Conference Call with Windlas Biotech Management and Analysts on Q1FY26 Performance and Outlook. Listen to the full earnings transcript.
Pharmaceuticals company Windlas Biotech announced Q1FY26 results Revenue from operations stood at Rs 210.1 crore as against Rs 175.2 crore, a growth of 19.9% YoY. EBITDA stood at Rs 26.5 crore as against Rs 20.9 crore, a growth of 27.0% YoY. EBITDA Margin (%) came in at 12.6%. PAT stood at Rs 17.7 crore as against Rs 13.5 crore, a growth of 31.1% YoY. PAT Margin (%) came in at 8.4%. Hitesh Windlass, Managing Director, Windlas Biotech, said: “This quarter reinforces our strong growth trajectory, marking the tenth successive quarter of record revenue performance. The Company reported an earnings per share (EPS) of Rs 8.4 for Q1FY26, marking a 30% YoY increase. In line with its commitment to shareholder value creation, the Board paid a dividend of Rs 12.2 crore (Rs 5.8 per share) to its shareholders for FY25 in August 2025. The Indian Pharmaceutical Market (IPM) registered a YoY growth of 9% in Q1FY26, with a modest volume growth of 1%. We delivered 19.9% YoY revenue growth for the quarter, driven by steady contributions from all three business verticals. Our Generic Formulations CDMO vertical continues to deliver healthy performance, driven by customer additions, expansion in product portfolio, and consistent delivery of quality manufacturing products. The Trade Generics and Institutional vertical sustained their growth momentum through deeper penetration across core and adjacent markets, supported by government healthcare schemes such as Ayushman Bharat and Jan Aushadhi. In exports, we are actively pursuing several strategic initiatives aimed at meeting the increasing global demand for high-quality and affordable generic medicines. On the manufacturing front, we are strengthening our operational infrastructure through the upgrade of our recently acquired Plant 6, which remains on schedule for its planned capacity expansion. Additionally, our injectable facility is enhancing our ability to serve diverse customer needs and deliver a wider range of products efficiently. As we move ahead, our outlook on the broader Indian pharmaceutical sector remains optimistic. Our focus remains on driving long-term value for shareholders by boosting operational efficiencies, nurturing key talent, and expanding our dosage form capabilities.” Komal Gupta, CEO & CFO, Windlas Biotech, said: “On the back of performance momentum seen consecutively across the last ten quarters, we delivered another quarter of consistent performance with revenue of Rs 210 crore., EBITDA Rs 27 crore, and PAT Rs 18 crore. The company recorded 20% YoY growth in revenue, 27% in EBITDA and 31% in PAT. The company’s gross margin expanded by 71 bps YoY to 38.3%, while EBITDA margin improved by 70 bps to 12.6%. Windlas Biotech is strategically focused on strengthening core capabilities and expanding into high-potential geographies to meet evolving market needs. Through disciplined execution and operational efficiency, we are well-positioned to drive sustainable growth, enhance competitiveness, and create long-term value for our shareholders. Our Generic Formulations CDMO vertical achieved growth of 17.8% YoY, contributing Rs 160 crore in revenue. Our continuous endeavour to ensure delivery excellence and stringent quality standards strengthens our positioning as a trusted CDMO partner in the pharmaceutical industry. The Trade Generics and Institutional vertical grew by 25.2% YoY to Rs 44 crore. This growth was driven by enhanced distribution reach, stronger market presence in previously underserved regions and increased product range. Exports vertical registered 45.4% YoY growth to Rs 6 crore, as we continue to deepen our presence in key regulated and semi-regulated markets. As we progress through FY26, the company remains focused on driving process enhancements and strengthening internal efficiencies. We are currently witnessing encouraging trends across all business verticals. Backed by a differentiated value proposition and strong customer engagement, the company is optimally structured to unlock its long-term goals in a sustainable and impactful manner.” Result PDF
