Ladies and gentlemen, good day and welcome to Jupiter Life Line Hospitals Limited Q3 and 9M FY 2026 Earnings Conference Call. 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 are not the guarantees of future performance and 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 your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Dr. Ankit Thakker, Joint Managing Director and CEO. Thank you, and over to you, Mr. Thakker. Good morning, everyone. Thank you for joining us on our earnings call to discuss the business and financial performance for Q3 and nine months of FY 2026. I hope you had an opportunity to review our results and investor presentation which have been uploaded on the website and the stock exchanges. I'm joined today by Mr. Shivanand Sen, our CFO, Ms. Suma Upparatti, our company secretary and compliance officer, and our investor relations advisor, SGA. I'm delighted to kick off this Monday morning call with good news. Our hospital in Dombivli is ready to be launched. The 750,000 sq ft, 500-bed structure has been completed before time and on budget ahead of its planned launch in Q1 of FY 2026. This was a phenomenal project execution effort wherein we were able to complete the entire construction for the 500-bed fit-outs for over 300 beds and all biomedical equipment installation in just over 24 months and at a CapEx of roughly INR 425 crores. I want to take a moment here to thank all our partners in this project, beginning from the consultants, contractors, vendors, our own project team, and also the regulatory authorities, all of whom went above and beyond to enable us to deliver this project. We also welcome all the doctors and the team members who have already come on board to join us in our mission to deliver the kind of healthcare to the region around Dombivli that the community has come to expect from Jupiter over the last two decades. The hospital is slated to be inaugurated on February 15 and will commence full clinical operations thereafter. In the interest of operational efficiency, we will only begin operating 200 beds in phase one and then ramp up capacity in a phased manner as the occupancy increases. A heads-up for everyone on this call, though, that beginning next quarter you will see a much higher depreciation load than you have seen so far and should also expect an EBITDA drag on the consolidated numbers for around the next two years before the new hospital can start contributing financially. The Pune South project construction has kicked off and is progressing well, and the Mira Road project is under regulatory approval process. Alongside this expansion, our existing hospitals continue to demonstrate steady operating momentum with no surprises or specific highlights to report other than the impact of the new labor code. Our PBT in this quarter is therefore impacted to the tune of INR 6.4 crores due to this exceptional one-time provision. I will give you the highlights of our consolidated financial performance now. The numbers for Q3 of this financial year: total income stood at INR 365.3 crores in this quarter, an increase of 9.8% year-over-year. EBITDA stood at INR 83.4 crores, an increase of 9.2% year-over-year. The EBITDA margin is 22.8% in this quarter. The PAT stood at INR 42.5 crores, representing a decrease of 18.7% year-over-year, and the margin for the quarter is 11.6%. The 9-month numbers: total income is INR 1,111.9 crores, an increase of 15.1% year-over-year. The EBITDA is INR 254 crores, an increase of 15.2% year-over-year. The EBITDA margin is 22.8% for the 9-month period. The PAT is INR 143.9 crores for the 9-month period, a decrease of 3.1% year-over-year. As highlighted earlier, the PAT is impacted due to the new labor code changes, and the margin is 12.9%. The ARPOB for the 9-month period is INR 66,800. The ALOS is 3.85 days, and the average occupancy for nine months is 61.9%. The payer mix: insurance represents 55.7%, self-payers 43.2%, and government schemes at just around 1.1%. With this, I conclude my opening remarks and open the floor for questions and answers. Thank you. Thank you. We will now begin the question-and-answer section. Anyone who wishes to ask a question will press star and one on your touch-tone telephone. If you wish to remove yourself from the question queue, you will press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. Once again, a reminder to all the participants that you must press star and one to ask a question. The first question comes from the line of Manav Jain from Jain Investments. Please go ahead. Hi, sir. Good morning. Congratulations on the opening of the new hospital. My question is regarding the Pune Bibwewadi project. Could you please share an update on the current state of the construction and the total CapEx incurred till date for the hospital? Good morning, Manav. Thank you. So the Bibwewadi project is, as I said, construction has begun. We have just started the basement work, so it is in early stages of construction. The excavation is now over. As we have said, we are slated to begin in some time in calendar year 2028, and we are reasonably sure to achieve that target. CapEx, so far as you can imagine, because it's only excavation and a little bit of basement, is not very high, but maybe less than INR 50 crore so far. Okay, sir. Could you please share the total CapEx incurred during 9 months FY 2026 and also provide a hospital-wise CapEx for Dombivli and Pune facilities? Dombivli, as