Dr. Agarwal's Health Care Limited — Q3 FY26

Dr. Agarwal's Health Care Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=3jbSshiBeT8 Published: 3 months ago

0:00 Ladies and gentlemen, good day and welcome to the Q3 and 9 months ended December 31st, 2025 earnings conference 0:08 8 seconds call hosted by Dr. Agarwal's Healthcare Limited. As a reminder, all participal lines will be in the listenon mode and 0:16 16 seconds there will be an opportunity for you to ask questions after the presentation concludes. 0:21 21 seconds Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchstone phone. I now hand the 0:30 30 seconds conference over to Miss Ashna Dharia, head investor relations from Dr. 0:34 34 seconds Agarwal's Healthcare Limited. Thank you and over to you Ashna. 0:39 39 seconds Thank you Ryan. A very good morning ladies and gentlemen. Welcome to Dr. 0:43 43 seconds Aaral's Healthcare 23 and 9 months ended December 31, 2025 earnings call. From the management side, we have Dr. Adil Adavaral, Chief Executive Officer, Dr. 0:54 54 seconds Asharal, Chief Business Officer, Mr. Dr. 0:57 57 seconds Rahul Aaraval, Chief Operating Officer, Dr. Wa Jin, Chief Strategy Officer, and Mr. Yashwan Wenut, Chief Financial 1:05 1 minute, 5 seconds Officer. We've also released the financial results, present beans and investor presentation, all of which are available on our website and the 1:13 1 minute, 13 seconds exchanges as well. Before we continue, we want to remind everyone that this call is being recorded and the transcript will be made available on our 1:20 1 minute, 20 seconds website afterwards. Additionally, please be aware today's discussion may include certain forward-looking statements which should be considered in the light of the 1:28 1 minute, 28 seconds risk a business faces. Please refer to the detailed statement of it on page two of the investor presentation. It is now my pleasure to hand over the call to Dr. 1:37 1 minute, 37 seconds Adil, Dr. Adil Ara, our chief executive officer who will share his opening remarks and insights. Dr. Adil, over to you. 1:46 1 minute, 46 seconds Ladies and gentlemen, we have lost the line of the management. Please stay connected while I reconnect the management. Thank you. Ladies and gentlemen, thank you for your patience. 1:54 1 minute, 54 seconds We have the management line reconnected. Dr. A, you may proceed. 2:01 2 minutes, 1 second Thank you Ashna uh and Ryan. A very good morning to all of you and a warm welcome to the Q3 FI26 earnings call of Dr. 2:09 2 minutes, 9 seconds Agaras Healthcare Limited. Let me begin by providing you all an update on the performance of the company. For the 9 2:17 2 minutes, 17 seconds months ended December 2025, the company reported a total income of 2:23 2 minutes, 23 seconds 1548 crores up 20.8% yearonear while revenue from operations rose 21.2% 2:32 2 minutes, 32 seconds to 1516 crores. We delivered a robust India 2:38 2 minutes, 38 seconds of 440 crores reflecting our 23.6% 6% year-on-year growth with margins improving by 64 basis points to 28.4%. 2:50 2 minutes, 50 seconds Our profit after tax grew 74.3% yearonear to 118 crores with PAT margins expanding by 234 basis points to 7.6%. 3:03 3 minutes, 3 seconds Moving on to the third quarter performance. I'm pleased to share that we delivered a robust and well-rounded quarter reflecting strong execution 3:12 3 minutes, 12 seconds across our network. For the third quarter, the company reported a total income of 540 crores, up 21.9% 3:20 3 minutes, 20 seconds year-onear while revenue from operations rose 23% to 530 crores. Q3 also 3:27 3 minutes, 27 seconds delivered a robust India IITA of 155 crores reflecting a 21.3% year-on-year growth with margins of 3:36 3 minutes, 36 seconds 28.4% for Q3. Profit after tax grew 55% to 44 crores while PAT margins expanded 3:44 3 minutes, 44 seconds by 171 basis points to 8.1% for Q3. 3:50 3 minutes, 50 seconds Next, I would like to share our footprint and network growth update. 3:54 3 minutes, 54 seconds During the 9 months ended December 2025, we served over 22 lakh patients and 4:00 4 minutes performed nearly 2 lakh 38,283 surgeries. Every day, nearly 10,000 4:08 4 minutes, 8 seconds patients now walk into our facilities across our network, up from about 8,000 in the previous financial year. This represents a 25% growth in walk-ins. 4:20 4 minutes, 20 seconds This consistent growth in footfall reflects not just the scale of our operations, but also the strength of our brand recall and our ability to deliver 4:29 4 minutes, 29 seconds quality eye care close to where patients live. 4:33 4 minutes, 33 seconds During the year, we continue to invest in the expansion and stabilization of our newly launched facilities. The ramp 4:41 4 minutes, 41 seconds up across recently launched facilities has been faster than earlier phases. 4:45 4 minutes, 45 seconds supported by strengthening brand equity, reinforcing our confidence in scaling expansion more aggressively while continuing to deliver superior clinical 4:54 4 minutes, 54 seconds outcomes in India. Now we have a total network of 253 facilities across 14 states and five union territories 5:02 5 minutes, 2 seconds covering 148 cities. Our presence is well diversified now with 31% of our facilities in tier one markets, 62% in 5:11 5 minutes, 11 seconds other markets and 7% located internationally. 5:15 5 minutes, 15 seconds We expand our footprint by commissioning 14 new green field facilities this quarter further strengthening our region 5:22 5 minutes, 22 seconds capacity. These included nine secondary centers including one in Tamil Nadu in Turupatu, Kolapur in Maharashtra, 5:30 5 minutes, 30 seconds Kanapura road in Bangalore and Raichur in Karnataka. We also launched a project in Hana in Guru, Chance, Kha and Boda 5:38 5 minutes, 38 seconds and Gujarat, Pri Bihar in Delhi and UNL in Andhra Pradesh along with five primary centers across Tamil Nad and URA. 5:47 5 minutes, 47 seconds Let me now turn to an update on our clinical excellence initiatives and our growth in complex surgeries for the 9 month period ending December 2025. 5:56 5 minutes, 56 seconds High-end cataract surgeries accounted for 43.5% of total catact procedures. 6:02 6 minutes, 2 seconds 45,459 surgeries were done in total, an increase of 43.5% over the same period last year. Within the high-end 6:11 6 minutes, 11 seconds surgeries, robotic catact surgeries, what we call as the phento catact grew by a robust 83% yearon year, rising from 6:20 6 minutes, 20 seconds 2,616 to 4,400 procedures. As shared in our previous earning call, new robotic 6:27 6 minutes, 27 seconds catact systems have now been installed at our cherry facility in Chennai and our Delhi facility which is now 6:34 6 minutes, 34 seconds performing close to 60 such surgeries on a monthly basis on average. 6:39 6 minutes, 39 seconds Additionally, we are strengthening our advanced surgical capabilities with additional with addition of robotic systems in Bura and in Bashi. 