Pharmaceuticals company Windlas Biotech announced Q4FY25 & FY25 results Q4FY25 Financial Highlights: Revenue from operations stood at Rs 202.7 crore as against Rs 171.3 crore, a growth of 18.3% YoY. EBITDA stood at Rs 25.5 crore as against Rs 22.0 crore YoY, a growth of 16.3% YoY. EBITDA Margin (%) came in at 12.6%. PAT stood at Rs 16.3 crore as against Rs.17.0 crore. PAT Margin (%) came in at 8.0%. FY25 Financial Highlights: Revenue from operations stood at Rs 759.9 crore as against Rs 631.0 crore, a growth of 20.4% YoY. EBITDA stood at Rs 94.1 crore as against Rs 78.2 crore YoY, a growth of 20.4% YoY. EBITDA Margin (%) came in at 12.4%. PAT stood at Rs 61.0 crore as against Rs 58.2 crore YoY, a growth of 4.8% YoY. PAT Margin (%) came in at 8.0%. Commenting on the results Hitesh Windlass, Managing Director – Windlas Biotech said, “The Indian Pharmaceutical Market (IPM) registered a YoY growth of 8.4% in FY25, largely driven by price increases with volume growth of 0.4%. We are pleased to report another quarter of strong performance of revenue growth of 20% YoY for FY25 and 18% YoY in Q4FY25. Our Generic Formulations CDMO vertical continued to benefit from new customer additions and a broader product portfolio. The Trade Generics & Institutional vertical maintained its growth momentum through wider market penetration and institutional engagement. The company continues to work towards the initiatives in the export vertical such as filing of numerous dossiers and entry into newer markets. Our proactive investments in quality systems, infrastructure, and digital transformation continue to position us strongly with respect to Schedule M compliance. We have begun utilizing Plant-2 extension in Q4 FY25 which gives us the required room for growth in upcoming period. Our Injectable facility has been approved by several large customers and few Injectable products made by us have been commercialized by our CDMO as well as Trade Generics verticals. We continue to augment our manufacturing network through modernization and retrofit of our recently acquired Plant-6 oral solids facility as per plan. The company achieved its highest-ever earnings per share (EPS) in FY25 (Rs 29.19) post listing. In line with our dividend policy, the company paid Rs 11.5 crore (Rs 5.5 per share) dividend related to FY24 and proposed the dividend of Rs 12.1 crore (Rs 5.8 per share) related to FY25. Looking ahead, we remain focused on enhancing long-term value for shareholders through diversification of client-base, increasing operational efficiencies, retaining & rewarding of key talent and expansion of dosage forms.” Adding further, Komal Gupta, CEO & CFO - Windlas Biotech said, “ We are pleased to conclude FY25 with strong performance across key metrics: Rs 759 crore. Revenue, 20.4% YoY growth 9th straight quarter of record revenue, Rs 202.7 crore. (18.3%YoY growth) Highest ever EPS of Rs 29.19 post listing Working Capital days 14 Sustained ROCE & ROE > 20% alongside capacity expansion projects Strong liquidity Rs 213 crore. We have sustained our operating margins, reflecting our robust financial management despite an increase in depreciation, largely attributable to the Injectables facility and the Plant-2 extension. PAT stood at Rs 61.0 crore for FY25 and Rs 16.3 crore for Q4FY25 – as compared to Rs 58.2 crore and Rs 17 crore for FY24. EBITDA grew by 20% YoY to Rs 94.1 crore for FY25, and by 16% YoY to Rs 25.5 crore for Q4FY25. India’s pharmaceutical industry ranks as the third-largest globally by volume. Our state-of-the-art manufacturing facilities in Dehradun strengthen our ability to deliver high-quality, scalable solutions to meet the evolving demands of the market. Windlas is strategically positioned to capture growth through diversified presence across its core verticals. In Generic Formulations CDMO vertical we continue to direct our efforts towards sustained client engagement, new client acquisitions, new product launches and higher wallet share from current partners.. This vertical recorded 15% YoY increase in FY25 to Rs 555.1 crore. For Q4FY25, this vertical generated Rs 147.2 crore in revenue, witnessing 15% YoY growth. Trade Generics and Institutional vertical is driven by portfolio expansion, broader distribution and institutional network, also supported by government driven initiatives. Our Trade Generics and Institutional vertical continued its growth momentum in FY25, with revenue surged to Rs 172.1 crore, marking a 41% YoY increase. For Q4FY25, revenue increased to Rs 45.5 crore, registering 31% growth YoY. Exports vertical reported revenue of Rs 32.6 crore in FY25, a 19% increase YoY, with Q4FY25 showing a revenue of Rs 10.0 crore reflecting 12% growth YoY. In conclusion, FY25 has been a year of meaningful progress for Windlas—anchored by consistent growth, resilient margins, and strategic execution. These results underscore the strength of our business fundamentals and the clarity of our vision. As we look ahead, we remain confident in our ability to seize emerging opportunities and deliver enduring value to all our stakeholders“ Result PDF
