Surya Patra: Congratulations on good set of numbers. So first, clarification about the government grants. So in fact, in the previous year, we have seen something around INR 300-odd crores, in the first half it is more than INR 200 crores that we have already booked. So what is the visibility here? And how long this can sustain? And this is relating to the PLI only or something else?
Parag Agarwal: So this includes PLI, but it also as the other export incentives that we are entitled to. Overall, our PLI scheme and the other export incentives this year, would be marginally higher than last year. But quarter-on-quarter, there is always a fluctuation because we have to recognize this in line with the entitlement, sales growth that we show as per the scheme. So there are quarter-on-quarter fluctuations. But for the year as a whole, will be higher than last year.
Surya Patra: But this is sustainable, sir?
Parag Agarwal: Yes, it is. It is. For the next several quarters, we expect it to be meaningful.
Surya Patra: Okay, fine. My second question is about the sustainability of the U.S. business. So basically, having seen the run rate of around 300 — $380 million, $390 million kind of quarterly run rate. And kind of the ramp up what we have witnessed in case — in terms of our agreement. So can we see a kind of progressive performance in the overall U.S. business going ahead. I’m saying progressive because I believe in terms of the volume limit condition, whatever that is there in case of their limit, every 12 months that should see a kind of upward move. So considering that, how should we see the U.S. business going ahead in terms of the quarterly run rate and all that?
Erez Israeli: The quarters can fluctuate. We discuss it in the past because the quarter is very much depends on the ordering patterns of this program. But overall, you should see growth.
Surya Patra: Okay. Fine, sir. And my second question is about this European business. So in the first half, both the quarters, we have seen a kind of very strong growth of more than 20% kind of growth. What is driving that? And is it the launch of the biosimilars, introduction of new product or even the pricing scenario, any improvement in the pricing scenario there, demand situation improving. Could you give some sense about Europe, why is it delivering this kind of growth? And whether it is sustainable even in the subsequent period?
Erez Israeli: So it’s primarily new product launches. There is also some volume growth of the base business. And just more markets and participating in more tenders, most of our growth coming from injectables and just winning tenders.
Surya Patra: Okay. Since we are now seeing progress in regulatory point of view as well as the launch point of view in terms of biosimilars, so is it possible to share some update about the pegfilgrastim success in the U.S. and non-U.S. market? And — or even generally for biosimilar, what is the, let’s say, annual or quarterly run rate that we are currently having? If you can give some sense, that would be really helpful, sir.
Erez Israeli: So just to remind, preg is not our product. It is a product that was part of the arrangement that was done many years ago with Merck Serono, after that was brought to Fresenius. So they are selling it, we are getting only royalty, so by design it’s not a big amount. Most of our activities in the biosimilars today are in emerging markets, primarily rituximab and in fact other products, so India, Russia and other emerging markets. We are ramping up that activity, it is very important to us. We are going to have in the next 2 years or so, about 5 Phase 3 of biosimilars to be launched globally, including the United States. And the main ramp-up in biosimilars for us will be probably from FY ’27 onwards.
