Ladies and gentlemen, good day and welcome to Krsnaa Diagnostics Limited Q2 FY2025 Earnings Conference Call, hosted by JM Financial. Before we begin, I would like to remind all participants that today's call may contain statements that are forward-looking, including, but without limitation, statements relating to the implementation of strategic initiatives and other statements relating to Krsnaa Diagnostics' future business development and economic performance. While these forward-looking statements indicate our assessment and future expectations concerning the development of our business, a number of risks, uncertainties, and other unknown factors could cause actual developments and results to differ materially from our expectations. 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 this conference call, please signal an operator by pressing star, then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Jainil Shah from JM Financial. Thank you and over to you, sir. Thank you. Good afternoon, everyone, and welcome to the Q2 FY2025 Results Conference Call of Krsnaa Diagnostics Limited. Joining us today on the call are Mr. Rajendra Mutha, Chairman and Whole Time Director, Mr. Yash Mutha, Joint Managing Director, Ms. Pallavi Bhatevara, Executive Director, Mr. Mitesh Dave, Group CEO, Mr. Pawan Daga, Chief Financial Officer, and Mr. Vivek Jain, Head, Investor Relations. I would like to now hand over the call to Mr. Rajendra Mutha for his opening remarks. Thank you and over to you, sir. Thank you, Jainil. नमस्कार, Good morning, good morning, good afternoon. [Foreign language] सभी को दिवाली की हार्दिक शुभकामनाएं। आज आप सभी का स्वागत करते हुए मुझे बहुत खुशी हो रही है। इस कॉन्फ्रेंस कॉल में हमारे साथ शामिल होने के लिए आप सभी का आभारी हूं। हम इस कॉन्फ्रेंस में अपनी कंपनी के परफॉर्मेंस और स्ट्रैटेजिक निर्णय की चर्चा करेंगे। इस वर्ष की पहली तिमाही में हमारी कंपनी प्रमुख व्यावसायिक क्षेत्रों में मजबूत ऑपरेशन परफॉर्मेंस दिखाई दे रही है। यह सफलता मुख्य रूप से डायग्नोस्टिक सेवाओं की बढ़ती मांग और ऑपरेशन एफिशिएंसी के कारण संभव हुई है। भारत के लोग Krsnaa Diagnostics, डायग्नोस्टिक उद्योग आने वाले वर्षों में महत्वपूर्ण वृद्धि के लिए तैयार है। खास करके भारतीय डायग्नोस्टिक बाजार में 2026 तक $20 billion तक पहुंचने का अनुमान है, जो लगभग 14% CAGR की वृद्धि को दर्शाता है। स्ट्रैटेजी झारखंड में विस्तार, हमें झारखंड राज्य में अपने विस्तार की घोषणा करते हुए अत्यंत खुशी हो रही है। इसका उद्देश्य उन क्षेत्रों में उच्च गुणवत्ता वाली डायग्नोस्टिक सेवाओं को प्रदान करना है, जहां वर्तमान में इन सेवाओं की कमी है, ताकि हम शहरी और ग्रामीण क्षेत्रों में बसे जरूरतमंद नागरिकों तक अपनी सेवाएं पहुंचा सकें। इन्वेस्टमेंट के बारे में बताता हूं। हमने Apulki Healthcare में स्ट्रैटेजिक इन्वेस्टमेंट किया है, जो कैंसर और कार्डियक केयर सेंटर के लिए जो हॉस्पिटल बने हुए हैं, अनोखे बिजनेस मॉडल वाली कंपनी में पार्टनरशिप हमारी स्ट्रैटेजिक है। के अनुसार, जिसमें स्पेशलिस्ट मेडिकल एरिया एंड कैंसर, कार्डियक में अपनी डायग्नोस्टिक सेवाओं को पहुंचाने के साथ साथ रिटेल मार्केट में अपनी जगह बनाने की, बाजार बनाने पर ध्यान दे रहे हैं। United Imaging और Medikabazaar के साथ जो पार्टनरशिप है, उसके बारे में बताता हूं। United Imaging और Medikabazaar के साथ हाल ही में की गई पार्टनरशिप हमारी डायग्नोस्टिक कैपेबिलिटी को बढ़ाने के महत्वपूर्ण है। United Imaging के एडवांस इक्विपमेंट और Medikabazaar के व्यापक डिस्ट्रीब्यूशन नेटवर्क की मदद से हम बेहतर और एडवांस डायग्नोस्टिक सेवाएं प्रदान कर पाएंगे, जिससे एफिशिएंसी और पेशेंट को अधिक बेहतर सेवाएं देने में मदद होगी। यह इन्वेस्टमेंट हमारे इन्वेस्टर स्ट्रैटेजिक ग्रोथ और इंटीग्रेटेड डायग्नोस्टिक सोल्यूशन देने की हमारी कमिटमेंट को दर्शाती है। हमें विश्वास है कि यह कदम हमें एडवांस और स्पेशलिटी मेडिकल फील्ड और जैसे कैंसर, कार्डियक केयर में लगने वाली डायग्नोस्टिक सेवा सर्विसेज में हमारी क्षमता और हमें और मजबूत बनाएगी। अंत में यह कहना चाहता हूं कि हमारी कंपनी का बिजनेस मॉडल यूनिक है और जो विभिन्न स्ट्रैटेजिक कदम हमने उठाए हैं, वह यूनिक बिजनेस मॉडल की, और भी मजबूत बनाते हैं, जो इसे अन्य कंपनियों से अतुलनीय और अप्रतिम बनाता है। अब श्री Yash Mutha को आमंत्रित करता हूं, जो हमारे फाइनेंशियल परफॉर्मेंस और ऑपरेशनल अचीवमेंट के बारे में जानकारी देंगे। आपका धन्यवाद। Thank you, Mr. Mutha. Good afternoon, and thank you all for joining today's earnings call. We are pleased to report yet another strong quarter, marked by significant progress in our initiatives taken in the earlier years. Your company, Krsnaa Diagnostics, continues its upward growth trajectory, expanding our geographic footprint across multiple states and territories. Notably, we have secured major contracts in Jharkhand, Assam, Maharashtra, Madhya Pradesh and Odisha. With these recent wins, we are well positioned to establish additional 45 radiology centers, one pathology lab and 731 collection centers across India. ... further showcasing the exceptional capabilities of our in-house teams in delivering accessible and reliable diagnostic services. We are focused on expanding our reach by strategically opening new diagnostic centers in under-penetrated markets, particularly across Tier 2 and Tier 3 cities. This initiative ensures that individuals in even the most remote areas can benefit from advanced diagnostic services, thereby contributing to the equitable access to high-quality healthcare beyond metropolitan regions. Our unwavering commitment to the highest quality standards, certified testing reagents and consumables, and the expertise of qualified radiologists and pathologists ensures unparalleled accuracy and precision in all our diagnostic services. Let me now walk you through some of our key developments for this quarter. The first one, our strategic investments in oncology and cardiac hospitals, which is Apulki Healthcare Private Limited. As part of our long-term vision, we have placed strong emphasis on expanding into high-growth healthcare sectors, particularly oncology and cardiac care. These sectors represent tremendous demand for advanced diagnostics and provide significant growth opportunities for our company. This quarter, we have received board approvals for a strategic investment in oncology and cardiac hospitals through our partnership with Apulki Healthcare. By aligning ourselves with these specialized institutions, we are enhancing our ability to offer cutting-edge diagnostic services. In oncology, this investment enables us to leverage the latest innovations in molecular diagnostics and immunotherapy. For cardiac hospitals, we will be focused on advanced biomarkers, significantly improving patient outcomes in areas such as early heart disease detection and monitoring. The investment offers several strategic advantages. Number one, we will be exclusive diagnostic partner to the hospital, securing a 30-year contract with an option to extend for an additional 30 years, providing us with long-term revenue visibility. Our presence within the hospital allows us to offer integrated diagnostic services, providing a comprehensive range of diagnostics under one roof, a capability that extends beyond our typical PPP project scope. Additionally, these services will be priced according to the CGHS rates, which is expected to enhance both our revenue realization and profit margins. This investment is a key component of our broader strategy to capture the growing demand in the oncology and cardiac care, positioning us as the go-to diagnostic partner for hospitals at the forefront of patient care. Furthermore, it grants us access to a larger pool of clinical data, enabling us to further refine our AI-driven diagnostic tools and improve diagnostics accuracy across our service offerings. The next one is about our strategic partnership with United Imaging and Medikabazaar. We are thrilled to announce our strategic partnership with Medikabazaar, India's largest B2B healthcare procurement and supply chain solutions provider, and United Imaging, a global leader in advanced imaging technologies. This collaboration represents a INR 300-plus crore investment, targeting the establishment of over 30-plus cutting-edge imaging and pathology centers across Tier One, Tier Two, and Tier Three cities in India. This partnership, one of the largest and the most innovative in the Indian