Ladies and gentlemen, good day, and welcome to the Q1 FY25 conference call of HealthCare Global Enterprises Limited. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as on date of this call. These statements not the guarantee the future performance of the company, and it may involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on attached on phone. I now hand the conference over to Dr. B.S. Ajaikumar, Executive Chairman of HealthCare Global Enterprises Limited. Thank you, and over to you, sir. Thank you very much, and good morning. I'm sorry, I'm sorry to interrupt, sir. Your voice is not audible properly. Can you hear me now? It's a little bit muffled, sir. Hello? And goes to the... It's the volume or something? Now it's better. How about now? Yeah, now it's better. Better? Okay. Good morning, and a very warm welcome to everyone on the Q1 FY25 earnings conference call for HealthCare Global Enterprises. Today, I'm very pleased that we are joined by Mr. Raj Gore, our CEO, Ruby Ritolia, our CFO, and our senior management team, along with our investor relations advisor, SGA. We have commenced FY25 as planned, marked by robust operational and financial performance across our network. Our centers are performing as expected or even better, reflecting our commitment to medical excellence. I am confident that this momentum will sustain our growth trajectory in the years to come. A key milestone during the quarter was expansion of our footprint through acquisition of Vizag-based Mahatma Gandhi Cancer Hospital and Research Institute. This center, under the leadership of Dr. V. Murali Krishna, a distinguished oncology surgeon in Andhra Pradesh, has established a strong brand in the region. Vizag will undoubtedly play a key role in shaping our growth strides, particularly since we already have a center, good center running there. We consolidate our presence to become the single largest player in the region. On the industry front, there has been a lot of discussions in the past, and, of course, we saw healthcare allocation to the budget, which was rather minimal, but there were some in terms of the drugs, there were some leeway given for, given for, the customs duty, which may be helpful for some of our cancer patients. But more importantly, you know, there has been some circular, which I read yesterday on the government has done away with requirement for clinical investigation for new drugs, and by this, regulatory approval in U.S., U.K., Japan, Australia, Canada, is all that is needed. So this is very important milestone because new drugs can channel to India very quickly. That is one of the things we were lacking in the past. So with this there is a clinical trial waiver, and because of this, hopefully as oncologists for us, we will have access to new drugs immediately, which will certainly help to give better outcome to our patients. In this regard, I would like to add that every three months there has been change in the how we manage cancer patients. New drugs, targeted drugs, you know, antibody conjugate drugs, and so many developments are happening in personalized medicine. Certainly, we are at a crossroads to become one of the major centers in the world to treat cancer patients. HCG has taken a lot of initiatives, as some of you are already aware, in research, in academics, conducting tumor boards across our 27 centers, and also, you know, I'm happy to say we have truly become a destination. I am extremely proud of it, with nearly 400 oncologists what we have. We are also into innovation. We are doing a lot of computational work with Accenture as our partner, to identify what really the way to treat a specific patient with a specific cancer. And the idea is to treat the patient the first time the right way, and we have truly excelled in it. However, you know, data suggests we are equal or better than some of the best centers in the world. I am immensely proud of the HCG team. It is collective effort of our every HCGian that has searched to serve the larger cause of our ultimate stakeholder, who are our patients, with conviction and prudence. In this, we have definitely carved out, as I said, a destination, a world-class entity in our country. I would like to now express my gratitude to all our stakeholders for their continued support in this wonderful journey. I would like to now hand over the call to Mr. Raj Gore, our CEO, who will provide insights into our strategies moving forward and share the operational performance of the quarter. Raj? Thank you, Dr. B.S. Ajaikumar. A very warm welcome to all the participants on the call. We are very pleased to report another quarter of strong financial and operational performance. Our revenue for Q1 FY25 is all-time high at INR 526 crore, reflecting a growth of 17% adjusted for discontinued center at MSR in Bangalore. HCG centers, excluding our fertility business, also recorded an all-time high revenue of INR 511 crores, reflecting 18% year-over-year growth, adjusted for discontinued center at MSR in Bangalore, resulting from strong volume growth and improved realization. Our consistent effort on operational efficiency has resulted in the reduction of ALOS from 2.13 to 