Inventurus Knowledge Solutions Ltd — Q4 FY26

Inventurus Knowledge Solutions Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=my12CzOw4ig Published: 3 hours ago

0:02 2 seconds Ladies and gentlemen, good day and welcome to the IKE Health Q4 FI26 earnings conference call hosted by ICA securities. 0:12 12 seconds As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. 0:22 22 seconds Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchstone phone. Please note that 0:32 32 seconds this conference is being recorded. I now hand the conference over to Miss Siman from ICC Securities. Thank you and over to you ma'am. 0:42 42 seconds Good morning ladies and gentlemen. Thank you for joining us today on cube for FI26 earnings call of IKF Health. On 0:49 49 seconds behalf of ICSA securities, I would like to thank the management of IK Health for giving us the opportunity to host this call. Today we have with us Mr. Sachin 0:58 58 seconds Gupta, founder and CEO, Miss Nita Balatubraan, CFO and Mr. Sarange Muda, head of investor relation. I turn it 1:06 1 minute, 6 seconds over to Mr. Sarange for his brief statement and to bring the proceedings forward. Thank you and over to you Sarange. 1:16 1 minute, 16 seconds Thank you Sema. Good morning to everyone in the call. Uh welcome to our earnings call for the fourth quarter and air ended 31st March 2026. 1:26 1 minute, 26 seconds I'm Saran Munda VP finance. Uh we hope you've had an opportunity to review the earnings release and the investor 1:33 1 minute, 33 seconds presentation uh that we issued. Before I hand over to Sachin Neta, uh let me begin with the safe harbor statement. As part of our prepared remarks and during 1:42 1 minute, 42 seconds Q&A, we may make certain statements which are forward-looking and involves significant uncertainty, IKEA doesn't take any responsibility to update such 1:50 1 minute, 50 seconds forward-looking statements and your discretion is warranted while making any investment decisions. Over to you Sachin. 1:56 1 minute, 56 seconds Uh thank you Sange. Uh good morning and good evening everyone depending on where you're joining from. Uh it is my 2:04 2 minutes, 4 seconds pleasure to join you all today to talk about our performance for Q4 fiscal 26 and uh the full year ending in December 2:12 2 minutes, 12 seconds 31st uh 2026. Uh I think this is our sixth earnings call since we went public in December 2024. 2:21 2 minutes, 21 seconds Um so excited to be with you all today. 2:23 2 minutes, 23 seconds Um uh we'll start off with a quick recap obviously of uh the overall business um 2:31 2 minutes, 31 seconds and and the business model. Uh talk about some of the key strategic drivers uh for success in our business and give 2:39 2 minutes, 39 seconds you a little update on how those are fairing. uh and then um talk a little bit specifically about uh how we are uh 2:48 2 minutes, 48 seconds leveraging AI most effectively to actually make it a differentiated mode in the business as we continue to grow 2:55 2 minutes, 55 seconds and then dive into obviously our financial performance for Q4 uh as well as for fiscal 2026. I'll then invite NPA 3:03 3 minutes, 3 seconds to make some remarks additional remarks on our financial performance and we'll then turn it over for questions and discussion. Um so with that obviously um 3:12 3 minutes, 12 seconds as you know I guess is in the business of delegating chore tasks for healthcare providers in the US. It's probably the largest industry in the world at 5 3:20 3 minutes, 20 seconds trillion plus and it creates a very large TAM of north of $260 billion for 3:27 3 minutes, 27 seconds that US healthcare is spending on all of these tasks that can be delegated or outsourced by our platform. of that $260 3:35 3 minutes, 35 seconds billion tan as you might recall the outsource tan today is about 25 billion and the overall tion is growing at about 3:43 3 minutes, 43 seconds 8% and the outsource tan is growing faster than the overall dam at about 12%. And so just to recap anytime I 3:51 3 minutes, 51 seconds grows a year on your basis for any period faster than 12% we're gaining market share. Uh, of course we don't 3:59 3 minutes, 59 seconds want to be in a situation where we're not growing faster than 12% because that would mean losing market share. But in general, that's a sort of a good uh 4:06 4 minutes, 6 seconds marker to keep in mind. Um, uh, today I has a little north of 600 4:13 4 minutes, 13 seconds uh, clients uh, or client organizations if you will which are provided organizations. You might recall same time last year that number was 700 plus 4:21 4 minutes, 21 seconds and maybe a couple of years ago when we acquired AUT that number was closer to 900. As we've always maintained, we have 4:28 4 minutes, 28 seconds been cutting down the tail uh of small uh clients that we had inherited through a cut because uh our business uh in our 4:36 4 minutes, 36 seconds traditional model works best when we're servicing large clients and so uh that number of 600 odd reflects the pairing 4:45 4 minutes, 45 seconds that has happened over the last year and uh as I've already stated uh we feel like we'll eventually end up with some 4:53 4 minutes, 53 seconds number between 500 and 600. So we're more or less close to done on some of that tail cutting uh that we had 5:00 5 minutes embarked on as we acquired Acuity. Um excitingly 90% of our revenues come from the Greek customers and we have a very 5:07 5 minutes, 7 seconds healthy vintage of our top 10 and top five customers uh on an average being five plus years. Um our headcount as of 5:15 5 minutes, 15 seconds March 31st 2026 is 13,31 people of which 1981 are clinically 5:23 5 minutes, 23 seconds trained staff. Uh just so that people know um that headcount as of March 21st um 2025 5:32 5 minutes, 32 seconds was actually uh a bit higher. Um uh so sorry a bit lower but uh it was about 5.3% lower at 12,661. 5:43 5 minutes, 43 seconds So our headcount has grown over this period from 12,661 to 13,331 which is about 5% growth in headcount 5:51 5 minutes, 51 seconds which obviously reflects the nonlinearity of our business model because our revenue growth is significantly higher in the headcount growth which should cover in our Q4 5:59 5 minutes, 59 seconds financials in a bit more detail. of our 13,331 uh people, the fastest growing component of our workforce is actually our 6:08 6 minutes, 8 seconds technology workforce of now 550 employees that is focused on building all of our proprietary technology that 6:15 6 minutes, 15 seconds enables our platform. Um and and a large part of that workforce now tends to be uh the AI uh engineering workforce in addition to the data science workforce. 6:26 6 minutes, 26 seconds And then uh we've also constantly been growing our sales and marketing uh endeavors and our investments there. And our sales and marketing headcount now 6:34 6 minutes, 34 seconds stands at 66 uh FTEES uh and growing. um to you know just to get take a quick 6:42 6 minutes, 42 seconds recap so that we all understand uh the competitive landscape when you have such a large TAM of $260 billion and the 6:50 6 minutes, 50 seconds outsourced TAM of 35 odd billion dollars growing at 12% you naturally expect a significant amount of competition uh in 6:58 6 minutes, 58 seconds the ecosystem just to recap and calibrate on our language there are generally three broad genres of 7:05 7 minutes, 5 seconds competition that are competing for this uh those three broad genres are first what I call system of record companies 7:13 7 minutes, 13 seconds which are nothing but electronic health record vendors that were created back in the early 2000s as the US government 7:21 7 minutes, 21 seconds gave money to providers to roll out these electronic health record systems that one store all of the patient data 7:29 7 minutes, 29 seconds for the care that is being provided from the for by these caregiving organizations and two they have some workflows as it relates ates to the 7:38 7 minutes, 38 seconds patients journey with the caregiving organization. So call them the core operating system of healthcare providers. Those are the electronic 7:46 7 minutes, 46 seconds health records. Now what these electronic health records did when they were rolled out was in addition to becoming patient data stores unfortunately unintended consequence. 7:56 7 minutes, 56 seconds They make made these healthcare providers and the administrator of these healthcare provider organizations almost data entry operators. Right? So they 8:03 8 minutes, 3 seconds ended up having to start spending a lot of their time entering data and maintaining data in the electronic health record versus spending their time 8:12 8 minutes, 12 seconds managing patients and that in addition to that and a number of regulatory challenges in US healthcare given how 8:19 8 minutes, 19 seconds regulated it is. uh it created a whole bunch of tasks which we call chore tasks uh that the providers are getting 8:27 8 minutes, 27 seconds distracted with and their administrators are getting distracted with. And so to in order to do those chore tasks efficiently and not get the providers 8:36 8 minutes, 36 seconds distracted by those chore tasks that creates the need for what we call systems of action that would take on these chore tasks and free the providers 8:45 8 minutes, 45 seconds and their administrators up from those tasks. We call those systems of action that can do that. And in the system of action category, there are two types. 8:53 8 minutes, 53 seconds There are point solutions systems of interaction which essentially solve for one or two or three of these tasks. Uh 9:01 9 minutes, 1 second because the individual tab of each of these tasks is so large when the total RAM is 260 billion. Right? So they I call them point solution systems of 9:09 9 minutes, 9 seconds action. And then there are very few rare uh organizations that are uh drinking from the Kool-Aid of the thesis that 9:17 9 minutes, 17 seconds eventually large provider organizations can't be in this point solution hell of buying multiple point solutions 9:23 9 minutes, 23 seconds integrating them themselves and so eventually this market will gravitate more and more towards what I call platform systems of action which is what 9:32 9 minutes, 32 seconds really is where we have a comprehensive platform that takes all of these tasks at once and when you do that actually 9:40 9 minutes, 40 seconds one they're able to take accountability for the outcomes uh for these tasks and you know the provider organizations have one entity to hold accountable for the 9:48 9 minutes, 48 seconds cost and quality outcomes for these tasks uh and revenue outcomes for these tasks uh and and then uh second the the 9:56 9 minutes, 56 seconds value of these tasks done together by one platform compounds because all these tasks are interconnected in nature so 10:04 10 minutes, 4 seconds that's what I call the platform system of action so those are the three genres of companies system of records that the core legacy 10:12 10 minutes, 12 seconds systems that are now waking up to generative AI and agentic AI thinking they should become the platform system of action rare platform system of action 10:20 10 minutes, 20 seconds companies like us and then a whole bunch of large point solution uh large number of point solution uh systems of action I 10:29 10 minutes, 29 seconds think that uh language is somewhat important uh as we continue to uh think about ITS's positioning in this very 10:37 10 minutes, 37 seconds large growing market. Um, moving forward in order to uh capture a significant 10:45 10 minutes, 45 seconds share of this very large TAM uh IK as a platform system of action has laid out 10:52 10 minutes, 52 seconds five key strategic pillars of execution for ourselves. Um, and I'll talk a little bit about each of the five 10:59 10 minutes, 59 seconds pillars. There's obviously going to be a sixth pillar that will likely get added here um if they are fortunate enough to close the transaction that they 11:08 11 minutes, 8 seconds announced a few weeks ago. Uh the acquisition of True Bridge uh because obviously the integration of True Bridge and our um massive opportunity in the 11:17 11 minutes, 17 seconds rural healthcare market will become uh another important pillar of execution which will then have actually some cross leverage in our core large physician 11:25 11 minutes, 25 seconds group market as well. But for now let's focus on these five pillars. The first one is remember when we started building our platform system of action 18 19 11:33 11 minutes, 33 seconds years ago. It was a humanled tech in the loop kind of endeavor because at that time technology was not advanced enough 11:41 11 minutes, 41 seconds and healthcare was too fragmented and there were no standardization of workflows for technology to truly be able to eliminate all these tasks. So we 11:49 11 minutes, 49 seconds started with a human-led tech in the loop model which over the time frame of say 2010 to maybe 2020 became a lot more 11:59 11 minutes, 59 seconds techled and human in the loop where the humans started to go from doers of task to auditors of task. And now with the 12:07 12 minutes, 7 seconds advent of generative AI and really specifically agent AI back in about 2022 23 maybe we started moving from a 12:15 12 minutes, 15 seconds techled human in the loop to really a AI native agentic platform manifest where 12:22 12 minutes, 22 seconds our ambition obviously is to move as many of these features which are the tasks that we do for these providers of 12:29 12 minutes, 29 seconds our platform to a fully autonomous uh agentic manifest. 