Sanjivani Paranteral Ltd (NSE: SANJIVIN) Q3 2025 Earnings Call dated Feb. 11, 2025
Corporate Participants:
Srivardhan Khemka — Executive Director
Pritesh Jain — Chief Financial Officer
Ashwani Khemka — Chairman & Managing Director
Analysts:
Jill Chandrani — Analyst
Akshay Varma — Analyst
Agastya Dave — Analyst
Vedant — Analyst
Manat Agarwal — Analyst
Aman Kumar — Analyst
Neeraj — Analyst
Dinesh — Analyst
Monika Arora — Analyst
Anant — Analyst
Amosh Kumar — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to the Sanjivni Limited Q3 and Nine Months FY ’25 Conference Call hosted by Technologies Private Limited. 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 the star then zero on a touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Ms Jil from Essential Technologies. Thank you, and over to you, ma’am.
Jill Chandrani — Analyst
Thank you. Steve. Good morning, everyone. Welcome to Q3 and nine months FY ’25 earnings conference call. From the management today, we have with us Mr Ashwin Kemkar, Chairman and Managing Director; Mr Director; and Mr Pritesh Jain, Chief Financial Officer. Now I request the management to take us through the key remarks, after which we can open the floor for question-and-answer session. Now I hand over the call to Mr for his opening remarks. Thank you, and over to you, sir. Thank you.
Srivardhan Khemka — Executive Director
Thank you, Jill. Good morning, ladies and gentlemen. A very warm welcome to all of you to the Q3 and nine months FY ’25 post-results conference call of Sanjivni Limited. Before I begin, let me mention the standard disclaimer. The presentation that we have uploaded on the stock exchange included in the interaction in this call contains or may contain certain forward-looking statements concerning our business prospects and profitability, which are subject to uncertainties and the actual results could differ from those in such forward-looking statements. Let me start with a brief overview of the company. Sanjivy Limited is a WHO GMP certified pharmaceutical pioneer with over 2.5 decades of experience specializing in manufacturing injectables and oral solids. The company has established itself as a leader in the industry and the company’s primary focus lies in life-saving drugs and we export our products to over 25 countries. We are headquartered in Mumbai with a WGMT certified manufacturing facility in Nabi Mumbai and. We cater to major therapeutic areas encompassing nervous system, cardiovascular system, antibiotics, gastroenterological, anti-diabetics and anti-allergy, supported by a strong R&D status — strong R&D state setup. We categorize our business into three components, the base business, which is the ongoing business, which focuses on the formulation sales in export markets and primarily CDFC and CDMO for the domestic market, though we have nominal presence in the domestic formulations as well. The newer Hindusan antibiotic joint-venture for IV products where we hold 60% equity and the Prague venture for where we hold 45% equity. Now coming to the macroeconomic environment, the challenges related to the global environment continue. Geopolitical issues, particularly the conflict in Middle-East have created volatility that impacts the shipment, the freight and supply chains. Though there has been some stability in the recent past, we see some of the geographic areas seeing a war-like situation. Such events do create increased usage of medicines. On the other side, if such situations precipitate further, it may have negative impact on overall business operations through increased commodity prices and supply-chain disruptions. Overall, there is an impact on the supply-chain. These factors have placed increased pressure on the pharmaceutical industry, intensifying the challenges faced in managing costs and ensuring timely delivery. Additionally, all the companies are watching careful — carefully the developments related to the US tariff policies and its impact on cross-border trade and manufacturing. Now coming on the company’s performance, Sanjivy delivered a decent performance in Q3, nine months FY ’25. Overall, the momentum is driven by revenues from the newer products and volume expansion of the existing products. In Q3 FY ’25, we reported 15.9% year-on-year growth. The export domestic mix was 84.1% to 15.9%, injectable tablet and dosage mix was 74.5%, 19.6% and 5.6% respectively. In Nine-Month FY ’25, we reported 25% year-on-year growth. The export domestic mix was 76.5% versus 23.5% and the injectable tablet and nutraceutical mix was 54.1%, 40.6% and 5.3% respectively. On the regulatory front, we faced four four audits for the Navi Mumbai plant and 16 new products were filed for registration in French Africa. Our plant at Hindusan Antibiotics for IV is ready. Now let me give you a broader outlook of the business. On the business — on the base business, we continue to remain optimistic on the growth going ahead. This will be driven by increasing presence with geographies, increasing penetration in existing geographies and of course, new product launches. I would also request you to look at the performance on an annual basis, which more — which more of a normalized performance versus quarterly numbers, which can have lumpiness. With this, let me hand over to our CFO, Mr Pritesh Jain, for updating your financial performance.
