Ladies and gentlemen, good day and welcome to Q4 FY24 earnings conference call of Jupiter Life Line Hospitals Limited, hosted by Prabhudas Lilladher Private Limited. 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 a touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Param Desai from Prabhudas Lilladher. Thank you, and over to you, sir. Yeah, thanks, Muskan. Good morning, everyone. On behalf of Prabhudas Lilladher, we welcome you all to Jupiter Life Line Hospitals Limited Q4 and FY24 earnings conference call. Today we have on the call Dr. Ankit Thakker, Executive Director and CEO, Mr. Anand Apte, Chief Business & Strategy Officer, and other members of the senior management team. I will hand over the call to Dr. Ankit for his opening remarks and post that we will have the Q&A session. Over to you, Dr. Ankit. Thank you, Param. Good morning, everyone. I thank you for joining us on our earnings call to discuss the business and financial performance of Q4 and the financial year 2024. I hope everyone had a chance to view our financial results and the presentation, which was posted on the website and stock exchanges. I am accompanied by our Head of Finance, Mr. Nitin Patodi, our Company Secretary and Compliance Officer, Ms. Suma Upparatti, and Ms. Falguni Shah, our Business Controller, along with SGA, our Investor Relations Advisors, on this call. As we end financial year 2024 and begin a new one, one thing we can all agree upon is the fact that India is growing. India is growing in all spheres, and it has attained the mass and the momentum which will be hard to stop. All segments of the society are moving higher up on the socioeconomic ladder. Millions are pulled out of poverty, and there is an emergence of a large new middle class in the country. The aspiration of an average Indian is increasing every year, with the democratization of mobile phones, data, and social media. Pretty much each and every Indian today has a visibility of what can be from the palm of their hands. A smartphone, an air conditioner, and even air travel are not just for the elites anymore. An average Indian today aspires for better experiences and more comfort in life. The same is true for healthcare. Rural and Tier-3 India today is struggling for access. It aspires for healthcare facilities closer to their homes. However, urban India does have access. Their aspiration is for higher quality and a better experience of care. Jupiter is addressing the urban aspiration. We are committed to building and operating world-class hospitals and bringing care back into healthcare. We are focused on large, prominent urban centers in Western India and want to provide all healthcare services in each of our facilities to the dense residential micro-markets where we are located. We approach the business with a relationship lens and have established strong ties with the community and the doctors alike. We don't distinguish between high and low-margin specialties. Rather, we endeavor to cater to all the needs of our patients. Each of our hospitals will provide all services, from community and primary care up to quaternary care such as transplants and cancer treatment. We also consider insurance providers as our partners in growth, and have associations and tie-ups with virtually all of them. We realize that quality healthcare can only be affordable for most Indians with the help of an insurance. The growth and penetration of corporate hospitals have increased the demand for insurance, and similarly, higher insurance penetration, in turn, improves demand for high-quality corporate hospitals. We believe that this mutually reinforcing growth has also reached a critical mass, and going forward, both the sectors will see healthy growth in tandem. I therefore reaffirm our optimism for the tremendous opportunity for quality healthcare providers in India for the foreseeable future. Let me give you some key highlights. We had decided to take the company public to accelerate its growth trajectory. We had a stated objective to double our size to 2,500 beds in the next five years. In the pursuit of this milestone, I'm pleased to inform you that we have signed a new land for a second hospital in Pune. This is in South Pune and is about a 1-hour drive from our current hospital, which is in the west of the city. We will build 500 beds at this location. It is almost 3 acres of land, currently structured as a 10-year flat, non-escalating lease, and we have a right to buy the land anytime after 3 years. This enables us to defer the tax for a few years, protect the cash flows, and also secure the certainty of ownership for the company in the near future. In Indore, our occupancy is nearing 60% of installed capacity, and we think this is a good