1.98, thereby creating additional capacity and higher ARPOB, which has increased by 12% year-on-year. Let me highlight some recent reclassifications of our established and emerging centers. We have now classified only three centers as emerging, two in Mumbai, Borivali and Colaba, and one in Kolkata. The rest have been reclassified as established centers after a detailed assessment. We believe these reclassified centers are approaching established status. The centers in Mumbai and Kolkata are still evolving, and we have implemented multiple initiatives to enhance their revenue growth and margin profiles. Notably, both Mumbai and Kolkata centers have shown robust growth trajectories. I'm sorry to interrupt you. Yeah, please. Breaking, sir. Sorry? Now it's better, sir. You go ahead, sir. Okay. The centers in Mumbai and Kolkata are still evolving, and we have implemented multiple initiatives to enhance their revenue growth and margin profiles. Notably, the Borivali and Kolkata centers have shown robust growth trajectories. This quarter, the Kolkata center has performed exceptionally well, having a revenue growth of 72% year-on-year, turning from red to green in terms of profitability, resulting into EBITDA of INR 4.7 million, compared to last quarter, which... We expect substantial in these centers as the revenue grow, culminating into better EBITDA margin in next twelve months. Another key highlight for this quarter is our proposed acquisition of an 85% stake in MJ Hospital in Visakhapatnam at an enterprise value of INR 414 crore. Established in 2005, MG Hospital is the leading private comprehensive cancer care provider in Vizag, holding approximately 30% market share. It boasts a robust oncology-focused infrastructure with 2 LINAC machines, 1 PET/CT, 1 robotic surgery system, and a dedicated bone marrow transplant unit and 200 beds. Since its inception, MG Hospital has performed over 30,000 radiation therapy treatments, 150,000 chemotherapy sessions, 400+ robotic surgeries, and more than 20,000 complex cancer surgeries. It has a strong financial track record, with revenue growing at CAGR of 15% over the last 10 years. The hospital has consistently delivered an EBITDA of over 30%, with an EBITDA margin of 35% for FY 2024. It is a net debt-free company with a pre-tax ROCE of over 30% and approximately 70% cash flow conversion from EBITDA. Going forward, we'll leverage the HCG brand to enhance our revenue profile through improved procurement, operational efficiencies, and synergies in overhead expenses. We will also cross-deploy learnings across our hospitals to further drive business efficiencies. We believe that the acquisition of MG Hospital will consolidate our market share in Vizag, positioning us as the undisputed leader in the region with a combined market share of 46%, promising significant synergy and growth potential ahead. We are extremely delighted and happy to launch our customer app. Some of the unique functionalities are first of its kind in the industry and goes in sync with our vision of adding lives to years when it comes to cancer care. In the first quarter of rollout, we have been able to extend cancer care through our app to almost 8,000 unique patient IDs. In our journey to provide value, we have also moved ahead in ePharmacy model for our patients, as committed in the beginning of the year. We have been able to service 58,000+ orders on ePharmacy platform. These are early green shoots, and the responses have been very encouraging. Overall reach for our app downloads stands at 8,000+ at the end of Q1 FY25 and has exceeded our expectations. As part of our strategy, we have also invested in expanding our medical tourism business, focusing on attracting international patients....Our hospitals in major cities like Mumbai, Bangalore, Kolkata, and more recently, Ahmedabad, provide us with a location, locational advantage in attracting medical tourism patients. This segment is particularly valuable as it reflects on the confidence international patients have on HCG as cancer care destination. In Q1 FY25, our international business generated INR 20 crore, highest for any quarter. This segment has been growing rapidly, and we are optimistic about maintaining this momentum moving forward. Over the years, we have established strong local market leadership in each of our locations. This has been achieved through a steadfast commitment to excellence, continuous innovation, and deep understanding of the unique needs of the communities we serve. Lastly, I would like to highlight that we are witnessing higher revenue growth momentum in the current year compared to the last year, reflected in HCG's revenue growth of 16.7% in Q1 FY25, compared to 13.7% overall growth in FY24, adjusted for our discontinued center at MSR in Bangalore. Initial months' performance in Q2 is healthy too and is expected to be better than our expectations. With this, I hand over the call to Ruby to take you through operational and financial highlights. Thank you. Thank you, Raj. Good morning, everyone. I am delighted to share our performance for the quarter, which shows a strong 14% year-on-year growth, raising our top line to INR 526 crores