diagnostic space, brings together the best of technology and healthcare expertise, significantly enhancing patient care and accessibility. United Imaging, known for its state-of-the-art MRI, CT, PET/CT, and other advanced imaging solutions, along with Medikabazaar's extensive distribution capabilities, recognized Krsnaa Diagnostics as a pivotal partner due to our expansive reach and established reputation for delivering high-quality, affordable diagnostic services. The key features of this partnership include special financing terms, where we have to pay 10% of the equipment, with the balance to be paid over six years, allowing us to improve cash management and bid for larger projects without putting immediate strain on our balance sheet. This collaboration will also allow us to scale our diagnostic capabilities in new markets with newer and cutting-edge technologies, enabling us in expanding our footprint in regions with significant healthcare needs. Together, we will accelerate innovation and offer comprehensive diagnostic solutions to the hospitals, clinics, and healthcare providers across India. In conclusion, Krsnaa Diagnostics continues to gain market share across multiple regions, supported by strategic investments and partnerships that reinforce our leadership in the diagnostic space. As we expand, we are also focused on building a robust team and adopting new systems and processes that keep us ahead of the curve, while maintaining our commitment to providing the best quality diagnostics at affordable prices. Thank you for your time, and with that, I will now hand over to Ms. Pallavi to take you through our recent project wins, as well as the status of our PPP projects in the first half of the financial year. Over to you, Pallavi. Thank you, Mr. Yash. Good afternoon, everyone, and I would like to take an opportunity to thank each one of you, in spite of being in the festive mood, to take time out and join today's afternoon call. India's diagnostic landscape is undergoing rapid transformation, largely driven by the growing prevalence of both non-communicable and infectious diseases. This has heightened the demand for evidence-based treatment and preventive healthcare solutions. In response, we are investing in building an efficient, technology-enabled network designed to accommodate the increasing volume of samples and to enhance patient accessibility. Our focus continues to be on expanding and strengthening our pan-India network, ensuring we are well positioned to meet the evolving needs of healthcare consumers.... This strategy not only reinforces our market share, but also allows us to stay ahead in the states where we already have a significant presence. We are pleased to share that we have successfully secured contracts to provide radiology and pathology services in two major hospitals in Ranchi, in the state of Jharkhand. This win not only marks our entry into a new state, but also opens up opportunities for further expansion to additional PPP projects and retail operations within Jharkhand. By establishing a strong presence in this region, we aim to bring high-quality diagnostic services to a broader population. I would like to now highlight some updates in the recent times. The CT scan project in Maharashtra. The implementation of this project is progressing swiftly. We have operationalized eleven centers in Q2 FY 2025, and the remaining centers are on track to be fully operational. From the next financial year onwards, we expect a significant ramp-up in business from this initiative. MRI project in Maharashtra. We are set to establish 17 new MRI centers, and as of now, five centers are on track to be operationalized by the end of this financial year. Once fully implemented, this project is expected to deliver improved realizations due to better pricing terms, boosting overall revenue performance. MRI project in Madhya Pradesh. Similar to Maharashtra, we are setting up five new MRI centers. Two centers are expected to be operational by the close of this financial year, contributing to our continued growth in this region. Odisha expansion. Based on the exceptional quality of our services we've delivered, the state of Odisha has requested that we extend our services to an additional 600 centers in this quarter. We were able to begin our operations in all 600 centers. This is a testament to the trust and confidence that our stakeholders have placed in our services. Assam. As of Q2, we have all 10 labs operational, and 652 collection centers are already operational, showing positive traction and contributing to early revenue growth. Over the past three months, we have successfully established 11 new CT centers, one pathology lab, and 869 pathology collection centers. Efforts are ongoing to stabilize operations and ensure that every center starts generating revenue in line with its operational expenses. I would now like to hand over to Mitesh Dave to take you through our business, including initiatives in retail business in the first half of the financial year. I once again thank you all, and wish you a very happy Diwali. Hello, and good afternoon, everyone. Let me come straight to what all our retail strategy and the expansion is, what we are pouring into the retail space for now, so as a part of our growth strategy and considering a big vacuum around qualitative, integrated radiology and pathology services today, right from metro to Tier 1 and Tier 2, 3, 4 towns, we are focusing on developing end-to-end retail capabilities and not restricted to any one particular business channel. Our approach would be holistic in nature and would be patient-centric mainly, which resonates with the right to quality healthcare at pocket-friendly pricing and available 24/7. Our multi-mode strategy includes from online to offline, from analog to fully automated, from comfort of their homes to the critical needs during hospitalization, ensuring that our customers have access to quality and advanced diagnostic services all throughout. With increasing health awareness among the consumers, the demand for regular checkups and preventive screenings is also on the rise. By tapping into this demand, we aim to go into the regions where we are already present and having existing diagnostic infrastructure. Our retail strategy would have strong focus on expansion in the B2C space and penetration in B2B. And having PPP presence allow us to leverage these centers to bring in desired synergies. The diversification of our revenue streams is expected to add up our profit margins and further enhances returns. Our retail business strategy will be rolled out into the phased manner from major cities to begin with, with the high population setting, followed by Tier Two, Three, Four towns, where we have already established presence through our existing PPP network. Digging a little deeper into the business channels, in B2B space, our operations will be poised to penetrate deep within the geography across India, with multiple online models and offline state-of-the-art logistics, and primarily to serve the private hospital, nursing homes, smaller labs. Our existing infrastructure well geared up to meet the desired requirements around the quality and tech, which is one of the major challenge today. In the B2C space, the core focus on the retail expansion will be through the building a strong B2C channel through multiple models, including COCO, POCO, FOCO, and many more to it, having dedicated a home visit team to cater the patients at their home. Our aim is to get into the space of holistic diagnostic, covering both illness and wellness together, with integrated services of the radiology and pathology at most of the location. To further make this diversification patient-centric, overall operations will be backed by user-friendly apps and many more digital initiatives, with fully integrated systems at the back end to support entire operations in most agile and efficient manner. It will be supported by the highly efficient call center operations too, twenty-four by seven, and to handle any inquiries, and well-trained feet on street