Vijaya Diagnostic Centre Limited — Q4 FY26

Vijaya Diagnostic Centre Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=uHj7J_oS5Ws Published: 5 days ago

0:02 2 seconds Ladies and gentlemen, good day and welcome to the Q4 FY26 earnings conference call for Vijay Diagnostics hosted by JM Financial. As a reminder, 0:11 11 seconds all participant lines will be in the listenonly mode and there will be an opportunity for you to ask questions after the presentation concludes. Should 0:19 19 seconds you need assistance during this conference, please signal an operator by pressing star then zero on your touchtone phone. Please note that this 0:27 27 seconds conference is being recorded. I now hand the conference over to Mr. Amed Chalk from JM Financial. Thank you and over to you sir. 0:36 36 seconds Thank you. Uh good afternoon everyone. 0:38 38 seconds I'm Air Chalker and on behalf of GM Financial, I would like to extend a warm welcome to all of you on the fourth 0:45 45 seconds quarter FY26 earnings call of Vijay Diagnostic Center Limited. At the outset, I would like to thank the management of Vijay Diagnostic for 0:53 53 seconds giving us the opportunity to host the call. We we look forward to having an engaging and insightful discussion on the company's quarterly performance and 1:01 1 minute, 1 second the outlook from the company. We have with us today Miss Mupita Adi managing director and chief executive officer, 1:08 1 minute, 8 seconds Mr. Ankit Shaha, Chief Financial Officer, Mr. Shivar Maju, Chief Operating Officer and Mr. Birin Gala, 1:16 1 minute, 16 seconds Assistant General Manager, Strategy and Investor relations. With that, I will now hand over over the call to the management for their opening remarks. 1:24 1 minute, 24 seconds Over to you ma'am. Thank you Amay for hosting the call. 1:29 1 minute, 29 seconds Good afternoon and thank you all for joining us on the call today. As we complete our fifth financial year since listing, I would like to first thank all 1:38 1 minute, 38 seconds our shareholders and the research houses for their continued trust, confidence and support throughout our journey. Over 1:46 1 minute, 46 seconds these five years, we have accomplished several important milestones. We have doubled our centers from 81 to 162, 1:54 1 minute, 54 seconds expanded our footprint from two states to six states, and successfully acquired PH diagnostics in Pune, which majorly 2:02 2 minutes, 2 seconds aligned with our ethos. Like we have consistently stated over the years, the core principles and DNA of the company 2:10 2 minutes, 10 seconds remain unchanged. Our business continues to be guided by the key pillars, a strong focus on quality and customer 2:18 2 minutes, 18 seconds experience, continuous investment into technology while ensuring affordability and most importantly our investment into 2:26 2 minutes, 26 seconds talent. Our workforce has grown from nearly 2,000 employees to over 3,500 employees over these five years, 2:35 2 minutes, 35 seconds welcoming close to 1,500 new members into the Vijaya family. Going forward, we will continue to invest in talent and 2:44 2 minutes, 44 seconds technology while maintaining a sharp focus on quality as we always believe that sustainable financial performance 2:52 2 minutes, 52 seconds is ultimately a byproduct of a discipline and a purpose-driven approach. Having said that, over the 2:59 2 minutes, 59 seconds last 5 years since listing, we have delivered a revenue caggr of 17% exceeding our guidance of 15%. 3:08 3 minutes, 8 seconds Most importantly, this growth has been achieved without any dilution in the EITA margin. 3:14 3 minutes, 14 seconds FYI 26 has been a landmark year for Vijay with revenues crossing the 800 cr milestone reflecting a strong 3:23 3 minutes, 23 seconds operational execution across the business. We have also delivered a robust year-on-year revenue growth of 26.5% 3:32 3 minutes, 32 seconds in Q4 FI26 supported by a healthy volume growth of around 18.5%. 3:40 3 minutes, 40 seconds This performance was attributable to both pathology and the radiology segments aided by a very favorable seasonal environment, strong momentum in 3:49 3 minutes, 49 seconds the wellness segment, continued network expansion across geographies and accelerating traction of the brand in 3:57 3 minutes, 57 seconds new markets supported by our differentiated service proposition. 4:01 4 minutes, 1 second Turning to PH, we delivered a year-on-year growth of 16% primarily driven by network expansion and 4:10 4 minutes, 10 seconds favorable seasonality during the quarter. Our Ambeam center has achieved break even in one year in line with our 4:17 4 minutes, 17 seconds guidance. Further the two hubs launched in Q3 FI26 in our core markets Kam and Nandal achieved break even within just 4:26 4 minutes, 26 seconds two quarters outperforming a guided timeline of three quarters of for hubs in our core markets coming to an 4:34 4 minutes, 34 seconds expansion plan for FI27 we would be commissioning four to five hubs and 10 to 12 spokes across the network we're also coming up with a 4:43 4 minutes, 43 seconds state-of-the-art totally automated lab in Punjaba Hyderabad with an automated track system which is expected to 4:50 4 minutes, 50 seconds enhance turnaround times and operational productivity. Additionally, we plan to introduce advanced genomic testing as 4:58 4 minutes, 58 seconds part of our specialized diagnostic offering. With this, I would like to once again thank our teams across the 5:06 5 minutes, 6 seconds network for their commitment to make this a very successful year for Vijaya. 5:10 5 minutes, 10 seconds We remain confident in our ability to build on this momentum and continue to create a long-term value for all of our 5:18 5 minutes, 18 seconds stakeholders. I will now hand over to Ankit to walk you through the operational and the financial highlights. Thank you. 5:28 5 minutes, 28 seconds Good afternoon everyone and a very warm welcome to everyone joining us on the call today. I'll quickly take you through the financial performance and 5:35 5 minutes, 35 seconds the quick uh key developments for the current quarter Q4 and the financial year ended March 31st 2026. 5:43 5 minutes, 43 seconds The consolidated revenue for the current quarter stood at INR 219 crores reflecting a strong revenue growth rate 5:51 5 minutes, 51 seconds of 26.6% 6% YI and this strong revenue growth just like the previous quarter was driven by test volume growth of 5:59 5 minutes, 59 seconds 18.5% YI balance growth of 8.1% was largely on account of change in the test 6:07 6 minutes, 7 seconds mix coming to the geography wise revenue contribution for the quarter Hyderabad contributed 67% 6:14 6 minutes, 14 seconds rest of AP Telangana contributed 20% Pune 6% West Bengal 4% and rest of the 6:21 6 minutes, 21 seconds geographies contributed 3%. Like the previous quarter, the revenue growth has been driven by both uh radiology and 6:28 6 minutes, 28 seconds pathology segments reflecting the robustness of our B2C focused integrated business model. The B2C revenue stood 6:38 6 minutes, 38 seconds healthy at 92%. Our radiology business stood at 37%. 6:43 6 minutes, 43 seconds The revenue per test and revenue per footfall stood at INR 488 and INR 180.8 8 respectively during the current 6:51 6 minutes, 51 seconds quarter. Abita for the current quarter stood at rupees 95.5 crores as compared 6:58 6 minutes, 58 seconds to 68.9 crores in the corresponding quarter in the previous year reflecting a yi growth rate of 38.7%. 7:07 7 minutes, 7 seconds The AITA margin stood healthy at 43.5% in the current quarter with a 7:14 7 minutes, 14 seconds improvement of 379 basis points Y. The profit after tax for the current year 7:21 7 minutes, 21 seconds for the current quarter stood at 47.9 crores reflecting a strong growth of 37.5% 7:28 7 minutes, 28 seconds and a PAT margin also stood healthy at 21.8%. 7:33 7 minutes, 33 seconds I will now summarize our performance for the financial year ended March 2026. 