Pritesh Jain — Chief Financial Officer
Thank you,. Good morning, ladies and gentlemen. A very warm welcome to you all. Let me share some updates on the financial performance of the company. We would first give an update on the Q3 financial — financial year ’25 and then nine months financial year ’25. So coming on to Q3 financial year ’25, the company has reported a revenue of INR17.4 crores and a growth of 15.9% year-on-year basis. The growth in the revenue was driven by the newer products and the volume expansions of the existing products. The EBITDA was at INR2.86 crores with a growth of 29 — 29.3 percentage year-on-year. The EBITDA margins were at 16.5% vis-a-vis 14.8 percentage reported during the same-period last year. The EBITDA growth was due to the overall cost optimization. Profit-after-tax was at INR1.9 crores with a growth of 15.5 percentage year-on-year basis. The profit-after-tax group growth was a reflection on a broader operating performance. Now coming to the nine months financial year ’25 numbers. The company reported a revenue of INR51.92 crores with a growth of 25%. EBITDA was at INR8.53 crores with a growth of 30.2 percentage. The EBITDA margins were at 16.4 percentage as against 15.8 percentage reported during the same-period last year. Profit-after-tax was at INR5.9 crores with a growth of 20.4 percentage. The growth was a reflection on a broader operating performance. With this, we now open the floor for question-and-answers. Thank you.
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. So if you wish to withdraw yourself from the question, press star and 2. All participants are requested to use handset 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 Vedant from Aurum Advisors. Please go-ahead. MR. Vedan, your line has been unmuted. Please go-ahead with your question hello, Mr Vedan, your line has been unmuted. Please go-ahead with your question as there is no response, we’ll move on to the next question. It’s from the line of Akshay Vadma, an Individual Investor. Please go-ahead.
Akshay Varma
Am I audible?
Operator
Yes, sir. Please go-ahead.
Akshay Varma
Yes, thank you for this opportunity. I would like to discuss the performance and outlook of the bees business, which has seen impressive growth nearly doubling from INR35 crores in FY ’23 to INR65 crores on an annual basis. What would you see like have been the primary factors driving this significant growth
Srivardhan Khemka
Yes. So regarding the base business, our major strategy is to expand into newer geographies and increase our product basket in the existing geographies and that has been the major driving force. In this quarter, in fact, we have filed for 16 registrations in the French-African region and we expect this to deliver a good growth to our company in the coming year or so. Just this way, we are also expanding in the Central American and the Latin-American markets as well. We constantly focus on increasing our product basket. Earlier, we were operating with around 35 products in-region, which has now expanded to around 80 in that same region. So this is the primary driving force for the growth of the base business?
Akshay Varma
Yes. And as you mentioned regarding the product costs, right, how do you see the balance between the tablets and injectables like evolving over the next two to three years.
Srivardhan Khemka
Both the dosage forms are growing extensively. Injectable definitely has a little less competition as compared to oral solids. And with our history of over 35 years in the injectable space, we are able to capture onto that better. But we focus on both the dosage forms as tablets gives a good volume as well as repeat business and injectables is more of the hospital and tender business.
Akshay Varma
Yes thank you for your time and I will look-forward to you
Operator
Thank you. The next question is from the line of Augustia Dev from CAO Capital. Please go-ahead.
Agastya Dave
Hello, am I audible?
Operator
Yes, sir.
Agastya Dave
Thank you very much for the opportunity, sir, and congratulations, fairly decent set of numbers. Sir, my question was in continuation of what the previous participant was asking you. So the growth in injectables has been very, very impressive. I was trying to figure out the interplay between two competing factors in your P&L. One is that your high-margin business is obviously going up with the injectables growing much faster and also becoming much larger piece of your overall revenue. But then you’re also expanding into new geographies, which doesn’t keep — come cheap. So I see your gross margins expanding quite regularly, but this quarter, I saw a contraction in gross margins. So I don’t know what exactly happened there, if you can provide some commentary on that because I would have expected because the injectables grew faster than the orals again, the gross margins would also have expanded, but it did not. So was there like a like some — was it something to do with entry into new geographies at a discounted price? Was that a reason or are there any other reasons behind this?
