Ladies and gentlemen, good day and welcome to the Q3 and nine months FY25 earnings 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 of the date of this call. These statements do not guarantee the future performance of the company and may involve risks and uncertainties that are difficult to predict. As a reminder, all participants' lines will be in 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 your touch-tone phone. Please note that this conference is being recorded. Now, I hand over the conference to Dr. B. S. Ajaikumar, promoter of HealthCare Global Enterprises Limited. Thank you, and over to you, sir. Thank you very much, and good morning to everyone. As you all know, HCG has been in the news recently, and most of the news has been in the public in the last week. I would just like to reiterate, as we know, that there has been a change where CVC has sold its stake, majority of the stake, to KKR. And at this point, we welcome KKR as our partner. Since most of the news is out in the public and we don't have any more to add to that, I will not discuss further about this matter. I am coming to the, as we know, with KKR coming in, and we are certainly looking at a long-term horizon for how HCG can grow. As we are all well aware, oncology is growing rapidly in India, and particularly for a group like us who are dedicated to oncology with comprehensive cancer centers and setting up spokes and infusion centers. It is a good growth opportunity strategically for us as we move forward. With already having close to 35 centers, the opportunity for us to grow is significant to provide the right care to the patients at the right place and at the right time. As I always say, cancer is a disease which is, again, a disease which needs very personalized, focused therapy. In this regard, I always believe first-time right treatment is critical. Because of that, precision oncology has taken hold today, and what we look at is how can we treat the patient at the right time, first-time, to get the best benefit. In this regard, we like to minimize recurrence of cancer as we move forward. Enormous information is coming out in oncology care today. In the past, while we had randomized trials, we used to treat patients, say, 50% will respond or 50% will not respond, when 50% used to get unnecessary treatment. But today, with what we are able to deliver in precision oncology with the era of genomics, era of proteomics, and all of this has only expanded the role of comprehensive cancer centers to see the right treatment for the patient is done. This has really come in the way of how HCG can deliver precision medicine. Because of this, HCG has integrated the part of research and academics into it. Today, I believe no oncology center can really do the right thing for the patient unless they are involved in research, data collection, and academics, and HCG is in the forefront of that. Technology, artificial intelligence, how we work on computational work, which we are partnered with Accenture, will go a long, long way in developing this precision medicine to our own Indian patients. Another angle I want to bring to you, you are all, most of you are well aware, Indian genomics is different from Caucasians. So a lot of these trials which have been done in the past, treatment we've given may be related to Caucasians. In this regard, also, we have become forefront of analyzing genomics. Over 2,000 patients we have done, identified where the issues are and how we can do right treatment the first time. So in this, I would like to say, with new partners coming in, taking on long-term horizon, we will certainly focus, apart from what areas are there for mergers, acquisitions, to grow the HCG centers itself, which you will hear in the future. We will also be focusing significantly on academics and as well as research and precision medicine. So I hope, in my view, HCG has a great opportunity for this kind of growth, and we will continue to pursue this with over 400 oncologists being with us, as well as a significant research division within us. With these few words, I would now like to hand over to Mr. Raj Gore to talk about further on the operational and other issues. Thank you very much. Thank you, Dr. Ajaikumar. A very warm welcome to all the participants on our Q3 FY25 earnings conference call. We are proud to announce that we have once again been able to clock highest-ever quarterly revenue of INR 559 crore in the last quarter, indicating a strong growth of 19% on YOY basis. Despite being a seasonally weak quarter due to festivities and holidays, we have been able to increase our volumes across modalities, indicating a growth in our market share across regions. Adjusted EBITDA margin stood at 16.5% for Q3 FY25, with adjusted EBITDA of INR 92.3 crore, a growth of 15% on year-on-year basis, and a PAT growth of 23%. The oncology business, post-MG Hospital Visakhapatnam acquisition, grew by 24%. Our emerging centers continued to perform well in Q3 with 25% year-on-year growth. Kolkata centers grew by 40%, and South Mumbai centers grew by 28%. South Mumbai centers witnessed strong performance despite challenges in international business due to geopolitical issues, which we expect to recover by the upcoming quarter and will be key for the center's turnaround. During the quarter, we consolidated operations of MG Hospital in Visakhapatnam. This acquisition has been instrumental in enhancing our footprint in the region, allowing us to further expand our services and strengthen our presence in one of the key markets for cancer care. We are confident of the robust growth in these