time to now plan for capacity enhancement. We have secured permission to build 2 additional floors in Indore. We will be able to build about 75 beds or so in the new floors, taking our capacity north of 300 beds. This should cost around INR 20 lakhs a bed; that is approximately INR 15 crores. In Pune as well, we will be commissioning 22 new suite rooms to enhance our operational capacity. Here, the cost will be less, about INR 10 lakhs per bed, as the physical structure is ready and we only need to finish some small interior-related activities. In Dombivli, the construction is progressing as per expectations, and the project is slated for completion by Q4 FY 2026. In the past calls, I had informed you that post-IPO we have become a debt-free company. This year, we have realized annualized cost savings of about INR 40 crores on that account. In Indore, all insurance improvements are done now. The contracts have been renegotiated with insurance companies in Thane and Pune this year, and in February, March, we also took a small hike in prices for self-payers, which has partially contributed to improve our ARBOP's in the last quarter. Coming to the financial performance, the Q4 highlights: total operational income for Q4 stood at INR 291.4 crores, representing an increase of 20.3% year-on-year. The EBITDA was INR 63.2 crores, an increase of 22.7% year-on-year, with margins of 21.7%. PAT for the quarter was INR 45.3 crores, representing a margin of 15.5%. For the entire financial year, the total operating income was INR 1,073.4 crores, an increase of 19.9% year-on-year. EBITDA for the whole year was INR 242.1 crores, an increase of 18.9% year-on-year. The annual EBITDA margin is 22.6%. PAT was INR 176.6 crores, representing a margin of 16.5%. The average occupancy for the financial year was 63.8% compared to 62.6% last year. The RPOB is 54,871 on a blended basis for all the units, and the ALOS is 3.93 days. So these are some highlights, and with this, I'm happy to take questions and talk to all of you. Thank you. 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 the touchtone telephone. If you wish to remove yourself from question queue, you may press star and two. Participants are requested to use the handset while asking the question. Ladies and gentlemen, please wait for a moment while the question queue assembles. First question is from the line of Amey from JM Financial. Please go ahead. Yeah, thank you for taking my questions, and congratulations to the management of Jupiter Lifeline. I have a first question on the quarter. I don't know whether it has been explained in the opening remarks, but there is an absolute jump quarter-on-quarter in the employee cost and other costs. If you can provide the reason for the same, and is there any one-off? Yes. So in this quarter, we have, on the employee benefit side, gratuity and leave encashment provisions, which we do with actuarial valuation at the end of the year. So the entire year, in fact, is in this quarter. And on the other expenses also, we have the annual whatever provisions and write-offs done in this quarter. At the annualized level, our provisions and write-offs stand about 0.25%-0.3% of annual revenue. That has effect in this quarter. We also had, in this quarter, a large marathon event for promotion and awareness of children's congenital heart diseases. So there are some one-time expenses in this quarter which have an impact. Why don't you assume that if not all, but some of the items are a bit seasonal in nature, that would continue next year as well, like the gratuity or the kind of marketing spend which we account for during the last quarter? Yes, it could be. Sure, sure. The second question I have is, post Pune and Dombivli, still we would be having a good amount of FCF generation over the next two years. Good amount of? Any FCF generation, free cash generation, after spending for Pune and Dombivli? So how do you plan to spend that free cash over the next two years? Any thoughts on the same? Yes. So like I said, our target currently, short-term target, is to get to 2,500 beds. With Dombivli and Pune, we have 1,000-bed visibility. That takes us from 1,200 to 2,200 ballpark, which means that on our horizon, we want to get one more hospital. Sometime in this year, we hope to secure one more land on which we can build another hospital, which will take care of deployment of the cash that we generate. Sure. And I assume that this would be in the nearby region, the western region, which is the kind of strategy we have been employing so far? Definitely Western India. Sure. The last question, if I can squeeze in. In Pune, the bed per population is generally on the higher side if you compare across cities, but it seems that private