12:35 12 minutes, 35 seconds And so that's the first key pillar of our five key strategic pillars that we are trying to execute on. Happy to note 12:43 12 minutes, 43 seconds that we make continue to make some very significant progress on this pillars. Uh as you know you might have noted through our various releases over the course of 12:51 12 minutes, 51 seconds last quarter. Uh we launched an interconnected agentic workflow for autonomous critical documentation, 12:58 12 minutes, 58 seconds coding and prior authorization. These three tasks tend to be the tasks that cause some of the greatest friction for 13:05 13 minutes, 5 seconds want a better term in the patient's journey with the provider and in the provider's workflow. And so uh really 13:12 13 minutes, 12 seconds really important uh to alleviate the burden of these tasks from the provider's workflow. Also each of these 13:19 13 minutes, 19 seconds tasks are very related to each other. So these done right in an interconnected agentic workflow they can have a very nice compounding effect on the outcome. 13:30 13 minutes, 30 seconds Um also uh we've launched a very exciting version of Scribble which is 13:36 13 minutes, 36 seconds our ambient AIC scribing product. Uh you might recall we launched Scribble now which was our completely autonomous 13:44 13 minutes, 44 seconds ambient AI scribing product. We are now uh in realization of the fact that you know this is a very important construct. 13:52 13 minutes, 52 seconds The fact is no matter how good generative AI models get in healthcare, there will always be some edge cases. No 13:59 13 minutes, 59 seconds matter how good uh gen gets, that will require some level of human loop. Uh especially in healthcare where we cannot 14:07 14 minutes, 7 seconds afford utilization sorry hallucinations and um inaccuracies. And so uh in the 14:13 14 minutes, 13 seconds case of this ambient AI scribing uh it became apparent to us that a lot of these ambient AI scribing point 14:21 14 minutes, 21 seconds solutions as those got rolled out all over the country in the US. One saw that there was a lot of doctors using it. But 14:28 14 minutes, 28 seconds the challenge that one also saw very quickly was that the number of patient 14:35 14 minutes, 35 seconds visits for which the doctors were using the ambient as guiding products was stopping off at 50 60%. So technically 14:43 14 minutes, 43 seconds all the doctors in a medical group or in a hospital system are using it but if they're only using it for 50 60% of their patient encounters that means 40 14:51 14 minutes, 51 seconds 50% of their burden is still lying there. And as we dug in deeper into that, we understood that this whole phenomena of you know there are certain 14:59 14 minutes, 59 seconds types of patients visits where the ambient AI scribing just does not produce the type of outcome the doctor needs and the doctor ends up having to 15:07 15 minutes, 7 seconds do too much of the editing of the product themselves. And so given our legacy of tech led and human in the 15:14 15 minutes, 14 seconds loop, we've actually now launched a new multivariant product of our ambience driving uh solution called scribble 15:21 15 minutes, 21 seconds select that allows I think it's the only product in the industry that exists like that that allows the doctor to choose 15:29 15 minutes, 29 seconds different variants of scribble for different type of patient encounters. So for some of the very complex patient encounters, they might choose the 15:37 15 minutes, 37 seconds scribble version with some human in the loop where there's a clinician in the loop that oversees the documentation, edits the documentation and cleanses it 15:46 15 minutes, 46 seconds up before it goes to the doctor. And for some of the more simpler visits, they might use a fully autonomous ambient AI spreading product called scribble now. 15:55 15 minutes, 55 seconds And having such a multivariant option for each doctor is actually already starting to show in our early 16:03 16 minutes, 3 seconds implementations a very fundamentally different level of utilization uh by these doctors. So very excited about the 16:10 16 minutes, 10 seconds launch of Scribble Select and uh again it signals our very perhaps pragmatic 16:17 16 minutes, 17 seconds approach to leveraging JAI effectively where it can drive autonomy but keep giving the human in the loop. uh where 16:25 16 minutes, 25 seconds it can truly eliminate the burden for the physician users. In addition to that, we continue to make uh advances in the autonomous coding um endeavors that 16:34 16 minutes, 34 seconds we have where we've already developed high levels of accuracy for two of the specialties and we'll continue to expand and then super excited to launch my care 16:42 16 minutes, 42 seconds hub over this last quarter which is really a a multi- aent orchestration technology across several patient 16:50 16 minutes, 50 seconds engagement features like scheduling optimization, patient onboarding and eligibility and benefits verification uh 16:57 16 minutes, 57 seconds etc. So um again significant progress across several features in this endeavor to move into a AI native agent platform 17:07 17 minutes, 7 seconds manifest on the second pillar of our uh uh integration of the acquisition happy to note that the first two dimensions of 17:15 17 minutes, 15 seconds that are now more or less complete. I think QT and IT really operate like one organization now. Uh both in terms of 17:24 17 minutes, 24 seconds how we are operating tangibly but also I think culturally uh there was obviously a significant margin opportunity uh from 17:31 17 minutes, 31 seconds the acquisition by transforming their operating model from a heavy humanled US-based operating model to a true uh 17:39 17 minutes, 39 seconds techled and offshore enabled operating model for the human loop part. uh that is now more or less complete which obviously you've seen in our margin 17:48 17 minutes, 48 seconds expansion over the last couple years and then uh the third being was the crossell into the large accurate customer install 17:55 17 minutes, 55 seconds base. Granted that took us longer than we had originally planned and that's predominantly because we make made some 18:02 18 minutes, 2 seconds mistakes in hindsight in how we went to market in some of the large health system own groups in the legacy customer 18:09 18 minutes, 9 seconds base of a mistake we made was that we went with our big platform pitch to these buyers uh of the large health 18:18 18 minutes, 18 seconds system owned provider groups and the reality was that the buyers in the acute customer base there were not the seuite buyers They were buyers that were really 18:27 18 minutes, 27 seconds focused users of certain point solutions or certain tasks and for them the large platform which seemed intellectually 18:35 18 minutes, 35 seconds interesting but they had nowhere to take it because they were not the decision makers for this and we thought we'll be able to leverage those people to elevate 18:43 18 minutes, 43 seconds the conversation to the CCS uh which took longer than we expected and we also learned that over a period of time the 18:50 18 minutes, 50 seconds large health system own groups today do not have the appetite for a full platform manifest even as they 18:58 18 minutes, 58 seconds intellectually are intrigued by the idea and and both from a change in management perspective how they're internally organized and so we actually then 19:06 19 minutes, 6 seconds pivoted our strategy where we are going with for the midsize uh health system own medical groups we're still going 19:14 19 minutes, 14 seconds with the platform manifest and the platform based GTM but for the large health systems now we have pivoted our go to market where we are resorting to a 19:23 19 minutes, 23 seconds pure land and expand strategy where there are certain point solutions that they are very interested in in buying today i.e. the RCM features, the coding 19:32 19 minutes, 32 seconds features, uh perhaps the features around patient access. And so we're going to market specifically to those large health system own groups with those 19:40 19 minutes, 40 seconds features and then expand over a period of time. And the midsize health systems were going with the full platform idea. 19:47 19 minutes, 47 seconds You know, we're happy to note that one of the successes of that strategy is manifested in this quarter where a large health system, a top five health system 19:55 19 minutes, 55 seconds has chosen to expand their relationship with us in the dimensions of RCM and value based care and yet at the same 20:02 20 minutes, 2 seconds time we've announced a very significant uh full platform deal with a midsize health system that also came from the 20:09 20 minutes, 9 seconds acutely customer base. So, I feel like we've now figured out the plot to truly unlock that cross-ell motion in their Q 20:16 20 minutes, 16 seconds customer base. But of course, the proof will be in the pudding as we continue to manifest that strategy over the next several quarters and years. Um, driven 20:25 20 minutes, 25 seconds by uh this this differentiated strategy where for a large health systems the go to market is still more point solution 20:33 20 minutes, 33 seconds oriented because of the land and expand motion. We need to be number one or two or three in each of those point solutions that the large health systems 20:41 20 minutes, 41 seconds are buying namely RCM code patient access while being the only company that has the full platform manifest that 20:48 20 minutes, 48 seconds other segments of the market are loving and we actually going to eventually in the large health system markets will also love the platform manifest but 20:55 20 minutes, 55 seconds they're not quite there yet. That means uh we needed to be like I said that number one or two or three in terms of those point solutions. Happy to note as 21:02 21 minutes, 2 seconds our third pillar that we've really been able to make progress. Uh today we are number one in AI. RCM is recognized by Blackboard. We're a top performer in 21:11 21 minutes, 11 seconds ambulatory. RCM is recognized by class A as you know class is probably sort of the Gartner equivalent of IT services if 21:19 21 minutes, 19 seconds you would uh and so they're not very good of healthcare if you would. And uh you know very happy to note that uh we're very close to the number one 21:27 21 minutes, 27 seconds provider in the aminatory RCM uh category by class uh and continue to uh have significantly good ratings in both 21:36 21 minutes, 36 seconds documentation and coding uh by both blackbook and class. Uh so good progress there. I already spoke a little bit about our differentiated growth strategy 21:45 21 minutes, 45 seconds which now is stratified between a platform go to market for midsize health system own groups as well as independent 21:52 21 minutes, 52 seconds single specialty and multi-pety groups and then for the large health systems focus on an onreate through two or three point solutions and then expand from 22:00 22 minutes there and then last but not the least the very important pillar of our strategy is over a period of time what would our mode be I think our mode would 22:09 22 minutes, 9 seconds be twoprong one we would be one of the only comprehensive platform systems of action in the country. Uh and number 22:18 22 minutes, 18 seconds two, when a platform system of action is actually able to align its outcomes with the provider's 22:26 22 minutes, 26 seconds outcomes, it becomes even more appealing. And that's where you know when we take accountability for outcomes and execute to those outcomes like we 22:34 22 minutes, 34 seconds have done uh recently in in certain deals uh you know like we saw the $3 million NEA earnings uh in Panama from 22:42 22 minutes, 42 seconds uh our performance there in the year 2025 uh that makes the value proposition even more compelling. So as we progress here, if we're able to truly demonstrate 22:52 22 minutes, 52 seconds uh this ability to produce