6:47 6 minutes, 47 seconds Lenticular procedures, what we call as the smile surgeries for retractive, increased 17.7% yearonear from 4,223 6:57 6 minutes, 57 seconds to 4,970 surgeries while retinal surgeries totaled 940 uh surgeries up 7:04 7 minutes, 4 seconds 23.2% from last year. We also did a total of 792 cornal transplants over this entire 7:12 7 minutes, 12 seconds period. We continue to invest in cuttingedge technology to enhance diagnostic accuracy and surgical outcomes. Recent additions include the 7:21 7 minutes, 21 seconds catalyst and elita systems at our gur center as well as the luma 300 and scored vihar center. On the research and 7:30 7 minutes, 30 seconds capability building front, our clinicians have contributed over 340 publications in leading international medical journals over the past three 7:38 7 minutes, 38 seconds decades, underscoring our commitment to advancing of science. During the quarter, nearly 50 doctors underwent 7:45 7 minutes, 45 seconds advanced training across multiple specialtities as part of our continuous learning and development initiative. Now moving on to some business updates. Let 7:54 7 minutes, 54 seconds me first begin with our region wise performance. Our southern region continues to be our largest market contributing to 63% of our total group 8:00 8 minutes revenues. This region delivered 950 crores of revenue representing a strong growth of 22.4% yearon year. We have 172 8:10 8 minutes, 10 seconds facilities located across our southern states and this includes 12 new additions in this year with four new facilities being added in Tamil Nad, 8:18 8 minutes, 18 seconds five in Karnataka, two in Andra and one in Kerala. We remain focused on sustaining our market leadership in both 8:25 8 minutes, 25 seconds Tamil Nadu and Telangana while further increasing adoption of the latest technologies in these regions in Karnataka, Andhra Pradesh and Kerala. We 8:34 8 minutes, 34 seconds are strengthening our network presence in both these markets by expanding significantly into high potential underserved markets through strategic facility opening. 8:44 8 minutes, 44 seconds Now coming to the west region, this region contributes to about 16% of our overall group revenues and deliver 244 8:51 8 minutes, 51 seconds crores in revenue up by 18.4% yearonear despite some impact of the festive season during the quarter. We currently 8:59 8 minutes, 59 seconds have 46 facilities in the west region including six new facilities which are open in these nine months. 9:06 9 minutes, 6 seconds Maharashtra as you have highlighted earlier continues to be a key region for us as we aim to deepen our presence in the underserved regions of the state 9:14 9 minutes, 14 seconds while further expanding into the micro markets of our metro cities such as Mumbai and Pune in Gujarat. We remain optimistic given the strong performance 9:23 9 minutes, 23 seconds of our new centers in Suda. We also commissioned a secondary facility in Chantra in Ahmedabad and also launched a 9:30 9 minutes, 30 seconds facility in Boda. We plan to further strengthen our footprint in the state by adding more facilities and accelerating adoption of advanced technologies across 9:39 9 minutes, 39 seconds the region. Now coming to the north region, this contributed to 8.3% of our group revenues and this region reported 9:46 9 minutes, 46 seconds 126 crores of revenue this quarter up by 19.7% yearonear. We currently operate 24 facilities in the entire north region. 9:55 9 minutes, 55 seconds Continuing from our previous update on our entry into the Delhi NCR region, operations have commenced on a strong note with strong traction in patient 10:04 10 minutes, 4 seconds volumes and steady month-on-month revenue growth. Building on the success of our Delhi main flashy facility, we launched a secondary facility in Gurau 10:13 10 minutes, 13 seconds in November 2025. December marked its full month of operations during which it witnessed strong patient traction. We 10:20 10 minutes, 20 seconds have also commissioned facilities in Priihar and Rajuri garden which is currently in the early ramp up phase with focused efforts underway to build 10:27 10 minutes, 27 seconds local market awareness and uh progress on key accreditation milestones. Overall performance remains strong across 10:35 10 minutes, 35 seconds regions with all markets delivering healthy double double digit growth. 10:40 10 minutes, 40 seconds Now moving on to our vintage performance of uh of this year facilities operational prior to FI22 contributed to about,25 crores registering a 10:49 10 minutes, 49 seconds year-on-year growth of 14.2% underpinning underpinning our strong same store sales growth performance. 10:56 10 minutes, 56 seconds Facilities opened in FI23 generated 187 crores growing at 14.3% while those launched in FI24 delivered 124 crores of 11:05 11 minutes, 5 seconds revenue achieving a strong growth of 18%. Moving on to our next business update. Our planned facility openings 11:12 11 minutes, 12 seconds for each quarter of the current year. Up to December 2025, we stencil our network by adding 38 new facilities out of which 11:20 11 minutes, 20 seconds 23 were surgical centers over the next quarter of this financial year. We plan to launch another 16 centers including five in the south, five in the west, and 11:28 11 minutes, 28 seconds six in the north. Out of the total plan addition, 11 facilities are expected to be surgical centers. So to conclude, our 11:35 11 minutes, 35 seconds sustained focus on operational efficiency and disciplined execution has driven a strong performance across the 11:42 11 minutes, 42 seconds first three quarters and we are well positioned to meet the guidance committed at the beginning of the fiscal year. Now I would like to hand it over 11:50 11 minutes, 50 seconds to our CFO Mr. Yeshut who will take a deeper dive into our financial performance. Thank you Dr. Adil. I'll begin with the operational update. 11:58 11 minutes, 58 seconds Surgical services continue to be the main revenue driver, contributing 67% to the group revenue. Diagnosis, consultations, and other non-surgical 12:07 12 minutes, 7 seconds treatments contributed 11.6%. And the sale of optical products and pharmacy items accounted for 21.5%. 12:14 12 minutes, 14 seconds For year to date December 2025, we performed 238 283 surgeries, marking a 11.6% 12:22 12 minutes, 22 seconds year-on-year growth. Catact surgeries remain the largest contributor accounting for approximately 72.7% of total surgeries followed by refractive 12:31 12 minutes, 31 seconds surgeries at at around 5%. Volumes for catact and refractive surgeries grew 9.6% yearonear while other surgeries on 12:40 12 minutes, 40 seconds a blended basis recorded a growth of 18.9%. 