Medi Assist Healthcare Services Ltd — Q4 FY26

Medi Assist Healthcare Services Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=s_6lzvUCWF4 Published: 2 days ago

0:01 1 second Ladies and gentlemen, good day and welcome to the Med Assist Healthcare Services Limited Q4 and FI26 earnings 0:08 8 seconds conference call hosted by ENY. As a reminder, all participant lines will be in the listen only mode and there will 0:16 16 seconds 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 0:31 31 seconds this conference is being recorded. I now hand the conference over to Mr. Sidel from ENY investor relation services. 0:39 39 seconds Thank you and over to you sir. 0:42 42 seconds Thank you. Good morning everyone and welcome to the Q4 earnings call of medical assist healthcare services limited. The company published it results on 9th of May and has uploaded 0:51 51 seconds the investor presentation of excuses earlier today. I trust all of you have had the opportunity to go through the same. Before we start, a disclaimer. 0:59 59 seconds Some of the statements made in today's earnings call may be forward-looking in nature. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to 1:08 1 minute, 8 seconds differ from those anticipated. Such statements are made based on management's beliefs and assumptions made by information currently available to the management. Audience are 1:16 1 minute, 16 seconds cautioned not to place undue reliance on these forward-looking statements while making their investment decisions. On that note, let me introduce you to the 1:24 1 minute, 24 seconds management participating in today's conference call. We have with us Mr. Saphu, CEO and whole time director, Mr. 1:31 1 minute, 31 seconds Sepa, CFO along with several members of the team. Without further ado, I'd like to hand the call to Sapish. Thank you and Sish. 1:42 1 minute, 42 seconds Thank you, sir. 1:44 1 minute, 44 seconds Good morning investors, analysts and all participants joining us from India and around the world. 1:50 1 minute, 50 seconds Thank you for taking the time to join us today as we review MDAS's performance for the year ended 526.26 1:59 1 minute, 59 seconds was a milestone year for MIDI assist. We combine strong growth and deep technology transformation. Becoming debt 2:06 2 minutes, 6 seconds free and net cash positive strengthens our ability to invest in the future. 2:11 2 minutes, 11 seconds While our AI power platforms are now operating at unprecedented scale, processing nearly 1 million claims every month with industry-leading automation and fraud detection. 2:22 2 minutes, 22 seconds The rapid expansion of matrix successful integration of paramount and our new global partnerships position us very strongly to build the next generation of 2:30 2 minutes, 30 seconds intelligent borderless healthcare administration. 2:33 2 minutes, 33 seconds I'm pleased to be joined by our CFO Sundep Daga and Sil from EY who leads our investor relations function. 2:42 2 minutes, 42 seconds I'd first like to share some of the key operational highlights uh from FI26 2:49 2 minutes, 49 seconds and before we go in uh we we continue to improve the quality of disclosures uh every quarter 2:58 2 minutes, 58 seconds we have further added more metrics for each of the segments that we operate in 3:05 3 minutes, 5 seconds group retail governments administration technology business and also try to give all of you a color on 3:14 3 minutes, 14 seconds our technology platform and its evolution. 3:18 3 minutes, 18 seconds While we will not necessarily do a page turn, let me summarize you know some of the key operational highlights from the year. The total premium under management 3:28 3 minutes, 28 seconds uh farm administered was 25,923 crores as on 31st of March 2026 a growth of 22.8% 8%. 3:39 3 minutes, 39 seconds And for someone who's been into this business for this long, personally for me 25,000 crores is a milestone number. 3:46 3 minutes, 46 seconds I'm happy to share with all of Philips today. The group premiums were 23,000 uh plus crores, a growth of 25.6% yearon 3:55 3 minutes, 55 seconds year. And our group premiums retention stood at a 93.2% and of course these are excluding acquisition numbers. The 4:03 4 minutes, 3 seconds retail premiums in the TPA model were 2,818 crores, a growth of 4.2% yearon year. 4:11 4 minutes, 11 seconds The market share in terms of health insurance premium administered in group and retail of the total health premiums in India was 20.7% 4:20 4 minutes, 20 seconds uh end of the year which which demonstrate 115 basis points year-on-year growth. The group segment 4:27 4 minutes, 27 seconds market share saw 340 bits of Yi growth taking us to a 33.7%. 4:35 4 minutes, 35 seconds The retail segment market share the traditional TPA model was 5% on 31st March 2026 4:44 4 minutes, 44 seconds and slightly lower than the market share the previous year. In line with our hybrid approach to retail as we discussed in in some of the calls 4:52 4 minutes, 52 seconds earlier, we have reported the premiums managed by private insurers on the back of our core claims 5:01 5 minutes, 1 second processing technology platform matrix and these premiums currently standard over 18,000 crores which represents 32% of the industry retail premiums. 5:15 5 minutes, 15 seconds And while we were improving on the India business, we've also leveraged capabilities for delivering seamless global administration services through expanding partnerships. 5:26 5 minutes, 26 seconds We've deepened Southeast Asia presence through a strategic partnership with Thailand's leading insurance broker, 5:34 5 minutes, 34 seconds giving us access to over 50 million USD of group premiums in that region. 5:41 5 minutes, 41 seconds expanded retail and travel portfolio and we've reported elsewhere in the slides the number of retail lives growth 5:50 5 minutes, 50 seconds and the fact that we now have line of sight to about half of the global travel premiums that are being booked uh in India. 5:58 5 minutes, 58 seconds We also built some key global partnerships with Freedom Health, Himalayan Everest Insurance, and Royal Insurance Corporation of Bhuton. 6:05 6 minutes, 5 seconds Expanding our ability to deliver outcomes for both inbound and outbound healthcare administration. 6:15 6 minutes, 15 seconds Coming to Paramount TPA, the integration is on track. Over 50% of pages Paramount 6:23 6 minutes, 23 seconds Health Services uh claims volume has already migrated to matrix and on track to becoming the primary 6:30 6 minutes, 30 seconds processing engine before the Q2 of FI27 6:38 6 minutes, 38 seconds and we've been able to enable all of the AI capabilities for the Paramon clients that are migrating to this new stack 6:47 6 minutes, 47 seconds and as disclosed earlier we've executed some transfer of Paramount PPA's TPA 6:53 6 minutes, 53 seconds operations to medias CPA effective February 1st 2026 thereby creating a single unified TPA business within the 7:03 7 minutes, 3 seconds group and moving on to the technology highlights our tech revenues grew 91.9% 7:11 7 minutes, 11 seconds year on year there are multiple pilots underway with insurers in India and overseas 7:18 7 minutes, 18 seconds maven guard our proprietary AI fraud detection platform 7:25 7 minutes, 25 seconds has found and prevented over 540 crores of health insurance frauds uh in the last financial year. 7:33 7 minutes, 33 seconds Ratia Prime, our flagship offering for improving cashless experience enabled over 322,000 patients to walk out of the 7:42 7 minutes, 42 seconds hospitals before the bills got even generated. and across 6,000 hospitals in FI26. 