Jagsonpal Pharmaceuticals Ltd (NSE: JAGSNPHARM) Q3 2025 Earnings Call dated Jan. 23, 2025
Corporate Participants:
Manish Gupta — Managing Director
Analysts:
Devyanshi Dave — Analyst
Aditya Chheda — Analyst
Neelam Punjabi — Analyst
Alisha Mahawla — Analyst
Aankuur Padeekar — Analyst
Abhishek Singhal — Analyst
Pratik — Analyst
Amresh Kumar — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to Jagsonpal Pharmaceuticals Limited Q3FY25 earning conference call hosted by Go India Advisors. 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 the conference call, please signal an operator by pressing 0 on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Devyanshi Dave from Go India Advisors. Thank you and ot Ms. Dave.
Devyanshi Dave — Analyst
Good morning everyone and warm welcome to the Q3 and 9 month FY25 earnings call of Jagsonpal Pharmaceuticals Limited. We have with us on the call today Mr. Manish Gupta, Managing Director and CEO. 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 risks pertaining to the company. May I now request the management to take us through the financials and business outlook subsequent to which we’ll open the floor for Q and A. Thank you. And over to you Mr. Gupta.
Manish Gupta — Managing Director
Thank you Devyanshi and good morning everyone. Thank you for joining us today for the second earnings call of Jetsonpal Pharmaceuticals Limited. We are pleased to welcome you all as we share companies progress and also discuss our growth strategy. We appreciate your interest in JPL and your continued support as we navigate through this pivotal phase in our growth journey. As mentioned in our last interaction, we remain focused on a science based approach with disciplined execution backed by opportunistic inorganic strategies to create a stronger domestic pharma player. Our recent performances are a reflection of resilience and the effectiveness of our strategic initiatives. Before diving into the financial outcome for the quarter gone by, let me update you on the certain corporate developments of the recent times. You would recollect that the Board at the meeting held on 23rd October 2024 had approved a stock spread to change the face value of our equity shares from rupees 5 to rupees 2. This was aimed at improving liquidity and making the stock more investor friendly. All necessary actions relating to the same have been completed and the stock has been trading with a revised face value since 8th of January 2025. Further, as announced earlier, as part of our strategy. Strategic Reset we also concluded the divestment of our Faridabad facility for a consideration of 41 crores on 15th November 2024. This divestment has contributed to an exceptional income of almost 23 crores during the quarter. Finally, Mr. Ashish Lakhotia, who joined us as Deputy CFO in August 2023 and has been our CFO since February 2024, has stepped down from its duties at close of business yesterday. We anticipate onboarding a niche within the current financial year. Now coming to our financial performance during Q3 we recorded revenues of almost 74 crores representing a 57% growth on a year on year basis. Operating EBITDA before stop loss could be 17 crores reflecting a growth of 183% on comparable period and this translated into an operating margin of 23.1% during the quarter. Our net profit for the quarter grew at 190% on a YoY basis to 11.5 crores translating to a net profit margin of 15.5%. In arriving at these numbers profitability numbers the we have not considered the exceptional income on account of sale of Faridabad’s facility as also the consequential tax impact. On a YTD basis, our revenues stood at 210 crores reflecting a healthy growth of 27% over competitive periods. Operating margins pre swap expanded by 390bps to 22.9% reflecting a 53% in operating EBITDA which stood at 42 crores or a little over 48 crores in this period. Our net profit from operations stood at 31.6 crores reflecting a 67% increase during the period. Of course, adjusted for the exceptional income, the reported net profit is as high as 49 crores. Our cash balance which stood at 93 crores at the end of September, now stands at 132 crores at the end of December 2024. Roughly half of this increase came out of operations with the balance coming from the facility sale. In conclusion, our performance this quarter underscores the strength of our strategy supported by operational and financial discipline. We remain committed to our mission of sustained growth and value creation for all our stakeholders. Thank you all for your attention. I will now open the floor for questions.
Questions and Answers:
Operator
Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question, press star and one on your 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’ll wait for a moment while the question queue assembles. The first question comes from the line of Aditya Chheda with Incred Asset Management. Please go ahead.
Aditya Chheda
Good morning. Thank you for the opportunity. I have two questions. First is on the base business revenue growth and if you can split that into volume and price. This was my first question.
Manish Gupta
Would you like to complete your second question or should I respond to this?