I said, INR 425 crore is the total that we have spent for the project. Pune, I can see a number of around INR 45 crore so far. Mira Road, we have not started. Okay, sir. Yes, that was very helpful. Thank you. Thank you. Thank you. Next question comes from Ashutosh Nemani, the JM Financial Family Office. Yeah. Hello. Am I audible? Yes, Ashutosh. Go ahead. Yeah. Yeah. My first question is regarding the ramp-up plan of Dombivli Hospital. How do you anticipate its occupancy ramp-up, if you can guide, let's say, for the next 3-4 quarters? And how would the specialty mix, and what is the expected ARPOB of the hospital? So as I have said, you have to look at it in a longer term. The first 3-year period we consider as a stabilization, foundational, or maturity kind of period, and the next 3-year period we consider as a rapid growth period. So these are long-term infrastructure kind of community assets, and we don't really look at it quarter- to- quarter for the first couple of years. How exactly it will ramp up remains to be seen, but typically, for all the projects that we have done, we consider 2-3 years as an establishment period. The specialty mix will be identical to all other hospitals. We will offer all services here, beginning from childbirth to transplantation, as I have said. The revenues should be in line with the Mumbai region Thane Hospital that we have. The ARPOB, of course, is also representative of the case mix. Initially, when a hospital is started, it has a relatively lesser load of complex services or tertiary quaternary work and more load of primary secondary work. As the hospital gains maturity, the ARPOB should converge, but in the earlier periods, ARPOBs will look smaller than the Thane Hospitals. Okay. What is the timeline for break-even of this hospital, and a bit of a drag for the first 2-3 years? By end of year 2, we expect to be a bit of break-even. Okay. The third question is, could you tell me the ARPOB of Q3 2026 on consolidated basis? ARPOB of Q3 2026 on consolidated basis is INR 68,000. 8,000. And occupancy? Occupancy is 61.4%. Okay, sir. Yeah. Thank you very much. Thank you. The next question comes from the line of Kritika Damani, Prospera Financial Solutions. Please go ahead. Yes. Hello. Congratulations on your strong quarter. I want to note, despite the sustained EBITDA margins, depreciation, and finance costs have been rising due to recent and ongoing CapEx, how should we think about the margin trajectory over the next few quarters as the new assets start contributing, but the costs are already in the P&L? So we think on the three operating hospitals, two are near maturity, so they should have similar margins. Indore is in its growth phase. We should expect slightly incremental margins from Indore over the next couple of years. Dombivli, as I just said a short while back, should lose money for the first year or two, so there will be a little bit of drag on the consolidated numbers on account of Dombivli for the next couple of years. My second question is, with the multiple greenfield hospital on the development alongside the mature hospital running, what internal metrics do you monitor most closely to ensure growth does not begin to dilute operational control or the clinical outcomes? So both are completely independent teams. The project team has very little or nothing to do with operations, and the clinical operating team, the medical teams have absolutely nothing to do with the new projects going on. So both of them have their separate roles cut out very clearly, and new greenfields coming up have zero impact on our clinical performance or operational performance. Okay. All right. Thank you. I'll get back to Google. Thank you. Thank you. Next question comes from the line of Himanshu Binani with Anand Rathi. Please go ahead. Thank you, sir, for taking my question. So, sir, I have one question, basically, regarding to now, the European trade deal is largely done, so what we are seeing is that there has been an absolute decrease in the import duties of medical equipment. So how one should actually look into the CapEx numbers going forward, as in what is your initial understanding in terms of the CapEx which can be reduced, or there is any sort of saving into the CapEx numbers for you as well as for the industry? I have two understandings. One is that headlines are different, and fine prints and implementation is different, so I would wait to see how it gets implemented and what is in the fine print. The other thing, just to set context also for everybody's benefit, is that even though a lot of companies are headquartered today in Europe and the U.S., a lot of them have manufacturing facilities in China, so the country of export becomes China, and the deal with Europe, I don't know how much impact it would have in machines being shipped out of China. Okay. Got it. And the second question is on the Dombivli project. So what would be the initial EBITDA drag from that hospital for the first two years? It remains to be seen. In the past, as I have said, that our previous hospital experience is first year, something between INR 2 crore-INR 3 crore a month should be the average for the first year. Yeah, let us see how this shifts. Sure, sir. Thank you. Thank you. Thank you. A reminder to all the participants that you press star and one to ask a question. Next question comes from the line of Kaustav Bubna with BMSPL Capitals. Please go ahead. Yeah. Hi. Thanks for taking