Erez Israeli: I don’t remember the kilo-liters, but we can produce, let’s say, many, many hundreds of kilos.
Kunal Dhamesha: And in terms of our cost structure, would you have benchmarked that cost of production versus let’s say, Korean and Chinese player? And where we stand there versus NIM?
Erez Israeli: We believe that we’re very competitive in terms of the cost structure, part of it is because the technology we are using, part of it is the calculation that we have on the product and part of it is the fact that we are in India, and leveraging the economy of India.
Kunal Dhamesha: Sure. Thank you.
Operator: Thank you. Next question is from the line of Prashant Nair from Ambit Capital. Please go ahead.
Prashant Nair: Yes, hi, thanks for taking my question. My question is only PSAI business. So, we’ve seen recovery here, is it fair to assume that the disruption in this business is behind us? And there is — this will continue to normalize as we go forward? And the second question is on the gross margin side, again, this used to be mid-20 percentage gross margin business in the past, can it still get to those levels, or would it settle a bit lower?
Erez Israeli: I believe that it should go there and we are in the right direction to be done. And I also believe that the challenges that we faced in the last 18 months or so are behind us. And like I mentioned, we do see very good signs of recovery, and there is still room for improvement on that side, which I believe that we will achieve.
Prashant Nair: Yes, thank you. That’s it from me.
Operator: Thank you. Next question is from the line of Saion Mukherjee from Nomura. Please go ahead.
Saion Mukherjee: Yes. Thanks and good evening. Erez can you update us on China filing and how the business is doing? And when do you expect meaningful traction in revenues?
Erez Israeli: So, we continue with the process. It’s going well, Amit can help me, but I think we are talking about 14 or 15 products–
Amit Agarwal: Every year now, Saion we are started filing more than double-digit — double-digits filings have started. As we speak, we have about 20 filings pending approval and in the next few years. So, going by this run rate, obviously, there will be 40, 50 filings over the next three four years. So, typically, after filing, it takes 18 to 24 months for a product to get approved. So, last year, we got like approval for four products. This year, we expect similar run rate and going forward, even it to become better and better. So, all I think statistics are working as we are expected and the sales also should start picking up faster. So, we are already growing in double-digit, but that can start growing faster, maybe somewhere second half of 2024, 2025 onwards.
Saion Mukherjee: Second half FY 2024.
Erez Israeli: FY 2024, we should see growth, FY 2025 even more.
Saion Mukherjee: Okay. And is this also on the Russia I mean how — I mean I know this quarter is good, you had biosimilar contract, but in general, the market dynamics are you seeing more traction for Indian companies in terms of procurement by the government, or market demand in general? I’m just looking at how should we think about constant currency growth in Russia from a slightly longer term perspective maybe for the next couple of years