Aditya Chheda
Okay. And second question is on the issues that we had discussed in the previous call. One regarding the spurious drugs and the competitive intensity in the Dydrogestron products. So has the market share loss been arrested? And if there are any actions that are taken from our end and if you have any further updates to share regarding the same, that would be. Yeah, these are my questions.
Manish Gupta
Thank you. Thank you for the question. So coming to our nine month and three month performance split into organic growth versus inorganic growth. So first let me give you the quarter three update. While we have reported a growth of I think 57% on top line, the organic growth is 27% while the rest is coming because of inorganic acquisition. On a YTD basis the growth numbers are 8% organically. So organic growth is now also inching up. It has moved to 98% as against the 27% that has been reported during the period which is on account of balances come out of inorganic initiatives. Does that answer your first part of the question?
Aditya Chheda
Yes.
Manish Gupta
Now difficult to give a value and a volumes. I mean a volume spread and a price increase because of diverse nature of products. But all in all I would say the volume growth would be about a third of the 8% overall growth that we have reported. And I’m talking of a like to like business coming to INDOCAP and Divachrone which were two of our problem matters. Especially INDOCAP had a counterfeit issue. Most of that material was flushed out by the end of last year. And the product is back on strong growth track during the current year. In fact it has become the first 50 crore grant as per IKVR from Jagsonpal. Stable Diva Crore. The market environment. Environment hasn’t changed much. It remains hyper competitive. Having said that, while we have a fairly big drop compared to our performance last year, the new performance has stabilized and in fact we have started into a marginal growth territory starting from December. So clearly I think a endocap has reflected a very strong growth internally. Given that counterfeit matters are over and translating into a first 50 crore bread for us in IPVR and Divatron is beginning to change as we speak.
Aditya Chheda
Got it. Thank you. I’ll join back in IQV for further questions. Thank you very much.
Operator
Thank you. A reminder to all the participants that you may press Star and one to ask a question. Next question comes from the line of Neelam Punjabi with perpetuity. Please go ahead.
Neelam Punjabi
Yeah, thanks for the opportunity and congratulations on some good set of numbers. My first question is on the Yash Pharma acquisition. So post the acquisition if you could please highlight what are the strategic changes that we have brought about? How is the integration panning out and how is the margin trajectory improved from the 12% that you had highlighted in the last quarter?
Manish Gupta
Yeah, so obviously this is a long journey as far as Jai Pharma business acquisition is concerned. Some of the immediate changes that we had made to the business was the way they used to discount or offer free goods. Those have been rationalized. We obviously are working on reducing the cost of goods, but I think also we have been able to bring down their overall cost of operations which includes logistics and or distribution cost as well. All in all, the business is tracking well. For us it is on growth, I think on a YTD basis compared to what they’ve done at their own end. We are on a positive high single digit growth. With all the changes or despite all the changes that we have brought in the field from a profitability angle, they are now very close to the overall corporate margin that we have been displaying as an organization. So this a lot of gap has been already bridged and they are now very, very close to our overall corporate margins.
Neelam Punjabi
Got it.
Manish Gupta
Does that answer Nisham?
Neelam Punjabi
Yes, yes, absolutely. And these we’ve been guiding for 12 to 14% growth beyond FY. So if you could please highlight what are the key drivers that will take us to this 12 to 14% growth?
Manish Gupta
Yeah, I think the drivers will be nothing different from what. Are the drivers for the industry. We obviously would like our products to grow between 3 to 4% in terms of volumes. Another 3 to 5% comes out of price and rest comes out of new product launches. Some of our recent launches like and I would like to highlight two of them, Feed Protein and Lycoredem are now beginning to catch up in the marketplace and monthly sales have started crossing 20 lakhs per month in a way. And therefore we believe these can be reasonably good volume and growth drivers for us for the coming year. So all in all I would say a third, third and third between price volumes and new products. Not very different from the industry. And of course this comes with lot of execution challenges and opportunities.
Neelam Punjabi
Got it. This is helpful. My next question is on the divisionization of field force that we had undertook. So how is it playing out?
Manish Gupta
Yeah, so this was undertaken in FY24 which was within six months or nine months of our acquisition or change of control in the organization. So it took about six to eight months to stabilize. But now it is all very, very stable and it has given us headroom for new product introduction. So that was the fundamental reason for divisionalization. A was to have announced focus in Dr. Chamber and of course new product introduction. So in both the perspective now it is stabilized and giving us that headroom for growth.
Neelam Punjabi
Got it. And on our gross margin. So we’ve seen a significant improvement there on a YY basis. So where should these gross margins settle? You know some of the domestic focused companies are at almost 80% gross margin. So can we expect our company to head towards that direction?