my question. So I basically wanted to understand, for all the hospitals you have, what is your strategy when you find land to create a new hospital? Are these hospitals in areas where you have no competition around you? And then if that's the case, how do you get good doctors and good faculty if these hospitals are not in, how would I say it, in common areas which are easily accessible to good faculty and doctors? Yes. So first of all, the metric for selection of locations is multi-fold. A. We are currently only looking at large cities in Western India, typically in. When you are in a large city, it is also a proxy for HR and availability of manpower, including doctors. But within the large cities, we do look for those specific micro-markets where the resident population is very high, and in the near vicinity, there would be a relatively low supply of high-end tertiary care services. This does not mean that there are no other hospitals because all large cities have cover, but it means that they are predominantly supplied by tier-two hospitals. The other thing which I must highlight is that the tier-two hospital is tier-two because of infrastructure and not necessarily because of manpower. A lot of these doctors in big cities, they are all trained similarly to, for example, doctors in Dombivli and doctors in South Bombay would be classmates in the same medical school. For example, they may be from JJ or KEM or whatever. But just based on where they live and work, the quality of infrastructure and technology available to them may not be commensurate with their qualifications, and they make do with what they have. So when we enter these micro-markets, it becomes a natural choice for a lot of these skilled medical practitioners to want to affiliate and associate with us, and it becomes a win-win symbiotic kind of association. So I hope that gives you some color and understanding on what we are doing and how. Is this the same strategy for your Pune hospitals too, the one that's coming up? Is this the same strategy across every single hospital that you're every single year? So far, yes. Okay. Okay. I wanted to understand, three years or five years down the line, what is our ARPOB target? I mean, are we looking to with is there some level of offerings which have higher average revenue per bed, which the hospital currently does not undertake? I mean, just could you strategically give some indication on will ARPOBs remain at similar levels, or are we trying to increase higher ARPOB offerings? So I'll answer the second question first. There is no service that we don't offer currently. We practice all branches of medicine and offer critical tertiary quaternary-level services in all branches of medicine. We do not have any ARPOB targets, either now nor for the future. We think that this ARPOB number is more of a byproduct of what you do. We are not looking at or chasing any specific ARPOB number. We will continue to provide all services in all the hospitals because that aligns with our operating and clinical philosophy. We don't want to have narrowly focused hospitals. We want to have broad-spectrum, full-service hospitals. And irrespective of which branch generates how much ARPOB, honestly, we don't track it internally also. So yeah, whatever happens, happens. Generally, in the initial phases of operations, as I was saying earlier, the ARPOBs are lower because you do more of primary secondary work. But as the hospital matures, the ARPOB also reaches maturity, after which it only grows in line with inflation. So that would be my broad guidance to you, that the mature asset ARPOBs should grow in line with inflation, and the newer hospitals should grow a little faster in the earlier phases. And once they mature, they should grow in line with inflation. But no, there is no target. Okay. Okay. Great. Thank you. I'll join back with you. Thank you, Kaustav. Thank you. A reminder to all the participants that you press star and one to ask a question. Next question comes from the line of Amit Thawani with Clear Blue Capital. Please go ahead. Hi. Thank you for taking my question. So I think this is the Q1 we've reported single-digit top-line growth. Can you explain what has happened this quarter? Nothing has happened. Thank you for bringing it to my notice. I had not noticed that. But as I, again, a couple of questions back said, that healthcare cannot be monitored on quarter- to- quarter. Also, each hospital has finite capacity. Very soon, I would hope that all the mature hospitals are able to report zero growth because they are already at maturity. So the growth eventually comes from new and upcoming hospitals where you start from zero. Thane now does not really have too much ability to generate more occupancy growth. Pune, the opportunity is narrowing. Indore still definitely has opportunity for higher growth, and we hope to see that play out over the next couple of years. Any issue on the payer's side? I mean, we had some problem with insurer companies as an industry. I'm not sure how severe that problem was with Jupiter. No, we have not had any serious problem with the payer companies. We have had largely uninterrupted services for almost all payers. We also have not had any unusual friction with the payer community. So yeah, I would not attribute anything to friction with the payers. Do you see any takeaways for us from the new EU-India trade deal on medical tourism? I have not caught if there is any