to engage and leverage entire medical fraternity. Key differentiator that we are really looking for is the patient experience, where we believe to enhance the experience through the technology, and technology plays a vital role in keeping the experience and quality in forefront. We have designed our patient journey, which is fully automated, right from test booking to report delivery, and backed by post-test consultation from registered healthcare professionals. Our retail website is ready to be launched soon and will further integrate into the automated processes. Talking a little around marketing and the other engagements, our marketing strategy is designed to engage both consumers and the healthcare professionals. We have developed wellness packages tailored to the patient's needs, with a strong emphasis on digital marketing for consumer outreach and lead generation. Additionally, CRM integration has been deployed across all lead channels, supported by our call center to ensure seamless end-to-end user experience. For healthcare professional engagement, there are multiple strategies or multiple programs towards like CMEs, continuing medical educations, roundtable meetings, creating advisory boards and publications, and many other academic programs to foster deeper relationships. To talk a little on training and development, to ensure ongoing excellence, we are continuously training both our on-ground sales as well as inside sales teams. This focus on skill enhancement ensures deep understanding of our services, leading to improved communication with the clients and higher conversion rates. We have ambitious plans to unlock growth opportunities, positively impact the people's lives, and contribute to the advancement of the healthcare sector. Our commitment remains steadfast in delivering accessible, accurate, and affordable diagnostic solutions across the country. Further, test marketing and soft launch is already in progress in few of the cities, soon will be followed through the hard launch and expansion. With that, I would like to hand it over to Pawan to take through the entire financials, and wishing you all a very happy Diwali and a New Year in advance. Thank you very much. Over to Pawan. Thank you, thank you, Mr. Mitesh. Good afternoon, everyone. I'm pleased to present the financial highlights for the quarter and the half year ending September 2024. In the first half of FY twenty-five, we witnessed a robust performance, with total revenue from operations reaching INR 356 crores, reflecting a significant 21% year-on-year growth. This growth is direct result of our continuous focus on operational efficiency and increasing contribution from recently operationalized centers. Our EBITDA for the first half stood at INR 94 crores, representing a 48% year-on-year growth, and our PAT grew by 49% to reach INR 38 crores, driven by our commitment to improving operational metrics and optimizing resource allocation. Now, moving on to the second quarter of FY2025, our total revenue amounted to INR 186 crores, achieving a 20% year-on-year growth. EBITDA for the quarter was INR 51 crores, reflecting a 57% year-on-year increase. Furthermore, our profit after tax stood at approx INR 20 crores, demonstrating an 87% year-on-year growth with a margin of 11%, which underscores the financial strength of our operation. From a balance sheet perspective, the company remains a net debt-free, with a cash and cash equivalent standing at INR 220 crores. Further, as we continue to grow our PPP business, the initial ramp-ups also has been bearing on the receivables as the invoicing and the billing process system are stabilized. As of thirtieth September two thousand and twenty-four, the company receivables are valued at INR 243 crores, out of which approx INR 125 crores is attributed to two states, and balance INR 118 crores is attributed, attributable to a balance 16 states, which equates to less than 60 days. The two states have principally agreed to release our outstanding dues in a subsequent days. These delays, which are largely on account of procedural as well as certain budgetary approvals, the company is taking all required steps to recover its outstanding dues. However, we would like to add that almost all our projects are backed by NHM, and we are confident of recovering all, all our dues in a subsequent quarter, subsequent months, sorry. Based on our initial estimates, we believe the receivable days will be around 90 days by the year end, and we are confident of continuing our trend to having a no bad debt, which have been our history since inception. During H1 FY 2025, we incurred a total CapEx of INR 86 crores. As previously communicated that the total CapEx for FY 2025 is expected to be approximately INR 170 crores, subject to execution, timelines, and existing projects. Now, I end opening remarks and open a session for a question answer. 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 touchtone 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 Rajat from Tata Asset Management. Please go ahead. Yeah, hi. Thanks for taking my question. So, firstly, when I see your quarterly PNL, I see that your top line has grown by 20%, but when I see your other expenses and fees to hospitals and others, they seem to be largely flat or actually marginal decline there. Could you just explain what has happened here? Because these costs seem to be quite variable in nature, but instead they have declined on a YY basis. Yeah. Rajat, this is basically how the business mix of a revenue from project to project. That's why the revenue share, which is fees to hospitals and others, which is really variable in nature, which has been in line with the agreements with the business coordinators and the sharing, which we have agreed on the respective projects. Plus, the operational or other expenses, which is having a significant improvement in the cost saving related to the maintenance, the CMC, which we negotiated well with the vendors, and also a saving in a variable expenses, that's all. Sure, but I still don't understand, why should the fees to hospitals come down on an absolute basis also? Because your top line has grown by 20%, but there is a decline in fees to hospitals. So is this the new base, should we take in terms of percentage to sales? Or there is some cost which you expect to come back in the subsequent quarters. That's what I was trying to understand. No, no. So, as we mentioned in last year, Q4, where our negotiation with the vendors, we continuously to take our business coordinator on our payroll, which significantly, basically changed the mix, and we onboard these employees on our PNL, instead of outsourcing to business coordinators. Sure. And in terms of new business initiatives, especially your B2C business, which you are trying to build, can you throw some more color on where exactly are you in building, in that journey, and how much investments is it gonna take for you over the next three to five years? Which geographies you are targeting? Can you throw some more color here? Yeah, hi, Mitesh this side, and, one, I would be taking up this question. So hi, good morning. So well, I'll take up the question in two parts. One is, what is the current status or where are we currently standing in our B2C journey or retail journey? And secondly, what is the investment which is expected over the three to five years? Yeah. So to answer the first piece, if we, as I said, we are already started our test marketing and the soft launches currently in quite a few cities. And this is what all the initial feedbacks which all are coming, or observations which all are coming, we are trying to plug it in, number one. Parallelly, what all the initiatives that we are taking it up are having a very encouraging response from the overall market space, be it the client side, be it the consumer side, or be it the healthcare professional side. So maybe in a month or so, we look to get into the hard launch around the cities which are of a focused nature. Soon, maybe by November, mid or by December, we can expect out to roll out