7:51 7 minutes, 51 seconds All in all, we continue to be a technology first digitally integrated 7:59 7 minutes, 59 seconds a platform that delivers outcomes to all the key constituents of the industry, the payers, the providers and the members. 8:09 8 minutes, 9 seconds and our AI investments are paying off in creating a unified interconnected you 8:16 8 minutes, 16 seconds know intelligence platform that we believe is going to change the way uh all of these stakeholders experience 8:24 8 minutes, 24 seconds healthcare in a service delivery. I will now hand over the call to our CFO Sep who will take you through the financials uh for your FI26. 8:36 8 minutes, 36 seconds Thank you Satish and a very warm welcome to all the participants. The financial highlights for FI26. 8:43 8 minutes, 43 seconds Total income was uh rupees 923.2 cr a growth of 23.6% y. 8:53 8 minutes, 53 seconds The revenue from contract with customers excluding other income which we call as operating income was 94.8 8 cr a growth of 25.1 percentage year on year. 9:08 9 minutes, 8 seconds This time we are disclosing uh separate segments and their revenue contribution uh to the group as such. Uh as a result 9:15 9 minutes, 15 seconds of which the group segment contributes roughly around 69.5%age of the total revenue translating to 629.1 cr 9:25 9 minutes, 25 seconds representing a 25.3%age growth year on year 10.6%age 6%age of the total revenue came 9:32 9 minutes, 32 seconds from the retail segment translating to 95.5 cr representing a 10.9%age growth 9:39 9 minutes, 39 seconds year on year. 12.6%age of the total revenue came from the government business translating to 113.6 growth 9:48 9 minutes, 48 seconds representing the 42.6%age growth year on year. 9:55 9 minutes, 55 seconds 4.5%age of the total revenue came from the international business administration business translating to 10:01 10 minutes, 1 second 41.1 cr representing the 11.9%age growth year on year 10:09 10 minutes, 9 seconds and the technology SAS pro platform uh contributed to 2.5%age of the total 10:16 10 minutes, 16 seconds revenue translating to 21.7 cr representing a 91.9%age growth year year on year. 10:26 10 minutes, 26 seconds Coming to the margin profile, EITA excluding other income we call it as operating AITA was 174.6 cr. 10:37 10 minutes, 37 seconds This translated a growth of 13.3%age year on year and was equivalent to a margin of 19.3%age on operating revenue. 10:48 10 minutes, 48 seconds We have seen a quarterly AITA expansion in the margin. 10:54 10 minutes, 54 seconds The quarter 4 AITA profile was 19.9%age versus 18.6%age in Q3 and 17.1%age in Q2. 11:05 11 minutes, 5 seconds The reported pack for the year was 89.3 cr. However, once we exclude the 11:13 11 minutes, 13 seconds exception items, net of the tax impact, the adjusted PAT stands at 68.8 cr. 11:20 11 minutes, 20 seconds However, we have also shared in the investor presentation the PAT bridge to steady state PAT and our commentary on 11:29 11 minutes, 29 seconds the same uh which can be referred on slide number 13 and 14. 11:34 11 minutes, 34 seconds Moving to few of the key highlights from the balance sheet and other operating matrices as on 31st of March 2026. 11:42 11 minutes, 42 seconds The free cash flow position as on date uh was 260.5 cr. The net worth of the 11:51 11 minutes, 51 seconds group stood at 852.4 cr contract liability 280.2 11:58 11 minutes, 58 seconds cr. pleased to inform that the group has become debtree during Jan 20 26. 12:07 12 minutes, 7 seconds The revenue per average headcount on the non-government business was 13.1 lakhs. 12:14 12 minutes, 14 seconds With this I hand over the call back to the chorus call team. Thank you. 12:23 12 minutes, 23 seconds Thank you very much. We will now begin with a question and answer session. 12:27 12 minutes, 27 seconds Anyone who wishes to ask a question may press star and one on the touchstone telephone. 12:35 12 minutes, 35 seconds If you wish to withdraw yourself from the question queue, you may press star and then two. Participants, you are requested to use handsets while asking your question. 12:46 12 minutes, 46 seconds Ladies and gentlemen, we will wait for a moment while the question assembles. 12:55 12 minutes, 55 seconds A reminder to all you may press star and one to ask a question. 13:03 13 minutes, 3 seconds We have the first question from the line of Navidid Virani from Bastian Research. Please go ahead. 13:10 13 minutes, 10 seconds Hello. Am I audible? Yes sir, you audible. 13:13 13 minutes, 13 seconds Yes, we can hear you. Yes. Uh good morning and thank you for the opportunity. I have two three questions. 13:19 13 minutes, 19 seconds The first one is on the overall business. So if we look at the dominance and the market share that we have in the 13:26 13 minutes, 26 seconds group business that is kind of uh you know missing in the retail part. Now given the capabilities that Maddie 13:33 13 minutes, 33 seconds assist possesses as of how do you think this kind of dominance can be achieved in the retail business? Uh that's the first question I have. 13:46 13 minutes, 46 seconds Sure. This is Sati. I'll attempt to answer that question right at retail has so group I mean we don't have to discuss 13:54 13 minutes, 54 seconds but you know in group the policy holder typically is far more aware of the service they need the complexity you 14:02 14 minutes, 2 seconds know of the requirements that they want the technology the deployment the networks and the importance to provide 14:09 14 minutes, 9 seconds some kind of stable stability and continuity for their employees as they continue to expand benefits and and potentially work with more than one 14:18 14 minutes, 18 seconds insurer even, right? So that is what allowed us to establish our 14:26 14 minutes, 26 seconds right to in the in the group business and significantly expand our market share. retail for a very long time has 14:36 14 minutes, 36 seconds was plain I if I have to put it plain vanilla 14:42 14 minutes, 42 seconds catastrophic care in patient only with a very low incidence very low frequency low frequency and and uh high 14:50 14 minutes, 50 seconds value claims and depending on the insurers and when they started their journey of building 14:58 14 minutes, 58 seconds some of these capabilities there was a time where the TP industry was not ready and some of the other insurers that came in later 15:07 15 minutes, 7 seconds followed a hybrid approach was building some capabilities inside and you know using TPAs and some of the newer generations are relying on you know TPA 15:15 15 minutes, 15 seconds for uh large scale dependencies such as network and the physical presence electronic distribution 15:24 15 minutes, 24 seconds so I think depending on the insurers they're at different stages of you know where they are in their evolution but what we have seen you know especially 15:33 15 minutes, 33 seconds postco is there are two or three areas where we've seen opportunities 15:39 15 minutes, 39 seconds one where products are moving to say a high frequency you know low value claims 15:46 15 minutes, 46 seconds especially around outpatient and and various benefit products or where the insurers needed to supplement their 15:55 15 minutes, 55 seconds desire to be the front end to their customers but with significant backend capability ilities such as a countrywide network 16:04 16 minutes, 4 seconds and and superior fraud detection and sometimes even an entirely new claims processing system. So retail has in our 16:12 16 minutes, 12 seconds minds has evolved to be uh for lack of better words a hybrid uh you know approach uh across the country 16:21 16 minutes, 21 seconds and today we are able to deploy our TPA capabilities in the plat in