centers with improving performance on the back of strong brand creation, quality clinical talent, and increased awareness programs for cancer care and early diagnosis. At HCG, we believe that world-class cancer care should be patient-centric, accessible, and sustainable. Our asset-like model enables us to expand efficiently, ensuring that the cutting-edge treatment reaches more people without compromising quality. By integrating advanced technology, precision medicine, and compassionate care, we are not just treating cancer. We are redefining the patient experience. As we continue this journey, our focus remains on empowering patients with the best possible outcome while driving innovation and transforming cancer care across India. Thank you for your continued trust and support in this journey. With this, I hand it over to Ms. Ruby, our CFO, for financial highlights. Thank you, Raj, and a very good morning to everyone. As Raj highlighted, I'm pleased to share that our performance this quarter continues to reflect strong business momentum and sustained growth. We have achieved an impressive 19% year-on-year revenue growth, bringing our top-line revenue to INR 559 crore for the quarter. Furthermore, for the nine months ending December 31, 2024, we delivered a solid 15% growth, with total revenue reaching INR 1,638 crore. A key highlight of our performance has been the exceptional growth across our core HCG centers, excluding Milann, which recorded a remarkable 21% increase in revenue and 15% EBITDA growth year-on-year, which is 20% EBITDA margin. Highlighting our oncology centers, that is, excluding Milann, multi-specialty, and the new acquisition of MG Visakhapatnam, we recorded an 18% increase in revenue and 14% EBITDA year-on-year, with a 21% EBITDA margin. These numbers reaffirm our ability to consistently outperform industry growth, driven by our commitment to clinical excellence, operational efficiencies, and an unwavering focus on patient care. We are confident in our ability to deliver stronger growth for the quarter four of FY25, with significant growth anticipated in both revenue as well as EBITDA. One of the primary drivers of our sustained success has been the strong performance across multiple modalities, supported by increasing patient volumes and improved capacity utilization. Our investment in medical infrastructure, specialized treatments, strong clinical talent, and patient care continues to drive positive outcomes. Additionally, during the quarter, we successfully consolidated revenue from Mahatma Gandhi Memorial Hospital, which contributed INR 25 crore with an impressive margin of 24%. This integration further strengthens our portfolio and aligns with our long-term growth strategy, enabling us to scale operations while maintaining strong financial discipline. I would also like to highlight that the restructuring of our diagnostic business under the brand name Triesta has been successfully completed. This will help bolster large scale and wider reach to non-captive businesses as well. Our key operating metrics have demonstrated significant improvement this quarter. Opening footfall, which is a crucial indicator of our conversion funnel, increased by 9%, highlighting rising patient trust and engagement. In medical oncology, we recorded a 19% growth in chemotherapy sessions, underscoring the continued expansion of our patient base. Capacity utilization of our Linac machines reached 60%, and despite the addition of seven new Linac machines in the last 12 months, our ability to maintain this utilization rate showcases the efficiency and robustness of our operations. Additionally, our patient bed occupancy rate improved from 52% in quarter three of FY24 to 55% in quarter three of FY25, reinforcing our commitment to optimize facility utilization and enhancing patient access to world-class oncology care. Turning to our core operations, both our established and emerging centers have demonstrated strong performance this quarter. Our established centers continue to show steady growth, recording a 20% year-on-year increase in revenue, along with a 14% growth in EBITDA. At the same time, our emerging centers have delivered exceptional results, achieving 25% revenue growth and an impressive 65% increase in EBITDA for the quarter. Notably, our Kolkata center led the way with an outstanding 40% revenue growth and EBITDA growth by 42x, while our South Mumbai center posted a strong 28% increase, and our Borivali center registered 11% growth. These markets play a pivotal role in our expansion strategy as they are located in Tier 1 city with large catchment areas and serve as key hubs for international patients. Their continued growth reaffirms our ability to cater to increasing demand by delivering advanced oncology care to a broader patient base. Coming to ARPOB, total ARPOB grew by 3.5%, standing at INR 44,284. Established centers witnessed an ARPOB growth of 2.8%, standing at INR 42,798, whereas emerging centers witnessed a strong growth of 12.3%, standing at INR 66,000. Our capital expenditure for the year is estimated to be INR 275 crore, of which 172 crore has already been deployed. Our effective tax rate for nine months ending 31 December 2024 is 3% on account of deferred tax recognition in our subsidy to the extent of INR 12 crore. This is the performance summary we had to share. Now, I would like to invite the participants for any questions on the performance. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Aditya Khemka from InCred PMS. Please go ahead. Hi, good morning, and thanks for the opportunity. Also, congratulations to the team on the deal. So, a couple of questions on the contours after the deal. So, CVC, we understand, will continue to hold 9% stake, and Dr. Ajaikumar obviously retains his stake of 10.8% in the company. So, could you just help us understand if KKR makes an open offer of 26% post-buying 51% in the company? In terms of the total holding between CVC, KKR, and Dr. Ajaikumar, it will probably potentially go up to 95-96%, right? Because it's 10 plus 9 plus potential 77% with KKR, including the open offer price. So, how should we read that? I understand that Dr. Ajaikumar and CVC are now classified as public shareholders. Does that also mean that in terms of operations of the business? No, no. Sorry, sir. Go ahead, please. I just want to correct you. Yes, sir. The CVC will be classified as public shareholders. Okay. I will be still a promoter. Right. The way it works is the maximum in our calculation, the KKR can go up with the open offer depending on what the percentage of open offer will be. They can go up to. There is a clause where the KKR can go up to 77%, but that is if it happens in the open offer. But otherwise, if it's go up to, sorry, 60%-67%, because I will be also classified as co-promoters together. So, we will look at it at that situation. Right now, the CVC, in order to clarify, will be only at 9.9% or even less, depending on what happens with the open offer and how they may come down. So, depending on that calculation, which we cannot really calculate now, it all depends on how many people do the open offer. So, I will leave it up to that. But essentially, together with KKR, we will be holding close to, maximum we can come up to 77%. Then we have to decide what to do. Okay? Understood, sir. That's very helpful, and, sir, in terms of your role now at the organization, the press release mentions that you are no longer in executive capacity. So, does that mean you'd be more like a financial investor with the company with limited routine operations, or how does that work? Yeah. Let me clarify that. Because having started being a founder of HCG and started and being in operations Executive Chairman, I felt at this point my interest has always been in research, patient clinical excellence, and academics. So, I will be chairman of the board and with clear involvement in clinical excellence, research, and academics. I will also be a promoter, co-promoter with them. And we will be, of course, as promoters, we'll be meeting and have a strategy for the growth we discuss with KKR as we move forward on a monthly basis. So, we will have certain arrangements. But my role, certainly, I will not be, as of now, also, my role in operations is very limited. So, certainly, I will be limited or not in operations. As we move forward, I will not be in operations and daily operations. Okay? But my interest, as I said, is in the research, academics, and I will be spending more time on that, taking the genomics, proteomics, all these things, data collection. Data is very important in oncology, as we know. How are we doing in terms of outcomes? So, I will focus on outcome, publications on outcome. And that is what I trained in MD Anderson even years ago. Outcome of cancer patient is the most important. If we know our outcome, how we deal with advanced and recurrent tumors, that in itself is what makes it a center of excellence. So, I'll be focusing on creating this center of excellence so that oncology patients feel comfortable in getting treatment in HCG throughout our HCG network. All right, sir. Very helpful. Thanks for that. Thank you. The next question is from the line of Gautam Rajesh from Leo Capital. Please go ahead. Hi, sir. Good morning. Thank you for the opportunity. I had two questions. How do you see the margin trajectory shaping up over the next year? That would be my first question. Hi, this is Ashutosh from HCG, joining the call. So, while we address this margin for the future years, I would just like to seize this opportunity to also talk about the margins, the way it has panned out in quarter three, and how we look at it in the upcoming quarters and then next year. Just to bring back the attention, the margin in quarter two was 18.5%, which came down close to 16% in Q3. And that has been primarily because we all know that quarter three, because of festivities, we undergo a little bit of a seasonality, which prevents us from operating leverage. And as we move on to Q4 and our revenue scales up and our modality mix normalizes, we expect the margin to expand upwards of what we have reported in quarter two. So, that's how we are looking at it right now. We should be improving our EBITDA margin from these levels on our existing portfolio. And as we have announced that we would be operationalizing two new brownfield centers in Bangalore, those are expected to generate a little bit of losses. However, it should get traded off largely by the EBITDA margin expansion happening in the current portfolio. So, the margin from current levels, we should see expanding in the next financial year close to about 1%-1.5%. Expand up to 1.5%, is what you're saying? Yeah. Yeah. Okay. That's what we would be having from the new centers. Understood. Understood. And the next last question was, what rate are we expecting on same-store asset growing, and what rate do you expect these to sustain? Sorry, could you come up with your question again, please? It was getting muffled. Okay. What rate are existing same-store assets growing at, and what rate do we expect that to sustain? Our established centers have been growing upwards of 12-13%. And as we all know, that market growth