12:44 12 minutes, 44 seconds Our payer mix for YTD December 2025 stood at 62.4% 4% from cash, 28.5% from 12:52 12 minutes, 52 seconds insurance and TPA and 9.1% from government schemes. The domestic payer mix stood at 17.9% from cash, 22.9% from 13:00 13 minutes insurance and TPA and 6.3% from government schemes. Moving on to the financial section, I'll start with the revenue split. The group's revenue from 13:09 13 minutes, 9 seconds operations grew by 23% year-onear reaching 530 crores in Q3 FY26 compared 13:16 13 minutes, 16 seconds to 431 crores in Q3 FY25. Revenue from operations in India stood at 480 crores 13:23 13 minutes, 23 seconds reflecting a growth of 23.1% despite unseasonal range in our core markets and impact on the business due 13:30 13 minutes, 30 seconds to festivals. This growth was supported by near equal contributions from both volume and value of close to 13% with 13:37 13 minutes, 37 seconds the remaining contribution coming from new centers opened in FI25 and FI26. 13:43 13 minutes, 43 seconds Gross margin remained stable yearon year and decreased slightly quarteron quarter despite a higher contribution of surgeries in segment mix with highend 13:52 13 minutes, 52 seconds catact procedures rising to 26.6% in YD December 2025 when compared with FI25 of 14:00 14 minutes 24.6%. 6%. Doctor and employee costs cumulatively have increased by 140 basis points to 33.4% 14:08 14 minutes, 8 seconds of total revenues for Q3 FI26 as compared to Q3 FI25. I would also like to briefly address the impact of the new 14:16 14 minutes, 16 seconds labor course. We have undertaken a detailed evaluation of the labor codes across the group based on the information currently available and the 14:24 14 minutes, 24 seconds provisions notified so far. Our existing salary structures and employee benefit policies are already broadly aligned 14:31 14 minutes, 31 seconds with the requirements of the labor codes and the incremental impact for us is not material currently. We'll continue to monitor the finalization of central and 14:40 14 minutes, 40 seconds state rules and any further clarifications from the government and we'll make appropriate adjustments if required. Other expenses as a percentage 14:49 14 minutes, 49 seconds of total revenue have reduced to 15.5% of total revenues. A total of INR 95 crores in loans have been repaid from 14:57 14 minutes, 57 seconds IPO proceeds. 128 crores in Q4 FI25 and 67 crores in YTD December 25 leading to 15:05 15 minutes, 5 seconds lower finance cost and higher profitability versus the same quarter last year from 75.1% the share of profit after tax 15:14 15 minutes, 14 seconds attributable to owners has expanded to 79.1% in YTD December 2025 signaling improved profitability in the holding company. 15:25 15 minutes, 25 seconds Thank you all. We'll open the floor to questions. 15:29 15 minutes, 29 seconds Thank you. Ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their 15:38 15 minutes, 38 seconds Touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants 15:46 15 minutes, 46 seconds are requested to use their handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. 15:56 15 minutes, 56 seconds We take the first question from the line of Ben Singh from Morgan Stanley. Please go ahead. 16:03 16 minutes, 3 seconds Uh hi team uh congratulations on another steady quarter. Uh two questions from my side. Uh when we look at the surgery mix 16:11 16 minutes, 11 seconds for the quarter you know taking uh from the YTD numbers we know that the cataract surgery growth has slowed down 16:18 16 minutes, 18 seconds to around 4%. uh but at the same time the refractive surgery growth has uh risen quite sharply. uh so could you 16:26 16 minutes, 26 seconds comment on these trends uh in fact uh and also typically we see refractive March quarter tends to be the biggest but this time your December itself is 16:34 16 minutes, 34 seconds very strong so how should we see that trend going ahead so that's the first question thanks hi V thanks for the question I will just 16:42 16 minutes, 42 seconds request our CEO Mr. Rahul to just take this. 16:46 16 minutes, 46 seconds Um so V hi um actually our catact has been quite strong this quarter. We've grown by almost 18 and a half%. 16:56 16 minutes, 56 seconds Ladies and gentlemen, we have lost the line of the management. Please stay connected while I reconnect the management. Thank you. 17:03 17 minutes, 3 seconds Ladies and gentlemen, we have the mansion line reconnected. V if you could please repeat the question for the management. Thank you. 17:11 17 minutes, 11 seconds So I'm okay. 17:14 17 minutes, 14 seconds Yeah, I can just start off. 17:16 17 minutes, 16 seconds Yeah. So as I was saying, our catact for this quarter has been uh stronger at 18 1.5% growth. Uh in fact, refractive has 17:25 17 minutes, 25 seconds been slower for us um this quarter and largely for this year. It's more uh to do with the overall industry being slightly slow on the refractive side 17:33 17 minutes, 33 seconds this year. Uh hopefully we'll bounce back on refractive next year. That's how we are seeing it this quarter. I think from a catact perspective which is the 17:42 17 minutes, 42 seconds bulk of the business that's coming in has been fairly uh strong. 17:49 17 minutes, 49 seconds Uh so so just to clarify you're saying the number of surgeries are up 18%. 17:55 17 minutes, 55 seconds The value is up 18%. And the number is up 13.7%. 18:03 18 minutes, 3 seconds on cats. 18:05 18 minutes, 5 seconds Okay. Okay. No, I I I'll separately take this and share. And similarly, you know, when I do the emerging facility revenue growth for this quarter, uh therein also 18:15 18 minutes, 15 seconds we see that the mature facility revenue growth has picked up whereas the emerging facility revenue growth has slowed down. Uh so again this is you 18:23 18 minutes, 23 seconds know subtracting the 9 month versus last presentation data. 18:31 18 minutes, 31 seconds Uh yes here see just a small clarification uh see uh if you go to the uh uh investor deck on slide 13 it is 18:40 18 minutes, 40 seconds better to look at the uh revenue growth on a vintage w basis uh because uh the 18:47 18 minutes, 47 seconds natural facility definition is is a rolling definition so it will not be appropriate to calculate uh so if you 18:56 18 minutes, 56 seconds look at your FI22 up to FI22 centers on a YD basis it close to about 14.2%. For 19:03 19 minutes, 3 seconds the half year it was about close to 13 around 13 and a half to 13.8%. So similarly other mintages also if you can 19:11 19 minutes, 11 seconds calculate the uh that that would give you the right picture. 19:16 19 minutes, 16 seconds right right no thanks team and uh just lastly if you could uh uh share the capeex number for the year how much have 19:24 19 minutes, 24 seconds you done and also what was thin's contribution this quarter that's it thanks 19:32 19 minutes, 32 seconds so uh on cap on capex we have done about close to 275 crores uh bin uh out of the 19:40 19 minutes, 40 seconds 310 crores which we had committed And uh on the spends in the subsidiary in for the cathedral road facility uh we had 19:49 19 minutes, 49 seconds done we have done close to about 35 crores out of 70 crores which were committed. Okay. Thanks. 