Manish Gupta
80 is going to be challenging. It’s not that we don’t want to get there. It would be lovely to get there. But having said that, I would expect a 50 to 75 bridge margin gross margin improvement year on year.
Neelam Punjabi
Got it. Okay. And my last question is on our cash balance. So can we get back to the 150crores of cash by the end of the year and what is the strategy of, you know, deploying our cash balance inorganically? Also, what is the strategy? If you could highlight.
Manish Gupta
Yes, so cash balance, I think we are well on track to get fairly close to the 150 mark, give or take one or two crores here? Because typically we generate between 15 to 18 crores of operating cash every quarter. So I foresee us very, very close to the mark that we had guided to utilization of cash. Also nothing changes. I think I have been very categorical in my previous calls that this will be utilized for inorganic strategies. But any inorganic acquisition has to fit both our strategy and also pricing criteria because a mistake there can be very expensive for the organization. So we are a disciplined buyer that the target has to fit our strategy as also our expectations around valuation. In that case we utilize the cash. Else we either continue to sit on cash and if shareholders demand, we are happy to return the cash back to the shareholders in dividend or whatever form.
Neelam Punjabi
Any specific focus areas for acquisition?
Manish Gupta
See, this is a difficult question and there are. I look at acquisitions in two forms. One is filling strategic gaps in our portfolio because even within Derma, Gyne and Ortho there are significant gaps in our portfolio. So there are opportunities around that and then potentially opportunity to expand therapeutic presence, which is of course another possibility. So both these areas are open for acquisition. Having said that, fundamentally we will be looking at India centric businesses for acquisitions and not otherwise.
Neelam Punjabi
Got it? Okay, this is helpful. Thank you very much and all the best.
Manish Gupta
Thank you, Neelam.
Operator
Thank you. A reminder to all the participants that you may press Star and one to ask a question. Next question comes on the line of Alisha Mahawla with Envision Capital. Please go ahead. Alisha, please go ahead with the question.
Alisha Mahawla
Hello? Hello. Am I audible? Hello?
Manish Gupta
Yes, yes Alisha, go ahead.
Alisha Mahawla
Yes, hi. Thank you for the opportunity. So can you please call out what has been the revenue of Yash Pharma in this quarter and in Q2?
Manish Gupta
I don’t have precise number because Yashwama is no longer a separate company. It’s one of the divisions and there has been certain cross leveraging of portfolio between each other, but it is in the broadly in the region of 14 crores per quarter.
Alisha Mahawla
Okay. And this number would have been similar in the previous quarter also in Q2.
Manish Gupta
That’s correct. That’s correct.
Alisha Mahawla
Okay. And if we could just quickly touch upon what is the Mr. Productivity currently? And we were looking at, are we still looking at expanding our Mr. Strength? We’re at about 900. Mr. So where are we expecting this number to go and what is
Manish Gupta
Productivity is in the region? It’s a mathematical exercise, but we are sub 3 lakhs per month closer to 2 1/2 lakhs per month. So clearly there is a significant scope of improving Mr. Productivity. I don’t think we’ll ever be a very high Mr. Productivity given the nature of our products, which are very doctor Intensive products. So it requires a lot of hard work by the Mr. But having said that, there is enormous scope of improvement on our own. We do not foresee any increase in our Mr. Spend, give or take 3 or 4% here and there. But otherwise we have complete coverage that is required as an organization. And I don’t foresee any jump or change in our Mr. Strength. Productivity is something which we are working on.
Alisha Mahawla
Okay. And lastly, if you could just call out in 9 months of YTD what has been the contribution from new product launches?
Manish Gupta
This is, I don’t have this data handy. And that also of course compromised because Ashish is no longer there. So can I get back to you with this data?
Alisha Mahawla
Sure, no problem. Great, thank you.
Manish Gupta
Thank you.
Operator
Thank you. A reminder to all the participants that you may press star and one to ask a question. Next question comes on the line of Aditya Chheda with Incred Asset Management. Please go ahead.
Manish Gupta
You may be on mute.
Operator
Sorry. Please go ahead.
Aditya Chheda
Yeah, Yeah. A bookkeeping one on ESOP accounting beyond FY25. What are the charge that we are looking to hit in the P and L in 26 or 27? And the other question was, is it possible to quantify the gross margin differential between the portfolio that we have acquired and the base business that we would have? Yeah, these are the two questions.
