Branded formulations can become 20-25% of our biz

How do you see the company’s performance during Q1?

I think we have had a very good first quarter. People do not look at our R&D spend in the right perspective, especially when it is a very important indicator of how our business is doing. The more we spend on R&D, the more we can unlock greater value. And our Glargine clinical trials is a very good indicator of how well our R&D programmes are doing. If you were to then look at our business, although there was a decrease in Ebitda margins, most of it is the impact of higher R&D spend, which is good for our business from an investment point of view.

But R&D spend was higher in the previous quarter...

It was higher, but R&D spends are all linked to events, to clinical spends or to enrolment of patients. But basically what I’m trying to say is R&D spends are on the increase when you compare it to the last fiscal. I think that’s good news.

Sequentially, the company has taken a knock of 19% in net profit...

Well, ours is not a sequential business. Please understand.

What’s the business outlook for

... contd.