquiring Yashwarma business. We came to conclude another transaction in the early part of this year which we had to call off at the last minute because of certain developments around the condition precedence which could not be fulfilled. So fundamentally we stay. I mean we have a clear inorganic strategy in mind. But it has to meet both strategy and pricing. So we have no pressure to use it. Having said that, this entire money, if it will be used will be only for inorganic strategy.
Else it will be returned to the shareholders in an appropriate form.
Amit Agicha
Are there any specific therapy areas or geographies targeted for the MN expansion?
Manish Gupta
Fundamentally, our focus is clearly on India and we do not wish to go anywhere outside of India and within the therapeutic presence. Generally we are in sub chronic therapies and we intend to stay that way generally speaking.
Amit Agicha
I appreciate you answering my question so thank you. All the best for the future.
Manish Gupta
Yeah. Thank you Amit.
operator
Thank you. The next question is from the line of Pratik Bafna from Patterson pms. Please go ahead.
Pratik Bafna
Good afternoon sir. Thank you for taking my question so last, since the last few quarters we have been aiming to increase the overall Mr. Productivity. So, so if you could just give us some color on that. How has that been this quarter and what measures are you exactly taking?
Manish Gupta
Yeah, so our Mr. Productivity is the largest driver of our business as we go along and this is something we are extremely focused on. We are inching forward as we speak. So a fair bit of this growth has come because of increased Mr. Productivity. Having said that we still have a long way to go and the efforts that we undertake are multi pronged. It includes from better retention, better training, more confidence and of course better incentive structure for our field force productivity. So there are multiple initiatives that we are continuously working on. These are all steps in a journey.
Nothing is something that that can happen overnight. But I believe we are headed in the right direction.
Pratik Bafna
Last I remember the number was around 2 lakh to 2.1 lakh rupees per month. So could you give us some more color on what is the number and what are your targets.
Manish Gupta
So I think we would have made about a 10% improvement in that number that you have. As far as targets are concerned I think eventually we look to aim above 3, 3.5 lakhs. This number will be lower than many of the other companies simply because of the nature of products that we are in because we are not in mass scale products. So our numbers will be or our PCPM will always be lower by compared to some of the other companies. But even at 3, 3.5 lakhs we’ll be far more profitable company and that’s what we are aspiring to achieve.
Pratik Bafna
And what are the current number of misses?
Manish Gupta
You have close to 1,000 misses, little less. I mean it fluctuates. Mr. Is one area wherein there is always attrition. But on an average we would say between 900 to 1,000 misses are in the field.
Pratik Bafna
Thank you sir. And one last question. So could you also tell us about the measures which you are taking in place to improve your product quality? Because given our scale of operations are increasing and we rely on third party manufacturers. So how are you ensuring that we are meeting the quality benchmarks consistently?
Manish Gupta
Yeah. So we have a full pronged quality management organization. While we produce through third parties, most of our manufacturing of our key products is on loan license basis. Which means it is our manufacturing license and it is our quality management system. As also supply of all the inputs are done by us. So in that sense, a fair bit of our manufacturing is under our direct control and not indirect control. Having said that, as I said, this entire operation is undertaken under our quality management system. We have people positioned in some of our contract manufacturers who oversee quality.
Every batch is tested. In addition to what is being done by third parties, also done at our end, we also undertake end of stability or end of expiry testing as well. So there are a lot of means and measures that we undertake to ensure the product is quality when it is launched or when it is supplied in the market. But it also meets all quality parameters even at the time of expiry.
Pratik Bafna
Thank you, sir. Thank you for taking my questions and all the rest of the future.
Manish Gupta
Thank you, Pratik.
operator
Thank you. Participants who wish to ask a question, please press star and one at this time. The next question is from the line of Anupama Agarwal from Lucky Investments. Please go ahead.
Anupam Agarwal
Thank you so much for taking my question and wishing you all the best. Congratulations. Good numbers. My first question is, sir, how much did Yash Pharma contribute to our top line in this quarter?
Manish Gupta
You’re talking a number, but I don’t have precise number. But it would be in the region of 12 crores as against about 3 and a half crores last year.
Anupam Agarwal
Okay. And what is the breakup of therapies in this quarter? If you can call out that.
Manish Gupta
Sorry, come again? Breakup of what?
Anupam Agarwal
Of the therapies. The derma gyne pediatrics breakup.
Manish Gupta
Yeah. So roughly 50% of our business comes from gyne therapy. And rest is split almost equally between orthopedia and derma.