19:59 19 minutes, 59 seconds Thank you. We take the next question from the line of Ana Ka from Alpha Alternatives. Please go ahead. 20:07 20 minutes, 7 seconds Yeah. Um hello sir. Uh first of all congratulations on a steady quarter. Um secondly my question to you is you mentioned you commissioned a few new 20:14 20 minutes, 14 seconds facilities right so I want to understand when those are supposed to um sort of become operational and uh when are you 20:21 20 minutes, 21 seconds expecting for them to break even I think uh Dr. Raj had mentioned about 20:28 20 minutes, 28 seconds commissioning of a couple of facilities uh in Delhi. Uh one in Priiha which is 20:35 20 minutes, 35 seconds uh which got launched at the end of uh December and uh one in Rajari Garden which has already got launched in uh 20:43 20 minutes, 43 seconds January. See uh in terms of uh a break even uh currently it will be difficult 20:50 20 minutes, 50 seconds for us to comment on Delhi uh facilities. Uh however we expect the facilities to broadly break even around the 15 to 18 month kind of a number. 21:02 21 minutes, 2 seconds That's a very uh broad estimate. 21:05 21 minutes, 5 seconds Um all right sir but you also mentioned a few other facilities apart from the ones in Delhi. I'm talking about the primary health centers etc. So what about those? 21:19 21 minutes, 19 seconds Okay. So we have we have totally launched about 23 surgical centers and about 14 primary centers. Uh out of 21:26 21 minutes, 26 seconds these 23 centers uh I will just give you the exact breakup. Give me a second. 21:34 21 minutes, 34 seconds Yeah. So we launched uh we launched five new facilities in four new facilities in Tamil, five new facilities in Karnataka, 21:43 21 minutes, 43 seconds two in Andra and one one in Kerala. 21:49 21 minutes, 49 seconds If you look at the the western region, we have also launched uh two new centers in uh in Boda, one in Boda and one in 21:57 21 minutes, 57 seconds Shankera which is in Gujarat and we launched one in Kapur and one in Orurangabad in Maharashtra. 22:05 22 minutes, 5 seconds the the unit metrics of our centers which have been launched in our core market are pretty much you know meeting are meeting the estimates in terms of 22:13 22 minutes, 13 seconds what we have previously guided the centers which have been opened in some of these non-core markets as just explained will will meet break even in 22:21 22 minutes, 21 seconds about 12 to 15 months that is the current run rate of these centers all right thank you 22:30 22 minutes, 30 seconds thank you we take the next question from the line of Sukrit G. Bartil from eyesight trade private limited. Please go ahead. 22:39 22 minutes, 39 seconds Good afternoon to the team. Uh I have two questions. The first question to Mr. 22:43 22 minutes, 43 seconds Adil is uh taking a slightly forward-looking lens as the network continues to scale, how does the 22:51 22 minutes, 51 seconds management balance capacity expansion, doctor availability and case mix to uh protect returns on capital? What are the 22:59 22 minutes, 59 seconds operating signals typically that tell you whether to ac accelerate expansion in a cluster or pause and optimize uh 23:07 23 minutes, 7 seconds the current existing centers that you have? That's the first question. I'll ask my second question after this. Thank you. 23:14 23 minutes, 14 seconds So the first the first important metric for you to look at is despite the the scale of our expansion. So like I had 23:21 23 minutes, 21 seconds mentioned we have launched about 52 uh facilities in the last 12 months. In these last nine months alone, we have added about 37 new facilities. The the 23:31 23 minutes, 31 seconds goal is to end up at about 52 to 55 facilities by the end of this year. One of the healthiest signs which we believe of us expanding the right way and us 23:40 23 minutes, 40 seconds being able to scale up our operations uh in in the right manner is if you see our ITA margins, we've been able to maintain them at a 28.5% ITA margin. Right? So 23:49 23 minutes, 49 seconds despite us being able to scale up this many new centers, we've been able to maintain our margins which basically means that we are ramping up our new new centers are a lot faster to break even. 23:59 23 minutes, 59 seconds That's the first sign. A second very important sign is our same store sales growth. That is a very very important metric that we track and like Rahul had 24:06 24 minutes, 6 seconds mentioned our same store sales growth is north of about 13.5% which is again a very very healthy sign. All of these kinds to the fact that you're generating 24:15 24 minutes, 15 seconds able to generate significantly healthy cash flows which you're actually able to deploy towards ramping up more centers. 24:21 24 minutes, 21 seconds So I would say these two are very very important signs for us which we look at. 24:24 24 minutes, 24 seconds How are you able to scale up your new centers at the same time what is the kind of same store sales growth you are able to maintain. If you're able to do 24:32 24 minutes, 32 seconds these significantly and you're actually able to uh better your margins or at least maintain your margins which you're at, you'll start to see the return on capital improving over the next two to 24:40 24 minutes, 40 seconds three years which is what we've already demonstrated over the last night. 24:45 24 minutes, 45 seconds My second question to Mr. Wenut is uh from a financial uh monitoring point of view beyond the reported margins, what 24:54 24 minutes, 54 seconds internal unit level metrics do you track most closely to assess whether uh the pricing power, utilization or cost 25:03 25 minutes, 3 seconds efficiency is trending uh according to the way that you have planned or it's starting to weaken across the board. 25:11 25 minutes, 11 seconds Just want to understand your view on this. Thank you. 25:14 25 minutes, 14 seconds Yeah, see uh every uh center uh in terms of uh the performance is uh tracked at the branch IITA level. The branch 25:23 25 minutes, 23 seconds operating margin of every uh center is tracked on a monthly uh basis wherein uh 25:29 25 minutes, 29 seconds we go about uh looking at projection for the particular first when we start the center we have a fiveyear projection and 25:37 25 minutes, 37 seconds we also track it on a monthly basis. uh here uh if the the the center starts to uh say uh 25:47 25 minutes, 47 seconds not break even within the stipulated uh particular uh time for that particular uh market. Uh then uh we have we bring 25:55 25 minutes, 55 seconds in a few uh interventions uh in terms of uh both the revenue ramp up as well as uh we also look at uh unit level uh 26:04 26 minutes, 4 seconds costs such as your doctor cost uh employee cost and also what we spend on uh marketing and few other administrative expenses as well which are in our uh control. 