for the first quarter of FY 25. Our HCG centers, excluding Milann, have delivered an impressive 15% year-on-year revenue growth, driven by consistent volume increase across all modalities. This solid performance is reflected in our key operating metrics, which have shown significant improvement across the board this quarter. OPD footfalls increased by 10%, complemented by a rise in patient inquiries and intake through our digital channels. We achieved a 17% year-on-year growth in chemotherapy sessions, a critical metric for our medical oncology offerings. Even with the addition of 4 new LINACs compared to the previous period, we have successfully maintained LINAC capacity utilization at 65%. Our pay-per-use model continued to provide flexibility for quicker installation with minimal capital expenditure. With 61%- I'm sorry. Sorry to interrupt, ma'am. Hello. Ma'am, your voice is breaking, ma'am. Yeah. Is that better? Yeah, now it's better. With higher volumes and a solid 61% utilization of operational beds, we are witnessing improvement in both volume and realization across all modalities. Revenue from Milann stood at INR 144 crores, a dip of 12% on account of discontinued operation in our Delhi center. Regarding the performance of our established and emerging centers, we continue to deliver market-leading growth, with established centers growing by 14% and emerging centers by 33% year-on-year for the quarter. Our focused approach to enhancing the performance of our Kolkata center has yielded positive results. Over the last four quarters, we have seen increased revenue at our Kolkata center, with operating leverage playing a significant role. Kolkata grew by about 73% in revenue in quarter one YOY, and based on the... Based on this, achieved a double-digit EBITDA margin of 14% in quarter one of FY25. Our South Mumbai center is also on track to break even this year. Some of the other highlight during the quarter includes an ARPOB of 44,340, reflecting a 12% increase year-on-year. Increased operational efficiencies, reducing the in-house for patients to less than two days, also enabled the growth in ARPOB. Our adjusted EBITDA for quarter one FY25 was INR 93 crore compared to quarter one of FY24, marking- Ma'am, your voice is not coming. ... Hello? Please stop. Your voice is not audible, ma'am. Is it better? Yeah, now it's- Is it better? Now it's better, ma'am. Can you just repeat, like, what- You may want to switch off your video. No, it's okay. Good. Our EBITDA for quarter 1, FY 2025, was INR 93 crore compared to INR 77 crore in quarter 1 of FY 2024, marking a 21% growth. Supported by robust growth, EBITDA increase is led by high degree of operational leverage in our business. With rising revenues supported by a stupendous performance in the month of July, we anticipate that margins will grow at an even faster pace moving forward. While salary revisions and other ancillary costs typically impact the first quarter, we expect higher operating leverage in the coming quarter on higher revenue growth, as evidenced in the previous years. Our EBITDA for emerging centers has also now stabilized and is growing. We have maintained positive EBITDA for these centers for over 4 quarters and are optimistic about increasing margins on a quarter-on-quarter basis. PAT for the quarter was INR 12 crore, up from INR 7.6 crore a year ago, representing 59% growth. With increased revenues leading to higher EBITDA and PAT, we believe we will continue to enhance our PAT performance. ETR for the quarter was 28.2%, driven by reduced losses in subsidiaries, mainly turnaround in Kolkata, Nagpur and Vadodara. We expect ETR from here onwards to be in the range of 30%-32%, for the rest of the year. CapEx for the year, for the quarter was INR 80 crore, and we expect the CapEx to be in the same range, including investments in the new facilities like Whitefield, North Bangalore, during the year. We have added INR 200 crore of ROU on account of the new facility in Ahmedabad, which we operationalized in the last quarter, and as well as the up-and-coming North Bangalore facility. Additionally, we announced MG Cancer Center and Research Hospital acquisition in Vizag earlier this quarter, and we will be ready to consolidate post-completion of conditions precedent. Including the pro forma EBITDA of MG Hospital, we have successfully surpassed the INR 100 crore mark in EBITDA for Quarter 1 of FY 25. We have uploaded a detailed presentation for other operational and financial KPIs on stock exchange and company's website, and we may request you to visit those for further details. With this, I would like to open the floor for question and answers. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask question may press star and one on the touchtone telephone. If you wish to remove yourself from question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we wait for a moment while the question queue assembles. The first question is from the line of Gautam Rajesh from Everflow Capital. Please go ahead. Yes, good morning. I had two questions. My first question was, what sort of a margin profile do you expect in the existing business for the full year, excluding the acquisition? Do you think we can still get a 20% EBITDA margin for the full year? Yeah, so, the EBITDA margins, as Raj mentioned earlier in the call, that we have reclassified some of our relatively newer centers to established bucket. They are still at a lower EBITDA margin. As revenues increase, we expect the EBITDA margin of these centers to increase, resulting into overall EBITDA margin expansion in our established bucket. The question is, what he asked was, will you be close to 20% for the year? Of the established centers. Oh, of the established centers. Am I right? That was your question, now? Yes. For existing businesses, excluding acquisitions, do you think we can still reach that 20% EBITDA for the full year? Yeah, yeah. We should expect a similar range. Between 19% and 20% is what we expect. Understood. Understood. Thank you. And my second question was, what sort of growth do you see in the existing hospitals or the established businesses for the full year, for full year perspective? I think the growth trajectory will continue as it is, which is established around 13%-15%. Our current growth is 14%, which would be in that range, and it even increase, but it will be between the 15% range. Understood. Thank you, sir. Thank you. A reminder to all participants, you may press star and one to ask question. The next question is from the line of Nitesh from Criterion Capital. Please go ahead. Hi. Thank you for the opportunity. So a couple of questions. So you mentioned that Q2 started on a positive note. So, you know, is it fair to assume that, you know, we can see a 15% YOY revenue growth in Q2, and, you know, possibility of INR 100 crore plus EBITDA? So, I mean, the early indications that we see, I mean, historically, our Quarter Two performance over Quarter One has been almost about 5%-6% growth, and we are seeing similar or better growth, what we have seen in the historical period. And this should result into what, probably, 14%-10% growth, which we just mentioned. Understood. And, you know, when should this reflect in, you know, our, PAT growing, you know, to a meaningful level? Because right now, we are on a reported PAT of, around INR 12 crore for this quarter. You know, when should this flow down to our PAT numbers? Some of our PAT growth, some of our subsidiaries which are loss-making are currently bringing down the PAT growth. But now, as they turn profitable, we are also able to take benefit of better ETR. So ETR currently, current quarter ETR is about 28%, significantly down from the previous year, and we expect to maintain ETR at this level. But of course, it will not be an immediate bump, but it will slowly and steadily move in the right direction. Okay, thank you. I'll follow up in the queue if I have any more questions. Thank you. Thank you. A reminder to all participants, you may press star and one to ask question. The next question is from the line of Hemant Agarwal from Leo Capital. Please go ahead. Hi, good morning. Thank you for the opportunity. My first question is for Dr. Ajaikumar. So there has been news in the market of private equity, promoter looking to exit, right? So would the existing promoters and management also be looking to exit as a part of that transaction? What is the question? Do you- Whether they do part of the transaction. No, I really would not like to comment anything as far as... I have made public statements. ...At this point, I don't have any intention of exiting. Regarding our CBC exit also, they'll be the ones to answer, but right now, our goal is to focus on the growth of HCG Medical Excellence. That's what we are doing. I really cannot comment on those things. All right. All right. So right. So my second question is, so has there been any increase in the competitive intensity for oncology hospitals in general? Like, multi-specialty hospitals seem to be in a very good upcycle with lifetime, you know, high margin, and our margins haven't even yet reached 20% mark. So is there, something from a market perspective which is pulling down the growth and margins of our company? I think, when you look at us as a single specialty hospital, and with the way we have navigated over the years, I think we believe as a single specialty, we have done very well. With our margins reaching close to 20%, which I think is, good for a single specialty oncology-focused group. I really cannot comment on what is the margins of, multi-specialty. Best of my knowledge, they are in the low 20s% also, most of the centers. And, considering our new centers, which we opened, several centers which are coming up to par and all, as we know, our Mumbai center, Kolkata center, are all doing good. And recent acquisition of, the Vizag center and our overall growth of mature centers, 15, we will continue to see improvement in the margin. And with all... With some of the things we have done in terms of our, replacement CapEx and all, we have done extremely well. So we see a good growth going forward, and this will continue, but I cannot really say, whether oncology is better or multi-specialty better. But I do believe our focus being only oncology and medical excellence, that is why HCG came, and we