chains may be on the lower side in terms of the presence. So what metrics do you see when you choose a city to enter? Pune, what is on the higher side? Your voice was slightly. Bed per population is on the higher side. There are a good amount of. So there are two things which need to be accounted for. One is, and I made a brief reference to that in the opening remarks, one is that the micro-market. Pune today has a population of close to between six and seven million, which is large, right? Traveling from one part to the other in Pune is becoming as difficult as traveling between eastern suburbs and western suburbs of Bombay, for example. So you will need healthcare solutions in all micro-markets. You will not be able to centralize healthcare in large cities and expect that the whole city will gravitate towards one point to get their healthcare. So where are the beds located is an analysis which needs to be done on a granular level. The other thing which needs to be done is analyze the quality of beds. Urban India, as I was saying today, is not satisfied with any bed. More and more patients today are moving away from unorganized and poorly built hospitals to the organized health providers. So a simple count of beds does not tell the whole story. You need to analyze quality of beds, and you need to analyze where they are located. So when we look at both these criteria, we realize that there are significant white spaces in Pune where the aspiration for good quality healthcare is not being met. Sure. Thank you, Ankit. I will join back with you. Thank you. Thank you. A reminder to all participants, you may press star and one to ask questions. I repeat, you may press star and one to ask questions. The next question is from the line of Jaynil Shah from JM Financial. Please go ahead. Yeah, hi. Thank you for the opportunity. My first question is on the quantum of price that we've taken in the self-payer category. About 5%. Okay, okay. The insurance renegotiation in Thane has been done again in the fourth quarter, or was it done in the early quarter? Third quarter. Thane and Pune, third quarter. Okay. Both of them have been done in the third quarter. Okay. What's the overall CapEx spend that we have planned for FY25 and FY26? In FY25 and 2026, Dombivli should be fully over. We would be spending about INR 300 crore for Dombivli, and we would be spending maybe around INR 200-250 crore for the new Pune hospital. That gives you to INR 550 crore. And maybe as a maintenance or upgradation, CapEx of INR 40-50 crore in the current three hospitals. Around INR 600 crore CapEx in this and the next year is on the cards. Okay. So when do we expect the Pune hospital to start the operations? We have just secured the land a couple of months or so back. We are in the process of drawing up plans and getting environmental clearances, municipal approvals, etc. Once all those are ready, we'll announce the commencement of construction dates. Sure. Just the last one on tax rate. What's the tax rate guidance? 25%, I think, is the tax rate we are working with now. Okay. Thanks a lot. Thank you. Before we take the next question, a reminder to all participants, you may press star and one to ask questions. The next question is from the line of Anjana Shah from Shah Investments. Please go ahead. Good morning, and thank you for this opportunity, sir. Sir, we've signed up for a new location in Pune, as you mentioned in your opening remarks. So would you just be able to help me understand what is the CapEx that we intend to spend, and also in the first phase, how many beds would be included? CapEx should be INR 500 crore for the project. In phase one, we should commission something like 250 out of 500 beds. Okay. Sir, also, could you explain the reason behind the lease and purchase options for land? Yeah. So to elaborate a little more on the structure, we have, in our lease document, a definitive right to buy this land anytime after three years. So the challenge which we generally have with leased options is the uncertainty associated with it and the permanently inflating lease expenditure. In our case, we have a flat lease which will not escalate for 10 years. And at any point after three years, we have a definitive right to buy. So this takes care of two of our concerns. Along with that, we get an opportunity to defer the CapEx by three years at least and achieve some cash flow efficiencies. So for that reason, we have negotiated this deal with the sellers. That was helpful, sir. Just another question with regards to the Pune hospital. Would this affect the performance of the existing hospital, and also by when do we expect to start the construction and commencement of the Pune hospital? Yeah. So again, to read the date, our