Pharmaceuticals company Windlas Biotech announced Q3FY25 results Revenue from operations stood at Rs 195.0 crore as against Rs 162.2 crore, a growth of 20.2% YoY. EBITDA stood at Rs 24.6 crore as against Rs 20.3 crore YoY, a growth of 21.1% YoY. EBITDA Margin (%) came in at 12.6%. PAT stood at Rs 15.6 crore as against Rs 15.1 crore YoY, a growth of 3.2% YoY. PAT Margin (%) came in at 8.0%. Hitesh Windlass, Managing Director – Windlas Biotech said, “The Indian Pharmaceutical Market (IPM) registered a 7% year-on-year growth in Q3FY25, primarily driven by price increases, as volume growth remained negative. We are pleased to report a resilient performance, as we have registered YoY revenue growth of 21% in 9M and 20% in Q3. This performance is driven by strong momentum in our Trade Generics and Institutional vertical, complemented by consistent contributions from our CDMO and Export verticals. The growth of the business development team, expanded customer base and the introduction of new products are driving positive results in the Generic Formulations CDMO vertical despite negative volume growth and API prices reduction resulting in lower conversion. The Trade Generics and Institutional vertical continues to maintain strong growth trajectory. Our sales force has been broadened across both key and surrounding territories for this vertical, enhancing our market reach. In January 2025, the injectables facility received Good Manufacturing Practices (GMP) certification from the Food Safety & Drugs Administration Authority of Uttarakhand, following an inspection in December 2024, confirming compliance with WHO’s TRS Guidelines in all five plants of the company. Accordingly large customers have scheduled audits of our Injectable facility in Q4FY25. Stability testing completion of production batches taken in H1FY25 has commenced in Q3FY25. In line with our strategic roadmap, the Plant-2 extension is now fully operational.” Komal Gupta, CEO & CFO - Windlas Biotech said, “Our all-time high revenue streak persists into the 8th quarter. For 9MFY25, revenue reached Rs 557.2 crore showcasing 21% YoY growth and Q3FY25 revenue rose by 20% YoY to Rs 195.0 crore. We are committed to enhancing our capabilities, expanding into new regions and providing high-quality pharmaceutical products that address the evolving needs of our customers and patients. Our strategic initiatives and operational efficiencies position us for long-term growth and value creation. Our diversified product portfolio, strong customer relationships, and dedicated team, combined with strategic investments position us for consistent growth in our Generic Formulation CDMO vertical. This vertical recorded a 15% YoY increase in 9MFY25 to Rs 407.9 crore. For Q3FY25, this vertical generated Rs 135.7 crore in revenue, witnessing an 8% YoY growth. Our Trade Generics and Institutional vertical continues its growth momentum, indicating strong market acceptance of the company’s product offerings. In 9MFY25, revenue surged to Rs 126.6 crore, marking a 44% YoY increase. For Q3FY25, revenue increased to Rs 49.6 crore, registering an 74% growth YoY. Our exports vertical reported revenue of Rs 22.6 crore in 9MFY25, a 23% increase YoY, with Q3FY25 showing a revenue of Rs 9.7 crore reflecting 19% growth YoY. EBITDA surged by 22% YoY to Rs 68.6 crore (12.3% margin) for 9MFY25 and by 21% YoY to Rs 24.6 crore (12.6% margin) for Q3FY25. Despite increase in depreciation by Rs 9.7 crore for 9MFY25 and 3.6 crore for Q3FY25 - almost entirely due to injectable facility; PAT stood at Rs 44.7 crore - up 9% for 9MFY25 YoY and Rs 15.6 crore, up 3% YoY for Q3FY25.” Result PDF