transformative financial outcomes even as we are making uh the administrative 22:59 22 minutes, 59 seconds burdens of physicians lesser uh that would put us in a whole different category as a platform system of action and that continues to be a fifth key 23:07 23 minutes, 7 seconds pillar of execution. So happy to note that I think we have made good progress across each of those five pillars and as 23:14 23 minutes, 14 seconds we've as we've done that over these last uh several months uh it's uh it's always good to see that we're also getting some 23:22 23 minutes, 22 seconds recognition for it um you know recognized as one of the best users of AI in healthcare and life sciences um 23:29 23 minutes, 29 seconds that you go to next slide S please and then um you know one of the things that we've always been proud of is the fact 23:35 23 minutes, 35 seconds that um 45% % of our workforce is women and gender diversity is a really important aspect in our business. If you 23:44 23 minutes, 44 seconds can go the previous slide please Sange uh previous yes and uh one thing I is really proud of is not only is 45% of 23:52 23 minutes, 52 seconds our workforce women but then when you look at our leadership uh you know there's a very significant mix of women leaders in our leadership uh and so that 24:00 24 minutes being recognized uh is is important you know when you have the likes of Lithia our COO Misha our CHRO Dr. Grace 24:07 24 minutes, 7 seconds Terrell, our CMO, Katherine our um chief marketing officer, Christy our chief legal and compliance officer. We're able 24:16 24 minutes, 16 seconds to manifest this gender diversity not just at the bottom of the pyramid but even at the top of the pyramid which puts us in a very unique uh position um 24:24 24 minutes, 24 seconds over a period of time. Um also now talking a little bit about some of the endeavors that actually accelerated our 24:32 24 minutes, 32 seconds AI initiatives uh over this last uh quarter on uh are are some very interesting developments. uh the first 24:40 24 minutes, 40 seconds one I would talk about is search analytics which really over a period of time has been an AIdriven innovator on 24:46 24 minutes, 46 seconds the AI payer side of the business and you know as you know in US healthcare why revenue cycle is such an important and such an expensive function for 24:54 24 minutes, 54 seconds payers is because there's this constant cat and mouse game that gets played between providers that want to get paid 25:02 25 minutes, 2 seconds for the care they deliver and payers that have to pay them for the care they deliver but they're always worried that 25:09 25 minutes, 9 seconds is the care being delivered appropriate for the type of condition that the patient had. Are we unnecessarily 25:17 25 minutes, 17 seconds delivering too much care or are we doing too many surgeries, too many diagnostic tests when the conditions don't demand 25:24 25 minutes, 24 seconds that, right? So that's called utilization in the payer world. And so the payers are always trying to make sure utilization is proper. Uh and so 25:32 25 minutes, 32 seconds there's this constant cat and mouse game that happens between the payers and providers. And we actually believe that if over a period of time we can get 25:40 25 minutes, 40 seconds providers and payers to collaborate better, we might actually be able to reduce the friction in this 25:47 25 minutes, 47 seconds relationship, reduce the cost of revenue cycle on both sides, the payer side and the provider side 25:54 25 minutes, 54 seconds and improve uh the efficiency of the process. And in light of that what we our partnership with certificates has 26:02 26 minutes, 2 seconds deep experience on how payers technology is oriented and with our expertise on the provider technology our ambition is 26:10 26 minutes, 10 seconds that barring certain things where uh there will never be complete collaboration for example payers will 26:18 26 minutes, 18 seconds never put out their APIs as it relates to how they assess whether a claim that is submitted by a provider is appropriate from a utilization 26:26 26 minutes, 26 seconds perspective. you know that one is sort of the holy grail. It'll never be exposed. But if you think about other denials that payers submit, think of 26:33 26 minutes, 33 seconds deniers related to medical documentation or coding, you know, those type of things can easily be eliminated if we 26:40 26 minutes, 40 seconds can get the payer systems to talk to the provider systems and collaborate through the process. So instead of the dynamic 26:47 26 minutes, 47 seconds being the providers people RTM people versus the payers RTM people then the providers technology versus the payers technology and now the provider AI 26:56 26 minutes, 56 seconds versus the payers AI we can actually create a more collaborative framework that actually reduces the friction relationship. So, we're super excited 27:04 27 minutes, 4 seconds about this relationship with searchy and how it will probably elevate our positioning in this RCM space to a place 27:12 27 minutes, 12 seconds where not only are we improving how the providers conduct their RCM but we might fundamentally be able to improve 27:20 27 minutes, 20 seconds outcomes through more collaborative technologydriven AIdriven engagement uh with payers at least on certain states. 27:27 27 minutes, 27 seconds Um second one that is exciting that we've already announced also is the strategic acquire of think DTM which 27:35 27 minutes, 35 seconds really was an AI native um and digital services company uh where um they uh 27:43 27 minutes, 43 seconds have now built uh to the fourth point and launched what we call our myare hub 27:49 27 minutes, 49 seconds product uh which is really an agentic AI self orchestrating platform that uses an active 27:57 27 minutes, 57 seconds aware and constant multi- aent behavior algorithm to create this adaptive autonomous patient engagement operating 28:05 28 minutes, 5 seconds system. Uh I know that sounds like a lot of jargon but simply put it's a multi- aent orchestration that again simplifies 28:14 28 minutes, 14 seconds a lot of the interactions that patients have with a provider organization be it for scheduling be it for onboarding reg 28:23 28 minutes, 23 seconds eligibility verification uh prior authorization all of these things create over-the-counter connections for the patient responsibility 28:31 28 minutes, 31 seconds uh in the overall reimbursement that the provider is going to get because part of payment comes from the patient, part of it comes from the uh insurer or the 28:39 28 minutes, 39 seconds payer. Right? So, this is a really really very very significant uh AIdriven advancement that we've been able to do 28:46 28 minutes, 46 seconds with the thing that's getting some tremendous traction in the marketplace. 28:51 28 minutes, 51 seconds Um and then last but not the least, uh obviously continuing to advance our AIdriven revenue cycle as well as our 28:59 28 minutes, 59 seconds autonomous coding engines. And now both of these the uh customer scoring and revenue cycle engine and my care hub are 29:07 29 minutes, 7 seconds now actually available in epic connection hub which becomes a really important aspect of being able to penetrate these products in the large 29:15 29 minutes, 15 seconds health system environment because the system of record in the large health system environment uh tends to be epic. 29:21 29 minutes, 21 seconds So again u some really strong progress on our AI initiatives over these last uh few months. And then last but not the 29:30 29 minutes, 30 seconds least uh the comment I'd like to make if you move to the next slide Saraj is when you look at the 16 features of our platform right 16 odd features of our 29:38 29 minutes, 38 seconds platform um as you can imagine at a very individual feature level we are tracking 29:46 29 minutes, 46 seconds and driving a path to as much autonomy as is practically possible by driven by agentic AI in each of those features. 29:56 29 minutes, 56 seconds Now why do I say as much autonomy as practically possible? Well, first because of the fact that it's healthcare like I said for each of these features 30:04 30 minutes, 4 seconds almost no matter how good the AI gets there will always be some edge cases that will lead human in the loop. So I just want to clarify that even a 100% 30:13 30 minutes, 13 seconds autonomy as per this tracking doesn't mean that you've totally eliminated human group like I just gave you the 30:20 30 minutes, 20 seconds example of the scribble select product even though there is a scribble now 100% autonomous ambient AI scribing tool in 30:28 30 minutes, 28 seconds order to use improve the utilization of that scribble product and and totally eliminating a physician's burden we're having to create variances during the 30:36 30 minutes, 36 seconds loop so that the actual task can be completed effectively even heavily is enabled by AI right so automating here 30:44 30 minutes, 44 seconds might not always mean 100% elimination of human loop but it means largely elimination of human loop right and and 30:53 30 minutes, 53 seconds I just wanted to leave two concepts with everybody one we're tracking this by feature and our AI endeavors are built 30:59 30 minutes, 59 seconds by feature um I just want to just say there's two considerations as to how 31:06 31 minutes, 6 seconds much autonomous each of these tasks or features can get one is whether the outcome from that task is a 31:14 31 minutes, 14 seconds deterministic outcome or a nondeterministic outcome. Uh what does that mean? Basically generative AI is most successful when there are 31:23 31 minutes, 23 seconds nondeterministic outcomes with task. For example, the outcome from ambient AI scribing is this large narrative clinical documentation. That's not a 31:31 31 minutes, 31 seconds deterministic outcome. It's not a specific outcome. It's a narrative. 31:35 31 minutes, 35 seconds language generation is one of the key strengths of um uh generative AI, right? 31:41 31 minutes, 41 seconds So generative AI can be very very useful there. But when the outcome is purely deterministic, the genative AI has to be 31:48 31 minutes, 48 seconds constrained or overlaid by um let's call it symbolic AI models. So the neuro AI 31:56 31 minutes, 56 seconds which is the traditional genative AI then needs to be combined with symbolic AI to which then relies on reasoning 32:05 32 minutes, 5 seconds based on things like knowledge graphs and ontologies and specific rules and logic and for deterministic outcomes you 32:13 32 minutes, 13 seconds have to use a combination of generating AI and the symbolic AI that together can drive higher autonomy. So remember 32:21 32 minutes, 21 seconds deterministic versus nondeterministic is a key driver of autonomy. And then the second piece is for many of these tasks 32:28 32 minutes, 28 seconds you're interacting with entities outside of the provider's organization. And your ability to drive autonomy is also subject to how technology is ready that 32:38 32 minutes, 38 seconds other enterprises with which you're interacting i.e. the payers it could be the payers it could be the clearing houses it could be other providers where 32:45 32 minutes, 45 seconds you're dealing with tasks like deferral management. Right? So I just wanted to clarify that those are the things that go into defining how much autonomy can 32:54 32 minutes, 54 seconds be achieved and it's those types of aspects that are very thoughtfully being put into which of these features get how 33:01 33 minutes, 1 second autonomous over a period of time um as we go down this path. So that's a quick thought process as it relates to the 33:10 33 minutes, 10 seconds various features of our platform. Uh let's now pivot into the um uh Q4 33:16 33 minutes, 16 seconds financial performance. Um I'm happy to report that we had a very strong quarter of financial performance. Uh perhaps our 33:24 33 minutes, 24 seconds sixth consecutive quarter of relatively strong financial performance. Uh revenue grew 18.5% all year on year uh coming in 33:32 33 minutes, 32 seconds at really around 857 crores. uh in constant currency terms that was about 13% 33:39 33 minutes, 39 seconds uh uh revenue growth which is a USD term in INR which is about 18% 18 and a half% growth uh we now sit with about 450 odd 33:49 33 minutes, 49 seconds large enterprise customers like I said there are 600 odd customers of that about 450 other large enterprise level 33:57 33 minutes, 57 seconds customers which is where we see the maximum growth coming from our revenue from top 10 customers uh it was about 34:03 34 minutes, 3 seconds 452 crores in 857 crores and like I've said the vintage for our top 10 and top five customers continues to be low for 34:11 34 minutes, 11 seconds five plus years. Uh but any of the 857 crores was delivered using 13,331 34:18 34 minutes, 18 seconds employees. So like I was saying earlier same time last year we had 12,661 employees. So our growth in employee headcount has been about 5.3%. 