7:40 7 minutes, 40 seconds The consolidated revenue for the financial year ended FI26 stood at 814 crores as against 681 crores in the 7:49 7 minutes, 49 seconds previous financial year FI25 reflecting a yi growth of 19.5%. 7:55 7 minutes, 55 seconds EPIA stood at INR 337 crores as against 20 uh 273 crores in the previous 8:03 8 minutes, 3 seconds financial year registering a yi growth of 23.3%. 8:08 8 minutes, 8 seconds AITA margin stood healthy at 41.4% and the profit after tax was INR 173 crores with a margin of 21.2%. 8:20 8 minutes, 20 seconds Coming to the update on capital investment in the current period. The overall capex outlay has been INR 169 8:28 8 minutes, 28 seconds crores inclusive of replacement capex for FI27. 8:33 8 minutes, 33 seconds The capital outlay for the new centers including the lab the new uh automated lab is estimated to be INR 140 to 150 8:42 8 minutes, 42 seconds crores. That's all from my side. I would now like to request the moderator to open the lines for the Q&A session. 9:05 9 minutes, 5 seconds Hello. 9:08 9 minutes, 8 seconds Shall we proceed sir with the question and answer session? Yes please. 9:13 9 minutes, 13 seconds Certainly sir. Ladies and gentlemen, we will now begin with the question and answer session. Anyone who wishes to ask a question may press star and one on 9:22 9 minutes, 22 seconds their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. 9:28 9 minutes, 28 seconds Participants are requested to please use handsets while asking a question. Ladies and gentlemen, we will now wait for a moment while the question queue assembles. 9:38 9 minutes, 38 seconds [clears throat] 9:41 9 minutes, 41 seconds Our first question comes from the line of Surya with Philip Capital. Please go ahead. 9:48 9 minutes, 48 seconds Yeah, thanks for the opportunity sir and congratulations for the great set of numbers. Uh so uh uh first of all for uh 9:59 9 minutes, 59 seconds since it is the fourth quarter uh and uh we are seeing a very consistent performance uh in case of the wellness 10:07 10 minutes, 7 seconds segment consistently around 30% kind of growth that is maintained. So sure I 10:14 10 minutes, 14 seconds just wanted to understand uh what would be the mix between pathology and radiology when we talk about wellness 10:22 10 minutes, 22 seconds and what should be contributing incrementally to this kind of group. 10:28 10 minutes, 28 seconds Uh so sura all our packages have mix of both radiology and pathology. So uh while uh we don't have the very exact 10:37 10 minutes, 37 seconds number because it's a bundled package right from corporate wellness to retail wellness it's mix of both radiology and pathology but if you see more or less 10:44 10 minutes, 44 seconds there'll be a uh they'll be mostly at 50 50% uh proposition uh and uh you know it is also based on 10:52 10 minutes, 52 seconds if you see our retail packages which are there on the website right from you know uh lifestyle to full body health checkup 10:59 10 minutes, 59 seconds uh you have mix of both content even what we are seeing the trends that we are seeing from the corporates right when they're empiring for their uh cor 11:08 11 minutes, 8 seconds employee health checks they are asking as a mix of both pathology and radiology test so that's the trend that we are seeing uh uh you know across uh across 11:17 11 minutes, 17 seconds the packages okay or is it fair to believe that what about the mix that we are seeing for the 11:25 11 minutes, 25 seconds overall business that is the mix also for the wellness business that one should think uh so it depends when it comes to 11:33 11 minutes, 33 seconds corporate wellness it purely depends on the client's requirement but in terms of retail yes it's more or less uh maybe in the similar range 11:42 11 minutes, 42 seconds okay and uh in terms of the uh uh growth what we are seeing that even Hyderabad which 11:50 11 minutes, 50 seconds is been considered to be a kind of mature segment still that we are seeing around 20% kind of growth one of the 11:58 11 minutes, 58 seconds strongest growth that we have reported this quarter anything specific that is contribut uting here or and how 12:05 12 minutes, 5 seconds sustainable how sustainable is the kind of growth momentum here in Hyderabad. 12:12 12 minutes, 12 seconds So like we discussed in the past right whenever we have a good season uh you know when we have uh that kind of revenue in the market. So, Hyderabad 12:20 12 minutes, 20 seconds like we discussed in the previous calls also uh right uh we feel the market is matured but then we see the market growing at a single pace a little bit in 12:28 12 minutes, 28 seconds a better pace both across hospitals and diagnostics right uh and especially like ma'am like ma'am mentioned in her opening remarks I think the three four 12:37 12 minutes, 37 seconds key pillars right is making a strong uh and we being the largest player and being in the industry for more than 40 12:44 12 minutes, 44 seconds years in the market I think we are inching we are inching as and when there is a favorable season we are inching the 12:51 12 minutes, 51 seconds market share and uh you know we are growing better than our peers. So even in terms of network expansion and also if you see the service edition etc in 12:59 12 minutes, 59 seconds the diagnostic market we are growing better than our peers on this base uh right uh it is because of the three four things one we are available across the 13:08 13 minutes, 8 seconds across the city right we have uh you know the wide range of uh services both in pathology and radiology we have very 13:15 13 minutes, 15 seconds high-end technology and we have very good talent in terms of doctors and technical uh staff while maintaining all this we are not charging anything extra 13:24 13 minutes, 24 seconds so more or less we match the market rates maybe 2 3% here and there I think that that over the years if you see it's 13:31 13 minutes, 31 seconds not today's scenario maybe like few percentages here and there over the years in Hyderabad we were growing in double digit and even in the near time 13:40 13 minutes, 40 seconds uh you know uh in the current financial year also we we are planning to add few more spokes in Hyderabad uh there are many new markets new pockets that have 13:48 13 minutes, 48 seconds opened up in Hyderabad so we foresee that even in the near future of two to three years of term you will still grow in double digit in Hyderabad. 13:59 13 minutes, 59 seconds Uh and in terms of the in terms of the uh capex or investment per so we have 14:06 14 minutes, 6 seconds seen obviously in the recent years because of our geographical diversification uh some capex intensity 14:14 14 minutes, 14 seconds that we had seen but we are now talking about similar kind of a capex momentum even in FI27. So practically what are 14:23 14 minutes, 23 seconds the thought process here? Uh because obviously the cash flows comes in operation if we see been obviously 14:30 14 minutes, 30 seconds becoming stronger and stronger. So is it fair to believe that the capex momentum also simultaneously will become stronger 14:37 14 minutes, 37 seconds and stronger with more and more kind of a newer area penetration. 