impact on medical tourism per se from the EU deal. I'm not sure if there is, but I will look it up. On the import duty side, as the question sometime back, if it does play out the way it is publicized, especially those equipment being shipped out of Europe, hopefully, should get cheaper, and that should, to some extent, at least help us counter the depreciating rupee. So that might be welcome. Got it. My last question, sorry, I think I might have missed the answer for this. Can you tell me what the YOY growth in ARPOB is? And yeah, if you can just break up the revenue growth into ALOS, ARPOB. ALOS, I don't have what I have is last year, ALOS was for 9 months 3.88. This point in time, it is 3.85, so largely similar. ARPOB was 59,000+ something, and this time, it is 66,000+. Almost entire 9%-10% growth this quarter is from ARPOB? Okay. Thank you. Thank you. Thank you. Thank you. Next question comes from the line of Aryaman with Prudent IM. Please go ahead. Yeah. Hi, sir. Just one question from my side. So what should we do with respect to the CGHS price hike? So what should we benefit from this, and what's the timeline if we see it can benefit at all? So your voice is muffled, but what I heard is you were asking about CGHS. Is that correct? Yes. So CGHS, the price hikes. Yeah. Yeah. So we currently don't have any CGHS exposure on our PNL. So as we stand today, it does not impact us. But I understand that the CGHS rates are revised after a period of 10 years, and there is a substantial hike that the government has offered this time. But as far as Jupiter is concerned, you will not see any impact on that account. Sure. Thank you, sir. Thank you. Thank you. Next question comes from the line of J.J. with J.J. Investments. Please go ahead. Hello. Hi, sir. Just one question from my side. Last year, we added 78 beds at the Indore Hospital. How is the hospital's overall performance since commissioning of those beds, particularly in terms of occupancy, ramp-up, and ARPOB growth, if you can just highlight us? Yes, Jay, you are right. We added about 78 beds last year. Of course, because of a larger base, the percentage occupancy is lower in Indore. But on an absolute term, I'm happy to confirm to you that the occupancy this year is higher than what it was last year and that these 78 beds have started getting utilized and are being put to use. The ARPOB side, we should have had a growth of, let me see, maybe 15-odd%, I think, on account of both inflation and this maturity phase. As I was saying, you will see higher ARPOB growth in the first 6-odd years, and till it reaches maturity, after which it only grows in line with inflation. So Indore ARPOB, for the next couple of years, should grow a little faster than inflation, logically, and that is what we are also seeing play out. Okay. Thank you. That was helpful. Thank you. Thank you. Next question comes from the line of Rishi Kapoor with FIL. Please go ahead. Yeah. Hi. Thank you for taking my questions. So my question is regarding the demand-supply situation. So I just want to have the general view. You got a view regarding this. So how is the demand-supply situation evolving across the Thane, Pune, and Indore, given the rising occupancies and the ongoing capacity additions? In the current three locations, it is pretty much status quo. The population keeps increasing. The insurance penetration keeps increasing in large Indian cities. So on account of both those factors, the demand is still very high. I don't think the supply situation is enough in either of the three markets at a high quality. I think that high-quality supply will very easily get absorbed in Thane, Pune, and Indore, even if more were to come from where we stand today. All right. Regarding specifically about the ARPOB growth, that you talked about the new hospital that is coming, but on the consolidated basis, any view on the ARPOB growth outlook for the next 1-2 years? Yeah. I don't know how it will really play out because there will be some drag from Dombivli and some positive from the other three on account of inflation and higher growth of Indore. So on a blended level, how it will play out, I have not really done too much modeling around it. But Dombivli will be diluting. Indore will be a little higher than inflation. Thane, Pune will be inflation-linked growth. All right. Thank you. Thank you. Thank you. Next question comes from the line of Ashutosh Nemani with JM Financial Family Office. Please go ahead. Yeah. Thanks for the opportunity. My first question is, with too much bed addition for the next two years, there have been some concerns highlighted by the peers regarding availability of star doctors and specifically nurses also. So how do you foresee that? Do you see doctor costs driving substantially when all this capacity comes up in the industry? So nursing is a national challenge, and there is nothing new. It has been a challenge for a long time, not specific to one hospital or one location. There is no magic answer to it. I think it will continue to remain a challenge. On the doctor side, my view is that if you are in large cities, then you don't have too much of a problem. As you start going into smaller and smaller tier three and those kind of locations, then the availability of doctors is much lower. And interestingly, the doctor cost in smaller cities is much higher than doctor cost in larger cities. But in the locations that we operate, it is not hard to find good