26:24 26 minutes, 24 seconds Yeah, I said thank you and best of luck for the next next order. Thank you. Thanks. 26:30 26 minutes, 30 seconds Thank you. We take the next question from the line of Nickel from Simpl. 26:38 26 minutes, 38 seconds Yeah. Hello. Uh thanks for the opportunity and congrats on good set of numbers. I hope I'm audible. 26:45 26 minutes, 45 seconds Yes, Nikl you're audible. You can you can you can go ahead with the question. 26:48 26 minutes, 48 seconds Yeah sir. Uh so my question was if I look at our revenue per facility over uh 26:55 26 minutes, 55 seconds like last 9 months uh across regions we've seen that there is a drop in revenue per facility while our surgical 27:02 27 minutes, 2 seconds mix has improved. So can you just uh help us understand why are we why why the revenue per facilities are dropping 27:11 27 minutes, 11 seconds across the regions. Uh so and how does this play play out over a period of time 27:19 27 minutes, 19 seconds like over uh last 5 10 years how would these numbers play out? 27:26 27 minutes, 26 seconds Um nickel hi nickel a small correction see when you're calculating the revenue per 27:33 27 minutes, 33 seconds facility you have to break it down into surgical as well as uh primary for example I think you are using the slide 27:40 27 minutes, 40 seconds uh 12 on the investor deck uh while calculating the revenue per uh facility so um in terms of the actual the revenue 27:48 27 minutes, 48 seconds per surgical facility has grown at a healthy career of about 14 to 15% over 27:55 27 minutes, 55 seconds the last four Yes. Uh my uh uh if you if you get into slide number uh 13 uh the 28:02 28 minutes, 2 seconds we have given the break up of the both the mature and emerging facilities both the surgical as well as the non-surgical. So 28:10 28 minutes, 10 seconds uh in terms of the non-surgical facilities they contribute about close to one and a half to 2% of the overall 28:18 28 minutes, 18 seconds group revenue. So if you have you remove that uh from your uh uh working then you can see that there's a clear uh track of 28:25 28 minutes, 25 seconds increase in revenue per surgical facility in okay and so where I'm coming from is uh 28:34 28 minutes, 34 seconds like if I look at only east as a region and it based on the revenue which we have 28:42 28 minutes, 42 seconds mentioned and the divide by the number of uh facilities the average was for last year was around 2 K which today 28:51 28 minutes, 51 seconds like based on the rough calculation comes to 1.57 1.6 while our surgical like the number of 28:59 28 minutes, 59 seconds patient and the surgery mix and everything has improved. So is it like when we go in and east is also a geography which is the number of 29:07 29 minutes, 7 seconds facilities are less. So is it like uh when we enter these new geographies we have to play the pricing game in order 29:15 29 minutes, 15 seconds to get the footballs. Uh I'm just trying to understand from how do we develop these new geography perspective. 29:23 29 minutes, 23 seconds Okay Nikl uh I'll uh answer your question just uh in east uh currently uh 29:29 29 minutes, 29 seconds in I'll just take as the market uh we have three facilities. So uh we launched 29:36 29 minutes, 36 seconds the third surgical facility uh just uh last year. It has it has not even completed one year of full operations. 29:44 29 minutes, 44 seconds So generally when this when the facility is uh launched it also takes say about close to 3 years to reach a certain 29:52 29 minutes, 52 seconds level of maturity. So um um uh the couple of other facilities in uh Orisa 29:59 29 minutes, 59 seconds have been have continued to grow uh in the mid teens kind of a number where there is a significant amount of maturity for those facilities as well. 30:08 30 minutes, 8 seconds So and one more point is uh when when the facility gets uh launched some of them would not have completed one whole 30:16 30 minutes, 16 seconds year of operations as well. So when you calculate the uh data by looking at whatever we presented in the investor deck there's a slight uh skew to that as well. 30:25 30 minutes, 25 seconds Okay. Uh second question is see if I uh try to remove uh like from the console 30:33 30 minutes, 33 seconds the standalone numbers and try to see the revenue from the subsidiaries uh come to around 80 kes for this quarter 30:41 30 minutes, 41 seconds and here I think largely it's uh thinned which is the major revenue contributor 30:48 30 minutes, 48 seconds and if I do a P&L subtraction I get like for last 9 months the subsidiaries are 30:56 30 minutes, 56 seconds operating at almost 37 38% where again thinn is the major contributor. Now what I'm trying to understand is that I know 31:03 31 minutes, 3 seconds thinn is the established chain in Punjab and if I draw comparables to Tamil Nadu 31:10 31 minutes, 10 seconds which is Dr. I which is the other subsidiary even that does not operate at such high kind of a margin. So what is 31:18 31 minutes, 18 seconds the differential uh that we are able to operate at such high margins in a specific entity like thinn while even in 31:26 31 minutes, 26 seconds our markets like Tamil Nadu we are operating at 28 to 30%. So what brings this differential and can we close these differentials over a period? 31:40 31 minutes, 40 seconds See uh TIN is a unique case uh where bulk of the revenue comes from a single facility based out of Jalander. Uh there 31:49 31 minutes, 49 seconds are no further uh major costs as far as the regional resources and corporate resources are. 32:02 32 minutes, 2 seconds Ladies and gentlemen, we have lost the line of the management. Please stay connected while I reconnect the management. Thank you. 32:11 32 minutes, 11 seconds Ladies and gentlemen, we have the management line reconnected. So please proceed. 32:17 32 minutes, 17 seconds Yeah, as as I was explaining as I was explaining see uh thin the majority of the uh revenue comes from a single 32:24 32 minutes, 24 seconds facility and there are no uh uh cost as far as the regional resources are concerned and uh very minimal uh uh cost 32:33 32 minutes, 33 seconds as far as cost is concerned. our subsidiary AHL which is predominantly consists of mature facilities and 32:41 32 minutes, 41 seconds operating out of Tamil Nadu there also the margins are at close to about 33% as far as the corporate margins are 32:48 32 minutes, 48 seconds concerned when you also add back your uh regional and uh corporate costs uh those margins would be slightly more 32:56 32 minutes, 56 seconds comparable to what the uh current margins are at at the uh DECPL. 