current Pune hospital is in Baner, which is west of Pune. The new one which we have got is in Gangadham area of Bibwewadi, which is in the south of Pune. On a regular day, if you want to drive between the two facilities, it would take about an hour. Pretty much both the hospitals have an entirely non-overlapping catchment, and we think it will only complement each other rather than competing with each other or cannibalizing each other's performance because they are quite far from each other. As far as commencement goes, as I just told Jaynil, that we are in the process of regulatory approval. As soon as those get over, we will be in a position of greater certainty to announce commencement of construction and from then on, commencement of operations. Awesome. Thank you. That's it from my end. Thank you, Anjana. Thank you. A reminder to all participants, you may press star and one to ask questions. The next question is from the line of Nishi Shah from RH Investment Management. Please go ahead. Thank you, sir, for giving me the opportunity. Pune is currently at 62% occupancy with an RPOB of INR 53,878 with peak or maximum occupancy. How much RPOB can we generate? I wouldn't really think that occupancy should have a bearing on RPOB because RPOB essentially takes occupancy out of the equation. But however, I will answer both the questions independently. I think on the occupancy front, Pune, the current unit from 62 can easily grow 10 percentage points and go to mid-70s% in terms of occupancy. And RPOB, we think that for the given time, it is at a good level. And going forward, it should see inflation-linked growth, the RPOB. Okay, okay, sir. Got it. I have one more question. We plan to add 75 beds to Indore Hospital. How many more can we add? So we are currently at 231. We can add 200 more. We have excess land also in Indore. We have 5 acres of land. Currently, we are adding 75. Once these get occupied to a reasonable level, we'll plan the next phase of growth. Okay, okay, sir. That answers my question. Thank you so much. Thank you, Nishi. Thank you. A reminder to all participants, you may press star and one to ask questions. The next question is from the line of Kunal Shah from Anuva Capital. Please go ahead. Hello. Hi, Kunal. Hi, sir. Sir, I have two questions. One is pertaining to the CapEx plans of our Pune hospital. Just continuing with the previous participant, just wanted to check that how much CapEx have we incurred any CapEx in FY24 with respect to Pune hospital? No, we have not incurred CapEx. We have paid some deposits for the lease, but we have not incurred any CapEx yet. The CapEx will only start after the approvals are in place. Okay. And any anticipated ballpark number would you like to give for FY25 CapEx in the Pune hospital, and how is the construction progressing? So Pune is just at the approval stage, so construction is not commenced. Once the approvals are in place, depending on how many months they take, we will be able to say how much part of the year is remaining and how much money we can spend in the year. But typically, in the first maybe 3-4 months, it's excavation and site mobilization. You don't spend a lot of money. So I don't expect very heavy CapEx on the Pune hospital in the current financial year. Okay, okay. And my second question is pertaining to our Dombivli hospital. So just wanted to broadly understand the demographic there and what is the competitive landscape. So Dombivli is still part of the Mumbai metropolitan region. It is on the real estate side, especially residents, but even commercial to a great extent, one of the or probably the fastest-growing market in real estate development in the MMR region. So it has a huge new population coming up there. Besides the new population which is coming, it already has an old residential population of more than 2 million people in a 30-minute driving distance in neighboring suburbs of Dombivli, Kalyan, Ulhasnagar, Ambernath, Badlapur, etc. And between this population, old and new, which is coming, there is no organized corporate health provider. So we think there is a significant latent demand which is not being addressed currently. Sure, sure. Thank you, sir. That answers my question. I'll get back in the queue for the following questions. Thank you, Kunal. Good day. Thank you. A reminder to all participants, you may press star and one to ask questions. The next question is from the line of Prolin from Edelweiss Alternate Public Equity. Please go ahead. Hi, Dr. Ankit. Thank you for taking my question. I have a few. The first question is, in terms of these negotiations with insurance companies, can you help us understand what's the kind of hike that you have got in both the hospitals on an average rough