Srivardhan Khemka
Yeah. So that’s a good question. So what happened this quarter was basically, we had a few previous tenders which were pending from the governments in the Latin-American region and those were supplied. So what happened was injectable did grow, but it was the lower-margin injectables that was being supplied. So what happens is it’s not just that injectable has overall a very good margin profile. There are certain products in that space as well, which are supplied at a lower-margin, but it all depends on which product played as a mix. That’s why you can see the contraction in the gross margin despite the growth in injectables. And also we expanded into newer geographies. So wherever we enter new, we do have to enter with a lucrative pricing.
Agastya Dave
Sir, was that also the reason why for the quarter, we saw higher-growth in orals? Sorry, sorry, nine months or — sir, the press release is not — I’m not very sure whether this — yeah, the press release is — okay. I read it from the press release says in the nine months, the overall revenue grew by 36%, injectable revenue grew by 12%. So that reversal which has happened earlier, the injectables are growing faster. So I would say whether that is also the reason that this is a temporary phase for the company and again, the injectables will — will start growing much faster as we have seen in the quarter and the margins should mean robert?
Srivardhan Khemka
Correct. So we — as I told you, are always the focus is towards the injectables. This was a temporary shift into the rural segment where we were catering to some products which were very-high volume and a little low-margin. But this is again temporary and we’ll catch-up with the injectable and the margin will improve again.
Agastya Dave
Understood. And sir, the second question is on the newer geographies that we are entering. How — so if I look at a country or a group of countries which you classify as a new single geography. How long does a single new geography take to breakeven for you?
Srivardhan Khemka
It all depends from geography to geography. Some could take maybe a year’s time versus three years’ time as well. The current areas that we’re trying to tap, primarily the French Africa, it’s a little long-term game, but the advantage there is that we will have completely our own branding and our own team that will be marketing the products in that region and that region is known to deliver good margins and the competition from the Indian companies is less due to the high gestation. So, yeah, that is the — that is the case with French Africa, but usually it takes one to three years to breakeven in any new market that we enter.
Agastya Dave
Understood, sir. And sir, are you seeing any impact in the African region specifically of the funding cut happened in the US government? I know you were not part of the program as far as I know, but are you seeing like any spillovers into other therapeutic areas because of the funding cuts?
Srivardhan Khemka
Yeah, yeah. Thank you. It’s a very nice question you asked. See, the US fundings are majorly in the African market and the WHO tenders which have been floated world over. So those countries were buying and dependent on the US program. HIV, malaria and critical and correct. So we are not into all any of these segments currently. Correct. And these US aid programs are hurting many bigger companies in India, because their outstandings and their supplies will be hunted on a timely.
Agastya Dave
But there is no spillover into the general therapeutic segments, right, and the other markets, the non-WHO markets.
Srivardhan Khemka
Great. No. USA does only one of specific and specific categories.
Agastya Dave
Great, sir. Great. And sir, one final question. On the on the JVs, if you can provide some updates, is there — like is everything according — going according to plan? In terms of timelines?
Srivardhan Khemka
Are everything going according to plan? Yes. See this HL JV, which is in
Operator
Hello, sir, I think he is disconnected hello just a second. Hello. Sir, we lost your voice for after you started saying HEL JV.
Srivardhan Khemka
Yeah, am I audible now?
Operator
Yes, sir, you are.
Srivardhan Khemka
Yeah. So HML JV, the plant is ready and to our investors and to our stakeholders. We completed this plant within a period of 10 months, which is a — was a tough pass and it is spread in the almost 18 acre area. And we are just awaiting certain approvals within six, seven days, we’ll be ready with that. And trials have already been done. So we are on the track on that. And regarding the JV, that is also commissioned. The numbers and everything will be shared with the stakeholders after the annual balance sheet of the March.
Agastya Dave
It’s — sir, thank you very much for answering all the questions. All the best, sir. Thanks.
Srivardhan Khemka
Thank you.
Operator
The next question is from the line of Vedan from Advisors. Please go-ahead.
Vedant
Hello. Hi, good morning, sir. Hello. Yes. Am I audible?
Operator
Yes. Yeah, yeah. Please go-ahead.
Vedant
Yes. So I actually had question related to the current — the two JVs that we have. So the HAS JV, as you right as you just said that trials are done and we wish to start let’s say within the next six, seven days. If you can just give in more light in terms of how the utilizations would ramp-up for the capacity that we built at in Pune.