and complete in two or three cities to begin with. To answer first, to take up the second piece, where and what is the investment which is really looking out for the next, spanning over next three to five years. Having said that, we are trying to build our synergies in-house, because we have our existing infra available through the PPP model, and which, as such, supports our overall back-end operations, right from sample collections to the sample processing and result out. What really which is required is the adding of the feet on the street, and which caters out to the clients into the market, which is not really much of an investment that we are as such looking for. Parallelly, getting into the penetration towards the business models we have developed, and further we are adding it up to our capabilities towards the digital space, which will suffice the need of penetration and expansion to that matter. Sure. So if I understand it correctly, wherever you have existing PPP projects, there you will set up these. Those are the geographies which you will look to enter, right? For- Correct. So current span is around eighteen states, if I have to tell you in brief. So that itself caters to close to 70% of the or 80% of the overall diagnostic market. Sure. And lastly, on this Rajasthan tender, can you provide some update? What is happening there? Yeah, hi, good afternoon. The matter is still in the court, and we are also awaiting for the positive results. However, we would like to emphasize on the point which we have always told is, that with or without Rajasthan, our growth numbers, what we have projected, will continue to grow in the same manner. If the court matter and things proceed further, that Rajasthan would be an additional revenue to our existing performance. When is the next hearing expected for you? Currently, the date has not been come on the board, but what we understand is from our legals is roughly anywhere in end of November. Sure. Okay, thanks. That's it from my side. Thank you very much. Ladies and gentlemen, in order to ensure that the management is able to address questions from all participants in the conference, please limit your questions to two per participants, and return to the question queue for a follow-up question. The next question is from the line of Surya Narayan from PhillipCapital. Please go ahead. Yeah, thanks for this opportunity, sir. My first question is about the investment that you would have- Mr. Surya Narayan, you're not very clear. If you can speak closer to the mic, please. Yeah. Hello, we're not able to hear you. Sir, the current participant in the question queue seems to be disconnected. May we move on to the next question? Yes. The next question is from the line of Pranay Khandelwal from Alpha Invesco. Please go ahead. Hi, thanks for the opportunity. Congratulations on a very good set of results, and, Happy Diwali to all of you all as well. Just wanted to know, some clarification was given on the receivables, in the opening commentary as well. So I believe that some INR 120 crores is from two states. Can we have a little more clarification, how old are these receivables, one? And if, like, is it, is one of the states Himachal Pradesh, or, is it some other states now? Because I think we were having some troubles before with Himachal Pradesh, and, like, last quarter's commentary was that we had, in fact, received some INR 40 crores or also. So, yeah, some clarification on that. Yes. So, like we mentioned in Pawan's opening, his commentary, the receivables are for two states. One of them is, of course, Rajasthan, Himachal Pradesh. The receivables are outstanding for various reasons. Like we mentioned, there are certain procedural delays, as well as some of the budgetary approvals that the parties have to get in place. But whatever communications we've had, even recently, couple of days before this call is when we received principal commitment by the authorities to release their outstanding dues, which we expect in the subsequent days to come through, and we are equally tracking all these receivables. So apart from this, if you look at our overall business and the receivables, it is well under control. You know, given in a state, around eighteen states, there are one or two states which come up with these, you know, problems at certain points in time, but this is not a regular feature of a business. It is certain states which have certain challenges. Okay, so we are expecting to get back to ninety days or so by the end of the year, right? Yes. We are very confident about receiving this money, and as well as by the end of the year, looking at a receivable position well within ninety days. Okay. And just on the break-up on the revenue side for the first half, let's say this INR 357 crores that we have done, how much is it from those two states, and how much is from the balance sixteen states that we have? I don't have the numbers with me at the moment, but I'll have our Investor Relations Head, Vivek, to share it with you. Okay. All right. Just on the same front, while we are talking about the working capital, we see that our debt has increased. So what is our expectation on that front? We are also planning a CapEx for, like, I think on the commentary, the commentary is that 86 crore has been done, but based on the cash outflow for the first half, it is only 55 crores. So wanted a clarification on that as well, why is there a difference? And if, let's say, however much, 120 crores, whatever is left, and our working capital cycle is a little extended right now, so what is our outlook on debt by the end of year and maybe, let's say, next year as well, considering all the execution we are going to be doing? Yeah. So out of INR 86 crore, like, some assets are procured or capitalized on a deferred payment where we using a pay-per-scan model, so, based on that. And we have seen this, working capital has been increased in this quarter, but, as our receivables, in future will be within 90 days, so our working capital requirements will further go down. Okay. Hmm, so we are expecting the debt to come down, stay at the same level, or how are we thinking about it? And, also this deferral payment, does that mean that the United Imaging deal has already started? Like, have we already started procuring from them? United will begin now in Q3. These are all our previous vendors, which GE, Fuji, and the Philips has provided certain approvals or a limit in that. Mm. And United also will started in Q2, where we have procured one machine, and we'll need further procure more recruitments as the days pass. Mm. Our receivable, on the first part of your question, our receivable will go down by March 2025, as our receivable from the states will subsequently get collected, as we mentioned, two of the states where the receivable is slightly higher, so as we already received the commitment from this respective customers. ... Okay. What are we expecting the absolute amount to be? Mr. Pranay, may I please request you to rejoin the question queue for a follow-up question? Just one last question. Just one last, this is it. Absolute amount for the receivables, that's it. Like, what are we expecting absolute amount of receivables at the end? Yeah, yeah. Our target is to collect all the value. It's not any specific number. But both the customer has given us the confirmation or assurance to get amount will be released very soon. Okay. All right. Yeah, I'll rejoin the queue. Thank you. Thank you very much. The next question is from the line of Surya Narayan from PhillipCapital. Please go ahead. Yeah, thanks for the opportunity, sir. My first question is about this arrangement. We have talked about this is a special financing arrangement with the partners, which offers us a 10% scheme that 10% kind of upfront and balance over a period. But in terms of the 30 imaging center creation, what is the timeline that we'll be expecting there? And what would be our strategy to tap, let's say, the patient for the PET-CT, the cancer-oriented? Because it could be possibly in the Tier 3, their oncology doctors