Anupam Agarwal
Okay. With Yash Pharma, sir, what is the strategy in terms of growing this? Are we going to be adding more people in Yash Pharma division specifically for the Dharma piece, or will that be an even number compared to what we have today on field?
Manish Gupta
When we acquired Yashwama, they had about 250 people on the ground. I don’t believe we need to add any numbers to that though. We have kind of rationalized or strategized certain areas or territories. But the overall number of people or medical reps, largely the same, give or take one or two.
Anupam Agarwal
Understood? Understood. Just a question on inorganic again. So 160 crores is what we have. Assuming we’ll generate about 45 crores more in the balance nine months we’ll reach about 200 crores. Odd. What sort of size of acquisition are we looking at? Is it again going to be around the Yashwarma sort of size or is it going to be somewhat bigger?
Manish Gupta
So Anupam, this question of acquisition first has to be strategic in the sense that we will not acquire anything unless it fits our strategy. We are not constrained by any number in terms of size because not only we have cash and are we continuously generating cash. Every month we generate about 5 crores fail. But we have an ability to lever our balance sheet. And also of course the promoters are willing if needed to put in more money should there be a larger acquisition. So the thing I want to say is size is not the constraint.
It’s really the strategy that is going to be our constraining factor in deciding an acquisition target.
Anupam Agarwal
Understood? Understood. You made a comment on price pressure in digestion even today. How is the market intensity today in terms of competition? There was a scenario of last year where hyper competitiveness was observed in the product. What is the market scenario today?
Manish Gupta
It hasn’t changed a bit.
Anupam Agarwal
But the pricing of the product is still lower compared to historical levels.
Manish Gupta
There’s a lot of background noise. Anupam, from your end, I don’t know. Dydrogesterone as a product. I believe so. Can you repeat the question?
Anupam Agarwal
My question is is the pricing compared. To last year at a better level. Or is the pricing still lower compared to historical level?
Manish Gupta
No, pricing hasn’t worsened. It is more or less similar as last year on that particular product.
Anupam Agarwal
Understood. And to maintain our market share we are also selling at a similar price in the market. Or are we sticking to our strategy of having a good price and a good.
Manish Gupta
No. So we are selling thin on that product. We are not competing as much as we should have been. So that product has come down considerably. And if you heard my commentary, I said we are in the top five molecules in 14 out of our 15 brands. Top 15 brands. This is the only molecule wherein we have slipped from number in top five to now. I think we are the 20th ranked company in that particular molecule. It is solely because we are not going to compromise on our pricing strategy. So we sell to select doctors or through select doctors, but so be it.
So this is one molecule where at peak we used to sell 40 crores and now down to almost 10 crores.
Anupam Agarwal
Got it. Last Question from my end. What was the EBITDA margin of Yash pharma specifically at 12 crores in this quarter?
Manish Gupta
See, it is impossible to have separate EBITDA margins for each division because there is a lot of common resources across the organization and we do not have a separate P and L per se for Yash Pharma business. But having said that, when we acquired Yash Pharma, since it was acquired as a outside business, they had operating margins of 12.5% that our operating margins have not come down post that acquisition. I believe we have been able to turn that operation fairly close to our overall corporate margins.
Anupam Agarwal
Perfect. Perfect. Thank you for answering all my questions. That helps. Thank you. All the best.
Manish Gupta
Thank you.
operator
Thank you. Before we take the next question, we would like to remind the participants to press star and one to ask a question. The next question is from the line of Dhruv Maheshwari from Perpetuity Ventures llp. Please go ahead.
Dhruv Maheshwari
Hi sir. Thank you for taking my questions. The first question is the Q1 growth this quarter was much stronger than the initial guidance of 15%. So are we updating the growth guidance for the year and what was the main driver of the strong growth this quarter?
Manish Gupta
Yeah, so I think if you recollect we had acquired Yash Pharma business in June of last year. Okay. So last year Q1 had Yash farmer business only for one month as against Q3 months this year. So part of this growth has come because of that. About between 9 to 10% is our organic growth. And about rest of the growth has come from the annualization or the full quarter benefit of Yash Pharma business. So therefore we still stick to overall guidance of 15% for the year. Pharma industry as we are all aware is not growing as fast as it used to used to in the past.
So I think we are not upping our guidance. We are sticking to our 15% guidance for the year on a current status quo basis. This number of course can change should there be any inorganic strategy during the year.
Dhruv Maheshwari
So you mentioned that the organic growth was 9 to 10%. If possible, can you break it down into price, volume and and new introductions?