34:29 34 minutes, 29 seconds And I want to put this in perspective. 34:31 34 minutes, 31 seconds For about 13% growth in revenue in constant currency, our headcount growth is only about 5.3%. So that constant 34:40 34 minutes, 40 seconds nonlinearity between revenue growth and people growth is very much evident. Also important to note that if you really 34:46 34 minutes, 46 seconds look at uh the December 2025 quarter, which is the previous quarter, our account was actually higher than 13,31. 34:56 34 minutes, 56 seconds So if uh S if you want to move to the next slide um you know essentially u 35:03 35 minutes, 3 seconds just uh jump back I certainly sorry yes uh you know um for the 5.2% quarteronquarter growth in revenue uh 35:11 35 minutes, 11 seconds that we've demonstrated we've actually declined net headcount from Q3 of FI26 to Q4 of FI26. So like I was saying um 35:21 35 minutes, 21 seconds 18.5% year-on-year growth uh in revenue uh 5.2% 22% quarteron quarter uh that 35:28 35 minutes, 28 seconds has resulted in an IBIDA of about 300 growth which is about 35% evida and again on an 185.5% year-on-year 35:37 35 minutes, 37 seconds quarterly growth friendly growth IBIDA growth is nearly 33% year-on-year and on a 5% quarteronquarter growth the growth 35:45 35 minutes, 45 seconds is 6.6%. So again that nonlinearity between revenue growth and people growth and revenue growth and margin growth is 35:53 35 minutes, 53 seconds easily witnessable here and and that also has resulted in a further nonlinearity between revenue growth and profit after tax that our profit after 36:01 36 minutes, 1 second tax for the 857 crores came in about 206 crores um which is about 24% and that 36:08 36 minutes, 8 seconds was essentially u a growth of 39% yearonear and 12 odd% quarter on quarter. And obviously there's 36:16 36 minutes, 16 seconds nonlinearity between EVA gold and PAD growth also because over the course of the year we've been constantly paying down debt and the interest costs are 36:24 36 minutes, 24 seconds coming down as a result of that and so that's why the pack growth is even more uh significant than the EV growth but the nonlinearity between revenue and 36:32 36 minutes, 32 seconds margin growth continues to be witnessed here through the financial performance of this quarter. And if you want to go 36:39 36 minutes, 39 seconds back one slide, um happy to announce these three top relationships uh through the quarter that are of most 36:46 36 minutes, 46 seconds significance. I mentioned a midside health system for the legacy customer base where we were able to crossell the entire IT platform center. Very proud to 36:56 36 minutes, 56 seconds announce that as a customer and very excited about uh this implementation. Um also happy to note that um in this case 37:04 37 minutes, 4 seconds we have not incented uh them in any way from an outcomes perspective to adopt the full platform. Uh so obviously that 37:12 37 minutes, 12 seconds sort of uh demonstration of the value of the full platform uh is starting to come into play in these uh deals. uh mission 37:20 37 minutes, 20 seconds community with an existing customer of ours where we advancing the relationship from the full manifest of our platform to a very unique AIdriven relationship 37:29 37 minutes, 29 seconds that start to drive other efficiencies in the hospital as it relates to predicting ICU utilization, operation 37:36 37 minutes, 36 seconds theater utilization, uh nurse utilization etc. and from that be able to use those resources or sweat those 37:45 37 minutes, 45 seconds resources much more effectively. So it's a very unique relationship that actually will allow us to build even more AI based capabilities from a prediction 37:54 37 minutes, 54 seconds perspective that can drive significant efficiency in hospital operations. And then last but not the least like I was saying a top five health system and 38:01 38 minutes, 1 second customer base and we very significantly expanded the revenue cycle relationship and the valuebased care relationship and this is the evidence of that sort of 38:09 38 minutes, 9 seconds land and expand approach that uh you know we what we intend to continue to take with these large health systems. Uh 38:16 38 minutes, 16 seconds obviously all that resulted in a strong um growth in earnings per share uh which is about 39% yearonear and um 12.3% 38:26 38 minutes, 26 seconds quarter on quarter. 100 slide 11 please and um also continues to produce healthy 38:32 38 minutes, 32 seconds ROE results which um uh a north of 30% in this case 31 odd percent the decline year on year in the roe percentage is 38:41 38 minutes, 41 seconds nothing but uh based on some revaluation of the base where for example our equity holding in a bridge system you see a 38:49 38 minutes, 49 seconds technology company uh got revalued based on their own valuation and uh you know based on also the revaluation of some of 38:56 38 minutes, 56 seconds the assets It's based on uh the depreciation of rupee to the dollar the base got widened and hence uh that shows a minor decline in the RE percentage 39:05 39 minutes, 5 seconds otherwise very healthy RE numbers uh and all this obviously fourth quarter strong performance resulted in a pretty strong 39:12 39 minutes, 12 seconds performance for the fiscal year 26 as well if we go to the next slide uh where um revenue came in so you can just jump 39:20 39 minutes, 20 seconds to slide 13 actually uh where revenue came in at uh 3,193 3 crores which is 39:27 39 minutes, 27 seconds nearly a 20% year-on-year growth. Uh and again the mount in reality being demonstrated that at a 20% year-on-year 39:34 39 minutes, 34 seconds growth uh we have a 38% year-on-year growth in ITA coming in at,091 crores or 39:40 39 minutes, 40 seconds 34 odd% and a 48% year-on-year growth in PAT where PAT came in at about 721 crores at about 22.6%. 39:50 39 minutes, 50 seconds So all in all I think u very strong performance and and obviously uh that resulted in strong performance even on 39:57 39 minutes, 57 seconds the EPS and roe parameters where EPS for the year came in at 43% which is nearly 40:03 40 minutes, 3 seconds 48% higher over uh uh fiscal 45 uh healthy roe metrics as illustrated in 40:10 40 minutes, 10 seconds the slide 14 and um and then uh based on all of that uh 40:18 40 minutes, 18 seconds eventually as You would note all that has to result in cash flows and very happy to note that this also resulted in 40:25 40 minutes, 25 seconds in very strong operating and free cash flows. Our operating cash flow growth uh 40:32 40 minutes, 32 seconds over the year year based on nearly 99% uh with operating cash flow coming in at 863 crores and free cash flows uh on 40:40 40 minutes, 40 seconds that 721 crores back coming in at about 612 crores. So very very healthy uh metrics 40:48 40 minutes, 48 seconds as it relates to operating and free cash flows. I want to call out that the improvement in operating and free cash flow ratios the ratio we track OCF to 40:57 40 minutes, 57 seconds IBIDA and free cash flow we pass and FI35 or operating cash flow to IBIDA was about 55% whereas in FI26 it's come at 41:06 41 minutes, 6 seconds 79% and free cash flow in FI25 to patch was about 56% and FI 26 it's come out 41:14 41 minutes, 14 seconds 85%. So really healthy numbers and extra three cash resolution which then has enabled us to reduce our debt over these 41:20 41 minutes, 20 seconds last couple years from uh I think about 850 crores to now standing as of uh at 41:26 41 minutes, 26 seconds March 31st 2026 at 251 crores. So uh all in all I think um a strong quarter of 41:34 41 minutes, 34 seconds performance and a strong year of performance but uh more importantly uh perhaps or equally importantly sets us 41:41 41 minutes, 41 seconds up for a future based on all the initiatives that we are taking on really becoming an AI native uh uh agentic uh 41:50 41 minutes, 50 seconds platform of interconnected workflows uh and perhaps the only platform system of action that exists in the industry today 41:58 41 minutes, 58 seconds uh that is able to allow its outcomes with provided outcomes to drive transformative value. Um I will pause there for a second and maybe let you 42:07 42 minutes, 7 seconds comment on some of the key financial metrics that we look at in addition to what I've covered and then we we'll talk a little bit about a couple of other things. 42:16 42 minutes, 16 seconds Thank you Sin. Uh Sarange if you can go on to the next slide. Yes. Uh just a few additional nuances on the Q4 numbers. Uh 42:25 42 minutes, 25 seconds revenue came in at $95 million. We did see some currency support uh on the face of the P&L. You're seeing a forex gain 42:33 42 minutes, 33 seconds of 35 crores. But please note that there was also a hedge loss of 12 crores. So the net currency benefit was was for us 42:41 42 minutes, 41 seconds about 23 crores. Employee benefit expenses Q3 Q4 compared Q3 were was rather flattish in line with the 42:49 42 minutes, 49 seconds headcount. Uh other expenses did increase by almost 38 crores between the two quarters. The majority of the delta 42:57 42 minutes, 57 seconds is actually attributable to one-time due diligence and legal fees that are related to the true bridge transaction. 43:03 43 minutes, 3 seconds Uh the regulatory approvals are still work in progress. So some additional transaction expenses are to be expected in Q1 as well. Uh if you look at finance 43:12 43 minutes, 12 seconds cost that has come down sharply compared to Q3. Q3 does have a one-off write off of the debt issuance cost uh 43:21 43 minutes, 21 seconds when we refinance the loan. So our interest rate has come down and so has the finance cost. Uh DNA and interest income are broadly in line with Q3. Our 43:29 43 minutes, 29 seconds PBT was 258 crores and PAT was 206 crores. We did report uh the Western 43:36 43 minutes, 36 seconds Washington MSO associate loss at about 5 crores. So Q4 or rather Q1 calendar tends to be seasonally the weakest 43:45 43 minutes, 45 seconds quarter for US providers. Patient footfalls tend to be very low because of the reset of the insurance and the need to work through the deductible. Plus, it 43:53 43 minutes, 53 seconds was a fairly intense winter as well. So, patient footfalls are pretty weak. Uh we do expect this to improve in the coming quarters. 44:01 44 minutes, 1 second Uh ETR was about 19% for the quarter and a 20% for the full year. Uh we expect ETR in the range of about 22% for FI27. 44:12 44 minutes, 12 seconds Uh Sarah, if you can go to the next slide. Our Eida per employee stands at 8.8 lakhs in 44:20 44 minutes, 20 seconds FI26 which is in line with the healthy Eida growth that we have seen. Uh our top 10 customers and top five customers 44:29 44 minutes, 29 seconds tend to grow pretty strongly. Top 10 customers grew at a very healthy 28% and top five at 18%. Uh wintage of our top 44:37 44 minutes, 37 seconds customers also tends to be very healthy and it remains at the 5 to six year mark. uh Sutton's already took about the 44:44 44 minutes, 44 seconds FC. In terms of clients with revenue, we have seen a slight decline and that's simply because some of the equity customers that were at more than 1 44:52 44 minutes, 52 seconds million uh saw a little bit of shrinkage as we off as we offshore those customers and offered some discounts. Um I'll stop 45:00 45 minutes my remarks here and hand it over back to Sachin. 45:12 45 minutes, 12 seconds Uh, sorry to interrupt in between. 