Manish Gupta
Yeah. So I’ll take the second one first because that’s. Clearly the gross margins of Jagsonpal business are slightly ahead of the acquired Yash Pharma business. And that is purely coming out of the nature of the portfolio. Because JPL portfolio is largely hormonal products. Hormones are given in micrograms and milligrams and therefore the API cost is negligible even though it is very expensive as compared to Yash Pharma products. Yash Pharma products are more, more mass consumption products. So therefore the gross margins are slightly lower, though not very, very different. That’s question one. Now coming to the ESOP cost that you sought. The current quarter ESOP cost are slightly lower. It’s at 13 million. I think collectively this is also on account of the reversal of ESOP for the CFO which were granted and therefore had to be reversed postage designation. Our current run rate ESOP cost would be for next two quarters would be in the region of 17 to 18 million per quarter. And starting September 26, sorry, September 25, it’ll go down by another. I mean it will go down to about 10 million per quarter. And this is basically because of the way accounting works since Most of these ESOPs were granted in September 22. Therefore the next reset technically happens in September, September 25.
Aditya Chheda
Got it, sir. And when you mentioned that it is slow, slightly lower. Is it possible to quantify that number in terms of gross margin? Maybe 400, 500 bps or thereabout.
Manish Gupta
Okay, so I mentioned that 4 million is the difference. Okay, for next 2 quarters the run rate PSAP cost will.
Aditya Chheda
My question was on the gross margin differential of the acquisition portfolio. The differential you spoke that it will be lower. But is it possible to quantify how?
Manish Gupta
This is something we’d like to avoid. It’s not
Aditya Chheda
Sure. Not a problem. Not a problem. Not a problem. These are my questions. Thank you.
Operator
Thank you. A reminder to all the participants that you may press star and one to ask a question. Next question comes from the line of Aankuur Padeekar with ULJK Financial Services Private limited. Please go ahead.
Aankuur Padeekar
Hi sir. First of all, congratulations for good set of numbers. My question was on the yes pharma business. So like how much contribution in percentage terms you are expecting from that business for FY25 and beyond in. The coming years.
Manish Gupta
See, Yash Pharma business accounts for roughly about 20% of our revenues and I don’t think that number unless because our core business will also grow and Yashwamo business will also grow. So unless there’s another acquisition or inorganic strategy, this number should stay in the region of between 18 to 22% of our overall organization.
Aankuur Padeekar
And how do you see the business going forward in terms of your gross margins or EBITDA margins considering the acquisition of Yash Pharma blended margin?
Manish Gupta
Yeah. So the guidance that we had given at the in the first call continues to stay intact. So we are targeting this year is of course big change because of reported numbers capturing Yash Pharma and what we call it as unified division for us going forward. But going forward we are on a stable basis. We are looking at 12 to 14% top line growth and a margin expansion. This year we have been guiding towards an overall blended EBITDA margin at between 22 and 23%. I think the first nine months are in line with that and we expect to continue that going forward. Going forward we are looking at anywhere between 120 to 150bps margin expansion year on year. O
Aankuur Padeekar
Okay, that’s it from my side. Thank you.
Operator
Thank you. A reminder to all the participants that you may press Star and one to ask a question. Next question comes from the line of Abhishek Singhal with Perpetuity. Please go ahead.
Abhishek Singhal
Sir. Thanks for taking my question. Can you just throw some light on your thought process around building the trade generic business in India, if at all? And would that require some amount of corporate binding around Jagsonpal to build it? So your thought process on how trade generic plays out for you will be very helpful.
Manish Gupta
See, I think trade generics is an important part of business in India and every big company is in it without exception on a smaller base. Of course, this is an area growing faster. Jagsonpal also has a small trade generics division even prior to us getting into it. So it has a good and growing trade generics business as well. But you have to understand that trade generics products and customers are different. From the normal branded part of business which is a doctor intensive part. And Jagsonpal strength is, which is why if you kind of relate and we can have an offline discussion as well. I always highlighted that JacksonPal core product portfolio is a highly doctor intensive portfolio so less prone to trade generics simply because the hormonal products will not be taken without a doctor prescription. So our portfolio of trade generics is very different from our core branded portfolio. Trade generics is all about cup and cold and all the general usage products largely and some chronic segments because that’s where costs are important. In chronic segment if you are on diabetes and all which you are taking lifetime then people tend to go for cheaper alternatives. But our range of products are highly pregnancy related pregnancy protection and all that. Therefore highly doctor intensive and therefore less prone to trade generics. But as a segment trade generics I believe will stay and will continue to grow and this is the way to classically look at Indian population is we are multi population and multi price point markets so both will continue to do well.
