Shyam Srinivasan : Got it helpful. My second question is on the cash pile. About 50 billion of net cash sitting now on the balance sheet. What are your top priorities in terms of capital allocation at this point of time? What is the rank out of things that you would be using that cash file for?
Parag Agarwal: So obviously we want to use it for driving business development. M-A-I think in terms of priority, I would say first of all, it has to be a strategic fit. We have a clear strategy for every segment in our business, for every geography. And secondly, it must come at the right price. So we are not going to chase acquisitions just because we have cash on the balance sheet. Within these boundaries. I would say that acquisitions in India and emerging markets would probably rank higher. Having said that, if there are good opportunities that come up in us, Or Europe also we will grab them. Like the main acquisition that we did recently. I think it’s a great fit. So, yes, we are taking acquisitions. I believe that instead of seeing a large acquisition, we will probably see a series of smaller acquisitions. So a string of false strategy, but it depends on what kind of opportunities are available at the right price.
Operator: Thank you. The next question is from the line of Sayon Mukherjee from Nomura. Please. Go ahead.
Sayon Mukherjee: Yeah, hi. Thanks. So if you can talk about what’s the revenue base in China currently and you mentioned about the significant growth from FY ’25 onwards. So I understand you’re getting, like, 10 to 15 approvals per year now. So, from a three year perspective, with 30 40 products added to your basket in China, how should we think about revenue in China in three years time? And how does per product revenue potential you see in China versus, let’s say, in US? So I’m wondering, can it be like 200, $300 million more in revenues in China? If you can give some color on. How should we think about the growth trajectory in that market?
Erez Israeli: So I see any number of. Around 2X in the next three years. This is the time, the baseline that we are talking but I’m talking about in market sales, not necessarily. The way we report is around $180,000,000 a year.
Sayon Mukherjee: Okay, so it means like additional 180,000,000 is what you would book?
Erez Israeli: Let’s say three years down the line is a fair number to look at in China. It’s in this range could be even more
Sayon Mukherjee: Understood. Okay. My second question would be around RND. I think you mentioned run rate of around 500 crores a quarter, right? Is it possible for you to sort of indicate how much of this is going into, say biosimilar development at this point? And secondly, at the time of analyst day you talked about new Horizon initiative, horizon two initiatives having an impact of 1500 basis point on your EBITDA margin. That’s the kind of investment you are doing. So what’s the number at this point in time? If you have anything to share on that?
Parag Agarwal: Yeah, so Sayon, on the second question right now we are in this range, 5200 basis points on an annual basis is what we are investing behind Horizon Two. And of course, going forward, depending on how many of these succeed, it might start inching up. But we’ll obviously discuss that subsequently in the subsequent call. Your first question was regarding Buy mind. Right now our R&D behind biosimilars would be approximately 20% of the total and we expect it to progressively go up because we are investing behind biosimilars. Some of the products that you’ve discussed in the past tosi and. Facility map about accept and so on. So we expect it to progressively go up. And this 5200 basis point that you mentioned does not include or does it include the Biosimilar investment? Do you consider it as part of horizon two or this is like separate no. So this 5200 basis points does not include the INR and D investment in Biosimilar.