in the portfolios where we are hired as a TPA 16:30 16 minutes, 30 seconds which basically means that the insurer introduces us to the member saying media assist will henceforth take care of you 16:37 16 minutes, 37 seconds and we have solutions today by teasing out all of the technology capabilities in a plugandplay model 16:46 16 minutes, 46 seconds where the insurers are able to plug in the various capabilities that will make them more effective in in delivering 16:53 16 minutes, 53 seconds detailed services to their membership and that's what we are beginning to sort of report as our technology revenues and 17:03 17 minutes, 3 seconds I think now sorry I know it was longwinded but I think the the market is evolving and we have solutions for 17:11 17 minutes, 11 seconds whatever be the scenario in which a retail insurer uh you know prefers to sort of evolve their approach but we 17:19 17 minutes, 19 seconds still probably deliver the best if we were to run end to end thank you for that elaborate answer just 17:28 17 minutes, 28 seconds to follow up on that one so uh we have you know it's it's really helpful to see uh you know additional data points that 17:37 17 minutes, 37 seconds you have introduced which I am assuming is pertaining to the technology business. So I can now see that there is 17:44 17 minutes, 44 seconds uh 18,100 cr kind of a premium which is you know uh being administered through the technologies that MSH has 17:53 17 minutes, 53 seconds introduced. But uh uh how can I let's say get a sense on uh the kind of 17:59 17 minutes, 59 seconds earnings that media is you know uh generating on this piece of business because if I look at the overall PUM uh 18:08 18 minutes, 8 seconds you know divide by uh revenue divide by overall PUM I can get a sense that there is a 3 and a half% kind of a yield that 18:14 18 minutes, 14 seconds many assist points but since this new data point has been introduced is there a metric or is there a you know 18:22 18 minutes, 22 seconds suggestion that you would give to investors like us who can you know uh track the kind of realizations or earnings that we are you know generating on the technology part of the business. 18:35 18 minutes, 35 seconds Uh thank you. I think we've typically not disclosed some of these revenue metrics as you know in the past as it's 18:43 18 minutes, 43 seconds an evolving space right but if you look at uh the PPA business today and look at the way um you know some of the 18:52 18 minutes, 52 seconds contractual obligations are around the the headcounts uh that we deploy in terms of you know for fulfilling contractual obligations. 19:01 19 minutes, 1 second I think it would be fair to say that a reasonable target state is 19:08 19 minutes, 8 seconds uh you know the technology business allowing us to capture the non- headcount portions right of our yields 19:17 19 minutes, 17 seconds and hopefully be able to charge in some cases on outcomes 19:25 19 minutes, 25 seconds and with a higher margin profile of maybe at least one and a up to two times the traditional you know TPA 19:34 19 minutes, 34 seconds business is I think is directionally would be a fair way to look at it. 19:39 19 minutes, 39 seconds However, this is not a guidance and this is just to give you a perspective of the parameters that typically go into uh 19:48 19 minutes, 48 seconds this evolution of how platform led to growth. But if I were to just take this a little further and look at what we are 19:57 19 minutes, 57 seconds able to do in the international markets, right? We able to deploy the same technology stack uh in globally and 20:05 20 minutes, 5 seconds that's the pipeline that you know we've spent a lot of time building in in FI26. 20:12 20 minutes, 12 seconds For example, the the contract that we recently signed in Thailand allows us to 20:20 20 minutes, 20 seconds provide our front-end technologies um that are critical for me memberships digital experiences 20:28 20 minutes, 28 seconds to uh to a cohort that's actually being serviced in that country. So a lot of our international contracts are also on 20:35 20 minutes, 35 seconds the back of how we are able to deploy our tech as is uh in those geographies. 20:43 20 minutes, 43 seconds So given the wide variety of contracts and uh you know the deployment models it'll be hard for us to provide a guidance but I think what I said earlier 20:52 20 minutes, 52 seconds uh I think would would be a reasonable you know aspiration. 20:58 20 minutes, 58 seconds Okay that helps that helps. Uh last question I have uh if I look at the you know uh industry uh can you help us 21:07 21 minutes, 7 seconds understand let's say if the industry premium uh under industry premium is 100 rupees what is uh what portion of that is being 21:17 21 minutes, 17 seconds administered via TPA and what portion of uh the industry premiums are not uh you 21:24 21 minutes, 24 seconds know under the TPA perview as of now. If you can give some understanding on that that would be helpful. 21:31 21 minutes, 31 seconds There are no clearly reported numbers and one has to compile based on multiple disclosures across insurers and TPS. 21:38 21 minutes, 38 seconds I think just just from a order of magnitude perspective, you know, best to think about it as a 50/50 21:46 21 minutes, 46 seconds uh between, you know, what the traditional two pay models are deployed and predominantly so in the group side of the business for reasons I mentioned 21:53 21 minutes, 53 seconds earlier um and the other 50 you know also for some regulatory reasons like for example the personal accident and 22:01 22 minutes, 1 second others not in the scope of the TPA. Uh but I think I would go with the 50/50 for now just just for you to get a sense of the size of the market. 22:10 22 minutes, 10 seconds Perfect. Thank you for answering all my questions. I wish you all the best. Thank you. 22:14 22 minutes, 14 seconds Thank you so much. Now thank you. Before we take the next 22:21 22 minutes, 21 seconds question, ladies and gentlemen, in order to ensure that the management will be able to address all the questions from the participants in the question queue, 22:30 22 minutes, 30 seconds we request you to kindly limit your questions to two per participant. If you have a follow-up question, please rejoin the queue again. 22:38 22 minutes, 38 seconds We will take the next question from the line of Pratish Up from Lama Wealth. Please go ahead. 22:45 22 minutes, 45 seconds Yeah. Hi. Uh, thank you for taking my question. So my first one is a follow up on the earlier participants question in terms of getting a sense on uh the 22:54 22 minutes, 54 seconds international segment specifically around you know what is our take rate or the pricing. So uh this 22 odd cr that 23:02 23 minutes, 2 seconds we got in FI26 from the technology side is it sort of fair to assume that uh of 23:10 23 minutes, 10 seconds the premium managed on the platform model that would be essentially in a way a denominator uh that from which we can 23:19 23 minutes, 19 seconds sort of get a sense on the take rate and then depending on the mix of you know Raksha prime or the mix of probably 23:26 23 minutes, 26 seconds Matrix or Maven you know that that pricing probably evolve uh over time. So that was just from a first question from an understanding perspective. Uh so my 23:35 23 minutes, 35 seconds second question was that if I looked at your retention uh you know compared to last year so X of paramount is about 93.2%. 