may not be there, and hence, tapping those kind of a patient would be a difficult one. So your thought process here? So if answering your first part of the question, for the 30 centers, we expect the commissioning to happen anywhere between 18- 24 months, given you know there's lead time to order the equipment and you know equipment getting delivered. As regards the PET/CT, yes you know there are various strategies that we have currently put in place to get these patients into our centers. And one of the biggest advantages that we see is these centers are you know at prices which are highly affordable, especially on the three-digit price list. And again, these are in high urban-centric areas. So this allows us to leverage these captive kind of footfalls that come into these centers. Secondly, also the reporting that we will be doing, you know, through a blend of pathology, as well as, advanced reporting, will allow us to, cater to these patients and thereby, you know, generate, good footfalls at the center. So this is under the PPP arrangement only that you will be deploying the machineries, sir? It is not over and above this arrangement, so that you will not be requiring any infrastructure to be created by yourselves. Is that understanding correct? So these PET/CTs are again through the PPP model itself, where it allows us to leverage the captive footfalls which are not being served in the market today. Sure. Second is about the Apulki arrangement. So what is the kind of investment? You said that investment has been done, right, sir? So no cash outflow that would be happening year onwards. So- Uh. Could you quantify that? Yeah. As of now, the investment has not been done. We've received board approvals and, the current, you know, there are various, conditional decisions which are being finalized. The investment amount that we expected is to the tune of around INR 25-30 crores, and, you know, we'll provide more details as we, sign up the definitive agreements, and we'll keep you all informed. Okay. Just last one question about the B2C strategy. The commercial launch, you indicated that the commercial launch of this B2C strategy would be happening by December in two cities at least. But here, is that understanding correct, that you would only be requiring the additional collection center for getting the samples? And whatever investment that would be required to build the collection center or collection point, that is the only kind of investment. If yes, what would be your strategy about those collection centers or getting arrangement for the getting samples? As we mentioned in the past as well, we continue to focus on creating or leveraging these infrastructure using an asset-light model. So, like, Mitesh mentioned in his commentary as well, the investment would only be to setting up, let's say, you know, the collection centers or the PoCs and PoPs. So these do not require significant investments per se, because the significant investment is mostly in the labs. The labs have already been put in place with the necessary equipment, and infrastructure. So, we continue to harness this model of, you know, leveraging asset-light model to deliver, more value to our everyone. Okay, sure. Yeah, thank you, sir. Thank you very much. Thank you. The next question is from the line of Neha from Abakkus. Please go ahead. Yeah, hi. Am I audible? Yes, yes. Yeah, yeah. Good afternoon, everyone, and thanks for the opportunity. So, if I look at the investor presentation, so the existing centers margins have come down in the quarter two versus quarter one. So, any specific reasons to that? And, also, like, how should one look at it going forward? I don't think so. The margins have reduced. It has actually because, you know, there's a higher contribution from the ramping up of our the new centers. So that is where you see and, you know, there are some of the centers which have some. They are putting some incremental costs. But the margins will be more or less sustainable, and that's how we see it in the future as well. Okay, because if I, in, Q2 presentation, it was the H1 numbers mentioned, and in Q1, it is the, Q1 numbers. So if I subtract that from, the, revenue and EBITDA numbers over there, it seems that margins have come down quarter on quarter. So and also like for H1 as well, the margin for like, existing centers is, about 36%. So you're saying, there's no, reduction in the margin? Yes. First, there is a reduction in the margins. Yeah, Pawan, please go ahead. Yeah, yeah. Pawan this side, so there is no change or significant change in the margin. This is just an, basically, a quarter on quarter, where we see the seasonal impacts in the respective locations or, a couple of days the machines break down and other parameters. But apart from, there is no significant change in the margin. Yeah, we can see slightly change, but which are one-off or, maybe then, expenses which are, or as Yash has rightly mentioned, which is basically, improvement in the new centers or new projects where the margin has improved. That's why this makes us slightly have a, subtraction, compared to the last quarter. Okay, so going forward, how should one look at the margin for the existing centers? Is it expected to increase or do we expect it to slightly taper down because there will be more addition as in transformation of new centers into existing centers? So I believe the margins going forward will be sustainable and consistent with what you're seeing. Of course, our efforts will be to increase the margins, you know, through various operational efficiencies, like what we've demonstrated in this quarter, and we'll try to work on deliver on these in our subsequent quarters as well. Okay, fair enough. And also, like, for revenue and with the margin guidance, so we are largely in line with the guidance. Can I please request you to rejoin the question queue for a follow-up question? Okay, just one question I'll ask, and then we will join. Is that okay? Is it just a second question? Hello. Go ahead, please. Yeah. So regarding the guidance, I wanted to understand that largely, do we remain on the same line for revenue and also for EBITDA margins, since our margins have improved in this quarter, should one expect going forward that the margins should sustain at a somewhat similar level to quarter two? Yes. So, the guidance that we've given, and we, you know, are committed to delivering on those numbers that we've given as a guidance, both in terms of EBITDA and revenue. The efforts will of course be to increase both on the revenue front as EBITDA, but these are what we believe are sustainable and that which we can achieve in the H2 as well. Okay, understood. And also regarding the fee to the hospital line item, so, like, as the previous caller had also asked, so, like, can... is there a direct relation with the percentage of sales or, like, there will be some variable cost because of which it is difficult to, like, predict that what fee to the hospitals can be going forward? Yeah. So the fees to hospitals depend on each agreement that we have with the hospitals, as well as the business partners on the various PPP projects. It keeps on varying, and as we maintained even in the past as well, we try to see how we can reduce these as a percentage of the overall revenue. So various initiatives, like Pawan mentioned, where we take certain of the employees on our payrolls as well as other initiatives. So I believe this could be a baseline, but yes, we'll try to see how we can reduce it even further as well. That's our effort, you know, along with other operational efficiency that we're trying to bring in. Okay. Thank you so much. Thank you very much. The next question is from the line of Subrata Sarkar from Mount Intra Finance Private Limited. Please go ahead. Hello, ma'am? Hello, Ms. Subrata? Since there's no response from Ms. Subrata, we'll move on to the next question. The next question is from the line of Lokesh Manik from Vallum Capital. Please go ahead. Yeah, hi. Good afternoon to the team, and wishing you all a very happy Diwali in advance