33:03 33 minutes, 3 seconds Okay. And last question uh see based on the brand equity that we have in thin uh 33:10 33 minutes, 10 seconds my idea would have been and this could I could be wrong here that since Punjab and Hana have always been a sister 33:17 33 minutes, 17 seconds states there would have been a patient flow from nearby states as well. So have we not expanded in Punjab beyond like uh 33:27 33 minutes, 27 seconds beyond when we had acquired this entity or like what's how how many new facilities we've opened based on the 33:35 33 minutes, 35 seconds brand equity or if you can just uh share what have we done with this beyond what what it was 33:42 33 minutes, 42 seconds I'll request Dr. Ashar to come in. He's a chief business officer and he's heading the entire expansion piece. He will give you an update in terms of what Hi Nik. Uh NL basically we are working 33:51 33 minutes, 51 seconds right now on three new facilities uh under the thinned banner. Uh Ludana is under work right now. So it should launch soon but the other two centers 33:59 33 minutes, 59 seconds are a little more futuristic. So there is the expansion play coming into uh Tind as well. 34:07 34 minutes, 7 seconds Okay. And Hana is already on underway. 34:10 34 minutes, 10 seconds Bang has already launched but that is under the Dr. Banner. 34:14 34 minutes, 14 seconds Okay. Okay. And on the state, I would request you to please join back the queue for followup questions. 34:23 34 minutes, 23 seconds Thank you. We take the next question from the line of Kushar Manudan from Modilo Financial Services Limited. 34:30 34 minutes, 30 seconds Please go ahead. 34:32 34 minutes, 32 seconds Yeah, thanks for the opportunity sir. So just coming back on the surgery revenue growth while the revenue growth has been 34:40 34 minutes, 40 seconds very healthy for the quarter but number of surgeries growth rate has been little soft uh if I you know put that to that 34:49 34 minutes, 49 seconds 38,000 surgeries into different categories both overall number of surgeries as well as if I have to break that into catact and refractive if you could just explain that first. 35:01 35 minutes, 1 second Okay. Uh hi this is Rahul. Um from a overall uh surgery perspective if you see while uh the surgery growth is at 35:08 35 minutes, 8 seconds 11.6% we are also getting a lot of premiumization which is happening. So you'll have to see the overall growth 35:16 35 minutes, 16 seconds from both the number and the value perspective. One of the things that Adel also mentioned initially was that we are 35:23 35 minutes, 23 seconds doing a lot of technology upgradations in a lot of our centers both on refractive as well as on catrack. In catact we have added quite a few centers 35:31 35 minutes, 31 seconds with our catalyst machines and zimmer machines which are the ones which do keto catact for us or body catacts as 35:38 35 minutes, 38 seconds the market knows it as so those are very very value it accretative and uh as the numbers go up there that's where we are 35:47 35 minutes, 47 seconds seeing a huge impact coming in into our premiumization play just to give you an example only the ftorack numbers that we had achieved last quarter was to the 35:55 35 minutes, 55 seconds tune of uh almost 1,800 surgeries. So that's almost a mix of if I just look at our high-end surgeries, 36:03 36 minutes, 3 seconds it's a mix of almost 13% of our high-end surgeries which are getting converted to meat. So that's something which is adding a huge value to us uh and helping 36:12 36 minutes, 12 seconds us uh do our overall surgical value growth also. So it's not just the uh volumes but it's a total value which you should look at. 36:22 36 minutes, 22 seconds That's that's interesting. So if I have to let's say put that as a specialized surgical procedures may be tempo contract lenticular or retinal surgery. 36:30 36 minutes, 30 seconds If I have to club all this if not you know individual segment wise but a specialized surgical procedure by revenue how much that would be 36:39 36 minutes, 39 seconds contributing to our surgical revenues if that number is in the high and catact. So uh just if I have to 36:47 36 minutes, 47 seconds give you uh high-end catact numbers that for the last quarter we are at closer to 28%. Um and uh out of that phento catact 36:56 36 minutes, 56 seconds I mentioned is 80 1800 which [clears throat] is 13% of the which is 13% of the overall high-end 37:04 37 minutes, 4 seconds catact numbers 28% sorry 28% is the highend catact percentage of 37:14 37 minutes, 14 seconds the overall catact numbers as per value or by the total cat no in terms in terms of in 37:21 37 minutes, 21 seconds terms of overall all uh value which is the total income coming in from overall cat surgeries about 28% comes in from high-end cat surgeries is what Ra is 37:30 37 minutes, 30 seconds saying got and so secondly this uh formation of 37:37 37 minutes, 37 seconds this utopia subsidiary uh what are the sort of uh measures over there if you 37:45 37 minutes, 45 seconds could throw some light over there on what on what susha Ethiopia on Ethiopia Ethiopia we so 37:52 37 minutes, 52 seconds Ethiopia is a is a high potential market which we are looking at entering right now. We are in the process of uh of looking at uh assets where we can 37:59 37 minutes, 59 seconds actually start our facility. Uh it's got a steady uh patient base and we have a lot of respect for our Indian doctors 38:07 38 minutes, 7 seconds which is why we believe that's a significantly potential market for us. 38:11 38 minutes, 11 seconds I just add Ethiopia one is you know there's no cash going from India. The it is completely funded 38:20 38 minutes, 20 seconds by the orbit entity. Second is operationally it is an easier center easier location for us to handle because 38:27 38 minutes, 27 seconds it's a neighboring state to Kenya and we have a very strong team in place in Kenya. Plus Ethiopia is one of the 38:34 38 minutes, 34 seconds growing markets in entire Africa. So the potential opportunity that exists today with the lack of services with the 38:42 38 minutes, 42 seconds number of people coming into Adisaba is lucrative according to us right now. 38:51 38 minutes, 51 seconds All right. So whether it goes or don't go from India but at a console level if I have to give if you can share some ballpark number in terms of any 38:59 38 minutes, 59 seconds investment amount maybe in terms of building the facility or any inorganic opportunities we're thinking out there 39:07 39 minutes, 7 seconds any any ballpark number for this opportunity is purely going to be organic only but we once we have a few 39:14 39 minutes, 14 seconds more details we will come back to you in terms of what is the estimated cap expense which you're looking at right now what what we are doing is we're doing an uh feasibility study of the 39:22 39 minutes, 22 seconds market and what we have seen right now we like that the overall size of the IAR market in Ethiopia is quite large second 39:29 39 minutes, 29 seconds it has a very high uh cash cash revenue mix which is something which we like as well and there's a lot of respect for Indian doctors so we believe there is a good potential for us to scale up the 39:38 39 minutes, 38 seconds business but we've not reached a stage where we have estimated the capex cost and possession next time when we come back we will come back to you with more 39:45 39 minutes, 45 seconds details on capex expense estimated and what are the projections going to look like Thanks. Really pleasure. Thanks a lot. 39:53 39 minutes, 53 seconds Thank you. 39:54 39 minutes, 54 seconds Thank you. We take the next question from the line of Pratik from Bandan AMC. Please go ahead. Yeah. Hi. Uh so just one small question. 