23:44 23 minutes, 44 seconds So uh just wanted to understand why uh you know that is uh slightly lower and if you can also give some color on the 23:52 23 minutes, 52 seconds PSU allocation uh you know specifically around retail and group uh you know given the conversations how how those 24:00 24 minutes are uh you know uh sort of evolving. uh and uh my third question would be that if I look if I was to assume paramount 24:09 24 minutes, 9 seconds growth uh paramount contribution about 34 35 odd cr uh similar to last quarter 24:16 24 minutes, 16 seconds um excluding that the growth is around 10 11% uh which is ex of paramount so you know what are the levers here for us 24:24 24 minutes, 24 seconds you know over the next kind two years to probably accelerate uh you know this and what kind of mix and what is the kind of 24:32 24 minutes, 32 seconds revenue new uh the growth aspiration that uh you know you have uh going forward. So these would be broadly my questions. 24:41 24 minutes, 41 seconds Thank you for wish that was a lot but I I will attempt to answer each one of them as best of my abilities. So I think 24:50 24 minutes, 50 seconds the first question the reason we put the premiums out is think of this as an opportunity that exists not necessarily 24:59 24 minutes, 59 seconds the limiting factor on the current set of revenues and obviously the revenues in FI26 are also because of the timing and how 25:07 25 minutes, 7 seconds much of the transition sort of has taken place of some of the core deliverables. 25:13 25 minutes, 13 seconds Um but I think you're right the way to look at it is that there is an opportunity uh basket that exists. I 25:21 25 minutes, 21 seconds think the more we are able to deliver in terms of incremental components and incremental capabilities 25:27 25 minutes, 27 seconds the incremental revenues from the those premiums will uh continue to grow. At this point the revenues are only from 25:37 25 minutes, 37 seconds the the pure SAS platform which is the core brains engine like matrix. It 25:43 25 minutes, 43 seconds currently does not have any of the ALED features or outcome based pricings built 25:50 25 minutes, 50 seconds in yet because in the past our AI engines were very tightly coupled to matrix because one had to first 25:57 25 minutes, 57 seconds migrate to matrix in order to be able to use some of these services but as mentioned you know in the text and in 26:04 26 minutes, 4 seconds RPR we've been able to now sort of you know tease these capabilities out and today Mavenard Our 26:12 26 minutes, 12 seconds fraud detection engine or primar discharge experience and and a few other interesting capabilities that are in the 26:19 26 minutes, 19 seconds labs can now work on top of legacy or proprietary you know claims platform that the insurance companies might already be running and uh deliver some 26:28 26 minutes, 28 seconds of these interconnected values. So in summary this is the opportunity of the the pie that exists and the total 26:37 26 minutes, 37 seconds revenues that we booked will be based on the value that we are able to create you know to the insurers that are on the 26:43 26 minutes, 43 seconds platform on the retention side on group side yes it is is is marginally lower than our historical 94 plus uh percent. 26:54 26 minutes, 54 seconds uh you know I think part of that is attributable to u some of the deliberate decisions that we took at the beginning 27:02 27 minutes, 2 seconds of the year from a quality of revenue perspective and of course part of that was a little bit of a transition in in 27:10 27 minutes, 10 seconds some of the operational uh changes that we made to uh to improve the overall experience. 27:18 27 minutes, 18 seconds um we will not discuss the Q1 and we see the the 93% largely driven by you know 27:26 27 minutes, 26 seconds what transpired in Q1 of uh you know last year and since then I think we we've we've gotten back on track and 27:35 27 minutes, 35 seconds hopefully as we move forward we should get back to a slightly higher you know retention rates on the allocations of uh 27:42 27 minutes, 42 seconds retail and so on these are not in our control uh different insurers have different uh cycles and as and when 27:52 27 minutes, 52 seconds there is an allocation that happens I think we will continue to sort of participate and and win based on merits and especially if you look at uh you 28:01 28 minutes, 1 second know the work that you know we are doing on uh retail I'm just trying to find the page there was page number eight where 28:08 28 minutes, 8 seconds we talked about the retail business while our you know revenue the premiums that we managed grew just by about you 28:16 28 minutes, 16 seconds know 4% and DPM model we have delivered over 38% in improvement in the fraud 28:23 28 minutes, 23 seconds detection in you know in in a small portfolio of that size and we and we've delivered experience to 28:31 28 minutes, 31 seconds the membership in retail which is typically not uh not being seen in the market today and as we continue to 28:38 28 minutes, 38 seconds deliver and redefine how retail customers are serviced at par with the group customers and we believe that 28:45 28 minutes, 45 seconds we'll continue to improve our right to win even in the standard uh TP model. 28:51 28 minutes, 51 seconds Um lastly, I think from a growth perspective, you're right. The consolidated uh you know growths are in 28:57 28 minutes, 57 seconds the range that you you know spoke about but at the end of the day the for us paramount is an organic uh one 29:05 29 minutes, 5 seconds the moment we signed the deal because the retention responsibility and growth of that book is 100% our responsibility. 29:13 29 minutes, 13 seconds So in some ways uh adding paramount is is an organic growth once we sign. But 29:20 29 minutes, 20 seconds having said that, if you looked at um the business segment reporting that we've done, this is the first time we've sort of called out the revenue 29:28 29 minutes, 28 seconds contributions, you know, from each group and you've also seen the outcomes that we are able to deliver to the insurers 29:37 29 minutes, 37 seconds um significantly supplementing from a growth perspective and we expect the technology and 29:44 29 minutes, 44 seconds international you know growth trends to sort of continue uh you if not improved compared to FI you know 26 and on the 29:54 29 minutes, 54 seconds core business we will as we always said from an overall industry growth perspective we will match better and of course the translation to revenue 30:02 30 minutes, 2 seconds is slightly slower because we don't report on premiums we report on a 12-month basis service that's why most a 30:10 30 minutes, 10 seconds lot of our revenue today sits in what we call as contract liability which is revenue that is committed but you know we haven't yet booked into the P&L and 30:18 30 minutes, 18 seconds that's an incremental 280 crores of unearned revenue that's actually sitting in the balance sheet today. 30:26 30 minutes, 26 seconds Got it. Uh so so anything on the mix because as of now technology is contributing around 2 and a half%. So 30:34 30 minutes, 34 seconds maybe say 20 uh you know couple of years forward. Uh how do you see the contribution from this coming through? 30:41 30 minutes, 41 seconds Because this as you had mentioned this 2 and a half% is is probably just from as of now the one product that we are monetizing but we are developing 30:49 30 minutes, 49 seconds capabilities across multiple you know sort of lines. So how much do you think how big can this piece you know become 30:57 30 minutes, 57 seconds uh over the next maybe say 2 three years? 