are really on the path to creating this as a destination with good, good margins. And you will see also in the coming years, a good return on capital investments will also happen as all these centers come to a mature level. Right. So basically, there's not much that is in the- Raj, please go ahead. This is Raj here. I just want to add what Dr. B.S. Ajaikumar said. Look, I think with HCG's focus on cancer care, we have actually pioneered this field and showed the way, right? You know, the focus that other players have put in oncology is not something that is happening this year or last year, it's been happening over last few years. If you look at our revenue CAGR for last four, five years, it's one of the best in industry, in spite of increased focus on oncology. Multiple markets, multiple of our locations, we've been able to grow our market share in spite of increased interest from other players. I think our focus is, you know, the way we have showed the way, the way we have pioneered the way in cancer care, we want to continue to focus on giving the best possible care to our patients with the best possible outcomes, and we don't necessarily, you know, think or too much worry about, you know, competition, you know, focusing on oncology. What has worked for us, we believe that will continue to work us, for us with our focus on innovation and research, and we would, you know, stay focused on it. Right. Thank you. Thank you so much for your answer. I thank you. Thank you. The next question is from the line of Abdulkader Puranwala from ICICI Securities. Please go ahead. Yeah, hi, sir. Thank you for the opportunity. Could you shed some light on the lower ALOS what we had in this particular quarter? Any, you know, color as to what has driven this? And, you know, is that something what we are targeting less than two days, going ahead as well? Yeah, I think, Yeah, go ahead, Raj. Now, I just want to say ALOS is a hallmark of what we always focus, how to reduce the ALOS, and particularly with the number of days for surgery coming down. You know, today, even complicated surgeries, we discharge the patient in a matter of one or two days, and a lot of them are day surgery. And as we know, the radiation oncology is all day, and even chemotherapy now, admission for chemotherapy is done only for a few diseases, like treatment of colon cancer. But otherwise, most of it is a day. So all is a trend moving towards limited admission required. Our ALOS is coming down, which I think is very good. That is our target, to go below two, and I think we have achieved it, and we'll continue to pursue this matter, this, the way we have done. That is a mark of excellence in my opinion. Raj, you want to add? Raj? No, I, I agree with Dr. Ajaikumar. Over the last many quarters, we have continuously been reducing ALOS, function of, focus on- Sorry, I'm sorry. The line is not clear. It's clear? No, sir. It's little breaking. Okay. I will speak slowly. Yeah, I think if you look at our ALOS trend over last few quarters, we- ... We are continue reducing our ALOS. It's a function of our focus on minimally invasive surgeries, robotic surgeries, better efficiency to minimize our patient stay in our hospitals. And I think we will continue to go in this direction going forward. It has created more capacity for us because of better efficiency, and also has helped us to improve our ARPOB by about 12% YOY this quarter. So I think, you know, we are moving in the right direction and will continue to move in that direction. Got it. And, sir, second question is on this Vizag acquisition. So on consolidation, would you classify that as an established center? Yes. Yes. Yes. Yeah, it will be, it will be an established center, and also it will be positive for us all around. Yeah. Understood. So the guidance which you provided early on this call of 19%-20% EBITDA, does that factor Vizag, or you are talking about the existing under the network? That includes Vizag. Got it. It will not factor Vizag. It does not. Okay. Understood. Thank you, and now done with. Thank you. The next question is from the line of Dhara Patwa from SMIFS Limited. Please go ahead. Thank you for the opportunity. Sir, can you throw some more light on this MG Hospital? Like, what could be the revenue which we would be expecting in the next 3-4 years from this unit? And what kind of ARPO this unit has? So, since the current level of revenue, you know, I mean, the current level of revenue quarterly is close to about INR 30 crores plus, and that is resulting into 35% EBITDA margin. We are not looking at our MG Hospital in isolation. As you all know, we do have an existing center in Vizag, and the center is also operationally running very well for us. Together, the center, together, with MG, this both constitute almost about 46% of market share, and we expect in that market to grow maybe about 10%-12% going forward. Sure, sir. So I understand the hospital has EBITDA margins of 35%, you know, despite being in cancer care, which is a highly capital-intensive industry. So could you share something like what are they doing differently to get these kind of high margins? Is it the operating leverage which they