and a Happy New Year. I just had one question on the business strategy, which is moving from CapEx driven to OpEx driven, wherein you mentioned a lot of the equipment will be done through vendor financing. So this would ideally result in good, you know, cash flow in your hands. So, any discussion at the board level in terms of deployment of this excess cash flow? How do you plan to proceed with it? Yes. So, if you see this, all the initiatives that we are taking is also to ensure that the company creates significant value, whether it is in, you know, absolute cash, which can be reinvested into various, new business opportunities, new projects, which will further create value for everyone, including our stakeholders. This could also result in, you know, as and when the cash flows improve for us to declare additional dividends, if that is a need. The whole idea behind this is to see how the company continues to grow, continues to create value for its stakeholders, and thereby, even tapping into more areas or opportunities that we've not entered into. Great. Great, great. That's it from my side. Thank you so much. Thank you. The next question is from the line of Pallavi Deshpande from Samiksha Capital. Please go ahead. Yes. Thank you for taking my question. Just wanted to understand in terms of which are the new states that are likely, you know, to go for a PPP model, because given you're already in 17, 18 states, and the southern states seem to be pretty self-sufficient in how they're able to manage it in-house. So just wondering, where is the new, you know, on the radiology side, not pathology, but on radiology, which are the new states that you can target? I'm sorry, if you can just repeat the question. Your voice is not very clear. Yeah. So my question was regarding growth. Which are the new states that you can target for the radiology segment, given that, you know, the southern states seem to be pretty self-sufficient and doing a good job in-house. So on the radiology side, which are the new states that could come up for, you know, PPP models? ... So, in terms of PPP states, you know, while it's too early for us to give any comment, but yes, there are around six, five to six states that we are aware of, which are in, you know, which might come up with these PPP projects, including some of the southern states. So, there is a significant opportunity that still exists for Krsnaa to tap into, and we are currently looking into these opportunities, and we'll give you timely updates. Right. And my second question would be with regard to, like you mentioned about, you know, the number of employees I wanted. Because you had mentioned about the fees to hospitals coming down because the employees incoming on our rolls, but even that share percentage, it's not increased. You know, the share of employee expense to that remains stable at 18%-19%. So just wanted to understand that better. Yeah. So typically, how it works is when we, you know, give revenue share to these business coordinators who work with us on the PPP projects, sometimes they support us through various, you know, employees, work that they do for us. Over a period of time, when we onboard these employees, the share that we give to them has to, of course, go down. Now, that doesn't necessarily translate into, you know, if there's an X% drop in the revenue, that means there's a Y% or equivalent increase in the employee cost. The revenue share is a combination of various elements or work that they do for us. But yes, as I mentioned earlier, our plan is to continue focusing on how we bring in operational efficiencies, looking at these various costs and how we can streamline them to create better margins. Yeah. In Maharashtra, the contract is at a pretty good rate, I understand, close to 50%. So what is the kind of machinery, the CT scan machine, that is being, you know, as a part of the contract that is being offered? So the equipment that we'll be deploying, these are all as per the, you know, tender specifications that the government has given as part of the tender. So those are the equipment that will be deployed. It will be 64 or 32? Could you repeat the question? Yeah. So this will be sixty-four or thirty-two slices? We have one 1.5 Tesla MRI, 32 slices and one 1.5 Tesla MRI. Okay. Okay. Right. Thank you so much. Thank you very much. The next question is from the line of Krishna Raj from Ekvity. Please go ahead. Good afternoon. Thank you for taking my question. So, could you please help me with the breakdown of margins between radiology and pathology in an EBITDA level? Where is it higher and, where is it more? Yeah. So typically, at the center level, the radiology margins are higher than the pathology margins, primarily because, you know, the pathology consumable rates are higher. And that's how we roll, the way the business we do at this point. Okay. And if you were to set up a new lab in any city, what is the tentative time from getting the lab set up and getting the approval? What would be an ideal timeframe? You're asking this question from a PPP perspective? Yes. Yeah. So, when we have to set up a lab in any of the PPP projects, the timelines could be, you know, in setting up and getting the approvals could be as, you know, couple of months, and sometimes in some cases, you know, depending on the government to give us the site handover, it might take anywhere between three to six months. Okay. Thank you. Yeah. Thank you. Thank you very much. The next question is from the line of Dhwanil Desai from Turtle Capital. Please go ahead. Hi, good afternoon. Am I audible? Yes, you're audible. Go ahead, please. Yeah, yeah. So, first thing is that, you know, I think in the beginning of the year, we had guided for 25% EBITDA margin, and we are now significantly above that, and we are saying that we'll be able to maintain it. So is there any change in the earlier assumptions which have happened, which is making you confident for maintaining, you know, higher margin than what we expected? There haven't been any changes. This is something we've been communicating, even in the last year and the year before, whereas the business keeps on maturing, the centers ramp up, you will see certainly an improvement in the margins. Number two, we've also taken various strategic initiatives in bringing in operational efficiencies, which are also helping, you know, bring in more contribution from respective projects, so overall, we are committed to delivering the EBITDA margins as the guidance we've given, and we look forward to ensuring how we can further improve from what we've delivered in the past, and hopefully, we'll be able to continue to maintain the trend that we've achieved so far. Okay. And, second question, probably more of a clarification. I think you said that in Odisha, because of our good work, the government has asked us to set up another six hundred centers. So this is in addition to, whatever we have done, till now, right? So any additional six hundred. Is that right? Yes. Yes, yes. So these are additional centers that they wanted us to cover under the PPP initiative, and which we are gladly happy to do it, which will ensure that Krsnaa is able to deliver its diagnostic services even in the underserved regions, where today there is a lack of these kind of advanced facilities and advanced diagnostic services. Got it. Thank you. That's it. Thank you very much. The next question is from the line of Anil Sarin from K16 Advisory. Please go ahead. Hi, good afternoon. Thanks for the opportunity. So, I think this question has been asked earlier also, but I'm still not clear about the gross margin and the EBITDA margin profile. Because the margins have gone up. The EBITDA margins have gone up vis-a-vis the previous year, thanks to the other expenses being lower this time relative to what they were last time. And the reason given to the earlier caller was that some of the outsourced services have been in-housed, and as such, the other expenses or the overheads are going to be lower on a continuing basis, on a permanent basis going forward. Is my