Srivardhan Khemka
Yeah, the Pune facility is the installed capacity IS-5 million bottles per month and ramp-up going up to 100% it takes minimum six to seven months. So initially phase, we will be operating at 30% to 35% only. So that part will go on until April of May. So after that will increase to 45%, 50%, 60%, 70 and then we go up to 100% within six to seven months. And the order books, everything are in-place.
Vedant
Okay. So we’ve got orders to suffice to all the capacities, right?
Srivardhan Khemka
Yeah.
Vedant
Okay. So at 100% capacity, how much topline can we expect from this?
Srivardhan Khemka
Around INR100 crores and INR100 crores INR110 crores.
Vedant
Okay. And this would lead down to a better scenario in today’s business.
Pritesh Jain
Okay. EBITDA margin, I think
Vedant
Yes, please go-ahead. You will think about the EBITDA margin
Pritesh Jain
16%.
Vedant
16%. Okay. So — and how much impact would price fluctuations have on the top-line? So generally price fluctuations are in what range?
Srivardhan Khemka
You are asking for the product at IV. So the ice on the petroleum currently the prices are good because the main raw-material is the plastic granules, PT granules. And currently EBITDA would be more but it depends on the petrol and food oil prices in the world markets. But we are up very nicely and we have — this plant is eco-friendly and we have a solar system installed and the electric consumptions been very, very controlled
Vedant
Okay. And let’s assume that the petroleum prices are not favorable in the past. So in that case, how much time does it take for us to pass-on that changed pricing to the customers? Or that hasn’t changed?
Srivardhan Khemka
What happened in the the see the plastic prices depends when they increase and the effect comes after two months only, because the pipeline and the inventory levels are there in the company for three to four months.
Vedant
Understood. Understood. And I hope the high volatility in foreign-exchange prices won’t have a big impact on our P&L or would there be a ForEx impact? So are we doing anything to hedge that?
Srivardhan Khemka
Gainer. No, we are net gainer and our — if you see our turnover is more than 75% of exports. Our imports contributes only 1.5% to 2%
Vedant
Only so we are net gainers as of now, but let’s say if the yeah, if the US dollar depreciates, so would that have an impact to us?
Srivardhan Khemka
Have see US dollar if it depreciates so our pricing, see when we do a pricing in pharmaceutical, so we take a benchmark of dollar example today we do at 83. So that won’t affect much to us. And our major buying are in Indian rupees only and they are local suppliers, 94% we are domestic purchases and 5% to 6% we import.
Vedant
Okay. Sir, in terms of — if you can throw some light in terms of competition, how does that — how would that come up for us for IV specifically? One the other big player,
Srivardhan Khemka
If you see Maharashtra? Yeah, see, in Maharashtra, we are the only IVY manufactured as of date now with this opening and we are very near to the port. A rest IV companies which are there in the north or other regions, the ports are very, very far from them. For us, the port is within 2.5 hour distance from. And Maharashtra itself has to buy a lot of IP from various states. Were setting up a new facility comes, it takes minimum two to three years to set-up a new facility. So currently, we don’t see any competition right now in this segment in the state and for export also.
Vedant
Okay. Any particular reason why anyone has not set it up in the past and we are the first ones to do it?
Srivardhan Khemka
It’s a very capital-intensive project and secondly, it was a central government initiative. So we had a JV, Central Government of India had issued — I have told in the last few con-calls as well and we got this opportunity to work with the government. And land requirement is a very huge 18% to 28% land is needed and 80,000 to 90,000 square feet of constructed area, huge amount of electricity and other resources. So that was available with us through the HL JV
Vedant
Okay, okay, all right. Thanks a lot. I’m done with my set of questions and all the best for your journey ahead
Srivardhan Khemka
Thank you.
Operator
Before we take the next question, we would like to remind participants that you may press star and one to ask a question. The next question is from the line of Manath Agarwal, an Individual Investor. Please go-ahead.
Manat Agarwal
Hello. Am I audible?
Operator
Yes, sir.
Manat Agarwal
Good morning, everyone, and thank you for the opportunity. Sir, my question is regarding the price revisions. There were supposed to be some price revisions in the price controlled products in the Indian or our domestic market. So is it ongoing? Is it like — has it happened already? Also, I would like to add another question. Are we looking at any geographic opportunities in next five, probably five to 10 years?