14:44 14 minutes, 44 seconds Uh you're right uh Surya. So uh the number that we just uh quoted is basically uh the uh the the centers 14:52 14 minutes, 52 seconds which are uh like where they have taken on leaves but at the same these are executed signed registered lease is something that we would 15:00 15 minutes probably announce out on a call and the capital outlook of what Ankit has given is 15:08 15 minutes, 8 seconds keeping in mind uh the entire four hubs of what has been signed and the automated lab and the 101 12 spokes 15:16 15 minutes, 16 seconds that are coming like we've mentioned earlier on last year you did not see any spokes coming out in Hyderabad or the 15:23 15 minutes, 23 seconds core markets and this year we will be seeing a few spokes around four to five spokes coming out in Hyderabad in the newer geographies and the new pockets 15:32 15 minutes, 32 seconds that are coming in the city so this is capex guidance for the executed leases which is the four to five hubs and the 15:41 15 minutes, 41 seconds 10 to 12 spokes like I've always mentioned when there's opportunity there's not looking back e in now we have two or three more geographies so 15:49 15 minutes, 49 seconds whether it's going to be Bangalore or Pune or Kolkata anything that comes across we will be signing and probably 15:57 15 minutes, 57 seconds executing it on the similar lines we'll be able to give you guidance on that once that's executed yeah yeah yeah so this guidance uh for next one two years because we have many 16:06 16 minutes, 6 seconds new newer geographies this guidance we will revisit every single quarter and we'll give you more updates as and when we finalize more centers Okay, just last 16:15 16 minutes, 15 seconds one point from my statement. See in fact in your opening remark that you mentioned over the last five years the kind of a growth in terms of the center 16:24 16 minutes, 24 seconds addition that we have seen similar is the kind of business growth that is what we have seen. So that means it is the 16:31 16 minutes, 31 seconds volume based growth only that we have seen practically in a way. uh so is there any scope of for premiumization 16:39 16 minutes, 39 seconds play uh in the near future that you think or and simultaneously as you have mentioned 16:47 16 minutes, 47 seconds also that genomic that is a new area of opportunity for you. So what is the kind 16:53 16 minutes, 53 seconds of incremental uh uh business that you are thinking out of this or what is the target market that you are uh 17:01 17 minutes, 1 second identifying for the genomics because as of now it is a smaller one in the competition you suggesting 17:10 17 minutes, 10 seconds genomics is a long-term play I don't think we'll see any significant revenue coming in uh the next there are few uh departments in lab sura 17:18 17 minutes, 18 seconds irrespective of volume say hystopathology ology high-end IC testing genomics these are all specialized 17:26 17 minutes, 26 seconds testing and especially being a 92% B2C driven player we kind of look at the 17:33 17 minutes, 33 seconds load building up and then decide to add it so histopathology has now been there for more than 35 years and one of a very large department in the lab so we've 17:42 17 minutes, 42 seconds started genomics we will slowly grow it through the same medium of walk-ins B to C and then add panels as what is required ired as for the market needs. 17:52 17 minutes, 52 seconds So what we see in Kolkata might be very different from what Pune would want but it'll be one central lab in Hyderabad 17:59 17 minutes, 59 seconds trying to uh cater to all of the six geographies that we are operating in. So it's just the beginning. So it's it's 18:07 18 minutes, 7 seconds something that we would like to build out and then make it profitable in the years to come. Can't give a number on that right away. And the focus for the 18:15 18 minutes, 15 seconds next two years uh would be on center addition and volumedriven growth. While we may have that one one and a half% of 18:24 18 minutes, 24 seconds uh realization growth uh right but the major focus for the next two to three years is capacity addition and then you know volumedriven revenue growth. 18:33 18 minutes, 33 seconds So yeah thank you sir. Wish you all the best. Thank you. 18:40 18 minutes, 40 seconds Thank you. Our next question comes from the line of Rajat Balwa with the Kizuna wealth. Please go ahead. 18:48 18 minutes, 48 seconds Yeah. Hi sir, thank you for giving me the opportunity and congratulation on a good set of numbers. So my first question is on like in G4 data margin 18:58 18 minutes, 58 seconds came in 43.5% which is a 380 bit jump expansion. Hello am I audible sir? 19:07 19 minutes, 7 seconds Yeah. Would you mind repeating there has been a bit of wobble? 19:11 19 minutes, 11 seconds Yeah. Okay. Okay. Yeah. Yeah. Yeah. So my first question will be like in Q4 the beta margin came in 43.5% which is 380 19:19 19 minutes, 19 seconds bits YI expansion. But when you strip out the operating leverage on the fixed cost base the other expense line g 21% 19:26 19 minutes, 26 seconds in yi in Q4. So what specific cost levels drive this margin outperformance? Can you throw some color on that? 19:36 19 minutes, 36 seconds So it's basically the operating leverages existing network. So if you see uh you know um if you see our business except few cost like 19:44 19 minutes, 44 seconds consumables, doctors etc. it's more a fixed cost uh uh business right. So whenever you see a jump in the revenue growth obviously that will slow down to 19:52 19 minutes, 52 seconds AIDA and also uh the other point is all the new hubs that started majority of the new hubs have broken even faster 20:00 20 minutes than the expectation. So it is of both the operating leverage and the break even of new centers that have led to the 20:07 20 minutes, 7 seconds uh you know 43.5% uh margin. Uh but at the same time uh if you see uh the company is now also focusing of adding 20:16 20 minutes, 16 seconds more centers and also getting into genomics and also investing onto technology and talent. So in fact you 20:23 20 minutes, 23 seconds know in many of the newer geographies we are developing the second in line because we feel the talent is important you know for us to scale the centers 20:30 20 minutes, 30 seconds there. So this incremental cost will be coming for this financial year. Uh but in terms of the guidance uh we are with 20:39 20 minutes, 39 seconds growth while opening new centers we'll still be delivering 40% plus AIDA margins. 20:45 20 minutes, 45 seconds Raj one of the reasons why the Aida margins were you know uh closer to 43 and a half this time around was due to 20:53 20 minutes, 53 seconds you know Hyderabad geography growing at 20%. So there was huge leverage came uh due to that and overall if you look at 21:02 21 minutes, 2 seconds the OPEX burn also for the entire year for all the new centers which commenced it is roughly about8%. 21:10 21 minutes, 10 seconds Versus what we had uh envisioned before the start of the year of roughly about two 2 and a half%. So these two you know 21:18 21 minutes, 18 seconds reasons helped in improvement in the AITA margin. Having said that, I think 21:25 21 minutes, 25 seconds uh going forward uh because of you can say uh we would be slightly conservative 21:31 21 minutes, 31 seconds in uh giving our uh margin guidance of uh 40%. But we are pretty confident of de delivering more than that in the future. 21:41 21 minutes, 41 seconds Okay, great sir. And sir, the last question on the revenue per test which has been jumped by 4.3%. 21:49 21 minutes, 49 seconds So even though your pathology radiology mix is quite same as F25 so it is it because of wellness share increase or so what's the reason of this? 22:00 22 minutes No that is largely because of the new hubs ramping up. So all you know the new hubs in Bangalore or West Bengal now 22:09 22 minutes, 9 seconds they are ramping up uh quickly. So that is just because of the change in the test mean because in the first year it 22:16 22 minutes, 16 seconds is still driven largely by radiology. So that's why you're seeing that higher number. 22:23 22 minutes, 23 seconds And sir, what's the volume growth in terms of core geography and non-core geography? 22:30 22 minutes, 30 seconds So are you volume growth in core versus non-core? Yeah. Core versus nonoria. 22:37 22 minutes, 37 seconds Yeah. So uh when it comes to Hyderabad for Q4 Y on Y the volume growth is roughly about 18 and a half%. 22:46 22 minutes, 46 seconds Okay. 22:53 22 minutes, 53 seconds Thank you. Our next question comes from the line of Anul Agraal from MK. Please go ahead. 