40:02 40 minutes, 2 seconds Could you just let me know the brain field losses for the quarter for the first 9 months please? Sorry. Brain field losses. 40:14 40 minutes, 14 seconds We give it to you. Uh just one second. Sure. Sure. Sure. 40:26 40 minutes, 26 seconds Yeah. So overall overall at a at a at a at a regional level our total losses are 40:33 40 minutes, 33 seconds about 28 crores 28.57 crores as total 3 losses which includes branches launched over the last three years what we 40:40 40 minutes, 40 seconds consider as an emerging centers. So over over these three years everything put together accumulated with about 28.57 and this is something which we have been 40:48 40 minutes, 48 seconds saying that you know despite uh some of the the early green field losses which we face we've still been able to maintain our margins which is a healthy 40:55 40 minutes, 55 seconds sign in terms of how we are ramping up any of our centers. Most of these losses will come from the centers which have opened in the last 9 months. Uh FI24 and 41:02 41 minutes, 2 seconds FI25 intake centers have already started to become profitable. So losses coming from those centers is much lesser. 41:08 41 minutes, 8 seconds I'll just add here uh one point. This is including all the centers that are lossmaking. When you go into cohort 41:15 41 minutes, 15 seconds analysis, FY2 uh 25 centers at a branch level cohort is not lossm. The entire cohort is positive. 41:26 41 minutes, 26 seconds It is not loss making at all. What Dr. 41:28 41 minutes, 28 seconds Adel just mentioned was all the cumulative centers of only lossmaking centers. 41:36 41 minutes, 36 seconds Okay. And the corresponding revenue to this and the first nine months, right? That's a correct understanding right? 41:41 41 minutes, 41 seconds Uh this is including what Dr. Adil has mentioned is including FI25 and FI26 all 41:49 41 minutes, 49 seconds loss making centers. No, no. I'm saying for this for the first 9 months, right? 41:53 41 minutes, 53 seconds The 28 crores which you just correct also pre-operating losses as well. 41:58 41 minutes, 58 seconds Yeah. And the revenue corresponding to this on the slide 30 is it 300 crores? 42:03 42 minutes, 3 seconds I I just did 20% or 153 you're talking about the the revenue coming in from those particular centers 42:12 42 minutes, 12 seconds is basically FI 24, FI25 and FI 26. No, we've already shared the break up in in in No, no, my question was sir, let's say 42:20 42 minutes, 20 seconds the 28 crores loss on on a on a revenue base, right? That revenue base is 300 crores for the first 9 months. Just to get a right to right comparison. 42:31 42 minutes, 31 seconds No, no, no, no. That's not that's not how you look at that is not how you look at when you're looking at the revenue base. It includes your profitable sectors as well. 42:38 42 minutes, 38 seconds Only for Yeah, I understood. Could you just call out that revenue? How much is the revenue from these 28 crores of 42:47 42 minutes, 47 seconds loss? What's the corresponding revenue of those? 42:50 42 minutes, 50 seconds We don't we don't have that that that exact number right now with us with us but I think um on a separate call we can we can share some of those numbers. 42:56 42 minutes, 56 seconds Sure sir. That was really helpful. Thank you sir. Thanks. Thanks and all the best. Thanks. 43:01 43 minutes, 1 second Thank you. We take the next question from the line of Karthik Pane from Bajat Life Insurance. Please go ahead. 43:09 43 minutes, 9 seconds Uh thank you for the opportunity. uh would like to know uh more about the uh same store growth which is of 13%. How 43:17 43 minutes, 17 seconds is split there between price growth and the patient volumes? 43:23 43 minutes, 23 seconds Sure. Um so I can give you an overall perspective on uh you know what the breakup looks like. We have 43:32 43 minutes, 32 seconds on the overall 13% we have a volume growth which is half of it close to 6 and 1/2 and the value growth which is 6 and 1/2. In this 6 and a half of value 43:41 43 minutes, 41 seconds growth, we have both price hike and premiumization. Large part of the value growth has coming from premiumization which I already spoke about almost close 43:49 43 minutes, 49 seconds to 5% has come from premiumization. Even in volume growth, I would break it down into two parts. One is the basic OPD growth which is closer to the 4 and a 43:57 43 minutes, 57 seconds half% uh range which we get on a year-on-year basis and the remaining is uh what we do with the same walk-ins 44:04 44 minutes, 4 seconds which comes in where we are able to get better conversion rate on the same patients as the facilities start maturing and the confidence starts and the trust starts growing higher our 44:13 44 minutes, 13 seconds conversion also on the same walk-in numbers starts increasing higher so that's another uh 2% so that's broadly 44:20 44 minutes, 20 seconds how the 13% breakup comes Okay. Uh and second question is on the robotic surgery. So uh firstly are these 44:29 44 minutes, 29 seconds robots on the lease and operate both basis or have we already bought the robots and sec uh secondly 60 surgeries that you mentioned per month per robot. 44:39 44 minutes, 39 seconds Uh is this the highest capacity or is there a scope for further improvement in the capacity utilization for robotics? 44:48 44 minutes, 48 seconds So the 60 robotic catact surgeries the the number we mentioned was what we have started to do from our Delhi facility. 44:53 44 minutes, 53 seconds It's not overall some of our centers some of our high volume centers do a number which is much higher than that as well. So overall we have done about 45:01 45 minutes, 1 second 4,400 robotic surgeries across the across the group which signifies approximately 83% growth over last year. 45:08 45 minutes, 8 seconds All the machines which we have are all fully owned by by the company and they are not leased out just to clarify. 45:15 45 minutes, 15 seconds Most of our hubs across major cities now have have a robotic data machine. Okay. Thank you. 45:25 45 minutes, 25 seconds Thank you. We take the next question from the line of Dan Chair from Quaser Capital. Please go ahead. 