doctors. Could you just quantitatively tell us what is doctor cost as a percentage of revenue, and how has it evolved in the past 2 to 3 years? I don't have quantitative numbers, but typically, the doctor cost varies between 20%-25% of the top line. We have generally been in that range. Okay. That helps. The second question is regarding Thane operation with peer-adding multi-specialty hospital. Any impact on occupancy level and senior doctor attrition so far? Sorry. What is the question about Thane? One of the peers has also added a hospital in that region. So any impact on doctor attrition you are seeing? The occupancy of those is more or less stable? No impact on doctor attrition. We have had one full-time doctor move, but so I wouldn't call it zero attrition. Okay. Yeah. Thanks a lot, sir. Thank you. A reminder to all the participants that you must press star and one to ask a question. Next question comes from the line of Kaustubh Rupna with B&K Securities. Please go ahead. Yeah. Hi. I just had a few more questions. So in previous interviews, it was mentioned that you all may think about adding a seventh hospital. So do you have any updates on that in terms of how you were thinking of where that where do you think is a good location for your seventh hospital? How are you thinking about that? If so, and I think I have a broader vision question also along with that is, I mean, how do you see what is your strategy really in terms of CapEx-related growth over the next decade, taking into situation obviously, taking into understanding your perception of demand-supply over the next decade? So if you could answer those questions. So I'm happy to get a question about a decade and not a quarter. I like longer-term thinking than quarterly thinking, especially for healthcare. As the demand-supply stands today, even now as we speak, there is a huge mismatch at a national level. Even at prominent high tier one metro city levels, I think we still have a lot more supply to create than what we need. We have to replace some of the old secondary care nursing homes with respectable healthcare operators because nowhere else in the world is healthcare provided in 15, 20, 30-bedder nursing homes as it is provided in Mumbai and other cities of India. So on the supply side, I am absolutely convinced that there is more needed than what the whole industry collectively will be able to deliver. The players today will be collectively able to deliver over the next decade. So I think the growth story on Indian healthcare is probably longer than a decade. There is just too much to be done. And along with that, as the time goes on, more and more cities progress. They become larger, and they become centers which will be able to absorb large-scale hospitals because of rising population, rising income levels, and higher insurance penetration. So at an industry level, I think it is a multi-decade story. It is not a yearly or certainly not quarterly story. As far as Jupiter is concerned, you are right in your observation. We are keen to do the seventh hospital as well. We remain committed to Western India for now. We are in discussions with a few opportunities currently, but I don't have any announcement to make about where that location will be and when it will really mature because we are keen to do a greenfield, and land being land, with all its uncertainties in India, you can't really go out and make predictions before you deliver. So if I understand, as a company, over the next decade, you plan to participate in the supply growth. It's not like, "Oh, I want to stay at eight hospitals, seven hospitals, and then let the supply grow as much. We won't grow anymore." You plan to grow with the supply growth. Is that a correct understanding as a? There is nothing else I know how to do, so we'll have to keep doing this. Okay. And just one last question on the doctor aspect. I know it's an ongoing struggle. It's just part of the industry. But also, please, if you could help me understanding better because this question comes out of a little bit of lack of understanding and knowledge about exactly how this works and how it is currently. But let's take Reliance Hospital, for example, in Lokhandwala in Mumbai. I know that that hospital now tells doctors that, "Listen, you'll do with us exclusively." And obviously, that would and they apparently provide a very nice package to doctors, which disincentivizes doctors to even go and look for other opportunities and say that, "Look, we'll compensate you well enough to be with us only." So are other hospitals also doing that apart from Reliance? And how do we do that? If we don't and only Reliance does that and other hospitals are doing that, how does that affect retaining doctor talent? So I don't have specific case studies on different hospitals, but I'll tell you of my thought process. My thought process is that in the long term, it is not sustainable to compensate people significantly above or significantly below industry standards. You have to be in line with the industry because significantly above, naturally, is inefficient. Significantly below, you risk continual attrition and unstable teams. So you have to be fair in your compensation models. As far as we are concerned, we have a mix of some doctors who choose to exclusively practice with us, and we are also okay if who we consider as respectable professionals, some of them would want to come on a visiting basis as well. But what