31:02 31 minutes, 2 seconds So obviously we think that um it's a great opportunity especially if you put the international opportunities in the mix right now we are only reporting you 31:11 31 minutes, 11 seconds know limited deployments uh in the Indian market with limited insurers um I think we comfortable to say that 31:19 31 minutes, 19 seconds you know compared to a 526 um there was some very interesting growth rates you saw on the tech business you've not seen a lot of the 31:26 31 minutes, 26 seconds growth on the international business but a substantial amount of the work was done to build a very strong pipeline that will contribute to the 31:34 31 minutes, 34 seconds international business. I think we're comfortable saying similar growth rates uh you know uh we should continue to see 31:42 31 minutes, 42 seconds in these businesses and of course we also hope and that as India needs to buy you know more and more insurance that 31:50 31 minutes, 50 seconds between the policy interventions and other opportunities that the health insurance market itself you know will start picking up the growth trends that 31:59 31 minutes, 59 seconds were visible you know not too long ago and then as the leading player here in the market. We will continue to make the 32:07 32 minutes, 7 seconds most of the health insurance growth trajectory in India. 32:12 32 minutes, 12 seconds Thank you. We will take the next question from the line of Jes Gandhi from Harsh Gandhi Securities Private Limited. Please go ahead. 32:22 32 minutes, 22 seconds Uh first of all, congrats to the management for becoming better. Uh sir I have one question which is on uh the 32:29 32 minutes, 29 seconds governmentbacked uh uh Sudan and what what impact can you can you and mis that 32:36 32 minutes, 36 seconds it can have on our business in future that um you know 32:44 32 minutes, 44 seconds I think let let's just take a step back and look at uh the whole objective and the vision of the government which is 32:53 32 minutes, 53 seconds 2047 right insurance for all by 047 of course which means health insurance for all everybody needs to be covered by 33:00 33 minutes some kind of a you know health uh financing plan right whether it is private or public sponsor in whichever 33:07 33 minutes, 7 seconds be the the template of course for a country of this size um you know one is to aspire that everybody has insurance 33:16 33 minutes, 16 seconds two is how do you make that a reality both from people discovering products you know participating in uh purchasing products and uh getting 33:26 33 minutes, 26 seconds you know exceptional service in every nook and corner of this uh you know subcontinent right and some of those are the the core cap you know capabilities 33:35 33 minutes, 35 seconds that we need to build as a country so the government's vision in some ways includes a multi-pronged approach 33:42 33 minutes, 42 seconds uh you know one is how do you create a simplified marketplace where you know the citizens of this country can 33:48 33 minutes, 48 seconds discover insurance and buy and and that's more on the distribution side And 33:55 33 minutes, 55 seconds uh and of course the the the second and equally important aspect is the whole Aishman bharat digital mission which is 34:02 34 minutes, 2 seconds the mothership for many other digital interventions be be it the standardization of the hospital records to electronic health records to uh 34:11 34 minutes, 11 seconds creating the equivalent of an account aggregator but in the healthcare space to building the equivalent of a UPI you know for uh health payments. I think 34:20 34 minutes, 20 seconds these are various initiatives that the government has kicked off between NHA and the IIDA and we are a very proud 34:27 34 minutes, 27 seconds partner to you know many of these events especially on the national health exchange. We are deeply integrated multiple insurers use our integration today to integrate with uh NCX. 34:38 34 minutes, 38 seconds Um I think the only positive takeaway that I will take out of this is if all of these initiatives 34:45 34 minutes, 45 seconds uh get us back to the kers that are actually needed between now and 2047 for health insurance to reach 100% of the 34:53 34 minutes, 53 seconds population and we will be there um in in whatever form and fashion that we can one support that initiative and to 35:02 35 minutes, 2 seconds monetize the capabilities that we built be it as a DPA or as a technology partner or Even in the public health you've seen the work that we do across 35:10 35 minutes, 10 seconds 13 states and you know three union territories today contributing over 113 crores of RS um I know it's a 35:19 35 minutes, 19 seconds long-winded answer but I you know it'll be unfair for me to limit this only to be massive right 35:27 35 minutes, 27 seconds uh so I was specifically asking for business in the same way uh claim filing and claim settlement is also part of 35:34 35 minutes, 34 seconds this and we have a government as our one of the biggest customers. So in in maybe 35:41 35 minutes, 41 seconds not in say longer term say five 10 years but do you see this as a problem? I mean not a problem but do you see it as a 35:49 35 minutes, 49 seconds risk immediately for a couple of years maybe once it is launched and know once it is it becomes acceptable. 35:58 35 minutes, 58 seconds No, I think industry is growing. So maybe maybe we in in a pretty long period of time it will be advantageous 36:06 36 minutes, 6 seconds to us as well. But say in a short span say 2 3 years we I do not expect uh any disruption on 36:15 36 minutes, 15 seconds account of bearism on what we do. At the end of the day, every member you know who buys a policy, policy is a promise and the claims have to be adjudicated 36:24 36 minutes, 24 seconds and processed. Uh and network has to be delivered. Service has to be delivered. 36:28 36 minutes, 28 seconds And unfortunately, sometimes we look at health insurance and and and dumb this down only to just processing a claim, 36:37 36 minutes, 37 seconds you know, post facto, right? It's about building networks. It's about eliminating fraud based and abuse, you know, at source. It's about guiding 36:44 36 minutes, 44 seconds membership to find the right hospital within their financial outcomes. Today over 60% of the membership today that uses our navigator which is a predictive 36:52 36 minutes, 52 seconds tool actually adjust their room types and the hospital choices to optimize their out of pocket expenses today and 37:01 37 minutes, 1 second somebody needs to sort of demystify the insurance policies and so on and so forth. I think one the service gamut of 37:08 37 minutes, 8 seconds health insurance is beyond just a postfactor reaction to a claim that is actually filed. In fact, I would argue 37:15 37 minutes, 15 seconds that the true measure of this country's success would be 100% cashless and resulting in you know 100% payable 37:25 37 minutes, 25 seconds health insurance products rather than those products that actually focus on you know deductions. I think each of those will need distribution scale, 37:34 37 minutes, 34 seconds network, technology, uh manpower and integrations which we believe we have a combination of all of 37:41 37 minutes, 41 seconds those that are required for us to be very effective partner either in the national health claims exchange or to be a backbone for any of the other initiatives. 37:52 37 minutes, 52 seconds Thank you. Before we take the next question, a reminder to all the participants. We request you to kindly limit your questions to two per participant. 38:03 38 minutes, 3 seconds We have the next question from the line of one Sodeni from RSP and Ventures. Please go ahead. 38:13 38 minutes, 13 seconds Uh hello, good morning management. Uh hope I'm audible. Uh so uh my question on the company is that the uh we are 38:22 38 minutes, 22 seconds majorly based on the AI and uh in the continuously client processing also uh we are continuously using the AI metrics. 