23:00 23 minutes Hi, thank you for the opportunity. uh just uh hopping on the margins guidance uh I understand we want to be 23:08 23 minutes, 8 seconds conservative but uh if I just look at uh the mix of assets that we are sort of commissioning uh in FI27 which are more 23:17 23 minutes, 17 seconds spokes than hubs uh would it be fair to assume margin accretion in FI27 23:24 23 minutes, 24 seconds uh would be sharper than the accretion uh we have witnessed in FI26 itself 23:32 23 minutes, 32 seconds So actually if you see the full year I understand in Q4 we have delivered 43 and half but if you see for the entire full year it uh it was around 41 and a 23:39 23 minutes, 39 seconds half% right. uh so uh like uh uh if if we are opening let's say 12 spokes and 23:48 23 minutes, 48 seconds four hubs yes more or less we may end up in the similar range but let's say if we like we also said there are more hubs in 23:55 23 minutes, 55 seconds pipeline if we can close higher number of hubs and we open in fi 27 then maybe the drag will be slightly higher than uh 24:03 24 minutes, 3 seconds what uh you know what we are talking now so keeping all this all this in mind uh what we feel is 24:11 24 minutes, 11 seconds Also taking uh you know both the investments onto technology and uh talent uh into consideration we feel that we'll be able to comfortably 24:19 24 minutes, 19 seconds deliver more than 40%. And like BN said you know while the guidance would be 40% we'll try to uh you know deliver a better number than that. 24:30 24 minutes, 30 seconds Sure. Uh next question I had was we already have a cash balance of almost 280 or 300 odds and I think by the looks 24:38 24 minutes, 38 seconds of it with you know assuming uh sort of uh the capex that you have just outlined you should be able to add another 150 to 24:47 24 minutes, 47 seconds 200 crores uh odd number in the next year as well. any plans on sort of deploying this balance for any inorganic 24:56 24 minutes, 56 seconds expansion on how how does management think about this deploying this cash on books 25:04 25 minutes, 4 seconds like we've mentioned earlier anything uh that comes to us in terms of an inorganic or a merger acquisition JD 25:12 25 minutes, 12 seconds whatever it might be if it is in the same value system and it is BTOC driven even if it's pure pathology your 25:20 25 minutes, 20 seconds radiology and the ethos matches, we're more than happy to look at that asset. 25:26 25 minutes, 26 seconds And then comes the valuation reasonability there also. So if something comes up, it's there's almost 25:33 25 minutes, 33 seconds close to about 8 to 15 assets that come to us on a yearly basis. But we are very 25:40 25 minutes, 40 seconds very conscious about what we bring onto the table to the board and to our shareholders because it needs to add 25:47 25 minutes, 47 seconds value and that uh probably that look is going to be out even for the future and 25:53 25 minutes, 53 seconds also like uh Shiba mentioned these are only executed leases for this year of say that three to four hubs and if an 26:03 26 minutes, 3 seconds opportunity comes up like I mentioned two to six days. So if say we get an opportunity to add another four or five we would definitely go ahead doing that. 26:12 26 minutes, 12 seconds So you would also see additional deployment and capix happening accordingly and with hubs also comes spokes. So that's a reason why we are 26:21 26 minutes, 21 seconds only probably committing on the number of leases that are executed today and as we go quarter on quarter we will give be 26:29 26 minutes, 29 seconds giving you a quarterly update on what's going to be happening. Sure, very clear ma'am. But uh there are no plans of 26:36 26 minutes, 36 seconds adding another cluster for the next two odd years. I think you mentioned that if you're looking at the numbers and everybody's very happy the operating 26:44 26 minutes, 44 seconds leverage playing out today is because of the dense network. So we're saying you have entire Pune and then Kolkata and 26:53 26 minutes, 53 seconds now already Bangalore is a new baby and with the few more hubs coming there. So the denser we grow into Kolkata, in West 27:00 27 minutes Bengal and into Pune, this is probably going to just get better. 27:06 27 minutes, 6 seconds If at all we have to add it should be through inorganic but which is which should be large enough for us to say we're ready to take on one more cluster. 27:15 27 minutes, 15 seconds Got it. Clear ma'am. Uh just a sort of followup uh question on on the answer that you gave. uh our current capex 27:22 27 minutes, 22 seconds guidance if I just you know uh sum up uh the bits and pieces of uh our network addition or the automated lab uh our 27:31 27 minutes, 31 seconds current capex guidance of 140 150 k uh does it not assume any new hubs that you have planned which have not yet signed 27:39 27 minutes, 39 seconds the lease on uh because if you could just slightly break up the 150 cr capex number in terms of network addition in terms of IT spends or maintenance capex 27:47 27 minutes, 47 seconds that will be very useful uh to help us understand you this better. 27:53 27 minutes, 53 seconds So uh Anul for the new centers which have been outlined in the investor presentation which are roughly about four to five hubs and 10 to 12 spokes 28:02 28 minutes, 2 seconds the keex would be between 120 to 130 CR and then the additional capex would be 28:09 28 minutes, 9 seconds on the automated lab in Punjaba. These are only you know this capex is for the leases which have been executed. Having 28:18 28 minutes, 18 seconds said that as Shiva and ma'am mentioned there are a lot of projects in the pipeline so whenever we get the opportunity we will definitely you know 28:26 28 minutes, 26 seconds revise the capex guidance but that uh revision will happen on a quarter basis just to add I'm sure so what we have 28:34 28 minutes, 34 seconds considered in this 150 crores is about close to 10 to 12 crores of replacement capex it is not just a replacement capex 28:41 28 minutes, 41 seconds capex within the existing centers where we'll add some new modality got it Are we planning any flagship hubs 28:49 28 minutes, 49 seconds in in the non-core clusters because 120 odd k for four hubs and 10 seems heavy. 28:57 28 minutes, 57 seconds Yeah. So we had announced in uh Q3 of FI26 that we'll be coming up with flagship center in Berata Bangalore JP 29:06 29 minutes, 6 seconds Nagarat which will have the high-end PET CT highend MR and K. This is a center anul where the center has equipments 29:14 29 minutes, 14 seconds which are probably not there in our core markets of hyder itself. So you will be looking at a uh digital cardiac petit 29:24 29 minutes, 24 seconds coming in there and it's one of its kind wide bore uh 7 omega mr. I think there 29:32 29 minutes, 32 seconds are only a few in India. So this is what Banerata is going to offer and probably it should be ready to go in the next 29:41 29 minutes, 41 seconds couple of months. So that's something that's ongoing and this is and going forward will probably in the coming year 29:50 29 minutes, 50 seconds look at bringing in a center like that even in the form market of Hyderabad. So finding that right place location in 29:56 29 minutes, 56 seconds Hyderabad we will do a center like that provided we find the right location. 30:03 30 minutes, 3 seconds That would be very clear. Uh just a couple of more questions if I may. Uh on wellness what what would be the uh 30:10 30 minutes, 10 seconds average realizations of uh in our in our wellness uh portfolio for for the company average 30:18 30 minutes, 18 seconds realizations for us it's in the range of uh 1,800 to 2,000. 30:23 30 minutes, 23 seconds So per Q4. So otherwise generally at a full year level it was more or less closer to 2,000 rupees. 30:30 30 minutes, 30 seconds uh it is because of you know corporate wellness because corporate wellness you know every client has a different requirement but if you see retail wellness it'll be slightly higher than 30:37 30 minutes, 37 seconds 2500 uh rupees is the average realization. 