Srivardhan Khemka
Yeah. Hello. So regarding your first question, the price revisions in the IV that you saw in the news that was upcoming, it is still underway. Certain products have already have been revised and they have been upwards. So that was beneficial for us. Regarding rest of our business, we are not really impacted by those price revisions as we are focused onto exports. And regarding your second question, it was not clear. Could you please repeat that? Okay, hello. Hello yeah why not clear hello. Yeah, that’s it from me. You are audible. Yes. Can you repeat the second question, please?
Manat Agarwal
The second — the second question was, are we looking at any geographic opportunities in the next five to 10 years?
Srivardhan Khemka
Yes, we are already working on numerous geographies, Southeast Asia and few West Africa that is countries and few East European countries and more spread in the LatAm market and Central American markets.
Manat Agarwal
Okay. Okay, sir. Thank you. That’s it from my side. Okay. That’s it from my side. And all the best for your next quarter. Thank you.
Srivardhan Khemka
Thank you.
Operator
Participants who wish to ask a question to the management may press star and one. The next question is from the line of Aman Kumar, an Individual Investor. Please go-ahead.
Aman Kumar
Yeah, hi. Good morning, sir. Thank you for the opportunity to ask question on quarter three FY ’25. So my question is the Trump government is expected to make many tariff-related changes. So how will that impact the overall business environment for Sanjivni?
Srivardhan Khemka
Yeah. So as far as the Trump tariffs are concerned, as of now, nothing has been announced towards our country, which we are grateful for. Our own business currently is not dependent on the US as of now, it is 0%. However, in the coming future, we are looking at tapping the US market, but that will be done through the JV. Having a presence in Europe, we will most probably able to bypass the tariffs since US and Europe are friends on that front. Regarding the rest of it, I believe that having tariffs on China, the Chinese companies will eventually turn to India to root their products and this could be a good gainer for Indian companies. We are always open to listening to new possibilities and opportunities. So we are waiting to see how that shapes out.
Aman Kumar
Okay, sure, sir. So my next question is on your Navi Mumbai and Dehradun plant, can you provide an update on capacity utilization and capex plan over the next two, three years?
Srivardhan Khemka
So the Navy Mumbai plant is at around 75% capacity utilization. And the Dharadun plant, we hit 45% this quarter. Regarding the capex, we have done at Dharadun, we have almost finished INR3 crores of capex in the past 3/4. And in the plant we have done INR4 crores. The total number will be going up to another INR5 crores combined for both plants.
Aman Kumar
Okay, sir. Thank you so much opportunity
Operator
The next question is from the line of Niraj from. Please go-ahead.
Neeraj
Yeah, hello. Can you hear me?. Hi, thanks for the opportunity. Sir, my only question is regarding our base business. So previously, we have maintained that we will be growing over the next couple of years at 25% around CAGR. So we maintain that kind of a guidance?
Ashwani Khemka
Yes.
Srivardhan Khemka
Yes, we do.
Neeraj
Okay. Thank you. And maybe just one more question. Just to reiterate our timelines for the two JVs, the HAL JV and for the nutracetical JV in Parag. Both of those are is running as per our expected timelines and expectations. Would that be correct?
Ashwani Khemka
Yes.
Srivardhan Khemka
Yes, right.
Neeraj
Okay. Thank you so much. Thank.
Srivardhan Khemka
Thank you.
Operator
The next question is from the line of Divesh from Find Interest Capital. Please go-ahead.
Dinesh
Hello, am I audible, sir? Sir, most of my questions are answered. Just one question I have to ask. As the JV — how JVs started in this month. So what kind of growth can we expect in Q4?
Srivardhan Khemka
What back see Q4 numbers, we’ll be able to tell you more precisely by the end of this month of March because we have the orders and the approvals are expected in seven to eight months — eight days. And since it is a government JV, so we are also awaiting for the inaugural by some government being official. And we will be doing some.
Dinesh
Thank you. Okay, sir. Thank you.
Srivardhan Khemka
Thank you.
Operator
The next question is from the line of Monika Arora from Share Giant Wealth. Please go-ahead.
Monika Arora
Yeah, good morning. Thanks for the opportunity. I had just one question. So if I see the expenses, it has sharply increased, right? So can you throw some light on the same? Hello?
Srivardhan Khemka
Yeah. So as I mentioned — yeah, yeah, sorry. So as I mentioned, this quarter, we had faced four inspections. So during these inspections, what happens is there’s a lot of cost involved in terms of the managing the auditor’s arrival and travel as well as the factory upgrades that need to be done at the — you know, there are some observations that they raised that we must fix or some equipment that they recommend that we must buy. So those kinds of activities happen on a very quick note and that’s why they will see the sharp increase in the expenses.