rate had been close to about 11%. We have guided this team saying that we would be growing faster. Then our established centers should also grow faster than what the market growth rate is. We have made significant investment in our existing assets to ramp up the growth. And today, we are not constrained by capacity at any locations other than one or two. We are also making investments to ensure that there is no bottleneck in terms of capacity. So, I think we should continue to grow upwards of 13-14% in our established centers for overall growth. Can you repeat that? Continue to repeat that? Continue to grow? Yes, we all know that. Can you repeat that? It got muffled. Continue to grow at? 13-14% going forward. Okay. Thank you. Thank you. Before the next question, a reminder to all the participants that you may press Star and one to ask a question. The next question is from the line of Sagar Tanna from Alchemy Ventures. Please go ahead. Hi, sir. If you can just mention how the Bombay centers are progressing, both Borivali and the South Mumbai center, in terms of the EBITDA performance. And what was it last year, and what do we expect in the coming year? You mentioned 100, 150 basis points EBITDA expansion. Would this also come from the turnaround in the Bombay centers? If you can elaborate on that. You're absolutely right. There will be a significant contribution coming in from our emerging centers. So, just to remind you, we have classified three of our centers as emerging centers: one in Kolkata and two in Mumbai. Kolkata, we had announced that we had already broken even in quarter one. We continue to take it positively from there. As far as our Mumbai centers are concerned, Borivali is doing good, and Borivali has been performing in the past. What we have been trying to focus on is primarily on South Mumbai. As far as South Mumbai profitability is concerned, we did not see the reduction of profitability of South Mumbai center in quarter three, primarily because we had a subdued international business for the reasons Raj explained in his opening speech. However, we do expect the reduction of losses in South Mumbai by at least one crore. And by quarter one of next financial year, we should be seeing the center breaking even and expand from there. So, obviously, emerging centers, which is growing today at the rate of almost about 25%, we expect similar growth to continue and should result in reduction of losses and have an upward trajectory in terms of EBITDA margin. So, sir, for the South Mumbai center, for the full year basis, FY25, what kind of EBITDA loss are we estimating? In emerging centers, you mean? I think it will be in the range of South Mumbai hospitals, sir. South Mumbai? South Mumbai. Yes. South Mumbai, it will be in the range of almost about INR 10 crores, INR 10 to INR 11 crores. Which was approximately INR 35 crore loss last year, if I remember correctly. Is my memory right? No, it was not as high as INR 35 crores. It would be a little higher than what we are experiencing in the current year. Got it, and you expect that to break even next financial year? It is coming down, and yeah. Sir, does that answer your question? Yes. Okay. Thank you. Thank you. The next question is from the line of Yash Sanha from MIPL. Please go ahead. Hi. Am I audible? Yes, sir. Hi. First, congratulations on the acquisition and also for the great performance this quarter. I broadly wanted to understand two things. First, from all the guidance that you've been giving over the last three or four quarters, does anything specific change with the new acquisition? And second, I wanted some color on your CapEx guidance for the next two to three years. How is it looking like every year, and what are the specific areas that you're focusing on? Can you qualify what are you talking about in terms of new acquisition? With the KKR acquisition coming in, will there be any material change in your business plans and what you've been guiding over the last, say, three or four quarters or so? Yeah. Yeah, Yeah, I think at this point, we have not had any detailed discussion with KKR. Only thing I can say is, since they're coming in as a new investor now, we will certainly be looking at a long-term plan, which we will lay out as we move forward and develop the partnership with them. And so, at that point, we can certainly elaborate when we have certain things. But as of now, our current model is to stay on course to grow the existing centers and also to see that whatever recent acquisition we have done, we meet our expectation and continue to focus on operational excellence, clinical excellence, and improve the margin as what Raj, Ruby, and Ashutosh have said. Okay? Got it. Got it. There was a second question. Second one was about just wanted some guidance on your annual CapEx for the next two to three years and specific areas where this CapEx will be focused. So we had guided this week on the CapEx front earlier on, and there is no change in that. Primarily, in the current year, FY25 and next financial year, FY26, is where we are expecting lumpy CapEx to happen, which would be in the range of almost about INR 275-INR 280 crore per annum. Of that, close to about INR 100 crore per annum would be about our maintenance CapEx. I think whatever growth plans we have laid down as of today, including the new centers, which would be operationalized in FY26, and the expansion which has happened in FY25, we should be more or less done with our growth CapEx plan, which exists today, by FY26. Post that, we should normalize to around about INR 100 crore of maintenance CapEx thereafter