30:41 30 minutes, 41 seconds Okay. The reason I asked this question is uh incremental wellness uh sort of incremental contribution from 30:50 30 minutes, 50 seconds wellness portfolio would not lead to realization per patient improving. Would that be fair to say? So it will lead to 30:58 30 minutes, 58 seconds realization per patient improving but not the realization of test because if you see at a company level we are at this quarter we were at 1,800 rupees 31:06 31 minutes, 6 seconds realization per patient. Uh if we add uh more wellness packaging realization per patient will go up but realization per test will come down. 31:17 31 minutes, 17 seconds Got it. Very clear. Just one last question. I think ma'am mentioned that uh PH or the Pune cluster has grown by 16% uh uh Y and Y that is for the 31:25 31 minutes, 25 seconds current quarter or for the full year the current quarter. So if you see until Q1 Q2 there was slight degrowth and Q3 31:33 31 minutes, 33 seconds we have seen improvement so I think Q3 we have grew by I think 8% right and this quarter about 16%. So we are seeing 31:40 31 minutes, 40 seconds uptick in revenue both month on month and quarter on so year on year. 31:46 31 minutes, 46 seconds Yeah. And this would be largely on the back of the new center additions we have done, right? Or have we done any capacity bottlenecking in the PH centers that we had? 31:54 31 minutes, 54 seconds So yes, uh we have we have little bit of capacity constraint but then we have seen growth uh even in the existing centers but uh it is in the low single 32:02 32 minutes, 2 seconds digit but it's a mix of both uh the old centers and lovely. That's it from all the very best. Thank you. 32:12 32 minutes, 12 seconds Thank you. 32:14 32 minutes, 14 seconds Thank you. Our next question comes from the line of Axia Shindai with Centrum Broking Limited. Please go ahead. 32:22 32 minutes, 22 seconds Thank you for the opportunity and congratulations on good set of numbers. 32:26 32 minutes, 26 seconds Uh my question pertains to the Kolkata region. The two hub launched in FY24 were contributing around 3% of revenue. 32:35 32 minutes, 35 seconds Could you share uh now these hubs have progressed so far in terms of volume growth uh the B2C mix and the break even 32:43 32 minutes, 43 seconds trajectory uh also with the fine new hubs added in FY26 do you expect similar ramp up 32:51 32 minutes, 51 seconds trajectory for this center or uh could the scale up be relatively faster uh supported by the higher network density 32:59 32 minutes, 59 seconds and improving uh brand presence in the region? Yeah, that's it. 33:05 33 minutes, 5 seconds So uh so as of now we have seven hub centers in Kolkata. So out of which you know three centers were just opened a 33:13 33 minutes, 13 seconds couple of quarters back. Uh if you see the world centers Medinoa and the VIP road uh you have seen the growth right? 33:20 33 minutes, 20 seconds So they've grown at very uh so majorly VIP road because Medino again was a old center and it is running at its full capacity right if you see VIP road you 33:29 33 minutes, 29 seconds have seen double digit growth year on year and the rest of the five centers were added during the last financial year out of which uh two centers which 33:37 33 minutes, 37 seconds were added in Q1 of FI26 they did break even in less than 9 months. The rest of the centers like Pulbug and Diamond 33:44 33 minutes, 44 seconds Harbor uh they just opened couple of quarters back but we expect the similar kind of ramp up to happen at these 33:51 33 minutes, 51 seconds centers. Uh and uh we are confident of uh achieving the break even within one year of our guided timeline. 34:00 34 minutes So the next financial year so uh so I I don't think we should compare with the current base to the next year's growth because of the center edition that 34:08 34 minutes, 8 seconds happened. uh but you will see a very healthy growth uh of revenue in in West Bengal in the next in the in the current financial year. 34:17 34 minutes, 17 seconds Understood. Uh also following the uh new expansion are there any inorganic opportunities uh shortlisted for the 34:25 34 minutes, 25 seconds further expansion in the western region like for the mid to long term? 34:31 34 minutes, 31 seconds Not in Pune as of now. So we want to more go organically because since we have acquired a brand now I think uh uh 34:39 34 minutes, 39 seconds it is we feel that it would be better if we expand this brand rather than acquiring one more asset in the same geography. 34:46 34 minutes, 46 seconds Oh okay. Yeah. Thank you and all the best. Thank you. 34:52 34 minutes, 52 seconds Our next question comes from the line of Ki Agraal from Aditya Bila Sunlife Mutual Fund. Please go ahead. 35:00 35 minutes Yeah. Hi and congratulations on the good set of numbers. I just had a bookkeeping question. What would be your uh 35:06 35 minutes, 6 seconds pre-nindas margin for FI26 and uh for the quarter? If you can help me with that. 35:16 35 minutes, 16 seconds See uh by pre-Indius [clears throat] you are referring to more of Indian gap. 35:21 35 minutes, 21 seconds Yeah, it's just the um India's impact of rentals. 35:26 35 minutes, 26 seconds Yeah. So while we don't maintain books as per Indian gap but uh it should be close to about uh 7%. So that should be about 35%. 35:35 35 minutes, 35 seconds Yeah it's 35% for the entire year. 35:38 35 minutes, 38 seconds Got it. Great. That's excellent. Thank you. 35:45 35 minutes, 45 seconds Thank you. Our next question is from the line of Rishi Modi with RDM Advisory LLP. Please go ahead. 35:52 35 minutes, 52 seconds Yeah. Hi guys. Am I audible? 35:55 35 minutes, 55 seconds Yeah, you're audible. Yeah. Now um first question I had was on the tech investments that y'all are making or 36:02 36 minutes, 2 seconds yall have made just uh is it upcoming or yall have already made these CRM ERP and AI in radiology investments. 36:13 36 minutes, 13 seconds So Rishi it's ongoing. So we have invested a little bit in the last financial year. uh right over the years if you see from FI23 onwards uh 36:21 36 minutes, 21 seconds consistently every year uh we are either revamping the existing system then we also getting more integrations uh right to enhance the customer service and also 36:30 36 minutes, 30 seconds uh like uh if you uh in terms of the building software limbs radiology all that we have done in the last two 36:37 36 minutes, 37 seconds financial years when it comes to the CRM uh or and when it comes to the ERP so we have started the work in the last financial year but uh you know we'll be 36:45 36 minutes, 45 seconds launching them in the current financial Apart from that in terms of AI we have onboarded few solutions in Q4 uh right 36:52 36 minutes, 52 seconds the end of Q4 like it can be CTK or the dental scans and we are also in talks with few of the other firms uh you 37:00 37 minutes know uh to see how we can implement for the other modalities like uh something for lung liver and brain. So this will 37:07 37 minutes, 7 seconds be an ongoing process and also in terms of data security right so year on year we have we are uh increasing our spends 37:14 37 minutes, 14 seconds on that and in terms of digital marketing so digital marketing was something which we started two two and a half years back uh if you see last one 37:21 37 minutes, 21 seconds financial year we've almost spent roughly around six to seven cr on digital marketing where we see uh that cost uh you know doubling in the current 37:30 37 minutes, 30 seconds and the next financial year because uh that's one of the channel where we have seen good uh revenue coming uh from so 37:37 37 minutes, 37 seconds likewise rishi I think uh you know technology is something that is still uh evolving so right for the next one two financials you'll be seeing some 37:45 37 minutes, 45 seconds investments happening on this front right so u this will be an ongoing process now for you