understanding correct? Correct. So, we've mentioned this in the previous calls as well. What we do is the fees to hospital, and to give you a bit of context, whenever we start up a new PPP project, these are partner locations, so, you know, we leverage the local partner there, and since it's a ramp-up phase, there are, you know, we require their support, whether it is manpower, processes, you know, even infrastructure. So there's a certain amount of revenue share that is given to them. Over the years, as the business stabilizes, we look at these revenue sharing arrangements and try to see how we can, you know, negotiate it better and further see how the expenses. Because when we do it in-house, there are certain economies of scale that Krsnaa has today, which we can leverage, and therefore explore of, you know, reducing these expenses. So we believe this trend will continue. Yes, as and when a new PPP project comes, you might see for a particular project, the revenue shares or there might be a certain increase, but on a long-term basis, on an annual basis, this is the kind of fees to hospital or expense that we see in the coming quarters. Okay. So my next question is about the revenue growth. Earlier, you know, we were targeting around 25% revenue growth, even in a good scenario, thinking of going much beyond that and reaching 30% also during the fiscal year 2025. However, at the halfway point, we are around 21% up. So that puts a lot of stress on the second half. Are we good with the 25% revenue growth for this year? Yes, we are confident and committed to ensure that we'll achieve the 25% growth guidance that we've given for this year. See, these are- No problem. Yeah, these are PPP projects and, you know, at certain times they are delayed, or there could be phases of the ramp-up. But when you look at it holistically for the entire year, we're good to achieve, is what we believe for the 25% guidance that we've given, and this is excluding Rajasthan project that we've been discussing about. Understood. Now, thanks so much. Just the last point that I had, or the last question that I had, this Apulki, there'll be only two radiology labs that you will set up for them? So as of now, they have two hospitals coming up, as and when, you know, they are also working to have more hospitals in this space. So as and when these hospitals come up, we are the exclusive partners with them, so we will be able to work on them. And these will be both radio and patho both. Okay, combined. So this is, and Pawan, this will be- Go on. This will be complete diagnostic setup. It's not restricted to radiology. The Apulki, where we are setting up the entire diagnostics facility. Okay, thanks. And the 23% stake, are we going to hold it here or gradually increase it? Or, I mean, what is the outlay towards this part of the business? Well, as I said, this is a strategic initiative we've taken. As of now, you know, whether we'll take more stake, I think, it will be too early to comment. I think once both the sides work towards it and we see whatever milestones we've set out for being achieved, we can certainly come back and update about how we look at the future stake. Great. Thank you so much, and happy Diwali to all of you. Sure. Thank you. We wish you all a happy Diwali. Thank you very much. The next question is from the line of Vivek Kumar from Best Calls Research and Advisory. Please go ahead. Thanks, sir. Are you able to hear me, sir? Yes, yes, we are able to hear you. What is the receivable amount you said from these two states outstanding, which you are expected to receive in few days or weeks? This is around INR 120 crores. So, I understand this procedural one-off, but will this one-offs keep happening every one, two year, because one or two states here and there will keep happening, and you have to model for, these kind of things happening, which you can be able to collect, I understand. But, what... When you say procedural and technical, is, what are the, can you even throw more light? Because, why will governments, stop, this, in the sense, like, you can-- If not for elections, okay. So elections I understand, but any other reasons which looks like a risk to you, which we are not able to imagine as investors, because you are working closely with the government? It's a fair question. See, basically, what we spoke about the procedural delays is, you know, certain approvals that the authorities have to take in place. This is something we've not just seen now. Over the last 10 years, we've seen that some of the states, when they plan for the tender, there are certain approvals when the business increases, we also have to take it into them. As well as there are, for example, you know, some of the officers get transferred, they request it. There are multiple reasons why these delays happen. I wouldn't be able to pinpoint a specific reason, but yes, considering that we are working hand in hand with the government as well as the NHM, and like Pawan also mentioned, we have received commitments from the authorities that the money will be released, you know, in the subsequent months. But it's not, you know... Sorry, please. Just to add, if you see the way at Krsnaa, we, you know, given that we are the largest PPP player, our experience is the biggest in the PPP, and we have continued to maintain a zero write-off on all our receivables till date. So that is where this confidence comes up. But yes, these are delays, and they are part of the business, and we expect to receive it, recover our receivables in the subsequent days. ... Okay, so these are bureaucratic procedural delays, nothing to do with some doubts that they have or some issues that they have with our company, right? No, no, no. No, no, no. So these are all, you know, procedural. They, they'll come up with their respective, you know, audits and checks and balances. But, in our, the whatever, you know, information we have, these are all procedural delays that we are currently seeing at with these projects. Because we will not be able to imagine what kind of risk play out, so that, that's why I ask this question. So is there anything that can recur in other states? No, the risk is also being seen both by the management as well as, you know, at different levels, so we don't anticipate any other risk attached to these receivables. Okay. Have you ever seen, sir, any state government refusing, and what do you normally do if they refuse for some unreasonable reason they give and they just stop? Is there something that we can do as a part of the tender or just asking? Could you just repeat the question? No, if somebody... Is there, are there cases where state government refuse to do, giving unfair reasons, and if Krsnaa can do something about it? Like, I'm just asking in general, not about this receivable. In general, do you face this? Yeah. See, we are not, you know, we are a service provider, and we are PPP partners. So if the partner is, for whatever reason, not able to fulfill their commitments, we stand by our commitments, and we continue to provide the services, but if necessary, we'll also suspend our operations. Just one second. To answer this question further, the agreement what we've signed with the state government is not only the state government. All our projects are NHM backed. So these projects have budgetary compliances, which comes from NHM also. Also, most of the states have now a dedicated team, like a monitoring unit. There are monthly governance meetings, so I don't think abruptly some state will just stand up and say that, you know, "We will not pay you," because this is a monthly cycle what follows, and hence, we don't foresee this. However, to answer your question, that in the agreement, there are clauses which protect us as service provider. In case of such incidences, we have the arbitrary paths to take. And, uh- Thank you, ma'am. We've not seen any such kind of event, you know, in our entire history so far, where we had to go. I think, Thanks. a partnership that we all are working towards. Thank you, sir. Thank you very much, sir. Thank