38:32 38 minutes, 32 seconds So uh what is the error rate of AI and what is the uh chance that uh if the AI 38:39 38 minutes, 39 seconds is so powerful and majorly like 99% of the client processing work will be done by the AI and of course the insurance 38:48 38 minutes, 48 seconds company also will know that we are using AI to cut our cost. So is there any chance that in future maybe after 3 four 38:55 38 minutes, 55 seconds years the normal take rate is continue about 3.5% in the industry which can be reduced to 2.5% or maybe lower. 39:10 39 minutes, 10 seconds Uh thanks uh W I think there's multiple nuances to your question. And I'll try to peel the layers right first you know 39:19 39 minutes, 19 seconds in in countries like US and I think in fact in my past life in early 2000s I built rule engines that automated uh you 39:28 39 minutes, 28 seconds know partly they had claims processing you know in in markets like the US. 39:34 39 minutes, 34 seconds Um so first of all it's not unusual in the market for claims to be automatically processed. We were already seeing that in certain areas in India 39:43 39 minutes, 43 seconds especially like small value motor claims right you can upload a picture you can click a picture and send it because often it costs more to send a surveyor 39:51 39 minutes, 51 seconds plus it's the loss then you know just pay the claim today right of course you want assurance that the event has actually taken place there's no fraud 39:59 39 minutes, 59 seconds waste or abuse and that the reimbursements that you are paying to somebody are exactly as per the policy 40:07 40 minutes, 7 seconds so a substantial part of claims processing is actually ruledriven, right? It would be unfair for us even 40:15 40 minutes, 15 seconds for me as a technologist to say that you need complex AI to automate a claim. 40:22 40 minutes, 22 seconds What you what we lack today as a country are good quality data inputs, structured data to actually deliver an application 40:30 40 minutes, 30 seconds of the rules, right? It is no different from how you compute an income tax liability today from various income sources. you have well- definfined rules 40:38 40 minutes, 38 seconds and a sequence of rules application and eventually you'll arrive at a tax number. Of course, one wouldn't be happy if you came up with just a number and 40:47 40 minutes, 47 seconds you couldn't explain how you came up with the number or even if somebody told you you are plus or minus 5%. Right, within that zone right now you know take 40:56 40 minutes, 56 seconds that crude parallel to health insurance claims. I think what where we have excelled at so far is to build possibly 41:04 41 minutes, 4 seconds the country's largest uh codification of master data inputs and rules that are 41:11 41 minutes, 11 seconds required for us to adjudicate each claim as per the promise of each policy of 41:17 41 minutes, 17 seconds each member and overlay that on each bill and each specific treatment 41:25 41 minutes, 25 seconds and be able to completely independent ently explain how the system actually 41:33 41 minutes, 33 seconds arrived at the final outcomes of a claim and that's what we actually do today 41:41 41 minutes, 41 seconds much as we would like to say AI will automate a claim what we need AI for right now urgently in the country is to 41:49 41 minutes, 49 seconds make sure inputs are good enough for the rule engines and two that nobody's playing the system rest is largely rule 41:58 41 minutes, 58 seconds driven M and I think that's the combination today we deploy and that's how we are able to deliver value that is absolutely measurable to the insurers 42:06 42 minutes, 6 seconds like fraud savings of over 540 crores we deliver network discounts over you know 1,300 crores last year um I think that's 42:16 42 minutes, 16 seconds where you know we are once and this space will evolve and I hope that we actually are able to automate 70 to 80% 42:24 42 minutes, 24 seconds of all health insurance claims in a manner that citizens of this country rebuild their trust or build their trust 42:32 42 minutes, 32 seconds in health insurance which actually allows us to really run towards this 100% coverage by 2047 and then that day 42:40 42 minutes, 40 seconds comes yield is a smaller problem and opportunity is the larger problem. 42:48 42 minutes, 48 seconds uh okay and you didn't give answer to the uh rate part that whether there is a chance because 42:55 42 minutes, 55 seconds ID also you know continuously pressurizing insurance and companies to lower the insurance uh premium so is 43:02 43 minutes, 2 seconds there a chance that our take rate can also decrease from like like from 5 43:08 43 minutes, 8 seconds years from now to 3.5% to 2.5% or so because it's already decreased from 5% 43:15 43 minutes, 15 seconds in last 5 Yes, I think it's very hard for me to forecast what will happen you know 5 years later but you know much of the 43:22 43 minutes, 22 seconds group yield changes to be honest is also because of the introduction of a variety of low ticket size benefits that some of 43:31 43 minutes, 31 seconds the the employees and their families actually opt in for which are not fully priced right it doesn't mean that uh we 43:39 43 minutes, 39 seconds getting necessarily paid lesser for the same work uh you know compared to before but It is also the nature of benefits 43:47 43 minutes, 47 seconds that are changing, right? Somebody could actually pay incremental 1% premium and potentially get a room rent deduction waiver or a copay waver 43:56 43 minutes, 56 seconds and then not everybody participates in these small ticket size opportunities. 44:00 44 minutes You know on the whole it might look like the user compressing but uh our internal metrics we track more on the effort 44:09 44 minutes, 9 seconds versus the life levels admination and those have been fairly healthy are improving uh from our side. So I think it would be very hard for me to answer 44:18 44 minutes, 18 seconds that question specifically but but but we'll continue to improve our disclosure so that you have a fair sense of where the world is headed. 44:27 44 minutes, 27 seconds Thank you. We will take the next question from the line of Mjit Buaria from Samia Advis LLP. Please go ahead. 44:35 44 minutes, 35 seconds Uh good morning and thank you for taking the question. Uh I had two questions. 44:39 44 minutes, 39 seconds The first one is slightly longer so please bear with me. uh you know on the technology side of our business you know if we start pricing them in fixed price 44:47 44 minutes, 47 seconds contracts versus outcome based pricing won't it become very difficult to move them to outcome based pricing later because you know typically I don't see 44:55 44 minutes, 55 seconds B2B contracts you know sort of being revised once established and why I'm trying to understand that is you know if we really have great 45:02 45 minutes, 2 seconds technology and let's say saving 500,000 crores in FWA over time for our customers right why don't we charge about 10% of that because there's no 45:11 45 minutes, 11 seconds other option to get that uh you know savings either way. So I they should be happy to pay uh for it. So that was question one and the second question was 45:20 45 minutes, 20 seconds uh you know what is the volume growth or you know growth in light server which is required in our core group uh business 45:28 45 minutes, 28 seconds for us to be able to grow that business in the 10 12% range organically and this is in context of most large corporates 45:35 45 minutes, 35 seconds in India IT companies banks etc you know literally seeing no net addition in employees. So I'm just curious as to you know what will keep that organization 10 45:43 45 minutes, 43 seconds 12% without that group. Thanks those are the two questions. 