all and we should 37:53 37 minutes, 53 seconds not expect ideally any hiccups in the implementation of this like you mentioned right the last time we implemented limbs uh there was some uh 38:03 38 minutes, 3 seconds of a hiccup in one of one all quarter implementation is not going to be the problem. Especially in radiology, these 38:11 38 minutes, 11 seconds patches that come for any kind of specific organ, they basically patches which have to be layered onto our 38:19 38 minutes, 19 seconds radiology information software. So they need certain licensing just like we would need a C or an FA some background 38:28 38 minutes, 28 seconds to bringing in any kind of AI because you're going to be releasing it for retail customers. So we can't just bring 38:35 38 minutes, 35 seconds in something without validation and validation requires certain paperwork and those are very limited in nature as 38:42 38 minutes, 42 seconds we speak as of today. So probably something that we can release to customers is not going to be more than six or seven and when these come in 38:51 38 minutes, 51 seconds these have to be layered onto the existing software and those are always ongoing. We have two or three that are done. you will always see two or three 38:59 38 minutes, 59 seconds happening as and when it gets approved these get layered on. 39:04 39 minutes, 4 seconds All right, that's great to hear. Second, I wanted to understand on the Pune piece, right? So, great job on getting the revenue growth back on track. Uh, 39:12 39 minutes, 12 seconds and the new team I think has done a good job on ground. Just uh if I could get an understanding, say the second hub that 39:19 39 minutes, 19 seconds you all opened, right? The new hub uh is it ramping up faster or is it approaching briefly even faster than the first new hub that you all had opened? 39:30 39 minutes, 30 seconds Uh no risha. I think both the hubs have taken similar time because I think both the areas are on two different sides of 39:37 39 minutes, 37 seconds the city. All right. Uh so if you see both in Ambega and Kalyanaga PH never had any presence. So it was uh more like 39:45 39 minutes, 45 seconds a newer within the city is like a newer geography. All right. So and Kalyanaga the full-fledged operation started in Q2 39:52 39 minutes, 52 seconds of FI 26. So even that hub like Ambbe took time. So we have almost completed 6 39:59 39 minutes, 59 seconds to 7 months of full-fledged operations by now. Uh I think 8 8 months of full-fledged operations by now. I think we'll be taking the full one year also for the break even to happen. 40:11 40 minutes, 11 seconds Okay. All right. And uh finally just any favorable seasonality element in our numbers this quarter like some illness 40:19 40 minutes, 19 seconds or some seasonal flu or something in our numbers? 40:23 40 minutes, 23 seconds nothing uh specific but we have seen growth across both uh retail uh you know 40:30 40 minutes, 30 seconds and also wellness so I think all the all the modalities and all the you know all the channels have basically fired 40:38 40 minutes, 38 seconds you see over wellness overall segment also has shown a good growth during this quarter 40:48 40 minutes, 48 seconds so that has also helped in you know the overall revenue growth All right. All right. Great. Thank you. 40:54 40 minutes, 54 seconds Thank you guys. That's all from my end. 41:00 41 minutes Thank you. Our next question is from the line of Sumit Gupta from Antique. Please go ahead. 41:07 41 minutes, 7 seconds Hello. Hi. Hi. Hello. Hi. Good afternoon. Hi. 41:14 41 minutes, 14 seconds Yeah. Thanks. Yeah. 41:19 41 minutes, 19 seconds Question. So uh summit sorry to interrupt you're not audible clearly 41:28 41 minutes, 28 seconds fine much better so please go ahead yeah so with respect to p so it 16% so what would be the volume growth for this 41:35 41 minutes, 35 seconds quarter in phfall growth was roughly about 15% 41:43 41 minutes, 43 seconds during this quarter purely footfall growth okay okay and what the like output for 41:51 41 minutes, 51 seconds the PA segment over the next let's say three to four years how should we see this contribution increasing on the business 42:00 42 minutes out so uh for all of these new geographies uh summed so like we said right quarter on quarter maybe we'll have to change 42:08 42 minutes, 8 seconds our guidance a little bit because uh you know we have u we have the regional heads for each of these regions and then 42:16 42 minutes, 16 seconds parallelly all these regions are growing uh so in terms of finding the new centers etc. the work is happening on 42:22 42 minutes, 22 seconds the ground at all of these regions. So if you ask us we are very confident in the next one to financial will be 42:30 42 minutes, 30 seconds growing in double digit but at the same time let's say if you find more centers if you can close on more centers maybe one geography may be overtaking the 42:37 42 minutes, 37 seconds other geography that is something that maybe next two years it'll be slightly dynamic between these geographies but otherwise with the existing network with 42:44 42 minutes, 44 seconds these two new hubs and two new spokes that we have opened uh and also the effort that is going onto the corporate segment within Pune we are confident 42:52 42 minutes, 52 seconds that we'll be growing in double digit for the next financial year as at the full year level. 42:58 42 minutes, 58 seconds Okay. Okay. So, I was asking from let's say uh not in the near term but from a medium-term point of view. So, should we 43:05 43 minutes, 5 seconds see like the the kind of pressure that you're getting in Poland market like can we hope uh to see that continue? 43:15 43 minutes, 15 seconds Uh Sumit can you please repeat? So basically the kind of pressure that you are witnessing in in Pune so medium term 43:23 43 minutes, 23 seconds let's say in next three to four years how should we see Pune geography evolving so likely adding more scopes in 43:30 43 minutes, 30 seconds and then recently opened that is also very so how should we see that uh can basically the the revenue for tender 43:39 43 minutes, 39 seconds improving so sumit I think uh in especially in 43:46 43 minutes, 46 seconds Pune right I think that was the only one guidance which uh you know did not happen according to our guidance which we gave three years back because we 43:54 43 minutes, 54 seconds thought you know Pune in three to five years we'll double our revenue but then we went very slow we did not open centers also we went very slow because uh you know after acquiring we took one 44:03 44 minutes, 3 seconds one and a half year to settle in ground level things like changing software you know aligning the processes etc because before taking on growth that is very 44:10 44 minutes, 10 seconds important you know you have to embibe the culture there before you take on growth so that's one of the reason why you have seen the uh delay maintain the 44:17 44 minutes, 17 seconds growth. But but having said that uh with whatever effort that we have put in the last two years and with the kinds of 44:24 44 minutes, 24 seconds teams now we have we're deploying there we are very confident that in next 3 to 5 years uh we'll be easily doubling up our revenue from where we are now. 44:34 44 minutes, 34 seconds Understood. Okay. With respect to renewable center at the mature stage let's say in Hyderabad you are nearly around 6 crores per year. So uh like 44:43 44 minutes, 43 seconds what kind of what is the peak revenue center which one can achieve or raise that line any go figure or am I missing 44:51 44 minutes, 51 seconds some no even if you will see at maturity the revenue from the new hub that we have opened you will see you know more than 44:58 44 minutes, 58 seconds 12 to 15 crores kind of a revenue similar like any other geography there but in the older hubs because of the capacity constraint the hubs being 45:06 45 minutes, 6 seconds smaller right you have one hub which is