45:13 45 minutes, 13 seconds Sachins sir, if you're speaking, you're on mute. 45:20 45 minutes, 20 seconds Oh, I'm sorry. I was on mute. I apologize. Thank you. So uh I quickly I want to just touch upon our proposed acquisition approval which we have 45:27 45 minutes, 27 seconds spoken extensively about but just to give everybody a quick recap. uh we are awaiting the close of that transaction even after we signed the agreement and 45:36 45 minutes, 36 seconds uh you know the idea there is to build the absolute leader the only integrated system of record and system of action 45:45 45 minutes, 45 seconds for the rural healthcare market which is 162 billion market with 2200 plus hospitals uh through their EHR in 700 to 45:54 45 minutes, 54 seconds 800 hospitals which could be patient data which includes patient data worth 15 million plus patients and the reality 46:01 46 minutes, 1 second is for most effective agentic AI orchestration of tasks in the native workflow. The real data, the real moth 46:10 46 minutes, 10 seconds is not the agentic uh AI technology but it is this AI training corpus that can be built if to have the patient data. 46:19 46 minutes, 19 seconds Not just transactional access, asynchronous access, partial access to data, but true ownership of that data because then you can convert that data 46:28 46 minutes, 28 seconds into a truly uh longitudinal labeled uh action aware data set where 46:35 46 minutes, 35 seconds you can link the clinical context to the actions taken and to the um outcomes achieved from it and that enables truly 46:44 46 minutes, 44 seconds uh the most effective agentic orchestration and then given that we would be in the EHR in the in HR we can actually orchestrate all of those tasks 46:53 46 minutes, 53 seconds in the native workflow synchronously and that really becomes a very very compelling value proposition 47:00 47 minutes and so we're very excited uh continually about uh closing the true wish transaction and creating that additional 47:07 47 minutes, 7 seconds vector of growth and the other uh byproduct of that that is useful for our core physician group market member is that 60 to 70% of care delivered in 47:15 47 minutes, 15 seconds rural hospitals is still outpatient care so a lot of models that we've built including the SLM that we're going to 47:22 47 minutes, 22 seconds build for uh rural healthcare and maybe multiple SLMs for different tasks with rural healthcare will actually apply in 47:30 47 minutes, 30 seconds our large physician group market as well because like I said the nature of the service provided in rural hospitals is largely outpatient in nature which is 47:38 47 minutes, 38 seconds what our physician group customers provide in our traditional market. Uh and as as you know we put out a true 47:45 47 minutes, 45 seconds north vision of uh taking our business at the confluence of executing as the only platform system of action in our 47:52 47 minutes, 52 seconds traditional large physician group market and a truly integrated plat system of record and platform system of action in 48:00 48 minutes the rural healthcare market. Uh we put our two strategy out there. uh we believe that it'll take our IBIDA from that 1,000 cr or mark LTM December 2025 48:09 48 minutes, 9 seconds to about 3,000 crores in FI30 and take us back close to uh uh uh zero net debt 48:17 48 minutes, 17 seconds that we were getting close to uh this year. So uh that's sort of our vision of the true north and again a big enabler 48:24 48 minutes, 24 seconds of that is going to be this AI training corpus and the modes that we will create around it of being able to orchestrate agentally agentically features uh in the 48:33 48 minutes, 33 seconds native workflow and the SLMs that we will build that allow us to actually um utilize uh the other foundational LM 48:41 48 minutes, 41 seconds models a lot lesser and build our own proprietary notes in these SLMs and in order to actually accelerate that 48:49 48 minutes, 49 seconds journey journey of being able to build our own SLMs. We're also very excited to announce this additional acme hire that 48:56 48 minutes, 56 seconds we are doing today u rather than yesterday uh a company called AI which has been founded by two outstanding 49:03 49 minutes, 3 seconds scientists really uh Dr. House a gentleman of German origin that came to India 25 odd years ago fall in love and 49:10 49 minutes, 10 seconds never left I think um I think to be happy with that description um and Dr. 49:17 49 minutes, 17 seconds Taloger uh both associated with highly revered institutes over the course of their career. They built uh some very 49:25 49 minutes, 25 seconds very fine IP that is very very relevant to our AI journey. Um as I as I was 49:33 49 minutes, 33 seconds mentioning earlier the way to solve for autonomy across the tasks in our uh node 49:40 49 minutes, 40 seconds feature set is through neurosymbolic models. uh generative AI obviously relies more on the neural models the 49:48 49 minutes, 48 seconds deep learning models and hence is more suitable for non-deterministic outcomes but because some of these tasks will have deterministic outcomes you need 49:57 49 minutes, 57 seconds neuros symbolic models where you can then constrain the outcomes of the genative AI through the reasoning that 50:05 50 minutes, 5 seconds is in the symbolic models that requires the usage of things like ontologies move to the next slide ontologies and 50:13 50 minutes, 13 seconds knowledge graph class which by the way uh the team at already built a bunch of knowledge graphs uh and the IP 50:21 50 minutes, 21 seconds associated with them for clinical reasoning uh they build clinical decision support systems and really with this we are going to be introducing the 50:29 50 minutes, 29 seconds construct of what I call glassbox AI what is the construct of glassbox AI it's actually pretty straightforward the 50:37 50 minutes, 37 seconds idea really is that in healthcare traditional AI doesn't really work because not only do you need to do the 50:45 50 minutes, 45 seconds task but you need to do the task in a transparent traceable and auditable manner because if the outcome of the 50:53 50 minutes, 53 seconds task is anything less than accurate it's very important to understand how the AI generated the outcome that it was 51:00 51 minutes suggesting and so I'll give you an example of you know think medical coding as an example right in a traditional AI setup a model might infer the codes 51:08 51 minutes, 8 seconds directly from the clinical notes the medical codes and uh those codes might be close to accurate but they might be 51:17 51 minutes, 17 seconds missing some subtle critical details. In a glassbox AI system, the model instead maps the documentation to the 51:26 51 minutes, 26 seconds standardized ontologies. It validates the relationships against the known medical knowledge. It also flags 51:32 51 minutes, 32 seconds ambigility when the confidence that the AI is producing in the code is low which means that get then naturally get routed 51:40 51 minutes, 40 seconds to a human reviewer when necessary if the confidence score is less and so as a result of that you get higher accuracy 51:47 51 minutes, 47 seconds in coding lower denials and a clear audit and I think this sort of glassbox AI construct is going to be the real 51:56 51 minutes, 56 seconds winner in the healthcare operating environment. So I think really excited that the AAI team advances our journey 52:04 52 minutes, 4 seconds towards this transparent, traceable and auditable AI with their uh proprietary knowledge graphs uh that they've already 52:12 52 minutes, 12 seconds based and they really uh enable us to have a very scalable R&D talent pipeline. You know they are basically 52:20 52 minutes, 20 seconds talent magnets themselves. They're hands-on even as their CEO and CIO. They write code today. So, you know, they they'll have all of these research 52:29 52 minutes, 29 seconds students around them that make for a very interesting recruitable um uh talent base and so very excited about what they will be able to do to 52:37 52 minutes, 37 seconds accelerate our journey. And if you would move to slide 25 in summary, we're paying about $1.2 million in upfront cash for acquiring uh the IP. So, you 52:46 52 minutes, 46 seconds can move to the next slide. And um uh obviously they will you know as they become employees of IKS they'll have some ESOP based incentives over the 52:55 52 minutes, 55 seconds years um you know and and they like I was saying they've already knowledgraphed several features in the 53:02 53 minutes, 2 seconds IKS uh feature portfolio if you would the autonomous medical coding the prediction intervention within revenue 53:10 53 minutes, 10 seconds cycle and several other clinical decision support uh related knowledge graphs. So uh it should lead to a significant acceleration of what we were 53:18 53 minutes, 18 seconds trying to build from scratch uh and and propagate this construct of this sort of glass box AI uh if you would and then oh 53:25 53 minutes, 25 seconds by the way they become even more valuable assuming that we're able to close the two bridge transaction in in a few months from now because then that 53:34 53 minutes, 34 seconds data that I was talking about that AI training purpose that AI training corpus is what will be able to accelerate our 53:42 53 minutes, 42 seconds journey to that dramatically. and help us you know build these SNMs that I'm talking about that reduce our reliance if you can move to the next slide SJ 53:50 53 minutes, 50 seconds that reduce our reliance uh on the more commercially uh externally available foundational models because over a 53:58 53 minutes, 58 seconds period of time that cost of compute is going to be important and then the proprietary knowledge that we will build on our SLMs will become our strategic go 54:06 54 minutes, 6 seconds over a period of time so super excited to announce the um acquisition and innovation of ARI as well and I've to spend a last couple of minutes on 54:15 54 minutes, 15 seconds something that is very dear to our hearts might not have immediate financial consequences for you all as investors but I'll take a minute is the IT scale foundation which was a 54:24 54 minutes, 24 seconds construct launched a few years ago because as you know we employed about 1900 plus physically trained staff most 54:31 54 minutes, 31 seconds of most of which are doctors and we said what is a way for us to do CSR in a way where these doctors in addition to 54:39 54 minutes, 39 seconds enabling US-based physicians can also get connected back to the practice of medicine and in in the process actually 54:46 54 minutes, 46 seconds earn more and we can do something good for society. And so we've actually launched the IPS Cares Foundation which leverages our own internal clinical 54:55 54 minutes, 55 seconds talent on weekends and holidays to run medical camps in potentially underprivileged sections of society in 55:02 55 minutes, 2 seconds predominantly in Maharashtra and Telangana. And we've taken three major causes uh that we are solving for through these scams. One is anemia and 55:10 55 minutes, 10 seconds women in children which we've been shocked to learn the incidence of high incidence of anemia and women in children. Second of course diabetes 55:18 55 minutes, 18 seconds which is a national pandemic and the third is this overall hygiene uh for underlying sectional society and some of the numbers that we've been able to 55:26 55 minutes, 26 seconds achieve are really stunning with 15,000 plus screenings that we've done in our first year and a half of existence um which is a massive massive unmet need. 55:36 55 minutes, 36 seconds We've done this over to slide 31. 194 medical camps where overall 45,000 plus 55:45 55 minutes, 45 seconds uh people from under sectional society had been screened. 15,000 plus of them were actually diagnosed as anemic and 55:53 55 minutes, 53 seconds 42% of those were uh transformed from anemic uh to non-anmic levels. Uh uh and 56:00 56 minutes then there's 110 odd follow-up camps uh where medications have been provided. So um in addition to that recently we 56:08 56 minutes, 8 seconds started these dental camps where we've done 15 odd camps and nearly 1,800 dental screens and 900 plus dental 56:14 56 minutes, 14 seconds treatments. So a very important uh cause that is very near and dear to us that um 56:21 56 minutes, 21 seconds allows us to do good uh in India Indian healthcare even as we are enabling a lot of efficiencies in US healthcare. Uh so 56:30 56 minutes, 30 seconds with that thank you for your time. Um again I'll round off by saying uh a strong quarter and a year of performance and a lot of exciting things to look forward to. 56:42 56 minutes, 42 seconds Okay. Shall we open the floor for question and answer? Yes please. 56:51 56 minutes, 51 seconds Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press 56:59 56 minutes, 59 seconds star and one on the touchstone telephone. 57:02 57 minutes, 2 seconds If you wish to remove yourself from the question queue, you may press star then two. Participants, you are requested to use hand tips while asking a question. 57:13 57 minutes, 13 seconds Ladies and gentlemen, we will wait for a moment while the question key is settled. 57:23 57 minutes, 23 seconds A reminder to all you may press star and one to ask a question. 57:34 57 minutes, 34 seconds We will take the first question from the line of Anil Nahata from Parami Financial. Please go ahead. 