we do endeavor and we have achieved is that all branches of medicine will have someone exclusively working with the hospital so that if a patient shows up at our door at no point in time, we are in a position to not deliver on the care. So we will have exclusive practitioners in all branches, but we will not insist on only having exclusive practitioners. Okay. Great. Great. Thank you so much. And if I could just squeeze in one more, how do you I mean, you see hospitals in South Bombay and all these known hospitals, not all, just across Bombay. A big selling point to get customers is to have the best-known doctors perform surgeries and do consulting in their hospitals. So I mean, since our locations are not the status quo locations in terms of accessibility from where those doctors live, obviously, Dombivli would be a little further away from, let's say, where a very popular doctor lives who's known to be the best in their field, how does the company get those doctors, compensate those doctors, or provide attractive opportunities to those type of doctors to come and consult and operate at, let's say, a Thane or Dombivli Hospital of Jupiter? So the definition of popular is known among the people. So the question is which people? The doctors who you are defining as popular in South Bombay are unknown names in Coimbatore. So medicine is a local and a hyperlocal service. You definitely need known and trustworthy doctors who are available in the region where you can seek care. There are extremely good doctors in MD Anderson and in Cleveland Clinic, but unfortunately, South Bombay cannot access them. Does not mean South Bombay does not go to some other people who they consider popular. So that is similar for all locations in the world, that each micro-market will have people who are more popular, more qualified. And based on those locations, people will choose where they want to seek care. Thank you. Mr. Bubna, please rejoin the queue for more questions. Next question comes from the line of Shashi Ranjan with Anandan Capital. Please go ahead. Good morning. Thank you for the opportunity, sir. Just for my enlightenment, can you help me understand, do we cater to PMJAY or Ayushman Bharat cases or extremely weaker-section patients who come to us? And in case we cater to them, are we getting paid by the government on time? Thank you. As you must have seen from our report, we have just 1% of the revenue coming in from the government scheme. In our view, that is our social contribution. We only have government schemes for two branches: radiation treatment for cancer and congenital heart diseases for children, pediatric heart problems. These are the only two problems where we have government schemes. It is not meaningful impact on our PNL, and in any case, in our mind, it is a social contribution. Yeah, they don't really impact us too much. Thank you, sir. Thank you. Thank you. A reminder to all the participants that you must press star and one to ask a question. Next question comes from the line of Amit Thawani with Clear Blue Capital. Please go ahead. Thank you, sir, for taking my follow-up. I wanted to pick your brain on what you believe is the long-term ARPOB growth. I've just answered that at length earlier. ARPOB will grow in line with inflation for mature hospitals and faster in the first few years. Once it reaches maturity, it will be in line with inflation. Thank you. When we renew with our insurers, what is the insurance renewal that we are taking from them? Inflation-linked. Which is 5? Is it quantified in our contracts? It can't be quantified in advance, but at the time of each renewal, it is negotiated. Okay. At the time of renewal, we are negotiating based on what the prevailing inflation is. Correct. Okay. And is that because I believe our costs could go higher than inflation-linked? I mean, cost of nurses and doctors could be higher than inflation. And RPOB is also going to be linked to inflation. So how is that going to impact our margins? This is going to be a long answer, Amit. I think we should catch up separately. If you can give it in a couple of lines, I'll appreciate it. I mean, I just want to know if there is a long-term impact on our margins. I don't know. Let us see. Whatever happens to the industry will happen, how the macroeconomics will play out, how the wages will happen over the next several years, what will be the impact of trade and CapEx and consumables and GST over the next multiple years, how will taxation play out. Too much of astrology is difficult to do. I'm sorry, but I really don't have too many answers about this. Fair, fair. Thank you. Thank you, sir. Appreciate it. Thank you. But last, there is something called a Common Empanelment Program. We don't plan to join that, right? No. Currently, there is nothing under discussion with Jupiter on Common Empowerment. Thank you. Thank you so much. Thank you. Thank you. Thank you. Ladies and gentlemen, that was the last question for today. We have reached the end of question-and-answer session. I would now like to hand the conference over to the management for closing comments. Thank you, everyone. I hope that I have answered the questions satisfactorily. If anyone has more questions, please feel free to reach out to SGA, and they'll put you in touch with us. Thank you. Thank you. On behalf of Jupiter Life Line Hospitals Limited, that concludes this conference. Thank you for joining us. You may now disconnect your lines.