Manish Gupta
This is a difficult exercise while IQVR does it at a very broad level. But see within our portfolio we have products at very, very different price points. So it is difficult to give an overall breakup. Having said that, I would say roughly half of the overall growth would have come from price and rest would be split equally between new product introduction and volume growth.
Deepesh J. Sancheti
Got it sir. The Second question is regarding the EBITDA margin. So we had guided for 100 to 150 basis point expansion of EBITDA margin for the year while Q1 had none. So are we sticking to this guidance? And so basically just want to understand the high fixed cost for the quarter.
Manish Gupta
Yeah. So I think we’ll still end up with a 100 to 150bps margin improvement which is we have guided to Q1 certainly had certain built up of cost as we invested significantly more in marketing. And that is what if you see our other expenses are higher than normal in this quarter and that is what has kind of compromised on our margin expansion in this quarter. So I do believe that will start showing up from Q2 onwards.
Dhruv Maheshwari
Got it sir. And the final question from my side is what will be the total ESOP cost for the entire year?
Manish Gupta
I believe the ESOP cost for this quarter was 15 million. It should stay between 15 and 16 million in Q2 and Q3 onwards. It will start coming down. It will get closer to 12 billion is my guess. Simply because if you recollect we had given a major part of these ESOPs two years back in September 23rd. September 22nd was the major ESOP thing. So therefore we are now getting into the last tranche in a way from September onwards. So you will see a dip in esop cost from Q3 onwards to about 1.1 to 1.2 million.
Dhruv Maheshwari
Got it. Thank. Thank you so much.
Manish Gupta
Yeah, thank you.
operator
Thank you. The next question is from the line of Bhavna Jain from our Capital Advisors. Please go ahead. Ms. Bhavna.
Bhavana Jain
Am I audible? Hello. Yeah. Fourthly, congratulations for such good set of numbers. So my I have two questions. So one question is regarding the field force. How’s the field force being scaled or optimized to support the growth? You know, I mean what are the measures taken if you can have one by one.
Manish Gupta
Okay, so our field force, we are not scaling up our field force but we are scaling up our field force. Okay. So we believe we have adequate field force for the scale of operations that we have including the territorial presence. So while there is small time optimization that keeps happening because you may close down one territory and open up new territory but overall field force numbers are not changing. Having said that, as I said, we are not scaling up field force but we are scaling up field force. And that’s an area of immense investment that we are making.
So right from training them on science, not only them but even the field managers on science as also on business management skills is an Area of immense focus for us. We have hired multiple doctors that are continuously training the field force because it is their confidence in the Dr. Chambers that makes all the difference. And this is what we are gunning for. We are also supporting them with various other tools that are customary in this business. So it’s all a matter of killing. And the last area which we are really focused on is how do we reduce the attrition field force.
If you see for any pharma company, 30 to 40% or 30 to 35% is a normal attrition level. And therefore it is our. Even if we can bring it down by 4 and 5%, it’s a big impact on the overall performance of the company. So these are two areas that we are continuously focused on. Skilling as also controlling the attrition.
Bhavana Jain
Okay, so all that happens keeping the margins intact and nothing new, Right?
Manish Gupta
Correct.
Bhavana Jain
Okay, so my second question is regarding the market share. So it’s like what are the strategic measures, you know, companies taking to position itself to maintain the market share? You know, I mean, what are the steps which are being taken to mitigate even the pricing pressure? Now this question comes in just with respect to the first one product or the one brand that we already face an issue with. So just to normalize on that, you know, that all the other brands are secured or any specific measure that we have to take what we have not taken in advance or anything like that.
Manish Gupta
No, see, the pharma industry doesn’t really work that way, especially the branded generic industry like India. It is not like US or Europe where prices crash and keep crashing. These are abnormal situations when a new product sees a lot of competition. If you see most of our portfolio is fairly old, they do not see any changing competitive dynamics. Also, our strategy is to stay focused on smaller molecules and we do not intentionally pick up large volumes. So you will see that we will not launch Semaglutide. We will not be in those kind of market because we know what will happen and it’s not our forte.
So a lot of how you play is dependent on your strategy. I don’t foresee pricing pressure playing out in any of the molecules or products that we are in. And in that context, our margins are secure. Having said that, we all understand that Indian market is intensely competitive and nobody is going to give market share easily. So it’s all about. It’s a cat and mouse game that is going on. In some quarters you win, in some quarter you lose a little. But overall the structure of the industry doesn’t change. Or the profitability of the industry does not change.
Bhavana Jain
Okay, so everything happens. Keeping the pricing the same. That is not a factor.