57:42 57 minutes, 42 seconds Good morning Sashin and uh first of all congratulations for a great acquisition of True. uh the way the deal is I mean 57:50 57 minutes, 50 seconds equal size deal completely financed by depth I guess uh which will take around 3 four years to pair down the debt while 57:58 57 minutes, 58 seconds we can do anything else I guess we are all in into that and as they say as when you are all in you better get it tried so all the best for that uh my first 58:07 58 minutes, 7 seconds question is on the opportunity which I believe may be coming in the US market which is common spirits health I mean they have terminated their deal with 58:15 58 minutes, 15 seconds tenant and they the one of the largest uh healthcare provider there and having multiple epic instances. At the same 58:24 58 minutes, 24 seconds time, I see that we have been very ethic active on the epic marketplace where we have now sort of seven listings against 58:31 58 minutes, 31 seconds a couple which was a couple of quarters back. So, uh how are we gearing up for these kind of opportunities and is there a huge player for us? 58:43 58 minutes, 43 seconds Thank you for your kind words first of all. Appreciate it. lots of work good work ahead of us. Uh you know it's hard to comment on individual opportunities 58:51 58 minutes, 51 seconds as you can imagine based on the confidential nature of uh some of these pursuits. uh but happy to note that 58:58 58 minutes, 58 seconds common spirit is very much on our radar and uh they are in the process of figuring out the specifics of their own 59:06 59 minutes, 6 seconds strategy um as they have bolted out of the tenant arrangements and uh you know in fact we have some past history of 59:15 59 minutes, 15 seconds working with several call them ministries within common spirit and so as they as their own strategy becomes 59:22 59 minutes, 22 seconds clearer uh it'll be interesting to see how that plays out for us that I think your observation is is very uh 59:30 59 minutes, 30 seconds appropriate and timely that uh uh it could present a very large opportunity. 59:36 59 minutes, 36 seconds Thank you for that change. My second question is if I go back to your last uh quarter's phone call you did mention that you are creating a parallel system 59:45 59 minutes, 45 seconds just like we have the platform in the regulatory space for the acute space and then came the announcement for two which 59:51 59 minutes, 51 seconds is basically in the acute space. uh this uh sort of development you were mentioning it will take us two years to complete to where we are in the 1:00:00 1 hour ambulatory space. So how will the product development the tech stack now happen once and I is integrated would I 1:00:08 1 hour, 8 seconds stack be taken there or how is it going to happen? Just if you can do a slight deep dive into that thank you so much. 1:00:16 1 hour, 16 seconds Sure I mean happy to do that obviously. 1:00:18 1 hour, 18 seconds Um so the way to think about it is uh remember I was saying that 60 to 70% of the care delivered in rural hospitals is 1:00:26 1 hour, 26 seconds outpatient care and what IPS has done in its traditional large physician group market is predominantly outpatient care. 1:00:34 1 hour, 34 seconds So a lot of the technology that we have built in our platform system of action for all of these tasks actually becomes 1:00:41 1 hour, 41 seconds naturally applicable to that mobile healthcare market because of the service mix that they have because they don't have secondary tertiary quarterly 1:00:49 1 hour, 49 seconds capabilities that sophisticated hospitals. So yes I think our platform system of action from our physician group market will be very relevant in 1:00:57 1 hour, 57 seconds the rural healthcare market even though there is zero actual customer overlap. 1:01:02 1 hour, 1 minute, 2 seconds Now of course the holy grail here will be in our traditional market that platform system of action had to 1:01:09 1 hour, 1 minute, 9 seconds insynchronously interact with the system of records like epic people ser etc and they would access the data and the 1:01:17 1 hour, 1 minute, 17 seconds electronic health records based on API calls you would get partial access to the data to orchestrate that transaction 1:01:25 1 hour, 1 minute, 25 seconds in the world that we are going to if we are able to close the true bridge transaction successfully and as we mobilize that their EHR from a legacy 1:01:34 1 hour, 1 minute, 34 seconds coal to a postgress. What we'll be able to do is now integrate our system of action deeply into the electronic health 1:01:42 1 hour, 1 minute, 42 seconds record with the access to data convert that data into the AI training corpus and using that AI training corpus which 1:01:50 1 hour, 1 minute, 50 seconds is necessary for this agentic orchestration uh to be able to do that agentic orchestration synchronously in the native workflows of the EHR. So 1:01:59 1 hour, 1 minute, 59 seconds think of it as a good still a good two-year type product journey. Now some of the features of our platform system 1:02:06 1 hour, 2 minutes, 6 seconds action will be able to integrate faster into the bridge data. Others might take longer depending on um the specifics of 1:02:15 1 hour, 2 minutes, 15 seconds that feature. But but I think you're exactly right that uh the true bridge acquisition puts us in a position where 1:02:22 1 hour, 2 minutes, 22 seconds we are able to orchestrate several features of our traditional platform system of action in the rural healthcare 1:02:31 1 hour, 2 minutes, 31 seconds uh market such that we're the only integrated platform system of action system of action. 1:02:40 1 hour, 2 minutes, 40 seconds Thank you. We will take the next question from the line of Nitan Jen from Fair Value Equity Advisory. Please go ahead. 1:02:49 1 hour, 2 minutes, 49 seconds Yeah. Uh thank you for the opportunity. 1:02:51 1 hour, 2 minutes, 51 seconds Uh and uh what I would like to know from the management is uh what type of risks uh do you envisage you might face uh 2 3 1:03:00 1 hour, 3 minutes years down the line when uh AI becomes more prevalent and coding becomes uh even more cheaper. Uh and how are we preparing for that? 1:03:12 1 hour, 3 minutes, 12 seconds It's been obviously the better part of the presentation and the dialogues were actually geared around that obviously. 1:03:17 1 hour, 3 minutes, 17 seconds Thank you for your question. But um suffice to say that obviously we are building our own AI. So the fact that AI 1:03:27 1 hour, 3 minutes, 27 seconds makes coding easier or cheaper is awesome for us because we don't get paid to write code for others. We write our 1:03:34 1 hour, 3 minutes, 34 seconds own code and our own technology orchestrates these actions. So as AI makes code generation cheaper and more reliable, that's a huge tailwind for us. 1:03:43 1 hour, 3 minutes, 43 seconds That's not a hedge fun. And then as it relates to how are we leveraging the AI that we're building, that is what I was talking about where because now with the 1:03:52 1 hour, 3 minutes, 52 seconds Troubage acquisition, we will have access to this data mode and the AI corpus that can be built from it. All 1:04:00 1 hour, 4 minutes the AI that we're building will actually become lot more relevant and usable much faster in the native workflows of the electronic transport. 1:04:13 1 hour, 4 minutes, 13 seconds Hello. Hello, you're audible. Please proceed. 1:04:18 1 hour, 4 minutes, 18 seconds Yeah. Yeah. Uh thank you. Thank you for the clarification. Uh my next question is uh the management mentioned that uh we have been growing very well for last 1:04:27 1 hour, 4 minutes, 27 seconds almost five to six quarters now and uh given that we have a high base going into the next year. Uh at what point of 1:04:35 1 hour, 4 minutes, 35 seconds time do we think uh this base will catch up and uh our growth uh might taper down a bit. 1:04:44 1 hour, 4 minutes, 44 seconds And as you know that I've said this all through the time we went public we are not giving guidance and we won't give guidance. Uh you know this is not a 1:04:53 1 hour, 4 minutes, 53 seconds linear journey. Uh not only do we have a track record of six quarters but if s you can put that slide out there we have 1:05:00 1 hour, 5 minutes a track record of 10 years um that we can uh demonstrate in our financial performance. But that is nothing to say 1:05:08 1 hour, 5 minutes, 8 seconds that history is not always a a predictor of the future. I can all I can tell you is there's a very large stam a very 1:05:16 1 hour, 5 minutes, 16 seconds small outsourced stam relative to that large stam that is growing at 12%. And I think we've built a business that has 1:05:23 1 hour, 5 minutes, 23 seconds the right to win uh in this market and yet I'm not in a position within to predict that exactly what our growth rate is going to be quarter on quarter. 1:05:32 1 hour, 5 minutes, 32 seconds Having said that, we've given a true north uh target to ourselves of tripling our EVIDA from training 12 months uh 1:05:41 1 hour, 5 minutes, 41 seconds calendar 2025 of about,000 crores to about 3,000 crores in FI30. Uh I wish I had a better ability to predict exactly 1:05:49 1 hour, 5 minutes, 49 seconds what's going to happen every quarter, quarter after quarter and when the growth will accelerate or slow down. I don't unfortunately but uh I think uh at 1:05:58 1 hour, 5 minutes, 58 seconds the corners of our past growth track record and the defensibility of the model that we've built hopefully um you 1:06:06 1 hour, 6 minutes, 6 seconds know um we're putting ourselves in a position that over a medium to long-term time frame uh we can emerge as uh a leader in this space. 1:06:17 1 hour, 6 minutes, 17 seconds Thank you. We will take the next question from the line of Rohit Turat from Access Capital. Please go ahead. 1:06:25 1 hour, 6 minutes, 25 seconds Yeah, thank you for the opportunity. Uh, so in your opening comments, you highlighted that your revenue growth is 1:06:33 1 hour, 6 minutes, 33 seconds growing faster than your headcount growth. So aren't you seeing any uh pricing pressures from clients to actually pass some of the productivity 1:06:42 1 hour, 6 minutes, 42 seconds back to them because a lot of uh IT services companies and BOP have also 1:06:49 1 hour, 6 minutes, 49 seconds highlighted the fact that they are seeing AI productivity deflation of around 2 to 3% in FI27. So are you 1:06:56 1 hour, 6 minutes, 56 seconds witnessing any similar presses uh or not like haven't you haven't encountered any such pressures yet? 1:07:06 1 hour, 7 minutes, 6 seconds So thank you for the question and you know uh as as I've been always saying our model is slightly different from or maybe fundamentally different from 1:07:14 1 hour, 7 minutes, 14 seconds traditional IT services and BO services where they are getting often paid based on they deploy or uh the number of 1:07:23 1 hour, 7 minutes, 23 seconds transactions they process. Our pricing model has always been outcome based and a percentage of the customer's revenue 1:07:30 1 hour, 7 minutes, 30 seconds is how we get paid. And so obviously in that model uh sir you'll appreciate that it gives us a very differentiated 1:07:38 1 hour, 7 minutes, 38 seconds ability to be able to capture some of the efficiencies uh in our margins. 1:07:44 1 hour, 7 minutes, 44 seconds Having said that over a period of time naturally even on a percentage of revenue basis can we expect a minor 1:07:52 1 hour, 7 minutes, 52 seconds deflation in the percentage of revenue pricing that we get? Yes. Have we seen that deflation already in some of our teachers that large health system own groups buy individually? Absolutely. 1:08:03 1 hour, 8 minutes, 3 seconds Yes. For example, like I was mentioning our ambient AI scribing product. We have seen deflation in pricing and I would say that we will see more deflation in 1:08:11 1 hour, 8 minutes, 11 seconds pricing of features that are more easily autonomizable and less deflation of pricing in 1:08:20 1 hour, 8 minutes, 20 seconds features that are not easily autonomizable. Right? And uh at the confluence of that that is also one of 1:08:27 1 hour, 8 minutes, 27 seconds the reasons that the winner over a period of time is going to be a platform system of action versus what we call the 1:08:34 1 hour, 8 minutes, 34 seconds point solution system of action. Because when you have a point pollution restore action, the uh the proclivity of that 1:08:42 1 hour, 8 minutes, 42 seconds pricing getting commoditized is much higher than when you have a consolidated platform pricing for the customer which 1:08:49 1 hour, 8 minutes, 49 seconds is why that platform approach is very very important uh to our future because one the platform makes life a lot easier for the customer and second it has its 1:08:58 1 hour, 8 minutes, 58 seconds inherent benefits for the entity that's providing the platform as well. So I think fundamentally different paradigms 1:09:05 1 hour, 9 minutes, 5 seconds but of course I mean the history of any product sir as you know is that as products keep getting better costs come 1:09:13 1 hour, 9 minutes, 13 seconds down or prices come down and uh the winners in the market are able to mitigate that pricing through both intelligent pricing mechanisms and uh 1:09:22 1 hour, 9 minutes, 22 seconds managing their own costs more effectively and so far we've been able to and we feel like we're continuing to build a model where we will have a 1:09:29 1 hour, 9 minutes, 29 seconds significant advantage over traditional IT details. 