Pharmaceuticals company Windlas Biotech announced H1FY25 & Q2FY25 results Q2FY25 Financial Highlights: Revenue from operations stood at Rs 187.0 crore as against Rs 152.7 crore, a growth of 22.5% YoY. EBITDA stood at Rs 23.0 crore as against Rs 18.7 crore YoY, a growth of 23.3% YoY. EBITDA Margin (%) came in at 12.3%. PAT stood at Rs 15.6 crore as against Rs 14.0 crore YoY, a growth of 11.5% YoY. PAT Margin (%) came in at 8.4%. H1FY25 Financial Highlights: Revenue from operations stood at Rs 362.2 crore as against Rs 297.5 crore, a growth of 21.7% YoY. EBITDA stood at Rs 43.9 crore as against Rs 35.8 crore YoY, a growth of 22.6% YoY. EBITDA Margin (%) came in at 12.1%. PAT stood at Rs 29.1 crore as against Rs 26.1 crore YoY, a growth of 11.7% YoY. PAT Margin (%) came in at 8.0%. Hitesh Windlass, Managing Director, Windlas Biotech said: "The Indian Pharmaceutical Market (IPM) reported a YoY growth of 8% in Q2FY25, with only a modest volume increase of 0.4%. Despite low volume industry growth, we are pleased to reveal another strong quarter of financial performance, achieving a revenue growth of 22% in Q2FY25 as well as in H1FY25. This outperformance was fueled by strong momentum in our Trade Generics and institutional vertical alongside a steady contribution from our CDMO vertical. We remain optimistic about the growth prospects in our Generic Formulations CDMO vertical as pharmaceutical companies continue to shift business to reliable, high-quality manufacturing partners. Providing Accessible, Affordable, and Authentic medication to the semi-urban and rural markets in India continues to be our focus in Trade Generics and Institutional vertical. Schemes like Ayushman Bharat and Jan Aushadhi continue to strengthen acceleration of institutional sales. For Export vertical, we continue to explore more new markets to meet the growing global demand for affordable generics. We are on track for capacity expansion of Plant 2. As updated earlier, the shortlisted brownfield facility in Selaqui, Dehradun has been acquired to meet our capacity expansion needs. The revenue generation from the injectables facility is expected to commence from Q3 FY25, as production batches complete their required stability testing. The Company paid a dividend of Rs 5.5 per share amounting to Rs 11.5 crore for FY24 in October 2024. The EPS rose to Rs 13.97 in H1FY25 and Rs 7.49 in Q2FY25, registering a YoY growth of 11%.” Komal Gupta, CEO & CFO - Windlas Biotech, said: “Our Highest ever quarterly revenue streak holds steady for 7th quarter. Windlas Biotech remains focused on expanding our outreach, driving efficiencies and delivering high-quality pharmaceutical products to meet the evolving needs of our customers and patients. In Generic Formulation CDMO vertical we have improved our customer engagement and service levels. In H1FY25, this vertical generated revenue of Rs 272.2 crore, showing a 19% YoY growth and for Q2FY25, revenue in this vertical reached Rs 136.3 crore, reflecting a 16% increase compared to last year. Trade Generics and Institutional vertical continues to be propelled by widening of product portfolio as well as expansion of distribution network. By adding more institutions and launching new products, we’ve extended our reach significantly - positioning us well for continued growth. In H1FY25, this vertical achieved revenue of Rs 77 crore, an increase of 30% YoY. For Q2FY25, we clocked revenue of Rs 41.9 crore, reflecting a 48% growth YoY. Our exports vertical reported revenue of Rs 12.9 crore in H1FY25, a 26% increase YoY, with Q2FY25 showing a revenue of Rs 8.8 crore reflecting 35% growth YoY. Our Injectables facility is yet to contribute revenue even though its OPEX and depreciation are included in H1 financials. In H1FY25, WBL revenue stood at Rs 362 crore, reflecting a 22% YoY growth. EBITDA saw a rise of 23% YoY, reaching Rs 44 crore. PAT came in at Rs 29 crore, reflecting a 12% YoY rise. For Q2FY25, the company’s revenue reached Rs 187 crore, reflecting a 22% YoY growth. EBITDA stood at Rs 23 crore, up by 23%, YoY and PAT was Rs 16 crore, registering a 12% YoY increase. As on 30th September, the company’s liquidity position is at Rs 200 crore (despite capex of Rs 48 crore in H1FY25). We are excited about the substantial growth opportunities in our space and are dedicated to maintaining growth momentum across all our business verticals.” Result PDF