already even in the older hub one hub which is doing about 15 crores the rest of the two hubs because of the capacity constraint they're doing more or less 45:15 45 minutes, 15 seconds close to 10 crores kind of a revenue but otherwise in the newer hubs that we open uh because the hubs will be more or less similar to what we do in Hyderabad so 45:23 45 minutes, 23 seconds you'll see the similar uh kind of revenue profile coming from these centers understood 45:31 45 minutes, 31 seconds performance the two which are opened in HSR and Yanka how are they performing like what's the overall section that you 45:39 45 minutes, 39 seconds see in Bangalore So we are very optimistic about that geography with whatever results that we have seen in the last two to three quarters. Uh we 45:48 45 minutes, 48 seconds opened in Q1 of last financial year and like we told Elanka did break even and HSR is almost closer to break even. Uh 45:56 45 minutes, 56 seconds so that's one of the reason why we have already finalized one flagship facility there and we also finalized one more location in Rajinagar which we have put 46:03 46 minutes, 3 seconds in on the PPT and uh apparently we are looking for more hubs in Bangalore. So we are very optimistic uh about the Bangalore city. 46:14 46 minutes, 14 seconds Okay. So I just want to understand from the factor point of view let's say so there are so many hospitals which have come with the with their own labs across 46:21 46 minutes, 21 seconds different parts of India. Uh so like in your geography uh like have you witnessed any comp like competition 46:28 46 minutes, 28 seconds competitive increasing which has led to like a bit challenging for you. 46:38 46 minutes, 38 seconds So I I think uh so this uh is there across the geographies not just the hospital-based labs you have the other 46:45 46 minutes, 45 seconds labs which are into purely into diagnostics also right Bangalore also has a very strong pathology diagnostic 46:52 46 minutes, 52 seconds player right uh so but uh like you know the differentiator is the radiology right we have both path and plate radiology and it's a more of an 47:01 47 minutes, 1 second integrated play uh and Bangalore as a market like we told you so it is almost similar to Hyderabad but You don't have any large integrated diagnostic player. 47:10 47 minutes, 10 seconds You have multiple small integrated players. That's where we see the opportunity. In terms of the bed density, bed capacity uh right in terms of the health healthcare infrastructure 47:18 47 minutes, 18 seconds in hospitals, both the cities are more or less closer. And the one more challenge in Bangalore is the traffic uh right which will also give us the 47:26 47 minutes, 26 seconds opportunity to add more centers. Even if you open two hubs within 7 kilometer radius like if you see our HSR versus the flagship, it is only hardly 6 7 47:34 47 minutes, 34 seconds kilometer radius. But I don't think the patient from uh you know JP Nagar will be traveling to HSR for their diagnostic needs. So that is also uh an other 47:43 47 minutes, 43 seconds opportunity right. So so uh considering all these factors we feel uh Bangalore city will give us uh give us that room 47:52 47 minutes, 52 seconds to add more hubs and spokes both hubs and spokes uh I in the next at least the 47:58 47 minutes, 58 seconds I think the capex deployment will be continuously happening for the next five to seven uh years. 48:07 48 minutes, 7 seconds Okay. So basically my question was last week we found theos competition from the hospital based labs 48:14 48 minutes, 14 seconds are basically probably designed to take care of the needs of their inatients. So if you look at their labs which are more 48:22 48 minutes, 22 seconds or less like back in kitchens are to cater to their inatients. So, and when they run their OPDS, it's also an odd 48:30 48 minutes, 30 seconds time where customers will have to get their testing done during fasting and then they'll have to have some preparation. The pricing is taken into 48:39 48 minutes, 39 seconds consideration keeping the entire capex of the hospital in mind and insurance is a major factor there for admissions. So 48:47 48 minutes, 47 seconds if you look at largely the OPD business the OPD diagnostics there are fewer people who want basically in India they 48:55 48 minutes, 55 seconds need to pay out of their pocket and cost is one part of it and that's why we say we are a differentiated kind of a 49:03 49 minutes, 3 seconds diagnostic facility we give importance to the customer experience the large format centers of the 6 to8000 they not 49:11 49 minutes, 11 seconds having to go to two or three places for their pathology radiology needs and at the same time not compromising on quality and keeping the prices 49:20 49 minutes, 20 seconds affordable which would probably be say about 20 to 25% cheaper than the hospital and being in a close proximity 49:28 49 minutes, 28 seconds to their residential areas that is why the dense network of vija that is why the number of spokes to create that 49:35 49 minutes, 35 seconds density and these pokes feeding into the hubs that is the basic nature of how we grow and choose where we want to grow it 49:45 49 minutes, 45 seconds understood Thank you. All the best. All the best. 49:49 49 minutes, 49 seconds Thank you. The next question is from the line of Aayu Shakra from AARD Capital. Please go ahead. 49:57 49 minutes, 57 seconds Uh yes. Uh hello ma'am. Uh hello sir. 50:00 50 minutes Congratulations on the wonderful performance. I just had two quick questions that uh we do not have any 50:08 50 minutes, 8 seconds significance significant uh uh coverage in North India. So that is a 50:15 50 minutes, 15 seconds strategic decision or that is something that uh we are not looking at all together right now. 50:23 50 minutes, 23 seconds Uh so to answer you directly we are not looking at that right now because like we mentioned we've grown from two to six 50:31 50 minutes, 31 seconds states hands are full trying to build denser networks in two new states that we've acquired. So it's a very strategic 50:38 50 minutes, 38 seconds decision that we do not want to grow in uh north. We have one single center in 50:44 50 minutes, 44 seconds Gorgam which is purely a wellness and a single center. It's in fact spread 50:51 50 minutes, 51 seconds across almost an acre of land in 8,000 square ft and we tend to leave it like that. We want to do more of corporates 51:00 51 minutes and at the point immediately we would not want to grow in that region. 51:06 51 minutes, 6 seconds So when uh just a follow-up question ma'am when you say immediately you are talking for the next uh 1 to 3 years or 51:14 51 minutes, 14 seconds 3 to 5 years probably say another 3 to 5 years is something because we have Karnataka and 51:21 51 minutes, 21 seconds W Bengal to look at concentrate and grow with Pune already in that process. So definitely 3 to five years. 51:30 51 minutes, 30 seconds Sure. Thank you ma'am. 51:33 51 minutes, 33 seconds Thank you. Our next question is from the line of Vive from MK Global. Please go ahead. 51:41 51 minutes, 41 seconds Yeah, thank you for the opportunity. Uh so just a question on the breakdown of uh centers by region. Uh could you 51:49 51 minutes, 49 seconds please help me with the numbers uh in terms of uh centers for uh each region? 51:56 51 minutes, 56 seconds Yeah. So in Hyderabad uh we have uh roughly about uh 95 centers. In uh rest of AP Tilangana we have uh 35 centers. 52:07 52 minutes, 7 seconds In Kolkata we have seven uh large hubs. 52:11 52 minutes, 11 seconds In Bangalore we have two centers. We have one in Kula. We have one in uh uh Gorga and uh the balance in Pune. 52:24 52 minutes, 24 seconds Okay. And uh uh could you also provide a breakdown of uh your centers in terms of labs uh 52:32 52 minutes, 32 seconds sorry in terms of flagship centers hubs and uh diagnostics uh sorry spokes. 