1:09:36 1 hour, 9 minutes, 36 seconds Yeah, thank you. Thank you for answering that. Uh just a couple of more bookkeeping questions from my side. Uh first is on the ESOP cost which have 1:09:44 1 hour, 9 minutes, 44 seconds seen sharp increase in the uh last couple of quarters. So what should be the steady quarterly run rate which we 1:09:50 1 hour, 9 minutes, 50 seconds should see uh going forward and the second question is regarding ETR. So 1:09:58 1 hour, 9 minutes, 58 seconds NITA mentioned that ETFs should be 22% in FI27. 1:10:02 1 hour, 10 minutes, 2 seconds Is that just for the uh core IPS business or would it be uh on a consolidated basis uh uh for IPS and two 1:10:12 1 hour, 10 minutes, 12 seconds businesses combined whenever the transaction completes. Yeah. 1:10:17 1 hour, 10 minutes, 17 seconds So I to the second one maybe you can answer both. 1:10:22 1 hour, 10 minutes, 22 seconds Yeah, sure. So on on ETR uh the guidance is only for IKS. It's not for the proform IKS and true bridge entity. 1:10:30 1 hour, 10 minutes, 30 seconds We'll talk to you about it when we do the consolidation. 1:10:33 1 hour, 10 minutes, 33 seconds Uh and on ESOP cause, our ESOP cost will trend in line with our aspiration to continue to expand our technology team 1:10:41 1 hour, 10 minutes, 41 seconds as well as our leadership team. And ESOP is a tool that we continue to use to be able to align our employees incentives 1:10:49 1 hour, 10 minutes, 49 seconds with shareholder value creation. Sachin, if you want to add on the ESOP question. 1:10:54 1 hour, 10 minutes, 54 seconds Yeah, just only thing I'd add is that just like any other financial parameters, we don't give guidance on uh 1:11:01 1 hour, 11 minutes, 1 second any one parameter. Um but like Nita said, uh it is a very important tool. It is a competitive market. As a leader in 1:11:09 1 hour, 11 minutes, 9 seconds the market, we need to make sure that the most important uh contributors to 1:11:16 1 hour, 11 minutes, 16 seconds our business even in an AI world which is our people uh are tucked in and incentivized to continue to drive our leadership position. And so uh ESOP will 1:11:25 1 hour, 11 minutes, 25 seconds continue to be a reality. Uh as we integrate and integrate through uh we will obviously be incentivizing a lot of 1:11:33 1 hour, 11 minutes, 33 seconds the key leadership that is coming from through as well. But uh you know we we try not to give any guidance around that specifically. 1:11:41 1 hour, 11 minutes, 41 seconds Thank you. Thank you for answering my questions. 1:11:46 1 hour, 11 minutes, 46 seconds Thank you. We will take the next question from the line of Dave Tucker from PMS. Please go ahead. 1:11:54 1 hour, 11 minutes, 54 seconds Uh hello. Thank you for the opportunity and congratulations for the great set of numbers. So my question was regarding the true bridge acquisition where cobalt 1:12:03 1 hour, 12 minutes, 3 seconds to SQL is listed as the most important item. So could you please expand on that like what challenges are we seeing and 1:12:11 1 hour, 12 minutes, 11 seconds of the 700 client any rough number how many of them are on the cobalt and how important it is for the RCM expansion. 1:12:21 1 hour, 12 minutes, 21 seconds Great thank you for the question. So first of all obviously you know um uh the transaction isn't closed now. So uh until the transaction closes we can't 1:12:29 1 hour, 12 minutes, 29 seconds really affect anything but the strategy which by the way they have already started is the migration from cobalt to postgress and uh that is critical to 1:12:39 1 hour, 12 minutes, 39 seconds move them from the legacy system to eventually a cloudnative AI first system and so in a traditional world of cobalt 1:12:47 1 hour, 12 minutes, 47 seconds to postgress migration would have been a real challenge because as you know in the cobalt world a lot of the business logic is embedded in the database layer 1:12:55 1 hour, 12 minutes, 55 seconds a lot of it is embeded it in the UI layer as well and reverse engineering that business logic out of those layers becomes a huge challenge. But in this 1:13:04 1 hour, 13 minutes, 4 seconds case as AI has become much more prevalent, AI does a lot of that uh the the neuro AI does a lot of that reverse 1:13:11 1 hour, 13 minutes, 11 seconds engineering of the business logic which makes the migration remarkably easier than it used to be in a traditional world. Having said that, it is still a 1:13:20 1 hour, 13 minutes, 20 seconds significant migration and it will take us a while to get our arms around it and do that completely. The good news is we're doing it in a modular way. So 1:13:28 1 hour, 13 minutes, 28 seconds there's several modules of the EHR that might be in a posgress world before the others are. Uh and that'll accelerate uh 1:13:36 1 hour, 13 minutes, 36 seconds our our progress. Having said all that to your question of the RCM opportunity, the RCM opportunity is kind of 1:13:44 1 hour, 13 minutes, 44 seconds independent of of that migration. Now once that migration happens and we start converting the data to an AI training corpus obviously that will have impacts 1:13:52 1 hour, 13 minutes, 52 seconds on our ability to make the RCM more efficient through agentic orchestration of several graphs but today the world that we're living in the reality of that 1:14:01 1 hour, 14 minutes, 1 second is that there's a lot of RCM that is still happening manually and hospitals are struggling with it which is why 1:14:09 1 hour, 14 minutes, 9 seconds prior to IS their RCM business across their 700 plus hospitals on a gross 1:14:15 1 hour, 14 minutes, 15 seconds level is growing at 15 16%. at a net level it's only going at 10% the RCMP because they're not able to execute 1:14:23 1 hour, 14 minutes, 23 seconds efficiently leveraging technology leveraging the India model and that's where ITS's core expertise will come in 1:14:29 1 hour, 14 minutes, 29 seconds transform that RCMPs in parallel the cobalt to posgress migration will happen and the creation of the data I will 1:14:38 1 hour, 14 minutes, 38 seconds start to happen which will then allow us to get agentic in that in several of the tasks within the RCM system of action so 1:14:46 1 hour, 14 minutes, 46 seconds this is a good 18 to 24 month process before we can lean in a fully integrated 1:14:53 1 hour, 14 minutes, 53 seconds system of action and system record uh that allows for agentic orchestration in native virtuals but that doesn't impede us from continuing to do what needs to 1:15:02 1 hour, 15 minutes, 2 seconds be done to improve performance in RCM as well as proliferating that RCM into you 1:15:10 1 hour, 15 minutes, 10 seconds know beyond the 250 300 of their customers that are already on RCM BHR customers proliferating the RCM model to the other customers. 1:15:21 1 hour, 15 minutes, 21 seconds Got it. Thank you so much for the detailed clarification. Uh next question could be a was a bit elementary but when 1:15:28 1 hour, 15 minutes, 28 seconds we look at the contribution of revenues from top 10 clients on a quarterly basis. Uh the percentage contribution is 1:15:35 1 hour, 15 minutes, 35 seconds much higher as opposed to seen on an annual basis. So like how should we see this? Because what I want to understand was the overall growth trajectory like 1:15:42 1 hour, 15 minutes, 42 seconds you mentioned equity cross strate cross-selling strategy has been revamped. So like going forward should we see the overall growth in among all 1:15:50 1 hour, 15 minutes, 50 seconds set of clients that 1:15:58 1 hour, 15 minutes, 58 seconds yeah I think it's best if you look at it more on a yearon-year basis uh that gives a more truer reflection of the 1:16:06 1 hour, 16 minutes, 6 seconds underlying business growth. There will always be quarterly variances and there is some seasonality to some parts of our businesses as well. So please look at it on a year on your basis. 1:16:18 1 hour, 16 minutes, 18 seconds Thank you. We will take the next question from the line of Mad Chand from MC Pro. Please go ahead. 1:16:26 1 hour, 16 minutes, 26 seconds Hi. Uh I have three questions. The first question is you have grown uh at the 1:16:32 1 hour, 16 minutes, 32 seconds rate of 15% in your terms. So is it possible to break up that growth between volume and value? 1:16:45 1 hour, 16 minutes, 45 seconds Hello. 1:16:48 1 hour, 16 minutes, 48 seconds Yes, we can hear you ma'am. Your question is up to break up growth between volume and value. We tend not to do that. Obviously that changes uh on a 1:16:56 1 hour, 16 minutes, 56 seconds very very frequent basis and so uh it's very hard to do that man. 1:17:02 1 hour, 17 minutes, 2 seconds Okay. uh I mean I just uh we just want to understand what kind of uh value growth 1:17:10 1 hour, 17 minutes, 10 seconds happens annually I mean in an existing contract of yours uh like I said that doesn't it's it's 1:17:19 1 hour, 17 minutes, 19 seconds not a natural linear number ma'am because uh the volume growth is a function of many factors like let's say 1:17:26 1 hour, 17 minutes, 26 seconds you take a large physician group that you're working with uh there will be years in They will have the same number of 1:17:33 1 hour, 17 minutes, 33 seconds physicians year on year and the volume growth is just driven by the patient footfall. There'll be other years where number of physicians itself has grown 1:17:42 1 hour, 17 minutes, 42 seconds and hence the volume growth is driven by that. There are customers in which there might be a thousand physicians but only 1:17:49 1 hour, 17 minutes, 49 seconds 500 of their physicians are using our product and so now in a year the 500 could grow to 750 and that drives a different type of uh volume growth. 1:18:00 1 hour, 18 minutes There could also be increase in the number of features that the physicians are using of our platform the same 1:18:07 1 hour, 18 minutes, 7 seconds number of physicians and that could lead to a different type of volume growth. So that's why ma'am it's very hard to isolate the specifics of uh perhaps what 1:18:16 1 hour, 18 minutes, 16 seconds you're asking if I understand it correctly. 1:18:18 1 hour, 18 minutes, 18 seconds Okay, got it. I have another housekeeping question before I I move to my third question which is uh you know 1:18:26 1 hour, 18 minutes, 26 seconds in your uh latest presentation the contribution from top 10 customers is 37%. For the fiscal 26 whereas for the 1:18:36 1 hour, 18 minutes, 36 seconds if I look at the quarterly numbers there are 43% in Q1 45% in Q2 and 48% in Q3. 1:18:46 1 hour, 18 minutes, 46 seconds uh if you could help us understand uh this number a little properly. 1:18:53 1 hour, 18 minutes, 53 seconds Uh the gentleman before this had the same question and I would recommend investors to look at these numbers on an annual basis. They always tend to be 1:19:02 1 hour, 19 minutes, 2 seconds quarterly variances in terms of uh in terms of our customers. As I mentioned before, there also tends to be 1:19:10 1 hour, 19 minutes, 10 seconds seasonality in particularly the uh revenue optimization or the RCM business. So that tends to contribute to 1:19:17 1 hour, 19 minutes, 17 seconds the quarterly variances. Uh so I think the best right number to look at would be on an annual basis where as you can 1:19:24 1 hour, 19 minutes, 24 seconds appreciate both our top 10 and top five have grown uh have grown strongly. 1:19:31 1 hour, 19 minutes, 31 seconds Thank you. We will take the next question from the line of Christian from Napa Asset Managers. Please go ahead. 1:19:40 1 hour, 19 minutes, 40 seconds Yeah, I I hope I'm audible. So, uh first of all, congratulations on a great year and I hope this growth continues. So, uh 1:19:49 1 hour, 19 minutes, 49 seconds my question is more about the industry as a whole. So, just like a few days back, uh Kal Group announced their uh 1:19:58 1 hour, 19 minutes, 58 seconds two companies which are you know in the RCM space. So, and this is not the first time I've heard a PE deal happening. Uh, 1:20:06 1 hour, 20 minutes, 6 seconds two or three other big P firms have bought Indian RC and players you know one one and a half years back. So wanted 1:20:14 1 hour, 20 minutes, 14 seconds to understand if my understanding of you know consolidation happening in the industry and more and more firms getting interested in the space is correct and 1:20:22 1 hour, 20 minutes, 22 seconds uh what is your comment about you know the competitive landscape in the medium and future uh medium and long term because of these acquisition. 