Abhishek Singhal
Thank you. And sir you spoke about 150 basis point kind of a margin expansion year on year to anticipate and to a previous question you had talked about 75bps coming from gross margin. So you know given where our productivity is on the salesforce side doesn’t this look like. Because my sense was that even the salesforce productivity should be a significant leverage driver and to top that if we have some gross margin expansion couldn’t the EBITDA margin expansion be much higher than what you’re guiding to? And also if you compare with other pure plate domestic focused company like ours, you know their margin profile has grown to almost 35% odd number. So is it to do with that they have in house manufacturing and we are relying on outsource so some sense around that piece would be really helpful sir.
Manish Gupta
Yeah, yeah Abhishek, you always pick up the higher part of the guidance and never the mid part of the guidance. I must give it to you. I said 120 to 150bps that you only picked 150bps. Having said that, see on a serious note it’s not that I don’t want to grow my margins and take it to 35%. I would love to do that but this is a journey and you cannot reach the destination without going through this journey. So therefore yes, if we are lucky and if we. End up with the top end of our growth target. Maybe our margin expansion will be 200 pips in the next couple of quarters and whatnot. But I know the reality because certain things work out and certain things do not work out when you are doing strategic accusation across 300 people in each division. Therefore, what we guide towards is something where we think, given all the pluses and minuses that happen in business, you will end up with. But you are right, we still have a long way to cover between where we are versus where the top companies in this industry are. We will bridge this part of journey as we go along. A lot of it will come from Mr. Productivity. I do not believe manufacturing has any role to play for lower margins. It is purely Mr. Productivity and Scale of business.
Abhishek Singhal
Got it, sir, this is very helpful, thank you. And so one last question around new product launches, you know, because that’s an extremely important element given the fact that you said that you had a very strong network with the doctors. So how are you working on that? How many products should we expect launched every year? And to some extent, you know, because now it’s been two years since you’ve come on board, like how is this journey of new product launches playing out? Are you happy with the way things are going out there? Some sense around that would be helpful, sir.
Manish Gupta
So this is an area I work very extensively in my personal capacity. Strategically we have moved away from products which will become mass products in terms of volumes and, or. And will end up seeing enormous amount of competition. So if you see strategically all our new products are conceptual products, be it feed protein, be it Nicoradam, Mamma, Quizzi, er, they are all small subsets of market. They require hard work at the Dr. Chamber. But these are, once you get it, fundamentally these businesses stay. So that’s the strategy around new product launches. We will not get into like Ilagolis is going off patent and there will be lot of companies launching that. We will stay away in those kind of launches. All our products will be slightly differentiated and hard working or products requiring hard work. In doctor’s chamber we have a good portfolio already in terms of pipeline and the way to see it is we should be launching between eight to 10 new products each year, about two products in every division and we currently have four divisions.
Abhishek Singhal
Thank you, sir. All the best.
Manish Gupta
Thank you Abhishek.
Operator
Thank you. A reminder to all the participants that you may press star and one to ask a question. Next question comes from the line of Pratik and individual investor. Please go ahead.
Pratik
Hey Manish, congratulation on a great quarter. Could you just give us some color on where we are in the process of hiring the cfo? Have you identified any candidates yet and what sort of set of skills and characters are you looking for in the cfo?
Manish Gupta
Yeah, so we are fairly advanced in our CFO search going well. I think we should have him onboarding us within next 60 days. And that’s why in my opening remarks I did mention within the current financial year which ends in March. See basically what we see, we are not a complex business nor are we a debt ridden business. So fundamentally the character we require in our CFO is disciplined approach. It is all about collection, maintaining tight controls on collections and maintaining a hawkeye on how we operate because it’s a kind of detailed business. Thousand Mr. So somebody has to have that hawkeye of and a feel of business and feel of numbers because what we are dealing at Mr. Level is few thousands in terms of every invoice. So that’s, I mean detail oriented, highly compliance oriented and highly discipline oriented in terms of collections and keeping a hawkeye on cash balances is what we are seeking as a cfo, the organization. There are no complex accounting requirements at our end, to be candid.
Pratik
Okay. What I was trying to get to was are you looking for someone with experience in M and A or some sort of different, you know, skills, but maybe you could talk to talk about it a little bit.