number? So I think it is in the high single digits, between 8% and 10%, I think. In Q3, we did it, but yeah, it is between 8% and 10%. Okay. For both the hospitals, right, for Thane as well as okay, okay. Understood. And I mean, in terms of RPOB, right, you answered that question that in Pune and in Thane, we are pretty much we will see an inflation-led RPOB kind of a growth. And also in your starting comment, you also mentioned that you don't differentiate between primary, secondary, and tertiary. But is there a I mean, do we I mean, is there a mixed change which will help RPOB going forward as well? And what are the challenges for that to not happen, right? I mean, because there I mean, ideally, we would assume that more secondary, tertiary will help in terms of RPOB. But is that not the case? Can you share some color there? So case mix optimization as a driver of RPOB is a definite factor in our view for 3-5 years of a new hospital because that is a time where various departments are still getting set up and established. That is a time where the hospital is developing relationships and roots in the community. New doctors are joining. New departments are being started. So year on year, case mix optimization will have some role in the first maybe up to 5 years, in our view. After 5 years, we believe that most of the services which you want to offer are already on offer. Most of the doctors that you want on your panel are already on your panel. After that, you have limited kind of levers to drive case mix. In the way we do things, we don't try to push one branch at the expense of the others. We say that we are large healthcare providers in the region where we operate for that micro-market of 30, 40, 50-minute driving distance. And everything that you need, we will take care of. We don't want to tell our patient that if you need a low-cost dialysis, then you manage your own problems. But if you need a transplant, come to me. Or if you're traditionally, people said pediatrics was low volume I mean, low-margin kind of work. So if your child is in trouble, go somewhere else. But if you are in trouble, I will take care of you. So those are not kind of the body language or the communication which we want to have with our community. We say that anything that you need, we will take care of, and we will provide. It is a little bit of a relationship business. It is not a fully transactional business. I mean, I think it needs to be done in the right way. No, that's very clear, Dr. Ankit. Thank you for that. And one more question that I wanted to ask you was in terms of Dombivli, right? I mean, you mentioned that micro-market has an existing base of 2 million people within a 30-minute driving distance. So is it fair to say that in terms of trajectory, in terms of occupancy, in terms of RPOB, this will be very much like what happened in your Thane hospital? Is that a fair assumption to make? Yes, that could be a fair assumption to make. Thane, actually, we broke even and were positive in the first year itself. Pune and Indore achieved that milestone in the second year. But that is a fair assumption. But however, to be conservative, if you want to peg it in line of Pune and Indore and put it at year two, I wouldn't object to that. Sure. So, I mean, more than break-even, I mean, I wanted to understand the RPOB and the occupancy trajectory. Yeah, but occupancy and RPOB is what will eventually determine the break-even then. Fair point. Yeah, I mean, whichever metric you prefer. Right. B ut in three years, it should be more nearer to Thane than Pune. Am I correct in that assumption? It should. Okay, okay, okay. Cool. And lastly, on this new land for the new hospital in Pune, while you have a long-term lease without any escalation, but there is no price which you have already agreed for the purchase, right? Am I correct there in my assumption? You are correct. Okay, okay, okay. Cool. Thanks a lot, Dr. Ankit. That's it from my side. Thank you. Thank you. The next question is from the line of Harshal Patil from Mirae Asset Capital Markets. Please go ahead. Good morning, sir, for the opportunity. I just need one clarification. So this was again relating to the capital expansion plans, especially to the Indore facility where we said that we would be adding 75 beds. And for the Pune thing, we'll be putting up about 22 suites. So, sir, you just alluded to about INR 10 lakh per bed for Pune hospital. So, sir, what would it be for Indore, likewise, for the 75-bed expansion plan? INR 20 lakhs for Indore, so around INR 15 crores for Indore. Yeah, Pune just a couple of 2-3 crores. Okay. This pretty much is a part of our INR 600 crore CapEx plan, right? Yes. Okay. Any clue, any ballpark number as to when could we look