Pharmaceuticals company Windlas Biotech announced Q1FY25 results: Crossed Rs 175 crore. milestone, highest revenue 6 quarters in a row Revenue Q1 FY25 Rs 175 crore - YoY growth 21% Highest ever CDMO revenue Rs 136 Cr- YoY growth 23% EBITDA and PBT Rs 21 crore and Rs 18 crore - YoY growth 22% and 12% EPS stands at Rs 6.47- YoY growth 12% Commenting on the results Hitesh Windlass, Managing Director – Windlas Biotech said, “While the Indian Pharmaceutical Market (IPM) registered a Y-o-Y growth of 7% in Q1FY25, with marginal volume growth of 0.4%, our company outpaced these figures, achieving a revenue growth rate of 21% in the same period. This growth is driven by strong performance in CDMO vertical. The EPS improved to Rs 6.47 in Q1 FY25, as compared to EPS of Rs 5.79 in Q1 FY24, experiencing a growth of 12% YoY. Expansion of business development team, broadening of customer base and launch of new products are yielding strong outcomes in Generic Formulations CDMO vertical. Trade Generics and Institutional vertical is expected to continue its growth momentum for FY 2025. We have expanded our sales force in core and adjacent territories for Trade generics and have also improved penetration in several new institutional accounts. Government policies continue to accelerate medical coverage to vast number of economically backward Indians through schemes like Ayushman Bharat and Jan Aushadhi and we are well positioned to serve these opportunities. We are very excited about being a partner of choice for our clients during the implementation of new quality guideline (Schedule-M) by the regulator. Our own Trade Generics brands leverage this manufacturing excellence and bring us the ability to address the under-served large population of India. The same manufacturing excellence is our gateway to build a strong export business in emerging markets. We are on track with respect to building additional capacities through several brown-field initiatives that shall enable us to deliver aggressively towards our growth plans”. Adding further, Komal Gupta, CEO & CFO - Windlas Biotech said, “We are pleased to deliver six times in a row the highest ever quarter revenue, showcasing YoY growth across all business verticals. The Company's revenue grew by 21% YoY to Rs 175 crores in Q1FY25. The EBITDA recorded an increase of 22% at Rs 21 crores compared to the previous year. PAT came in at Rs 13 crores, registering a 12% YoY uptick. Q1 FY25 is also the largest ever revenue quarter for Generic Formulation CDMO vertical. This vertical generated revenue of Rs 135.9 crores, with a YoY growth rate of 23% in this quarter. Improving engagement momentum with customers through operational excellence and enhanced service levels has been a sustained effort in Generic Formulations CDMO vertical. This combined with launch of new products and wallet share expansion continues to be the focus here. Our Trade Generics and Institutional vertical generated revenue of 35.1 crores, with a YoY growth rate of 14%. We have expanded our distribution network and added new members to the sales team to cover additional territories within our core geographies. We have also added more institutions as well as more products to expand the outreach of this vertical. Our endeavor to provide Accessible, Affordable and Authentic medication to the rural masses is finding strong resonance with the marketplace and we are gearing for a strong FY25 for this vertical.Our exports vertical demonstrated revenue of Rs 4.1 crores in Q1FY25 with YoY growth rate of 10%. We have entered into an agreement to acquire a basket of Market Authorizations in Europe to expand our product portfolio and geographic reach. This quarter we had the additional operating costs and depreciation associated with our injectable facility as well as a significant increase in minimum wages across all facilities. Despite this the Company has delivered EBITDA of 12% and PBT of 10.5%. We expect revenue from injectable facility to clock in starting mid Q3 FY25 as the current batches being made complete their required stability testing. We are excited about the vast growth opportunities and our strong momentum. Looking forward to connecting next quarter! Result PDF