Manish Gupta
So M and A will be desirable. But to be candid, my own personal core strength is M and A and I would have done more transactions than most bankers in this country with over 20 years of M and A experience. So that’s not a skill we really require from a CFO angle.
Pratik
Sounds good. And could you just give me some color on your launch on memop? How is it being received in the market and what are you guys doing to drive the revenue up there?
Manish Gupta
Yeah. So from a business angle, map numbers. Lag way behind what we had anticipated, but from a noise angle, it gives us good talking points in the doctor’s chamber. So I don’t think it translates into mammoth business, but probably we may be getting other business on account of mamma. We are doing a lot of work, scientific work around it, organizing Dr. Female. So what we found actually in this process is that doctors require far more work than even the customers or consumers of this product. And therefore a lot of emphasis is being done. Or we are undertaking doctor trainings or doctor education in this regard. And our entire CSR initiatives under Mysakhi platform, while initially we had started that for customers or potential women approaching menopause age, but now we are undertaking lot of doctor conversations on that platform as well. So a lot of hard work, not at all reflecting in the numbers that we had expected for the product, but giving us good engagement with the doctors is what I would say.
Pratik
Awesome. Thank you, Manish, for the, you know, thank you for clearing it up. And your hard work is clearly showing. So congrats.
Manish Gupta
Yes, thank you.
Operator
Thank you. A reminder to all the participants that you may press Star and one to ask a question. Next question comes from the line of Amresh Kumar with Geosphere Capital. Please go ahead.
Amresh Kumar
Hi Manish, thank you for the opportunity. I joined in late, so apologies if this question has already been asked. I just wanted to ask on how is our status with the Divatron and how much would be our market share right now? When do you see this fall being arrested? And for the molecule itself, how is the market growing? And have you taken any price action in this and any. Any of your view would be welcome in this? Thank you.
Manish Gupta
Yeah, so partly I had addressed this in the initial part, but I be happy to repeat again. Amrish, basically, I think the molecule has stabilized. It has stopped growing as it has been growing in the past. Clearly we are seeing that gradually, as the product that came up in the market starts expiring, some of the smaller players will start going away. At our own end, the decline has been arrested. It is, of course, a fraction of what it used to be 18 months back. Today, probably our internal sales are about a third of where we were about 18 months back. But the decline has been arrested and we have seen the first. Green shoots from December. So there has been a turnaround in a way though marginal from December onwards. Does that answer? And on a quarter basis. I think overall we are now beginning to stabilize for sure and should start reflecting in growth from Q4 onwards.
Amresh Kumar
Okay, and my second question would be on your optical mix of Ortho versus Gyne versus PDR that you see in your in your mix and where are you right now and where you would like to go about
Manish Gupta
Gyne business still accounts and accounts for 50% of our revenues. So we are predominantly a gynecopy as an organization. In fact, three out of our four divisions are Gyne focused divisions. And this is our core strength. Within Gyne we are in top 10 actually we are the 8th largest prescribed company in the Gyne chambers. So that’s really our core strength. Between the three rest of the other three segments, Ortho would account for about 20% of revenues and between PD and Dharma would be about 12 to 15% each. So that’s a broad portfolio mix. Will it change on its own? Answer is no, because there are no rockets in any of the product areas or any of the categories. So all businesses grow and therefore on its own the mix will not change. Excepting for inorganic strategy. That will only cause a change in our portfolio mix. But of course 1 and 2% here and there may change on its own, but otherwise the broadness is not expected to change without inorganic initiatives.
Amresh Kumar
Thank you so much for this opportunity.
Manish Gupta
Thank you Amish.
Operator
Thank you. A reminder to all the participants that you may press Star and one to ask a question. Once again, a reminder to all the participants that you may press Star and one to ask a question. Ladies and gentlemen, as there are no further questions, we have reached the end of question and answer session. I would now like to hand the conference over to the management for closing comments.
Manish Gupta
Yes. Thank you. Thank you all participants for your valuable questions and engagement today. We appreciate your interest in Jasimpal Pharmaceutical. Should you have any further inquiries and or additional information requirement, please do not hesitate to contact our investor relations team at Goindia Advisor. We remain committed to engaging with all of. Fostering transparent communication as we continue advancing our objectives of creating value for our stakeholders. Thank you once again for your participation and wish you a great day ahead. Thank you all.
Operator
Thank you. On behalf of Go India Advisors. That concludes this conference. Thank you for joining us. You may now disconnect your lines.