at the balance capacity at Indore to be put up? Just let's say, probably, once these 75 beds are operationalized, maybe two years down the line or something like that? Yeah, hopefully. So by the end of this year, these beds should be ready. So next year, we'll get to operate them. So the general thought process remains the same, that between 60%-65% occupancy when you reach, you should think of enhancement. So when we reach that milestone, we'll think about capacity enhancement. Thank you, sir. That was helpful. Sir, just one last on Indore. Sir, Indore, how is the overall competitive landscape panning up considering we've got some big names out there, so Medanta and also? I just wanted to have some inputs, qualitative inputs from you on Indore, especially, and the way you see the city panning up, especially with respect to the healthcare. That would be my last question, sir. Thank you. So Indore, again, is a huge city and one of probably the most popular, prominent city in Madhya Pradesh and the neighboring areas. The city itself has a population of about 4 million and very, very large drainage for healthcare. So in terms of demand, it has a huge demand for healthcare and quality healthcare, again. So I think in terms of quality bed-to-population ratio, it is not nearing saturation yet. Also, as I was saying for Pune, that you need to also look at the micro-market. So in the part of the city where we are located, in that half of the city, we are probably the only high-quality health provider. So combination of micro-market of where we are located and the overall size of the larger market, I think Indore looks very promising. Okay. That's helpful, sir. Thank you. Thank you, Harshal. Thank you. A reminder to all participants, you may press star and one to ask questions. The next question is from the line of Amey from JM Financial. Please go ahead. Yeah. Thank you for giving me a portion here again. I just had one or two questions related to the RPOB and ALOS. So in Indore Hospital particularly, is there any absence of super specialty which you would like to add or something which could improve the RPOB? Or you think these RPOBs, by nature, are representing the market and they are largely saturated? And second question is, is there any way to increase ALOS going ahead which are closer to 3 currently? Some of the hospitals are operating it at three. So how do you see that improving in the future? Yeah. So Indore has both the drivers. It has not reached that full maturity in terms of specialties. So specialty mix, case mix as a driver, we still have probably some more time to reach that maturity. So I think for the next year or two, we should see a little bit of RPOB improvement even on the account of improved specialty. But it has made significant progress in the last couple of years. And for example, we are now doing complex cancer work. We recently did a skin cancer radiation. We did a single-patient liver and kidney transplant in the same patient. So on the case mix side, it is heading in the right direction, and we expect a little improvement there in the times to come. And what was your second question, Amey? Sorry, I slipped up. It's related to ALOS. We are at around four. So yeah. Yeah. ALOS, we don't look at it as an organizational target. ALOS is a function of what treatment you are doing and your specialty mixes. So I just spoke about these transplants and liver and kidney. Now, this patient, what you do is going to stay for 15 days or more. So if you do more and more of this, your ALOS will be higher. So you do more of medical work and medical-critical work, the ALOS is higher. You do more of routine surgical work, the ALOS is shorter. So ALOS cannot really be compared on a hospital-to-hospital level, even within our group, leave alone us to some other hospital chain. So that is not a number which we really look at. Yes. So from our point of view, when we see the ALOS reducing, we get to know that hospital now can occupy more patients, basically. And the same occupancy can generate same capacity can generate more revenue. So that's why I was asking, directionally, is there a way to gauge whether it will go down or you think it would remain same kind of work you are doing or kind of specialties you're adding or kind of transplants, the way they are ramping up patients? I'm sorry, but I have a disagreement with that analysis and the conclusion. Reducing ALOS may not improve your financial performance or efficiencies because the inputs are different. That might be a longish discussion. I don't know if this is the right platform for that, but. Sure, sure. No problem. Thank you, sir. Thank you. Thank you. A reminder to all participants, you may press star and one to ask questions. The