with some inflation in that. Okay. Got it. That was very helpful. Thank you, everyone. Thank you. A reminder to all the participants that you may press Star and one to ask a question. The next question is from the line of Ravi Shah from VRF Capital. Please go ahead. Hi, sir. Am I audible? Yes, sir. Yeah. Thank you for the opportunity. Thank you. Sir, I have two questions. Sir, what will be your outlook on the international patient business in South Mumbai center, and are we seeing any recovery on that front? Yeah. So, Raj here. What we have seen is, in terms of international business, we started the year very well. Our Q1 was one of the highest. Q2 onwards, with Bangladesh under it, we saw impact. Q3 was the lowest as Indian government restricted the medical visas provided to Bangladesh patients coming back, coming to India. So Q3 was our lowest. We expect Q4 to go back to Q2 level, and then going forward in the coming year, we feel that that should get normalized. Raj, is that a right statement that I just want to add to that? That most of the hospital industry are experiencing the same issue. Is that a right statement? Yes. As you know, Bangladesh is the majority and the largest contributor to medical tourism business to Indian hospitals. This is an industry phenomenon across the country, and we are hoping that as political relations get normalized, the normalcy of flow of Bangladeshi patients to India will resume, and we will be back on track. Understood, sir. Thank you for the detailed answer. Sir, my second question would be also on the international side. So, what is the overall contribution of international patients in terms of revenue on a company level, and what would be your outlook going forward for the same? Yeah. So, it is about 3.5%-4%, and we expect it to maintain that going forward. As you know, we are having a very aggressive domestic growth agenda. So, we are expecting that to continue to be 3.5-4% going forward. Just to add, Raj, this year, we probably may be subdued because of these reasons. However, we expect it to get back to 10.5%. Understood, sir. Thank you, sir, and all the best, sir. Thank you. Ladies and gentlemen. Thank you. You may press Star and one to ask a question. The next question is from the line of Devang Patel from Sameeksha Capital. Please go ahead. Sir, my question was on the margins for established centers, where we have seen a 20% revenue growth and 14% EBITDA growth as per the PPT. Implying there is, on a YOY basis, lower EBITDA margins. This is despite MG Hospitals getting added with higher 24%-25% margins, as you mentioned earlier. So, what is the reason that margins on a YOY b asis are lower? We just explained when we explained in the context of overall margin dilution. However, that goes true for our established centers as well. We have seen our sequentially, we see revenue going down in quarter three, giving us a disadvantage in terms of not enjoying operating leverage. That prevented operating leverage in quarter three, resulting in lower EBITDA, including MGM. And this is an industry phenomenon, and MGM is included in that. However, as we said, that as we come in quarter four, we have seen things getting normalized with our revenues also being higher compared to quarter two, the way we are seeing it. We should see our margin expansion happening. So, this was just a quarter three phenomenon, and we should be out of it in quarter four. The Q2 margin is, you explained well. We understand the seasonality. I was asking on a YOY basis because seasonality would have affected last year also. On a YOY basis, EBITDA growth is lower than the revenue growth for established centers. So, that's true. So, in addition to that, we had also mentioned that what we have also seen, while the revenue Q2 went down, we have seen that the revenue from pharmacy was relatively higher compared to our other modality business, which typically is high gross margin business. Now, as this gets normalized in the coming quarter, quarter four, we should see our margin getting back. So, it was primarily lower gross margin due to higher pharmacy business and lower operating leverage due to reduction in revenue. Okay. Sir, and the MG Hospital would have some drag at the PBT level after interest and depreciation. Could you get that number? We have not disclosed any asset level information so far, so we would present it at this point of time. Okay. Sir, and finally, on the Milann business, that revenue continues to decline. If you could just talk about what our strategy here is to turn around that business, and after the stakes fail, would we be having a fresh look at this business? As we all know, in the past, we have looked at Milann and what is the future of Milann in terms of reinvestment. But meanwhile, as we have explained, the promoter, the original founder of Milann, exited, and also her phase of no concrete was over. In view of that, she has started her own few centers very close to our center. So, because of that, particularly in Kumara Park in J. P. Nagar, we have seen a dip in the revenue. But I am happy to say that things are turning around. And when we look at the next few quarters, particularly the last month and also the next few quarters, we should climb back up to where we are and continue to show improvement. But at the same time, there is a decision where we want to see at what time and to divest it. We will be looking at that also as we move forward. One of the areas we have seen also strength in Milann now is andrology. As we move forward, we are very happy to report that we have a strong andrology department in