Operator: Thank you. The next question is from the line of Binopati Parampil from Ilara Capital. Please go ahead.
Binopati Parampil : Hi, good evening and congrats on a great set of numbers. Just a couple of questions. One on Rega Denison. Could you please help us understand the competitive landscape there? I know a couple of you guys have launched, but there are more approvals. How many competitors are there in the market right now?
Richa Periwal: So for Regular Renaissance, it’s a multiplayer product, right? We’ve launched it in April and we’ve seen good progression in terms of our market share. We are happy with the way things are progressing for us.
Binopati Parampil : Okay, and any update on your products which you have outlicensed, that is Peg, Phil Grassim and the novel product E Seven. Any update regarding timelines?
Erez Israeli: So on the first one, it was already launched. Whatever is, the considerations will come. Of course, with the progression of share of this product and up for equal seven, likely that in the next quarter or the third quarter, depends. It will be December, January. We should expect to see whether it will get approval or not.
Binopati Parampil : Okay. And any milestones or any royalties included in the current quarter from the first product?
Erez Israeli: No. Sorry. It’s a low single digit number in absolute terms.
Binopati Parampil : Okay. It’s not material. Not material, okay. And finally, on generic map, now that Fe has accepted your filing, what sort of timeline can we look forward to if everything goes fine, would you be looking forward to launching it in twelve months, 18 months or something like that?
Erez Israeli: Yes, this is the timeline. Somewhere between twelve months to 18 months. Depends, of course, on the approval by the US FDA. Once it is getting approved, we will launch it. Now, it depends if response letter will come or anything like this, but likely in that time.
Operator: Thank you. We have the next question from the line of Ankush Mahajan from Access securities. Please go ahead.
Ankush Mahajan: Thank you, sir, for providing me the opportunity and congrats for good set of numbers. Sir, this is extension of the question that our base business is improving. And from the number that the base business in the US market that has improved a lot, can we say, sir, a high single digit growth K 1 Q in the base business. And I would like to really appreciate if you tell us that. What are the factors behind that the base business is improving? What is happening in the US market, sir, at this time? In the genderic.
Erez Israeli: So I mentioned part of it is timing of RFPs agreement with customers, shortage of some products and relatively lower than normal price erosion on the base. So it’s a combination of all of it.
Binopati Parampil : Can can we expect this trend will continue?
Erez Israeli: It should, yes. So this quarter, sir, there’s a high single digit growth Q-on-Q on base business. I would just say that it is healthy growth. Even after excluding lina as well as main, it is healthy growth.
Operator: Thank you very much. Thank you. The next question is from the line of Kunal Damishha from Macquarie. Please go ahead. Hi, thank you for the opportunity again.
Kunal Damishha: So, just coming back to the licensing opportunities for the India market or the innovation that we have talked about, how does those opportunity fit into our 25 25% framework for EBITDA margin and Roc? Are they accretive, neutral or would you say diluted?