Monika Arora
Okay. And how about the finance cost?
Pritesh Jain
So ma’am, the finance cost hasn’t increased if you see on a quarter-on-quarter basis since we have taken a term-loan from a bank, so that’s the only finance cost which you have in.
Monika Arora
Okay. And just one more. How do you see for the next one or two years, the revenue and margin shaping up for the company?
Srivardhan Khemka
Yeah. So the current margin profile will stay. We are majorly focused into expanding the top-line as of now since we are expanding into newer geographies and that is the margin sensitive activity. Exports, we are focused and the dollar is going up, so the revenue also dries up because of that. Looking at addition of the new JVs into our profile, we see the margins improve a little bit on that front, but that will happen as see — starting Q4.
Monika Arora
Okay. Thank you so much.
Srivardhan Khemka
Thank you.
Operator
Thank you. A reminder to all participants that you may press star and one to ask a question. Thank you. The next question is from the line of Anand from Ashika Institutional Equities. Please go-ahead.
Anant
Hi, I hope I’m audible.
Operator
Yes.
Anant
Congratulations on a decent quarter. My question is regarding the JV with HAL. So in the last quarter, the EBITDA margins that the company guided was around 19%. And in the current quarters, you have said we’ll be somewhere around 16%. Any reason for such a revision?
Srivardhan Khemka
They have — please can you repeat your question again
Anant
In the last quarter, for the HAL JV, the company guided that it would be looking around 19% of the EBIT — 19% of EBITDA margins. But in the in this — in the current con-call, one of the participants asked, so you mentioned that the EBITDA margin will be around 15%. So any reason for revision of 300 bps lower-margin on the margins front.
Srivardhan Khemka
Not at us just see because it’s just a starting, okay. So there are few trials to be taken for the optim machines and all. So that cost is being added in this quarter. That is why the EBITDA margin in this quarter will be around 16%. The guidance which is given to 19% net inventory, that will be remaining. Since we do the trials and also those materials cannot be sold-in the market. So that cost has to be taken into this portion of the sales which will be there in this call.
Anant
All right, got it. That’s it from my side. All the best.
Operator
The next question is from the line of Amansh Kumar, an Individual Investor. Please go-ahead.
Amosh Kumar
Yes, sir. Hi. Actually, I would like to ask another few questions on joint-ventures. So how has been the experience so-far in the Nutraceutical segment so-far.
Operator
Yeah. So regarding the nutraceutical, as I said, it’s a very growing market. So that way we are very opportunistic on that. Now regarding Prague specifically, the — since it is a new company and a new startup, so there is a lot of inspection that’s happening. Lot of lot of our buyers have come and visited us. They wanted to see the facility for themselves and have a look and feel for what we. It’s very different from our competitors there from what we have visited. And it’s sort of a first-of-its-kind facility. So even our Indian counterparts are coming and having a look. So it’s a slow start, but very promising.
Amosh Kumar
Okay, sir. Thank you so much.
Operator
The next question is from the line of Niraj from. Please go-ahead.
Neeraj
Yeah, hello. Thanks for the follow-up opportunity. Sir, I had one question regarding some newer JVs. So historically on the calls, we have mentioned that we are working on more you know HAL type JVs. So can we hear some good news on this front over the next maybe coming quarters? Anything in-progress over there?
Srivardhan Khemka
Yeah. We had the first upper B2B model with the government PSUs in India. And the moment this is opened, we have already two or three in pipeline. This will be announced in the short-duration.
Neeraj
Okay. All the best, sir. Thank you.
Srivardhan Khemka
Those are bigger, bigger JVs than this HLJV.
Neeraj
Okay, great. Thank you.
Operator
Thank you. A reminder to all participants that you may press star N1 to ask a question. As there are no further questions from the participants, I now hand the conference over to Mr for his closing comments.
Srivardhan Khemka
Thank you. Yes. Thank you. Thank you, everybody for connecting with us for this Q3 and Nine-Month FY ’25 conference call. We hope that we have satisfied all your questions and maintained our numbers as we had committed earlier. The company is working very hard to deliver on its promises and grow as fast as possible. And we are focused on the growth of our stakeholders and shareholders. I look-forward to connecting with you in the next conference call. And till then, everybody be safe and all the best. Thank you.
Operator
On behalf of Sanjeevani Parental Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lines.