Milann, which will really propel our growth. Because in the past, we have always looked at female fertility issues. But when you look at the data, nearly 50%, 40%-50%, it's the male-related issues, which has been totally ignored in the fertility. So, we have taken that up very seriously. We are integrating the two male and female fertility. So, our centers will provide that kind of center of excellence we are trying to create and also look at areas where they might have failed in the beginning, how we can integrate both and try to improve the outcomes. We are focusing, like we have done in oncology, we are also focusing on the outcomes. So, this situation is a turnaround. We believe very strongly with this kind of advanced clinics what we are having, and we have a good opportunity to grow back. As we know, in India, we believe infertility is becoming a major issue. Fertility will have to be addressed. For various reasons which I have explained in the past, unfortunately, Milann went through a difficult cycle. And now, I believe we are over the cycle, and we will see significant improvement as we move forward. And also, we will look at the opportunity to divest at the right time. Thank you so much for the answers, sir. Thank you. Before we take the next question, a reminder to all the participants that you may press Star and one to ask a question. The next question is from the line of Saakshi Pratap from Pratap Securities. Please go ahead. Hello. Thank you for the opportunity, sir. Wanted to ask two questions. Firstly, what would be our growth strategy going forward? Will it be acquisition-led? If you could just throw some light on that. Yeah. Going forward, I would say, yeah, can you hear me? Yes. Going forward, our strategy will be, as I said, certainly making sure existing centers reach the full potential of growth. We do see centers of excellence, full potential. We have new centers coming up in Bangalore and our hub and spoke model in future clinics. This is where we see significant growth happening. But at the same time, we will certainly look at major acquisitions as we did in Visakh, where we will look at where there are strategic opportunities for us to see a dedicated oncology for us to grow. As we know, in major acquisition, dedicated oncology centers are not that many. So, we will look at that as well as a combination of greenfield, brownfield, very limited, but we look at existing centers' growth also. All of this will be discussed appropriately with our new partner as we move forward. In this regard, I would like to see if Raj Gore, you want to add anything, please do that. No, Dr. Ajaikumar, you covered, as we've always told the market, that with our brownfield expansion of capacity in our existing hospitals, we have enough headroom, and with our dominant market share in each of our markets, enough potential to drive organic growth in our existing hospitals. That will continue to be the primary driver going forward, our organic plus brownfield growth, and then, with the new partner, at an appropriate time, we will decide how to augment that with inorganic growth going forward. Understood, Gautam. And what would be the timeline for open offer? I think, according to the things there will be, I'm not sure of that. Are you anybody sure? Or you can answer? I will try to answer. I think, look, the mandatory tendering of this offer is dictated by specific process and timelines laid down by the regulatory authority. It's the offer that KKR has to execute. And as and when they disclose more information as per the process that is laid out, you will get the answers in due course. Understood. Thank you so much. Thank you. The next question is from the line of Dhruv Shah from Dalal and Broacha. Please go ahead. Yeah. Thank you for the opportunity, sir. Just one question on your debt level. Now it's at about INR 1,500-odd crores, and we've seen in the past that it has been increasing consistently. What kind of debt levels would you be comfortable at? And when do we see that repayment starting from? Hi. Debt levels, currently, we are very comfortable with all the banking governance that we have. What you mentioned includes capital levers. However, if we were to exclude capital levers, then our net debt, particularly from the banking, is about INR 650-odd crore. We are very comfortable at this level. Considering the growth and the CapEx investment that we have outlined for the current year as well as for the next year, we will be comfortable within our debt positions. Sure. Thank you. And just one question regarding your ongoing CapEx. So, we stand with the current timeline, right? There is no delay in terms of opening up the ongoing CapEx, right? We are broadly on timeline on operationalizing our centers. Yeah. Okay. Yeah, that's it. Thank you. Thank you. Ladies and gentlemen, due to time constraint, we will take that as the last question. I would now like to hand the conference over to the management for closing comments. Sir, thank you once again for your active participation in this call. As I mentioned, we are happy that we've been able to enhance shareholders' value in the right way by focusing on the right thing for cancer patients. We are very gung-ho about the potential of the organization and right now focusing on ending the year on a very strong note and planning for, again, a good year-on-year growth on top line and bottom line next year. We will keep you informed. Thank you for your support to the organization. Thank you. Thank you. On behalf of HealthCare Global Enterprises Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your line.