Pharmaceuticals company Windlas Biotech announced Q4FY24 & FY24 results: Q4FY24 Financial Highlights: Revenue from operations stood at Rs 171.3 crore as against Rs 140.7 crore, a growth of 21.7% YoY. EBITDA stood at Rs 22.0 crore as against Rs 16.4 crore YoY, a growth of 33.9% YoY. EBITDA Margin (%) came in at 12.8%. PAT stood at Rs 17.0 crore as against Rs 11.4 crore YoY, a growth of 48.4% YoY. PAT Margin (%) came in at 9.9%. FY24 Financial Highlights: Revenue from operations stood at Rs 631.0 crore as against Rs 513.1 crore, a growth of 23.0% YoY. EBITDA stood at Rs 78.2 crore as against Rs 60.2 crore YoY, a growth of 29.8% YoY. EBITDA Margin (%) came in at 12.4%. PAT stood at Rs 58.2 crore as against Rs 42.6 crore YoY, a growth of 36.5% YoY. PAT Margin (%) came in at 9.2%. Commenting on the results, Hitesh Windlass, Managing Director – Windlas Biotech said, “During the fiscal year 2024, the IPM witnessed a YoY growth of 7.6% with volume constituting 0.7%. We are very happy to share that your company has achieved record growth of 23% in FY24. The strategic decisions made in the preceding years, such as expanding our customer base and launching innovative products, are yielding favorable outcomes in Generic Formulations CDMO vertical. In Trade Generics and Institutional vertical also, your company continues to focus on providing Accessible, Affordable, and Authentic medication to the underserved semi-urban and rural markets in India. Government policies that extend medical coverage to vast number of economically backward Indians through schemes like Ayushman Bharat and Jan Aushadhi are further accelerating Institutional purchases. In March 2024 we commenced manufacturing at our state-of-the-art injectable facility, which is built to meet international cGMP standards. This facility deepens our focus on complex dosage forms and chronic/sub-chronic therapies and shall cater to all three of our business verticals. The company achieved its highest-ever earnings per share (EPS) in both FY24 (Rs 27.97, YoY growth 42%) and in Q4FY24 (Rs 8.17, YoY growth 52%) following its listing. Furthermore, we have effectively improved our liquidity position, distributed dividends to our esteemed shareholders and generated substantial net operating cash flows. Our robust financial performance in FY24 and Q4FY24 is a testament to our dedicated team, strong partnerships, and customer-centric approach. We are confident in our ability to continue this growth trajectory and create long-term value for all stakeholders.” Adding further, Komal Gupta, CEO & CFO - Windlas Biotech said, “Windlas Biotech remains focused on expanding our capabilities, pursuing expansion in newer geographies, driving innovation and delivering high-quality pharmaceutical products to meet the evolving needs of our customers and patients. Our strategic initiatives and operational efficiencies position us well for sustained growth and value creation. We are delighted to announce strong FY24 financial results on the back of performance momentum seen consecutively across last five quarters. Q4FY24 recorded Rs 171 crore revenue and Rs 22 crore EBITDA being thus the fifth consecutive quarter of highest ever revenue and EBITDA. The company generated strong net operating cash flows of Rs 109 crore during FY24 and had a healthy liquidity position of Rs 206 crore as on 31st March 2024. The EPS stood at Rs 27.97 and 8.17 per share in FY24 and Q4FY24 depicting a YoY growth of 42% and 52%, respectively. In line with our dividend policy, the company proposed the dividend of Rs 11.4 crore (Rs 5.5 per share) related to FY24. The growth in Generic Formulation CDMO business vertical is driven by our sustained efforts to attract new customers, increase wallet share with current customers and launch of new products. This vertical achieved a revenue of Rs 481.3 crore in FY24 with a YoY growth rate of 19%; and Rs 127.8 crore in Q4FY24 recording a YoY growth rate of 14%. Trade Generics and Institutional vertical continues to be robust, propelled by wider product portfolio as well as expansion in distribution network across our target market. Government is targeting to increase the Jan Aushadhi store count by 2.5 times to 25,000 by the end of FY26. This will provide added impetus to our Trade Generics and Institutional business. This vertical achieved a revenue of Rs 122.4 crore in FY24 with a YoY growth rate of 35%; and Rs 34.7 crore in Q4FY24 recording a YoY growth rate of 58%. Our Exports vertical demonstrated revenue of Rs 27.4 crore in FY24 with a YoY growth rate of 38%; and Rs 8.9 crore in Q4FY24 recording a YoY growth rate of 27%. In the context of the overall financial performance of the company, the revenue generated during FY24 amounted to Rs 631 crore, growth of 23% YoY and for Q4FY24 we recorded Rs 171 crore, a YoY gain of 22%. The EBITDA for FY24 stood at Rs 78 crore, an uptick of 30% YoY and for Q4FY24 Rs 22 crore, witnessing a growth of 34% YoY. The company's PAT for FY24 amounted to Rs 58 crore, reflecting a YoY increase of 37% and for Q4FY24 stood at Rs 17 crore, a YoY rise of 48%.” Result PDF