you, ma'am. Thank you very much. The next question is from the line of Deepali Mansing, who is an individual investor. Please go ahead. Hello, sir. Good afternoon. My first question is, I wanted to know the extent of Apulki revenue potential. Like, what is the timeline of revenue we are looking at? Because we have heard that it is a multi-year contract, and we are investing somewhere like INR 30 crores in it. So what kind of revenue are we looking from Apulki and from Medikabazaar and United Imaging? So Apulki, you know, hospitals will be operationalized in the next, I think from January onwards. And in terms of the revenue potential, I think we'll be able to predict that in the subsequent quarters once the agreements are executed. Because currently, as I said, there are a couple of conditions that are being finalized. So hopefully in the next quarter, we'll be able to give you a guidance in terms of what revenue we expect out of these projects. And what about United Imaging and Medica, sir? Sorry, could you repeat the question? What about United Imaging? Because you already stated that you have procured one machine for United Imaging, and what is the timeline of revenue you are looking at here? No, so United Imaging is a vendor through which or OEM manufacturer, through whom we are procuring these equipments. These equipments are part of our PPP project that we won. For example, Madhya Pradesh, the MRI project that we won, so some of these equipments will be sourced from United Imaging. And, as I mentioned, these investment or the centers will be operationalized in the subsequent quarters, and the revenue will, of course, definitely come in the next fiscal. All right, sir. Next question is, there was a sharp increase in- Hi, can I please request you to return to the question queue for a follow-up question? No, ma'am, just ask one question, please. There was a sharp increase in EBITDA margins for the new centers. Do you think we can maintain this, sir? Yes. So, as I've been mentioning, our effort is to maintain these margin trends. What we've achieved so far, which has been an outcome of various operational efficiencies, we believe to maintain these margins in the coming quarters as well. Thank you very much. The next question is from the line of Neha from Abakkus. Please go ahead. Yeah, hi. So, just two questions from my side. One is, what is our split of radiology and pathology for this quarter? I'm sorry, in radiology? Yeah, go ahead, please. Yeah. Our radiology and pathology now reaches to 50-50% in terms of the revenue contribution. Okay, so even with pathology contribution increasing, the overall EBITDA margin has gone up, so, does that mean that it is basically led by the operating leverage? Hello? Repeat the question, please. Yeah, yeah. I was just asking that, so even with increasing overall contribution from the pathology, the margins have gone up this quarter. So, is it because of, mainly because of the operating leverage play now from the pathology contribution? Multiple factors. One is, of course, the increase in revenues that have come through a combination of radiology and pathology. It is also because of the operational, you know, initiatives that we have taken. Some of these are cost-saving measures, some of these are in terms of maintaining a lean cost model. So we know all these various factors have helped us to bring in these margins, and we expect the margins to continue even in the subsequent quarters. ...Understood. And then secondly, our CapEx, we have guided that it would be around 170 CR for the year. So, we stay on that, or is there any change on the CapEx side? No, I think, it's the same. We continue to maintain that kind of CapEx for the year. Okay, thank you so much. Thank you very much. The next question is from the line of Pranay Khandelwal from Alpha Invesco. Please go ahead. Hi, thanks for the follow-up opportunity. I wanted to ask about this BMC tender that we have. Six hundred collection centers, but I think for quite some time, they are under implementation for four seventy-three. Like, those, like, that number is not moving down. So what could be the reason for that? Government, clinic, doctors. Gotcha. Is it BMC is not able to provide? No, no, no, no, no, no, no. ... 1,000 clinic open, first 400, 600. But manpower, doctor automatically increase. Okay, thank you. And on the pipeline side, I think we had a recent call with Arihant, something. So we had mentioned Bihar is in the pipeline, Bihar state or something. So anything on the pipeline, what do we have? Yes, so there are a couple of projects, as I mentioned earlier, we are chasing them, and we'll be giving you an update soon, once we have more clarity on these projects. Okay. And just wanted to clarify one thing. You said about the cancer hospital that Apulki is doing. They are going to start the construction process in January, or they are going to complete the construction process in January? Construction is completed. Equipment installation is going on. Maybe February end, hospital will be started. February, hospital will be started, and our center in the hospital will be. Yeah. February only, or February itself, our center in the hospital or February? February, we expect to start our radiology, pathology centers inside the hospital. Okay. And what about PET-CT? Will we, I assume we'll be foraying into that as well. Yes. Yes. Okay. That will also be started by that time? Yes. Okay. All right. That will be all. Thank you. Thank you very much. Participants who wish to ask a question may press star and one. The next question is from the line of Pallavi Deshpande from Samiksha Capital. Please go ahead. Yes. I just wanted to understand better this coverage for above seventy citizens that the government announced. So we have already the NHM which provides, you know, under their program, the FDSI diagnostic service. So this is, how does this, you know, this will increase the scope for the number of patients and that you can cater to, because does this apply to radiology first, or it applies only for medical? No, yeah. Coverage is actually for both, and it is for the senior citizens who can avail these services. So this will certainly complement and bring in more patients to our centers. Now, those patients who want to come, cover under the free diagnostic scheme, they can choose, whereas the senior citizens can use the Ayushman Bharat route to come and avail these services. Right. And so any change in that guidance, I mean, in terms of you were doing thousand scans per machine per month, for this year, and, what kind of a number can we look at, before FY 2024 number? Yeah, I think, that guidance still remains the same. There's no change, in that, assumption of the guidance that we've given. Right. So our growth will be more realization that is given in that case, because the volume number is remaining same? No, this is, as I said, the baseline assumption we look at when we do our PPP projects. You know, there are certain of the projects which do higher than the thousand baseline. So yes, we focus both on increasing volumes as well as, you know, leveraging, the pricing wherever possible. Right. Thank you so much. Thank you, Pallavi. Thank you very much. As there are no further questions from the participants, I would now like to hand the conference over to Mr. Yash Mutha for closing comments. Thank you, and over to you, sir. Sure. Thank you. Thank you everyone for joining our Q2 FY2025 earnings call. We trust that we were able to address all of your questions. If there are any remaining queries, please don't hesitate to reach out to our Head of Investor Relations, Mr. Vivek Jain, who will be happy to assist you. On behalf of Krsnaa Diagnostics, we would like to wish each and every one of you and your loved ones a very happy Diwali and a prosperous New Year. We look forward to engaging with you in the upcoming quarters. Thank you once again for your time and your continued support. Thank you. On behalf of JM Financial, that concludes this conference. Thank you for joining us, and you may now disconnect your line.