are getting, or maybe the low-cost doctors, which is, you know, helping them to keep the costs in check? Any color on that? Yeah. So, as you rightly said, the scale at which Mahatma Gandhi Hospital is operating is helping them to result into 35% operating EBITDA margin. We do have some of our centers which is generating close to 30% margin, which is operating at similar scale of hospital is operating. Their operating cost is little lower, given that it is a standalone hospital and less corporate costs, which is resulting into high operating margin. I think there being a single, center, obviously there will be no corporate costs, other costs, associated. And secondly, it is a surgeon, Dr. Murali, who is running it. And, we, we believe, you know, that is, like what, Ashutosh said, some of our centers, like Bangalore, our center of excellence, also is close to 30% margin. So it is in the range of what well-established centers are, and that is why we feel it's a good acquisition for us. Sure, sir. One last question. Will we be doing any additional CapEx on the equipment side on this Vizag unit, or we'll just start it as it is? Or do we need that, you know, more specialties or modalities should be added in this unit? Yeah, that's it. No, at this time, we are not thinking of adding any other exact CapEx at this point. It is fully done. They have a robotic unit also. So they have all the necessary PET scan, linear accelerators, everything. We are actually adding a linear accelerator to our Vizag center. So together, we will be very, you know, good in about at least 4 linear accelerators, 2 PET scan, and 1 robotic. So we'll be well, you know, capitalized, we combine together for next several years. Sure, sir, that's helpful. Thank you. That's it from my side. Thank you. A reminder to all participants, you may press star and one to ask questions. The next question is from the line of Nitesh from Criterion Capital. Please go ahead. Yeah. Hi, thank you for the follow-up opportunity. My question is, on the our Ahmedabad phase two. So how is the phase two ramping up, and have we commenced operation, as the expected date of operation on slide 36 states, Q1 FY25? Yeah, I think, go ahead, Raj, please. No, so we are very happy that the project is almost complete. It's a beautiful infrastructure, very modern, very advanced. We have already moved our OPD services to that hospital towards the end of first quarter. We have moved out daycare services. Very soon we'll be moving out, moving our inpatient services. So we are well on- ... Take our revenue growth in Gujarat market. Okay, thank you. Another question is, you know, our finance costs have gone up in Q1, around 8 crores year-on-year, and 7 crores, you know, Q4 to Q1. You know, what's the reason for this increase in finance costs, and are there any one-offs over here? Yes, sure. So the finance cost, if you see, one, there is an ROU that got added in the current quarter as well as last quarter. This includes the ROU that we created in Ahmedabad, in North Bangalore, then we also added previously in Kolkata, when we renewed our agreement. So there is an impact of that. Plus, in the current quarter also, we have funded about INR 50 crores more into CapEx, as we did around INR 80 crores of CapEx in the current quarter. And of that INR 50 crores, we funded through banks. There is an increased finance cost on that account, which is coming in. Secondly, there is a positive impact in the previous quarter, when we did a selling senior selling restatement, we had to reverse. There is INR 2.5 crore of benefit which is lying in the previous quarter, which is quarter four of FY 2024. Okay. Okay, thank you so much. Thank you. Participants are requested to... A reminder to all participants, you may press star and one to ask question. The next question is from the line of Viraj Shah from Shah Investment. Please go ahead. Hi. Yeah, hi, good morning. So how are you seeing our international business? How are you seeing our international business as we have seen a good growth this quarter? Can you throw some light over there, any outlook front or something like that? Yeah, so as we said, this has been our highest ever quarter. We, at a current run rate, we are almost 2x of what our pre-COVID international business was. As you know, as earlier stated, you know, we have four cities that we focus on as destinations for inbound international patients. Bangalore, which has always been with lion's share, Mumbai, two hospitals, beautiful advanced infra. Kolkata, with close proximity to Bangladesh, Myanmar, Nepal, and Ahmedabad, with some deeper connections in Eastern Africa. With our, you know, efforts over last two, three years to have more information centers at geographies, have more institutional ties with insurance companies. Hello? Sir, you're not audible. Yeah. So- You are not audible. Can you hear me now? Yeah. Yeah. Yeah. So with our continuous efforts over last 2-3 years to develop more markets, more countries in SAARC, in Middle East, in Africa, doing more activities, taking our doctors there for more frequent visits, doing CMEs, outreach efforts, having more institutional ties in these markets