next question is from the line of Riya Jain from NM Capital. Please go ahead. Hello. Hi, Riya. Yeah. Hi, sir. Good morning. Good morning. So I have two questions. The first is, how much price increase advantage can we expect from RPOB in Q1 FY25? And also, which hospitals have seen pricing increases? So annually, as I was saying, except for Indore, which has a little bit of case mix component still left to be achieved, inflation-linked RPOB growth is all that we are hoping for and guiding for, whatever is the inflation number you want to plug in. So that is the RPOB growth. Okay, sir. So my second question is in terms of hiring. So generally, at what stage of construction do you start hiring in terms of support staff, nursing staff, and doctors for any new hospital? Last quarter. Okay, sir. Will the cost of these new hires be similar to Thane Hospital or materially different? No, it should be similar. Okay, sir. Thank you. Thank you. Thank you. The next question is from the line of Sanketa from Prabhudas Lilladher. Please go ahead. Good morning, sir. As you mentioned, about the price hike has been taken across healthcare category. So if you can quantify this number across unit-wise, Thane, Pune, Indore, and also typically, how should one see this number going forward? Around 5% is the price hike for healthcare. This could happen on an annual basis depending on local market conditions, but that is the thought. Okay. Also, regarding 75-bed expansion in Indore and 22-bed expansion planning in Pune, do we need to hire more clinical talent for this, and which will be catering to any specific therapies also? There will be general beds. They will cater to all the therapies. The new hires which we will need will only be the local operational in nature. So, for example, floor doctors, nurses, housekeeping, etc., but no senior or major hires for this new facility. Okay. Understood. One more question I'm having regarding the margins for FY24, which is currently at 22.7%, which is flat approximately. So how should we see this number taking into account new bed additions across Pune and Indore units? So Pune, it is not a huge capacity addition. I don't think the margins can get impacted significantly for Pune. But Indore, in the first maybe 3-6 months of the new facility, you might see a higher fixed cost and not fully utilized. So there could be a small impact on the Indore margins for 1 or 2 quarters, but then they should stabilize and then start improving going forward on account of operating leverage. Okay. Understood. Thank you so much, sir. Thank you. Thank you. The next question is from the line of Harsh Bhatia from Bandhan AMC. Please go ahead. Yeah. Thank you. Are you audible? Yes, Harish. I can hear you. Tell me. Yeah. Hi. Am I audible? Yes. Yeah. Hi, sir. Morning. Just one quick question. I joined the call late. But just in terms of that Dombivli asset, I think so the last time we spoke is that at your end, any greenfield asset might take up to two years, around two years to break even, and that might be at a point of 40%-45% occupancy. Please correct me if I'm wrong. But just for the first 12 months, just for the Dombivli project, is there any understanding that what could be the incremental losses stemming from the project? I'm not sure whether we have disclosed that information or that level of detail, but anything would help. No, we have not really gone into that level of detail. But yeah, maybe if you want to model, you can say about INR 2 crore a month or something of that sort. INR 25 crore could be a. Okay. That would be assuming a 20%-30% occupancy level. So a INR 2 crore-INR 3 crore per month loss is what we should be expecting for the first 12 months. Yeah, you could do that. Sure. And at that point of time, if I may ask, what would be the number of beds that would have been operationalized? I think so the overall project is 400-500 beds capacity. 500 beds. We plan to start around 250 in phase one. Okay. Okay. So on that basis, you would be expecting an INR 2 crore-INR 3 crore per month effective loss, you could say. Yeah. I mean, you could factor in whatever you feel like, around 2. Sure, sir. All right, sir. Thank you. Thank you. As that was the last question for the day, I now hand the conference over to Dr. Ankit from Jupiter Life Line for closing comments. Over to you, sir. Thank you, everyone, for joining us this Monday morning. I hope that the questions were answered satisfactorily. If there is anything further, you could definitely reach out to the SGA team, and they'll put you in touch with us to address some follow-ons. All the best, and have a good week ahead. Thank you. On behalf of Prabhudas Lilladher Private Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.