Neha Manpuria: Understood. Thank you so much.
Operator: Thank you. The next question is from the line of Damayanti Kerai from HSBC Securities and Capital Markets India Private Limited. Please go ahead.
Damayanti Kerai: Hi. Thank you for the opportunity. My first question is for your India business. So you obviously mentioned you’re working on some innovative product digital therapeutics etc. To improve market offering, but I just want to understand like how far these opportunities are right now for you because it appears that these kind of product uptake might take some time. And meanwhile, your India business is I’ll say going slowly in the market. So how do you bridge your growth versus market growth till the time those innovative products start delivering results?
Erez Israeli: Sure. First thing, just to calibrate, the part of the reason that people see in single digits is that [indiscernible] the brand that we acquired, the price erosion that we had, which we anticipated is part of the business plan that we took into account when we acquired this brand, contribute about 40% for that decline. Plus, in the base of last quarter, last year, we had also a product that we devastated. So, if we are taking those, we are already in the face of double digits. But going forward, what’s more important, we identify brands that should grow even faster than the market. So, I’m talking about brands that we grow at the pace of 1.5 times the market, those specific brands that we are building behind them.
And in addition to your point, indeed those pick-up may take time, but it’s very significant by time that we are building now. All the products that we are building in addition are better than the current standard of care. So, it will be meaningful growth more in the medium term. In FY ’25, I’m expecting to see double digit growth in the business from the business.
Damayanti Kerai: Okay. That’s comforting to hear. My second question is on your U.S. business. So, obviously, you delivered very good set of numbers. So, two reasons you mentioned pick-up in market share for some key products, et cetera. So, just want to understand, was there a little bit contribution for third quarter even much higher than what we saw in the first and second quarter? And have you seen, like, what kind of pick-up you have seen on the main portfolio?
Erez Israeli: So that I cannot speak unfortunately on quantity on REVLIMID. I can also say that it’s absolutely within our expectation. And I’m expecting to be meaningful also in the future. As for main year, we see pick-up, we see that it is growing. So, so far, it is within our expectation. I’m happy for this acquisition.
Damayanti Kerai: Okay. Thank you. My last question is, can you talk about your progress in some of GLP-1 products specifically for anti-obesity indication, which you might be targeting for, say, U.S. or other export markets?
Erez Israeli: So, we decided, like many others to do in this segment, it’s very important for us. It’s in our interest from both. The first, we are very much into anti-diabetics not just in India, but also actually globally. And we build ourselves, and the second is the peptides. As a family, we believe that it’s a core strength of ours from the API as well as on the sterile facilities that we have. So, the combination of what we want to play in this market very much and also to address some of the needs. So, we are planning to launch globally in all the countries that we have reached these products, and the relevant part of the situation will allow us to do that.
Damayanti Kerai: Okay, Erez. Thank you very much for your answers.
Operator: Thank you. The next question is from the line of Surya Patra from Phillip Capital India Private Limited. Go ahead.
Surya Patra: Yes. Thanks for this opportunity. My first question is on the U.S. business. In fact, the base U.S. business, excluding, let’s say, REVLIMID and the recently acquired managed portfolio. It looks like that while we are kind of for scenic, lattice performance, despite the improved pricing scenario in the U.S. So, could you qualify that, whether that is the kind of a trend what we have also seen and what is the kind of a growth that we are anticipating for the base business?
Erez Israeli: So I can confirm that the base business is growing. And we start looking for our ability to invest in both inventories and service and obviously in relation to the customers. I anticipate that this trend will continue, also in the future, and naturally, the geopolitical situation and in certain areas, the concern about sustainability of supply, is an important topic for customers, and we see ourselves as a partner to help them to their challenges. Whether we are successful, we have to see ourselves.
Surya Patra: Okay. Regarding the recent M&A is what we have seen, let’s say, leveraging the cash flow generation from the REVLIMID. I think we have done couple of acquisition and already announced three, four odd kind of line-selling arrangements. So cumulatively, all these initiatives should have also contributed to the growth in the base business. So, in fact, could you share that okay, what is the kind of incremental growth that such M&A initiatives would have added to the base business and going ahead over a period of let’s say next three, four years, I mean beyond REVLIMID opportunity, so what base business growth that you are anticipating out of the M&A activities?