45:49 45 minutes, 49 seconds Thank you man. Um I think like I clarified right now that the current tax 45:57 45 minutes, 57 seconds revenues that we are reporting are only for the core SAS platform which is a foundational end toend claims processing engine. 46:05 46 minutes, 5 seconds Currently none of the AI capabilities uh are contributing to that revenue number and of course we like to believe 46:15 46 minutes, 15 seconds that the world especially the AIE world should eventually move to outcomes based pricing because the cost of running that 46:23 46 minutes, 23 seconds is non-trivial right um so I think that that's sort of directionally our view as well and I 46:31 46 minutes, 31 seconds think that is a fair way to go back to the insurers and saying here are the outcomes that I can deliver and if I deliver the 46:39 46 minutes, 39 seconds outcomes you know you pay for the outcome from a technology and AI and the model perspective and in fact I believe 46:46 46 minutes, 46 seconds that a lot of AI will eventually uh move to that model so currently we don't have a contract where it's a fixed price 46:53 46 minutes, 53 seconds contract for where we can potentially deliver uh outcomes secondly on the organic growth side 47:02 47 minutes, 2 seconds historically when the uh health insurance industry was growing at 18 19% kers until about 3 years ago. A group 47:10 47 minutes, 10 seconds sort of led uh a little bit u group was growing at about you know 18 19%. 47:17 47 minutes, 17 seconds Postco there was a exuberance both in terms of the number of uh you know positions that were created employees hired and also the expansion of benefits 47:25 47 minutes, 25 seconds to cater to hybrid uh you know remote uh different kinds of networks different kinds of benefits. So we saw over the 47:33 47 minutes, 33 seconds last 5 years uh you know the highest same store growth on an annual revenue of even 20% 25%. 47:42 47 minutes, 42 seconds To compared to the precoid standard growth rates that we used to see on same store growth on 13 to 14%. Right? So if 47:50 47 minutes, 50 seconds you retained five if you if your churn is five which means 100 became 95 on renewals on 95 we had a 13 14 tailwinds 47:59 47 minutes, 59 seconds which sort of provided that natural same store growth before we organically added like new business. We continue to add a 48:08 48 minutes, 8 seconds lot of new business organically. In fact we last year we added over 2,000 crores of new group premiums organically. 48:16 48 minutes, 16 seconds uh and of course they reflect depending on you know the time of the year at which the account is added. So coming 48:24 48 minutes, 24 seconds back to your question on the growth so from the highs of 25 odd% postcoid to we saw a decline to 18 15 you know closer 48:32 48 minutes, 32 seconds to uh you know 12 13 now tracking to maybe 8 to 10% on on the same sort of 48:40 48 minutes, 40 seconds work blended um I think that's what we are uh currently seeing and it's fair to ask 48:48 48 minutes, 48 seconds that you know with the ITIT slowdown and some of the large enterprises slow down what's actually happening It is not that the other industries are 48:56 48 minutes, 56 seconds not picking up from a life's perspective, right? The other industries are definitely picking up. In fact, we have over 25 industries, you know, in in 49:05 49 minutes, 5 seconds our book today. Um, the reason why it stands out is one is the sheer number and two is the the wallet the the size 49:14 49 minutes, 14 seconds of the benefit, right? and and and the the per unit or per employee benefit or the ticket size is is fairly high uh in 49:22 49 minutes, 22 seconds the IT and IT business. So you need many more of say manufacturing jobs to match the ticket size but we seeing some very 49:31 49 minutes, 31 seconds interesting growth trends for example in oil industries uh and some some amount of the manufacturing that you know we've been 49:40 49 minutes, 40 seconds able to take our services to um are reasonably augmenting from a life's growth perspective. The reason you don't 49:48 49 minutes, 48 seconds see that translate into premiums right now is the differences in the in the ticket sizes and but we think that the life growth is 49:58 49 minutes, 58 seconds reasonably secure across the if you combine all of the groups together. 50:05 50 minutes, 5 seconds Got it. Thanks. And just one more question was you mentioned something called count based contracts in respon in one of the responses. I just wanted 50:13 50 minutes, 13 seconds to understand how does this red count based contract really play out and to your other contention that AI does not really impact this piece on automation 50:22 50 minutes, 22 seconds etc. the long answer was very helpful but you know typically where there's headcount based sort of contracts savings on that because of we are 50:30 50 minutes, 30 seconds typically asked that by customers so I'm just confused about those two data values a very fair point so I sh I think if you 50:38 50 minutes, 38 seconds look at our business today I would first split this into where the contractually we are supposed to deploy headcon which is like the public health or the 50:45 50 minutes, 45 seconds government business today right nearly a third of our headcon today is contractually obligated and deployed at the remotest corners of the country 50:54 50 minutes, 54 seconds serving you know 27 crores of members through public health schemes today right and there there there is no technology there is no AI it's our duty 51:02 51 minutes, 2 seconds as a leader to participate and deliver services and of course we we continue to be careful uh about the quality of 51:10 51 minutes, 10 seconds revenue and various other aspects and that's why we continue to be a material player but not actually have that business create any kind of a drag for 51:18 51 minutes, 18 seconds us uh in the overall margin profile I think the where I was saying that some of it is headcount driven today in the 51:26 51 minutes, 26 seconds cot business it's also because the existing expectations of the workflows of the industry right so the workflows 51:34 51 minutes, 34 seconds of the industry today expect that a doctor and their registration number and there's a seal and signature then you 51:42 51 minutes, 42 seconds send a claim file to an insurance company today or you have corporates today because they don't yet have a 51:50 51 minutes, 50 seconds fully integrated digital experience expect that an account manager sits out of their office and you know delivers services today. So there are some 51:58 51 minutes, 58 seconds aspects of the core business um that are still driven by headcount but if you 52:05 52 minutes, 5 seconds look at our employee benefits cost that we report as a percentage of revenue um I think last year was among the highest 52:12 52 minutes, 12 seconds as the integration process started but otherwise typically we've been around 45% and even if I unworn some of the 52:19 52 minutes, 19 seconds other services uh that potentially could be treated as we will not be more than 50% and most that we acquired 52:28 52 minutes, 28 seconds at at head con cost in the range of say 65 to 75% of revenues right so that's what our technology is already en 52:34 52 minutes, 34 seconds enabling us um to differentiate I think the limited point that I made that AI for AI to make impact it is the quality 52:43 52 minutes, 43 seconds of inputs and your ability to sort of standardize homogeneize inputs and flag off outliers is way more important than 52:51 52 minutes, 51 seconds just deploying guess guessing through AI on the outcome of a claim because claim 52:58 52 minutes, 58 seconds is significantly a rule driven that we have already sorted out within the platform. 