45:32 45 minutes, 32 seconds Yeah. Am I audible sir? 45:35 45 minutes, 35 seconds Yes. Hello. Yeah. Yeah. Thank you for the opportunity. Uh one question on the subsidiary financials. There has been a sequential growth on the employee side. 45:44 45 minutes, 44 seconds Uh so any reasons particularly for that? 45:49 45 minutes, 49 seconds Uh so we are talking about uh the subsidiary AHL. So that's that's regular part of the business where you know as we continue to expand our business we 45:58 45 minutes, 58 seconds are continuing to add more and more uh you know employees to our network. Uh we've also added a few primary centers and as we continue to strengthen our 46:06 46 minutes, 6 seconds business we continue to keep adding employees. Nothing uh out of the ordinary in in so it's a business as usual. Okay sir. 46:15 46 minutes, 15 seconds And sir, is it possible to give the operating cash flow numbers for 9 months for holding as well as subsidy? 46:22 46 minutes, 22 seconds Yes sir. 46:25 46 minutes, 25 seconds See operating uh cash flow of uh is uh close to about 80% which has been our average for the last uh uh 3 years. 46:37 46 minutes, 37 seconds Okay. Okay. And sir uh two more questions on the majorly update. one on the facility in the subsidy company with 46:44 46 minutes, 44 seconds a large facility what is that that update on that and another one was on merger update what is the progress over there 46:52 46 minutes, 52 seconds so quickly on the merger update uh right now uh we have sign we have filed for a no objection certificate from the stock 46:59 46 minutes, 59 seconds exchanges we expect uh receiving uh this uh no objection certificate from the stock exchanges uh very shortly 47:07 47 minutes, 7 seconds following this we will proceed to the national company law entrepreneur NCL to convene meetings for our shareholders 47:14 47 minutes, 14 seconds and creditors. We expect these meetings to occur around two to three uh months post the uh receivement of the NOC from the stock exchanges. 47:25 47 minutes, 25 seconds Okay. And uh on the facility uh that that is going to come in subsidiary company when are are we going to start it? 47:32 47 minutes, 32 seconds Ladies and gentlemen, we have lost the line of the management. Please stay connected while I reconnect the management. Thank you. Ladies and gentlemen, we have the management line reconnected. Sir please proceed. 47:42 47 minutes, 42 seconds Yeah. So I think we expect the entire merger process to be completed by Q3 Q4 of 26 27 Q3 Q4 of 27 and then lastly on the 47:51 47 minutes, 51 seconds update on the facility facility and the subsidiary company that is going to come. 47:56 47 minutes, 56 seconds So the the estimate on that facility is we expecting to complete everything and get all our licenses and approvals by Q2 of 27. Hopefully by uh some sometime end 48:06 48 minutes, 6 seconds of Q2 we should be able to get the end of Q2. Concrete is now being recorded. 48:12 48 minutes, 12 seconds Okay, that that was our question. Thank you. Thanks for the opportunity. 48:18 48 minutes, 18 seconds Thank you. We take the next question from the line of Amar Ail from Raiden Capital. Please go ahead. 48:26 48 minutes, 26 seconds Hi. Hello. Am I audible sir? Yes. Yes. Are you audible? 48:32 48 minutes, 32 seconds Uh hi. uh but might have missed out if you mentioned this. Uh what I wanted to ask is uh how many new facilities are 48:40 48 minutes, 40 seconds you going to add uh coming going forward? 48:45 48 minutes, 45 seconds So the guidance which we have given is we're looking at adding anywhere between 55 to 60 facilities over the next uh over the next couple of years. Every 48:52 48 minutes, 52 seconds year we'll be looking adding at least 55 to 60 facilities every year. 48:56 48 minutes, 56 seconds Okay. Uh 55 to 60 uh 55 to 60 facilities every year. Right. 49:03 49 minutes, 3 seconds Yeah. Roughly roughly the math is we looking at increasing our network size by about 20% every year. 49:10 49 minutes, 10 seconds Okay. 20% everywhere and uh uh it uh gets a break even in uh 15 to 18 months right? 49:18 49 minutes, 18 seconds No. So there's a clarification I just want to just clarify what we mean by break even. See uh in our core markets here if you consider our core markets of 49:27 49 minutes, 27 seconds Tamil Nadu uh Andra Telangana, Karnataka and uh now Maharashtra has also become 49:35 49 minutes, 35 seconds our core market. The facilities break even at a store level within uh 6 to 7 months. Uh what I was earlier speaking 49:44 49 minutes, 44 seconds about is in the newer uh uh regions where it is about close to 15 to 18 months. So on a blended basis all our 49:52 49 minutes, 52 seconds facilities uh will will break even within the 12th month kind of a mark. 49:58 49 minutes, 58 seconds Okay. And uh what sort of ax I do apologize to interrupt you but your 50:08 50 minutes, 8 seconds audio is not clear. Could you please repeat your question? Yeah I'm sorry. Is it clear now? Yes please go ahead. Yeah. 50:15 50 minutes, 15 seconds Yeah. uh what sort of uh KEX it might require for the 50 to 60 additions every year 50:24 50 minutes, 24 seconds uh for the surgical uh facility when it is a secondary uh facility uh the the capex ranges between 5 and 1 half to 6 50:31 50 minutes, 31 seconds crores. Uh for uh tertiary facility uh generally uh the capex ranges between 50:39 50 minutes, 39 seconds close to 11 to 12 crores and for a primary facility the capex is close to about 35 lakhs. 50:46 50 minutes, 46 seconds Oh okay got it. And what would be the ratio of primary, secondary and tertiary in terms of additions. 50:56 50 minutes, 56 seconds Um see the way you want to think of it is these are not decisions that we plan one year before we understand the market and then see what the market requires. 51:04 51 minutes, 4 seconds So uh if you see a usual split will be about 75% will be surgical 25% will be 51:11 51 minutes, 11 seconds uh primary centers but between the in the surgical the secondary and the tertiary is not something we decide that much prior. 51:21 51 minutes, 21 seconds I hope that's clear. 51:24 51 minutes, 24 seconds Uh I'm so sorry I just uh uh I just couldn't hear the last line you mentioned. Can you please repeat? 51:31 51 minutes, 31 seconds The last thing was between the surgical facilities we don't plan which one should be a tertiary and a or a secondary 51:39 51 minutes, 39 seconds so much prior to the opening we understand the market at the time of understanding the market we understand 51:46 51 minutes, 46 seconds what is required for the market and then we decide whether it has to be a tertiary or a secondary facility. 51:53 51 minutes, 53 seconds Okay. So for example for Delhi it's a tertiary facility but for Kola it's not a tertiary facility. 52:01 52 minutes, 1 second Right. But those decisions are made during market understanding. 52:06 52 minutes, 6 seconds Okay sir. Got it. Uh that that is from my side. Thank you so much sir. 52:13 52 minutes, 13 seconds Thank you ladies and gentlemen. We take that as the last question and conclude the question and answer session. 52:20 52 minutes, 20 seconds [clears throat] 52:20 52 minutes, 20 seconds On behalf of Dr. Aarwell Healthcare Limited that concludes this conference. 52:25 52 minutes, 25 seconds Thank you for joining us and you may now disconnect your lines.