1:20:33 1 hour, 20 minutes, 33 seconds Um, hi Chris, thank you for the question and uh you and me both hope that the growth continues even as we work on it. 1:20:40 1 hour, 20 minutes, 40 seconds But uh real quick on competitive like I was saying you know uh Chris uh when you have such a large TAM and and the outsourced TA is so small relative to 1:20:48 1 hour, 20 minutes, 48 seconds the TAM and growing so significantly obviously you have to expect the competitive intensity to increase and you have to expect that there will be 1:20:56 1 hour, 20 minutes, 56 seconds more and more capital that will enter the space chasing the opportunity. So none of that is a surprise. there is a lot of private equity capital. Uh in 1:21:04 1 hour, 21 minutes, 4 seconds fact the statistic is uh order of magnitude there has been about $50 billion 1:21:11 1 hour, 21 minutes, 11 seconds invested in healthcare IT alone which is all of this uh space over the last four years. So there's a lot of capital 1:21:20 1 hour, 21 minutes, 20 seconds across the globe chasing this opportunity and this 50 billion I'm talking about is predominantly just for the US healthcare market. Having said 1:21:28 1 hour, 21 minutes, 28 seconds that, the way to think about competition like I said at the beginning of the conversation is there's three genres of competitors. There's a finite set of 1:21:37 1 hour, 21 minutes, 37 seconds system of record companies that EHR enters. There is a massively growing set of point solution systems of action 1:21:46 1 hour, 21 minutes, 46 seconds which is the easiest way to enter the market is build one feature or one action. And then there is this call them rare beachfront properties perhaps 1:21:55 1 hour, 21 minutes, 55 seconds although that sounds a bit self- serving like ours where uh you know we are building a platform comprehensive system of action that takes all the features 1:22:04 1 hour, 22 minutes, 4 seconds that the provider should not be traveled with right and so I think the fastest growing category of competitors is in 1:22:12 1 hour, 22 minutes, 12 seconds that point solution systems of action um because again the entry barriers in that genre of competition is the smallest the 1:22:20 1 hour, 22 minutes, 20 seconds entry barriers and that's where you see that you know the D you reference with Carlile it's a point solution company with pure focus on RC that doesn't make 1:22:29 1 hour, 22 minutes, 29 seconds them a good or a bad company I'm not commenting on the quality of the competition I'm just saying that is the genre that will see the maximum 1:22:38 1 hour, 22 minutes, 38 seconds competitive intensity now we could be right or we could be wrong but our contention is I call that world point 1:22:44 1 hour, 22 minutes, 44 seconds solution hell because imagine if a large health system has to hire 15 20 different vendors or even 10 different 1:22:52 1 hour, 22 minutes, 52 seconds vendors across these 15 16 tasks to do them well. In a scenario like that, how can they possibly hold any one vendor 1:23:01 1 hour, 23 minutes, 1 second accountable and they are left with the baggage of integrating everything, right? And so for me, very early in our journey, we had 1:23:09 1 hour, 23 minutes, 9 seconds determined that we don't want to be a point solution vendor. We want to be a full platform system of action and that's what we're betting on. But that 1:23:17 1 hour, 23 minutes, 17 seconds is not to take away from the fact that there will be a constant increase in competitive intensity in that point 1:23:24 1 hour, 23 minutes, 24 seconds solution system of action space. And yes, there will also be continued consolidation in that space because as that space gets more and more 1:23:32 1 hour, 23 minutes, 32 seconds commoditized which is inevitable then your only way to fight that commoditization is to scale and 1:23:39 1 hour, 23 minutes, 39 seconds consolidate and that's why one is continuing to see that. Hope this helps. 1:23:47 1 hour, 23 minutes, 47 seconds Yes sir. Uh thank you for the detailed answer that clearly helps a lot and uh something but late to the call so maybe 1:23:55 1 hour, 23 minutes, 55 seconds this question has been answered but uh what is going to be a strategy in the future for acquisitions? we want to see 1:24:02 1 hour, 24 minutes, 2 seconds more blue bridges uh acquisition which is basically doubling revenue or are you looking at you know very focused uh AI 1:24:11 1 hour, 24 minutes, 11 seconds uh players that you want to buy small focus player like the recent acquisition uh so good question thank you again uh 1:24:20 1 hour, 24 minutes, 20 seconds no I mean I don't think we are looking for additional two bridges uh as you know if you're able to consumate the two 1:24:27 1 hour, 24 minutes, 27 seconds bridge transaction uh we'll end up with about uh 3x X leverage uh of EIDA at the 1:24:34 1 hour, 24 minutes, 34 seconds time of close and so obviously our focus will be to delever the balance sheet through the internal accumul cash flows 1:24:41 1 hour, 24 minutes, 41 seconds that we anticipate generating through the combination. Having said that, I think there will be some continued opportunities for tuckin type deals uh 1:24:51 1 hour, 24 minutes, 51 seconds some much smaller in nature like the deal we announced today with AI that fundamentally accelerate our capability from an AI perspective or there might 1:25:00 1 hour, 25 minutes also be some tuck in type opportunities as it relates to certain point solution vendors like I was discussing earlier that will end up 1:25:09 1 hour, 25 minutes, 9 seconds having found sort of a space where they have hit their ceiling because of the commoditization of the point solutions and those might create some 1:25:17 1 hour, 25 minutes, 17 seconds opportunities but a transformative acquisition like through which first of all comes very rarely uh and uh second 1:25:25 1 hour, 25 minutes, 25 seconds you know obviously we want to continue to stay disciplined about not overleveraging the balance sheet and or 1:25:32 1 hour, 25 minutes, 32 seconds not unnecessarily diluting shareholder equity uh through raising equity so so 1:25:39 1 hour, 25 minutes, 39 seconds uh generally uh I don't anticipate more transformative ative acquisition anytime soon. Uh small that are highly 1:25:48 1 hour, 25 minutes, 48 seconds accreative. Um certainly we'll be open to those. 1:25:54 1 hour, 25 minutes, 54 seconds Thank you. We will take the next question from the line of Dave Tucker from it payments. Please go ahead. 1:26:08 1 hour, 26 minutes, 8 seconds You may proceed with the question. 1:26:11 1 hour, 26 minutes, 11 seconds Hello. Thank you for the opportunity again sir. Uh sir I had just one request. Uh so the metrics and the presentations are very detailed but if 1:26:19 1 hour, 26 minutes, 19 seconds possible could you also provide break up of revenue in terms of single solutions and multi- solutions because that would be very helpful. 1:26:27 1 hour, 26 minutes, 27 seconds Yeah we we've never done that. Uh remember the basic thesis of our business is that the winners are the 1:26:34 1 hour, 26 minutes, 34 seconds platform con constructs right. And so uh over a period of time we anticipate the bulk of our revenue migrating to 1:26:42 1 hour, 26 minutes, 42 seconds platform constructs even in cases of large health systems where we might start and land with point solutions and expand to the platform. So we ourselves 1:26:51 1 hour, 26 minutes, 51 seconds are resisting the temptation of getting too caught up in uh revenue contributions for individual solutions because that is at odds with the 1:26:59 1 hour, 26 minutes, 59 seconds identity of the organization in of itself. So I apologize my friend. 1:27:05 1 hour, 27 minutes, 5 seconds Got it. Thank you. 1:27:09 1 hour, 27 minutes, 9 seconds Thank you. We will take the next question from the line of Chira Kacharia from Motila Lwal Financial Services. 1:27:17 1 hour, 27 minutes, 17 seconds Please go ahead. Hello. Am I audible? Yes, you're audible. Please proceed. 1:27:24 1 hour, 27 minutes, 24 seconds uh second new mention about the electronic health records that all the system in the US started in 2000 and 1:27:34 1 hour, 27 minutes, 34 seconds they remain you know just a database collector of the patient information and all so the sorry can you speak a bit 1:27:41 1 hour, 27 minutes, 41 seconds louder sorry yeah so my question is on the electronic health records as you mentioned most of 1:27:48 1 hour, 27 minutes, 48 seconds the players in the US started in early 2000 or before that and they remain you know just collector of the patient 1:27:57 1 hour, 27 minutes, 57 seconds database and all. So the entity which we are acquiring they also have EHR right and and if you look at the their past 1:28:05 1 hour, 28 minutes, 5 seconds historical performance they largely segment so how we going to you know increase the growth trajectory of that 1:28:13 1 hour, 28 minutes, 13 seconds vertical and in our existing IS offering what percentage is coming from EHR and 1:28:20 1 hour, 28 minutes, 20 seconds uh is there any overlap in the services of this entity and groupage and how we going to you know increase the growth uh revenue growth for this data. 1:28:31 1 hour, 28 minutes, 31 seconds I apolog 1:28:43 1 hour, 28 minutes, 43 seconds that that business has been stagnant and I think what do we intend to do about it once it's in our hands? 1:28:49 1 hour, 28 minutes, 49 seconds Ah okay. So so uh thank you for the question. Yes. So you know uh like we've said the EHR markets is a mature market 1:28:58 1 hour, 28 minutes, 58 seconds where in most of the EHR sub segments like rub is $162 billion sub segment you know they've already reached a maturity 1:29:06 1 hour, 29 minutes, 6 seconds where there is a two or three vendor market and there is not much fluctuation for example in the rural EHR space there are 2200 sorry for rural hospital space 1:29:15 1 hour, 29 minutes, 15 seconds there are 2200 hospitals and two bases EHR is already in 700 of those hospitals right so nearly 35% market share already exists 1:29:23 1 hour, 29 minutes, 23 seconds So what one should not anticipate is some dramatic growth coming from the EHR segment in of itself. Having said that 1:29:32 1 hour, 29 minutes, 32 seconds in the case of rural healthcare the two vendors that are most prevalent are Truebridge and a vendor called Meditech. 1:29:41 1 hour, 29 minutes, 41 seconds There's also a third vendor called Meadows but True Bridge and Medit. 1:29:45 1 hour, 29 minutes, 45 seconds Um and so the EHR that is able to modernize itself most rapidly and is 1:29:52 1 hour, 29 minutes, 52 seconds able to build an integrated system of action eventually might have some market share opportunity as well. That will not 1:30:00 1 hour, 30 minutes be our focus. Our focus will not be to capture greater EHR market share in the next two to three years. Our focus will 1:30:08 1 hour, 30 minutes, 8 seconds be to modernize the EHR, integrate our system of action in it and the real growth will be to crossell the system of action into the EHR customer base. 1:30:18 1 hour, 30 minutes, 18 seconds Remember I said uh only 250 odd of the EHR customer which has only 250 odd have 1:30:26 1 hour, 30 minutes, 26 seconds the RCM offering. So first is you have a 450 plus customer market just for the EHR just for the RCM system of action. 1:30:34 1 hour, 30 minutes, 34 seconds Then there are other components of our system action because we have 16 odd features. RC is just six or seven of them. Right? So we also cross-ell all of 1:30:42 1 hour, 30 minutes, 42 seconds those features into the true bridge uh EHR install base. So think of the growth vectors really as the cross cell of the 1:30:51 1 hour, 30 minutes, 51 seconds system of action in the EHR install base and then as we modernize the EHR and we've integrated the system of action 1:30:59 1 hour, 30 minutes, 59 seconds could we uh ignite another vector of growth where we actually capture additional EHR market share perhaps but 1:31:07 1 hour, 31 minutes, 7 seconds I wouldn't be banking on that as a thesis here. 1:31:15 1 hour, 31 minutes, 15 seconds Okay, thank you. 1:31:20 1 hour, 31 minutes, 20 seconds Thank you. A reminder to all you may press star and one to ask a question. 1:31:30 1 hour, 31 minutes, 30 seconds Thank you very much. As there are no further questions from the participants, I now hand the conference over to Mr. 1:31:37 1 hour, 31 minutes, 37 seconds Saraj Mundra for closing comments. Thank you and over to you, sir. 1:31:44 1 hour, 31 minutes, 44 seconds Thank you. Thank you everyone. Uh please reach out if you have any further questions. Uh thank you so much for attending. Thank you everyone. 1:31:53 1 hour, 31 minutes, 53 seconds Thank you. 1:31:55 1 hour, 31 minutes, 55 seconds Thank you members of the management. On behalf of ICA securities that concludes this conference. Thank you all for joining with us today and you may now disconnect your lines. Thank you.