Manish Gupta
It is generally not a factor excepting in stray cases within like if it’s a thousand crore molecule and you want to make an impact, that’s where the pricing comes in. But only in one case. As I said, we have done that and all our new products technically are not those kind of products.
Bhavana Jain
Okay, just the last question. If I can squeeze in about the acquisition part. I know you already spoke about it, that you’ll be in the same therapy, but still, if you can throw some more light into your directional focus on the acquisition, you know exactly what is the type of acquisition that you are really looking at because as you mentioned you already had one which did not work out for some reason. So. Or is that happening or it’s going to be back to the shareholders, anything like that.
Manish Gupta
So at any point of time we are always evaluating multiple targets. Having said that, there are two acquisition strategies. One is we are open to acquiring brands in the therapies that we are already in. And we are also open to acquiring businesses just like we did in Yash pharmacase into therapies where we may not be present but it fits our strategy that is subchronic therapeutic segments. So we are open to brand acquisitions and or business acquisitions, predominantly India focused or India centric. But you have to be mindful, Bhavna that when you do acquisition there is also some parts of bids which may not be strategic but you may end up acquiring.
But our large strategy will be around strengthening India business, ideally without manufacturing and staying focused on sub chronic therapeutic segments.
Bhavana Jain
Okay, sure. Thank you. Thank you Manish. Look forward to the next call again. Yep, thank you.
operator
Thank you. Ladies and gentlemen, in order to ask a question, please press star and one. Now the next question is from the line of Rishi Khotari from PI Square Investments. Please go ahead.
Rishi Kothari
Hello. Yeah, thank you so much for the opportunity. Just had one question. That is we do have cash on hand with us, right? So what sort of acquisition targets you’re looking and what sort of reinvestment in our core operations you’re looking at. So any sort of something that we have in mind for that.
Manish Gupta
Yeah, Rishi, I think I largely responded to this question in, in the earlier one.
Deepesh J. Sancheti
Earlier question I joined a bit late. I’m so sorry.
Manish Gupta
So inorganic strategy is twofold. We are open to brand acquisitions in the therapies that we are present in. And we are also open to expanding our therapeutic presence into complementary areas which are in subchronic areas. So that’s broadly the acquisition strategy that we are working on and we will continue to stay focused in that perspective.
Rishi Kothari
Any sort of return targets you are looking at in this? I mean what sort of return targets are we eyeing?
Manish Gupta
Obviously the higher the better. But having said that, you know, it’s not a buyer’s market, it’s a seller’s market. Right now valuations are difficult, but my broad theme is the following. My money is lying in bank at about 7%. So any that gives me better than 7% return in year one or even covers my 7% bank opportunity in year one, subject to giving us better returns thereafter based on what we can create value through synergies and or through strategies will be something which we will be open to evaluate.
Rishi Kothari
Okay, no issues. Thank you. Thank you so much for the answering question.
Manish Gupta
Thank you Rishi.
operator
Thank you. Participants who wish to ask a question may please press star and one at this time. The next question is from the is from the line of Anush Jain from Pinterest Capital. Please go ahead.
Anush Jain
Good afternoon sir, can you explain the key performance drivers of the results that we have obtained? Like what helped our operating EBITDA increase and how sustainable are these margins?
Manish Gupta
I mean is there any question on the sustainability we have been always performing in that line? Even last year Q1 has been about 20% all Q1, Q2, Q3, which are typically better quarters. We have been doing above 20% plus if not more. I don’t say there is any one off or anything that is bothering us at all. We stay on firm footing. I think the quality of business is always determined by the quality of cash that you generate. And generally you would have seen that entire operating EBITDA converts to cash in our case where with no inconsistency in that regard.
So all in all I would say we are very comfortably placed as far as our operating model is concerned. Our brands are well entrenched in Doctors Chamber and therefore our profitability or any of the other financial parameters are not subject to any significant variations excepting in Q4 wherein as we are all aware the trade does not pick up much stock, especially in March and therefore being a high fixed cost intensive business, we always see a dip in Q4.
Anush Jain
And sir, what is the revenue split from our organic growth versus inorganic growth strategy? Like how will it contribute in our revenue coming forward?
Manish Gupta
This is whatever guidance we are giving is for organic growth only. We do not give any guidance for any inorganic strategy because that is something which we cannot Control for the current year. As we had mentioned that there was an annualization benefit or impact of Yash pharma business. That’s why we had guided to a 15% plus growth for the current year. And if you see for way forward we are targeting or we are guiding to a 12 to 14% organic growth.
Anush Jain
Okay, thank you sir.