with insurance companies, institutions. Sir, you are not audible. Hello, Tom? Actually, we cannot hear. Low CEO disturbance. Hello? Hello. Yeah. Can everyone hear me? Yeah, now we can hear you. We can, we hear. Very, very loud and clear. Yeah. Okay. Okay. Uh- Thanks, Raj. Anything, anything to add, Raj? Yeah. No, I mean, if I'm not clear, maybe Ashu can take it from there. We heard you. We heard you well. So everybody- Okay. Yeah. We can take the next question, clear. Yeah, there was one more question. So any outlook on further inorganic opportunities in medium term? For international? Are you asking for international? Yeah. No, no, inorganic opportunity. On international front? Yeah. We are talking about inorganic. Yeah, yeah, inorganic opportunities. Are you looking at- Go ahead. We are evaluating inorganic opportunities. We continue to do so. However, there is nothing which is very mature at this point of time. Yeah, and at this point, with the two in the... At this point, with the acquisition we have of Flyjack and Indore, we are trying to consolidate. Of course, we will be looking at some inorganic if we strategically feel we need to do. As and when it happens, of course, we'll inform the markets. Okay. Thank you, sir. All the best. Okay. Thank you. ... Thank you. The next question is from the line of Ashish Shriram from JM Financial. Please go ahead. Yeah, thanks for the opportunity. So in the western vicinity, there are a lot new hospitals which are coming in. We are aware that, you know, big private hospitals are setting up their shops, and obviously, fair to assume that- We can't hear you. We can't hear you well. Hello? We can't hear you. What is the question? We can't make out. Yeah, I'll get back in the queue. You've been muted. To unmute yourself- Thank you. Press star six. The next question. Hello? Yes, sir. Going to the next- Have we lost the contact with him? 5. Thank you. The connection is established. Yeah. Hello? Hello, sir, can you hear me? Ajay, sir, can you hear me? Operator, you are on mute. Hello, sir, can you hear me? Hello. Hello! Yeah. Sir, can you hear me? I think we've lost him. Sir, can you hear me? We have connected with the management line. A reminder to all participants, you may press star and one to ask questions. The next question is from the line of Deep Shah from Equity Analysts. Please go ahead. Yeah, hello. Thank you for the opportunity. I kind of missed the comments about CapEx and the initial remarks. Can you just give me a guidance for the next two years? For the current year, for the current quarter, we did a CapEx of about INR 80 crore. For this particular year, we will maintain a similar range in the current year for the rest of the quarters also. This is on the back of some of our ground-up facilities and the new facilities which are coming up. Okay. Okay. Thank you. That's it from my side. Thank you. A reminder to all participants, you may press star and one to ask questions. The next question is from the line of Dhruv Shah from Dalal & Brocha. Please go ahead. Yeah, so just one question on your debt reduction plan. From when will we expect your debt to- GN Financial. Start coming down? Yeah. As you know, our debt, once the acquisition of Vizag is completed, will go up initially by INR 200 crore, and later on, there is another INR 150 crore after 18 months to complete the 85% acquisition. We have already internally, we have decided that we, at the right time, we will be seeking the board, and the board has been informed, and at the right time, we'll be seeking approval for primary, which will bring down the debt significantly. And we will, of course, convey at the right time what will be the size of the primary. Our intention is to certainly keep this debt to equity ratio to certain range so that it is within the what we what internally we have accepted. Ashutosh, you want to comment on that, you think? No, no, that's exactly said. In terms of shareholding, and then communicate in the market as well, around 2.5. Sir, sir, can you speak up? So, so what we were saying was that internally we have decided to keep our debt-to-EBITDA level to around 2.5 times on a previous level basis, and the same was communicated in the market early on. With this debt levels, we will be seeking primary, we will be including primary in the future as Dr. Ajay suggested. Okay, sir, thank you. Thank you. As that was the last question for the day, I now hand the conference over to the management for closing comments. Over to you, sir. So, thank you once again for joining us, and thank you for your interest in HCG. As mentioned earlier, we've had a fantastic performance in first quarter of this year. We've accelerated our growth, top line and bottom line, compared to last year. We've seen good momentum in the second quarter, in the first month of second quarter. And we are very confident that we will continue in this growth trajectory going forward for the remaining year. We request you to, you know, keep in touch, and join us during the next quarter. Thank you so much, and have a good day. Thank you. On behalf of HealthCare Global Enterprises Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.