53:06 53 minutes, 6 seconds Thank you. We will take the next question from the line of Taranga Garval from Old T. Please go ahead. 53:16 53 minutes, 16 seconds Hi, am I audible? 53:19 53 minutes, 19 seconds No, Darang, you're not audible. Kindly use the handset mode. Just give me a second. Hi hello am I audible now? 53:28 53 minutes, 28 seconds Yes please. 53:29 53 minutes, 29 seconds Hi wonderful uh good morning uh team and congrats for a strong set of numbers. A couple of questions uh actually one u 53:37 53 minutes, 37 seconds when do we u expect the paramount acquisition to integrate and for you to get your uh desired synergies? I mean do 53:45 53 minutes, 45 seconds you have a um sort of a visibility on which quarter should that sort of start panning out? 53:53 53 minutes, 53 seconds In we've always said for every integration uh at the risk of sounding repetitive that four to five quarters is 54:01 54 minutes, 1 second what it takes uh given the nature of the the 12 month long contracts and mandatory annual renewals with three quarters down and uh I think our 54:10 54 minutes, 10 seconds quarterly margins in Q4 also went up by another 130 bits compared to uh Q3. 54:17 54 minutes, 17 seconds Um and I think we still track to it being one or two quarters uh at the most 54:24 54 minutes, 24 seconds uh from a paramount perspective. Um yeah that I mean that that's a simple answer. 54:31 54 minutes, 31 seconds Okay thank you and uh these disclosures much appreciate the disclosures really helpful. Thank you so much. Thank you sir. 54:39 54 minutes, 39 seconds Yeah. 54:42 54 minutes, 42 seconds Thank you. We will take the next question from the line of Nil Kowarikar from LFC securities. Please go ahead. 54:49 54 minutes, 49 seconds Hi, thank you for the opportunity and very good morning to you all. I had two questions. First question is regarding the uh in the past quarter we had an 54:58 54 minutes, 58 seconds exceptional item. What's uh the update on the recovery and the second question I had was on the nature of uh international business where we have an 55:07 55 minutes, 7 seconds impact because of uh the Middle East conflicts. So have we seen any impact because of it and what side of quarter l 55:13 55 minutes, 13 seconds are we likely to see in the revenues because of it. That's it. Sure. 55:21 55 minutes, 21 seconds I'll take the international question you know but you know let me just take a shot at it if you need more details and we can chime in. Um I think those are 55:30 55 minutes, 30 seconds exceptional items that we've provided they still continue to be uh open items uh including uh insurance claims to the 55:39 55 minutes, 39 seconds claims to sell item uh continue to be open and we will of of course you know carry that each quarter until it comes 55:47 55 minutes, 47 seconds to a logical uh conclusion and they're part of the disclosures in the in the financial accounts and and 55:54 55 minutes, 54 seconds the logs on the the Middle East conflict. We have no real exposure to Middle East uh you know today uh our 56:02 56 minutes, 2 seconds revenues we we significantly operate in in continental Europe uh Australia, New 56:08 56 minutes, 8 seconds Zealand, Southeast Asia and um inbound and outbound from India with some amount of work uh in the US. So we have little 56:18 56 minutes, 18 seconds or no exposure today to what's happening from a conflict perspective. I think the only slowdown that we saw in the 56:27 56 minutes, 27 seconds international business was on the group segment where like the ITIT companies reducing you know headcounts in India 56:36 56 minutes, 36 seconds they've been also some amount of patterns that have changed in terms of medium and long-term deployments uh of their employees abroad 56:44 56 minutes, 44 seconds um and uh the the portion that is in fact in in some ways I wouldn't say 56:52 56 minutes, 52 seconds negatively impacted But because the premiums are going up uh we we serve some of the seaf farers across the globe today. So there is some operational 57:01 57 minutes, 1 second challenges there but we currently don't see uh from a you know revenue and any kind of a negative impact uh perspective. 57:12 57 minutes, 12 seconds Okay. Thank you. That answers my question. In terms of this international business though is there any specific region that we are focusing on or 57:19 57 minutes, 19 seconds targeting? Like we've just opened up in Thailand that way. Is there any specific area that we're looking to target in the in the coming future? Let's say not a broad-term uh target in that sense. 57:32 57 minutes, 32 seconds I think on international we are uh fairly clear um that we are not trying to replicate what we do uh in India. 57:44 57 minutes, 44 seconds uh we are predominantly taking our technology and other capabilities uh to those markets and at this point I 57:53 57 minutes, 53 seconds think we see markets like regions like Southeast Asia having the most similar 58:00 58 minutes workflows and processes and uh sort of quicker deployment cycles for the technology stack that we have available. 58:12 58 minutes, 12 seconds Okay, fine. Thank you very much. Thank you. 58:18 58 minutes, 18 seconds Thank you very much ladies and gentlemen. We will take that as a last question. I now hand the conference back to Mr. Satish for closing comments. 58:28 58 minutes, 28 seconds Well, thank you. Um, thank you all for joining us early this morning and and and thank you for all the insightful questions. 58:38 58 minutes, 38 seconds truly appreciate your partnership and feedback. Um, as as a company that has 58:44 58 minutes, 44 seconds no peer or a comparable uh in the markets, uh, you know, we will strive to improve 58:51 58 minutes, 51 seconds our disclosures and strive to improve the explanation of how we run our business, what the opportunities are. 58:59 58 minutes, 59 seconds Um, and thanks again for uh, you know, shaping some of the narratives with your insightful questions. And I think as we 59:07 59 minutes, 7 seconds close we are truly excited as media assess that we are able to deliver a technology platform that's typically not 59:16 59 minutes, 16 seconds seen in in most markets because most solutions today target one of the stakeholders right you build solutions for insurologists you build solutions 59:25 59 minutes, 25 seconds for hospitals you build solutions and digital journeys for members we are in a unique place where tens of millions of 59:34 59 minutes, 34 seconds uh you know members and and you know millions of claims transactions allowing us to create truly 59:42 59 minutes, 42 seconds interconnected intelligence uh you know platforms that are connecting all of the stakeholders in any market and very 59:50 59 minutes, 50 seconds seamlessly enabling experiences that can be enabled only when all three stakeholders are connected extremely well. So we're excited about the opportunity. We are excited about the 59:59 59 minutes, 59 seconds time and space we are in and we are excited about our growth prospects both in India and outside. Thank you again um 1:00:07 1 hour, 7 seconds for your continued partnership. Thank you. 1:00:12 1 hour, 12 seconds Thank you members of the management. On behalf of Eny, that concludes this conference. Thank you all for joining us and you may now disconnect your lines. 1:00:21 1 hour, 21 seconds Thank you.