Manish Gupta
Thank you all.
operator
Thank you. Before we take the next question we would like to remind the participants to press star and one to ask a question. The next question is from the line of Pratik Deria, an individual investor. Please go ahead.
Pratik Dedhia
Yeah, thank you for the opportunity. I’m audible right?
Manish Gupta
Yes, please.
Pratik Dedhia
Yeah. So my question is related to the field polls. So you mentioned about bringing the attrition down. So can you guide what steps are you taking to reduce the attrition? And the second part is you mentioned that you are trying to increase the sale per field force. So is that counter impacting your attrition efforts?
Manish Gupta
I think I have broadly answered this question in earlier the call but basically as I mentioned we are focused on skilling the field force rather than field force. So skill is something which we are working on. How do we help them face the doctor more? How can he talk science much better than what he’s been doing today and thereby See finally attrition is linked to performance. I think somebody is calling Attrition is linked to performance as well. Moment the field force cross six to nine months threshold in the company they tend to stay because that earning incentives.
So there are multiple things that we are doing all across I don’t think singular measures that can stand out. This is an industry wide problem, nothing unique to and all of us stay focused on trying to do things that suit us the best. So I don’t have a very clear answer for you but we are undertaking enormous measures both on HR front and training front. And it also even starts from right recruitment which are the things required for both field force retention and productivity.
Pratik Dedhia
Okay, got it. Thank you.
operator
Thank you. The next question is from the line of Amita Gicha from HG Hawa. Please go ahead.
Amit Agicha
Thank you for the follow up. How are the 18 stocking points performing in terms of last mile delivery and inventory management?
Manish Gupta
Can you be more clear on that question? Because I mean nothing has changed for us or for the industry. The stock is to chemist and everything remains the same. There has been no changes and or disruptions I would say. But if you can be more specific on what is your precise question, you.
Amit Agicha
Must be delivering it yourself like all via the same agent like .
Manish Gupta
We do not deliver anything ourselves. We have our central warehouse and then we have some 25 CNF agents across the country. From there the materials flows to Stockist. But the last mile, which is from Stockist to the chemist is taken care of by the stockist themselves.
Amit Agicha
Okay, so like the Mihasaki initiative, like how does it align with the company’s brand or marketing strategy?
Manish Gupta
See, we have a serious CSR budget of almost a crore. And therefore, rather than spending on different variety of projects, three years back the board of directors took a call that we should do something focused and meaningful in this area. And that’s why this entire CSR initiative was brought under the umbrella of Misekhi. Misekhi has two components to it, or more than two. But two are priority ones. One is constructing physical amenities for women or girl students in schools and colleges where no such amenities exist at this point of time. Through this initiative or for this initiative, we have largely tied up with Solub international and over 16 such toilet blocks have been constructed in last two two and half years in school schools and colleges of Punjab, Haryana and Uttarakhand.
And as we speak we are now expanding it to include Maharashtra. The second part. And this initiative not only includes construction of toilets and whatnot, but there are sanitary pad dispensing machines and there are lectures taken by doctors in these schools and colleges promoting menstruation, menstrual hygiene. The second part of this program is the education part wherein we are using mysakhi.in as an instrument. It’s a website which is dedicated towards women education. We undertake webinars under this initiative as well and cover difficult subjects like menopause and whatnot. It’s an interface. It’s a platform where patients, or I won’t say patient, but healthy women come together and discuss their problems with doctors.
And this is done every two weeks and whatnot. These are available on our website@mysaki.in and continuously we are deepening this engagement as well. So These are the two broad areas of Mysakhi.in wherein we believe we are making a difference in our own way. And this as our profitability is growing, our CSR budget is growing and we need to ensure that we do it in a structured way, which is what Miserke is all about.
Amit Agicha
I appreciate, sir, the elaborate answer. Thank you.
Manish Gupta
Thank you.
operator
Thank you, ladies and gentlemen. We will take that as our last question. I would now like to hand the conference over to the management for closing comments.
Manish Gupta
Thank you all the participants for your valuable questions and engagement today. We appreciate your interest in Jackson Pal Pharmaceuticals. Should you have any further queries or require additional information, please do not hesitate to contact our investor relations team at Google India Advisors. We remain committed to engaging with all of you, fostering transparent communication as we continue advancing our objectives of creating value for all our stakeholders. Thank you once again for your participation and wishing you a great day ahead. Thank you once again.
operator
Thank you on behalf of Jagsonpal Pharmaceuticals Ltd. That concludes this conference. Thank you for joining us. And. And you may now disconnect your lines.