These partnerships and that will likely to have an impact from FY ’25, FY ’26 onward, FY ’24, which I believe we will grow. Significant will come primarily by the current brand, generics focused brands that we have. Sorry for the long answer.
Neha Manpuria: Yeah, understood. Thank you so much, sir, for that second on in your remarks, you also mentioned approvals in China. Now, if I look at my row business, excluding Russia CIS, we have pretty much in the range that we’ve been doing for the last four or five quarters, the 400 crore range?
Erez Israeli: When do we see meaningful contribution start from China, or when do we see how does the step up from this level happen in the emerging market business. Yes, all the EM markets are actually growing in double digits. Obviously, Russia being a very big market in that space, when it’s growing, 77% overshadow the others. So all of them will go double digit, not just with Russia as specifically for pickup in China. We are now starting to see the results, or likely that these trends of approvals will continue. Most of the values will start to see if you call it a leap or more significant growth in FY ’25, but we will see already in FY ’24 a certain growth, but the level that we have discussed in the past of our aspiration in China, likely that we will start to see for next year.
Neha Manpuria: Understood. And my last question in terms of our investments in the business, should we expect our absolute SGNA and INR and D spend to trend up from the current spend that we are seeing for FY 24? I understand this will obviously continue to increase, but is this level of investment, what that we have seen in the quarter enough to sort of sustain the growth that we have envisaged, or should I expect an increase from the current levels?
Parag Agarwal: We are continuing to invest behind multiple levers, as we have been talking in digitalization, behind our brands, in sales and marketing, I would expect a slightly higher trend in absolute terms, as a percentage to sales. Of course, it will remain very positive because of our top line growth, we’ll see the benefits of operating leverage, but in absolute terms, you will see a marginally upward trend.
Operator: Thank you so much. Thank you. The next question is from the line of Cinderella Carvalho from GM Financial. Please go ahead.
Cinderella Carvalho : Thank you so much for taking my question. And congratulations on a great set of numbers. Bringing a question back to India, you mentioned about the innovative products. Two products that you have signed for India. You mentioned about mother and child. You spoke about if and the generic division. So what kind of investment are we envisaging in all these three different categories that we are talking, which is consumer, health, generic, generic business, and getting the Enlightened product. And in what range should we see this over coming two to three years?
Erez Israeli: So we are not going to see more investment than what you see already. And, like paral just a little bit, maybe a slide up. Some of it is what we call balance sheet money, meaning that we will sign a deal or require a product, and it will be a balance sheet move rather than move it. So it’s relatively not expensive or not going to require much. And I’ll try to explain why most of the stuff that we are bringing to India is a late stage innovation. The product is already there. The product also proved itself in other markets. In most of the cases, it’s got approval already either by the US. FDA or by European authorities. So the activity that requires are either licensing fee, some local trials, registrations, and we are mostly going to leverage our teams in India for doing that.