52:39 52 minutes, 39 seconds Yeah. So roughly we have about 50 hubs and balance you know 112 spokes and uh 52:48 52 minutes, 48 seconds as highlighted in the press release we have uh 30 labs which also include a couple of mini labs as well. 52:56 52 minutes, 56 seconds Got it. Got it. Thank you. 53:00 53 minutes Thank you. Our next question is from the line of Akash Sha from Invest Capital Services India Private Limited. Please go ahead. 53:09 53 minutes, 9 seconds Hi sir just one question so what would be the indicative number for the maintenance capex for fi27 53:19 53 minutes, 19 seconds it'll be around uh 10 to 15 cr so typically the maintenance capex is roughly about uh you know two to two and a half% of our top line so it will 53:28 53 minutes, 28 seconds depend on okay and sir just one more question uh are we seeing any traction in the uh 53:37 53 minutes, 37 seconds volumes uh from the uptake of the recent uh weight loss drug that has gone generic. 53:47 53 minutes, 47 seconds So it is slightly difficult to track also because I think uh somebody who is onto the medicine not every clinician is writing the package name. So sometimes 53:54 53 minutes, 54 seconds it's the list of tests that we come we get as part of prescription. So significantly we're not seeing any change on the 54:01 54 minutes, 1 second in spite of being a majorly B2C driven company we've hardly seen requests for a 54:09 54 minutes, 9 seconds proper GLP package come in. So they tend to either choose to go to a physician or an endocrine and it's the doctor's choice of the test that they uh request. 54:21 54 minutes, 21 seconds So we would not probably be able to give you that right number. We've not seen actual request for a GLP package come in 54:28 54 minutes, 28 seconds yet in the geographies that we operate in. 54:32 54 minutes, 32 seconds Okay. Okay. Because uh sorry just to add one line because uh a number of players in the diagnostic space have launched 54:39 54 minutes, 39 seconds their packages. So just wanted to know your view on it. Anyways, thank you. Thank you. Thank [snorts] you. 54:47 54 minutes, 47 seconds Thank you. Our next question is from the line of Dr. Karthik Bunny with the Bajage Life. Please go ahead. 54:55 54 minutes, 55 seconds Uh thank you for the opportunity. Um I would like to ask when was the last time we have taken a price hike? Uh when are 55:02 55 minutes, 2 seconds we taking it next and how much would that be in terms of percentage? 55:08 55 minutes, 8 seconds So we had taken a price hike uh uh in in Q1 of FY26 55:15 55 minutes, 15 seconds uh and uh it was roughly about you can say 1 one and a half% so overall you know growth uh realization so this year 55:25 55 minutes, 25 seconds also uh you know we'll be you know taking roughly about 1 to one and a half% of price hike then it will be effective either in Q1 or as of we did 55:34 55 minutes, 34 seconds not do that maybe in Q1 or Q2 we may take depending on the uh not every year we uh do the price egg across test. 55:42 55 minutes, 42 seconds Every year we pick few test and then do the price. Okay. Thank you. 55:50 55 minutes, 50 seconds Thank you. Our next question is from the line of Abin Benny with JM Financial. Please go ahead. 56:02 56 minutes, 2 seconds Hi. Uh good afternoon. Am I audible? Yes sir. You're audible sir. Yeah. 56:08 56 minutes, 8 seconds Hi ma'am. Uh congrat congratulations on the good numbers. U I have two questions. Uh first one was regarding the wellness segment. So our wellness segment growth has been really strong. 56:19 56 minutes, 19 seconds So uh just want to understand that the demand that we are seeing in this uh is the track that we're keeping on the 56:26 56 minutes, 26 seconds repeat customers and the first time users like any color on that. 56:31 56 minutes, 31 seconds So we have the data but it's too early to commit because you know we started tracking these numbers uh we migrated to newer systems two years back and we just 56:40 56 minutes, 40 seconds started tracking the numbers uh while uh with you with with phone number and also with the unique uh uh ID uh we track 56:48 56 minutes, 48 seconds these numbers but then uh I think we should give another two years of time for us to actually uh see what is the what are the recurring pay because they 56:56 56 minutes, 56 seconds don't come they may come once in a year or once in two years not every customer will come once in a year uh Right. So I think we should give two three more times. Yeah. 57:05 57 minutes, 5 seconds Got it. And in terms of corporates, what is the kind of pipeline or the uh order book that we are seeing in terms of repeat and also like uh retention and also the new ones that being are added. 57:18 57 minutes, 18 seconds So few large cost right? Yes. Uh we are capturing them uh for last couple of years. But then at the same time you 57:25 57 minutes, 25 seconds know with a lot of aggregators in play uh right uh uh uh right and corporates a few corporates being price sensitive we 57:32 57 minutes, 32 seconds keep seeing the churn but in terms of the large corporates uh in the from the last two three years we are continuously getting uh orders from them. 57:41 57 minutes, 41 seconds All right. Uh just one last question. Uh so uh in terms of so ma'am I mentioned between that the pricing related to vija 57:48 57 minutes, 48 seconds versus hospitals but in terms of online players especially in our code geographies and the new separately uh what are the dynamics that we are seeing. 57:58 57 minutes, 58 seconds So there is no much impact from online players because for the past I think postco we have seen different multiple online players uh you know the names 58:06 58 minutes, 6 seconds have changed uh but then if you see as such uh we do not we don't not see any much impact coming from these players. 58:14 58 minutes, 14 seconds The only change that we see is many of the there are many of aggregators which have come into wellness business especially for corporate wellness uh but 58:22 58 minutes, 22 seconds they don't have their own labs. What they do is they uh take the bundled package in terms of insurance and also the wellness and then they again 58:30 58 minutes, 30 seconds outsource these diagnostics to Vijay or any any of the other diagnostic players. 58:36 58 minutes, 36 seconds Uh thank you very much. 58:40 58 minutes, 40 seconds Thank you. Our next question is from the line of Aush Shagraal from AD Capital. Please go ahead. 58:47 58 minutes, 47 seconds Uh yes ma'am. I had one follow-up question. Uh so do we have a plan uh for 58:55 58 minutes, 55 seconds the next uh either 1 to 3 years or the 3 to 5 years of ever exploring the franchisee side of things? 59:05 59 minutes, 5 seconds No. At the moment I would not be able to comment on the future but all of these centers that we operate today are 59:12 59 minutes, 12 seconds company owned company operated and we do not have any kind of probably an idea on wanting to start franchising right now. 59:22 59 minutes, 22 seconds So that is definitely ma'am that is I I know and uh uh you know very much uh appreciated that this is being done by 59:30 59 minutes, 30 seconds the company. uh I just wanted to ask this as a follow-up question that if in the near future or if in the distant 59:37 59 minutes, 37 seconds future you wanted to explore the franchisee model uh like uh others are not at all not at all 59:47 59 minutes, 47 seconds okay thank you ma'am thank you thank you we have no further questions ladies and gentlemen I would now like to hand the 59:55 59 minutes, 55 seconds conference over to the management for closing comments I would like to thank everyone for attending this call. Uh should you need 1:00:03 1 hour, 3 seconds any further clarification or any other information about the company please feel free to reach out to us. Thank you so much. 1:00:13 1 hour, 13 seconds Thank you. Thank you. Thanks. Thank you. Thank you on behalf of JM Financial. 1:00:20 1 hour, 20 seconds That concludes this conference. Thank you all for joining us. You may now disconnect your lines.