A very warm welcome to the Q3 FY 2025 results conference call of Krsnaa Diagnostics Limited. Before we begin, I would like to remind all participants that today's call may contain forward-looking statements that are forward-looking statements, including but without limitations statements relating to implementation of strategic initiatives and other statements relating to Krsnaa Diagnostics' future business developments 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. 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 Mr. Raghav Vedanaryanan from JM Financial. Thank you, and over to you, sir. Thank you, Sagar. Good afternoon, everyone, and welcome to the Q3 FY 2025 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 Jain, Executive Director, Mr. Mitesh Dave, Group CEO, Mr. Pawan Daga, Chief Financial Officer, and Mr. Vivek Jain, Head of Investor Relations. I would now like to hand over the call to Mr. Yash Mutha for his opening remarks. Thank you, and over to you, sir. Thank you, Raghav. Good afternoon, everyone. I am pleased to welcome you all to Krsnaa Diagnostics Limited's Q3 FY 2025 earnings conference call. Before I take you through our performance, I'd like to extend my gratitude to the board and our Chairman, Mr. Rajendra Mutha, for their trust in recommending me for the post of the Managing Director. Moving on to business, the union budget of 2025-2026 has reinforced healthcare as a national priority with a 13% rise in allocation for the Ministry of Health and significant investments in PPP models, cancer care, and digital health infrastructure. The budget 2025-2026 marks a transformative leap for India's healthcare sector, introducing key reforms aimed at enhancing accessibility, affordability, and equity. In this budget, healthcare has received enhanced funding. The Ministry of Health and Family Welfare has been allocated INR 90,958 crores for the fiscal year 2024-2025, marking a 12.96% increase from the previous year's revised estimate of INR 80,517 crores. The National Health Mission's budget has been increased from INR 31,550 crores in 2023-2024 to INR 36,000 crores in 2024-2025, aiming to bolster the healthcare services across the nation. The Pradhan Mantri Jan Arogya Yojana, or PMJY, has risen from INR 6,800 crores to INR 7,300 crores, enhancing financial protection for health services to the economically vulnerable populations. There has been also movement in the cancer daycare centers, where the government plans to set up daycare cancer centers in all the district hospitals over the next three years, with 200 centers to be established in the fiscal year 2025-2026. This initiative is expected to add over 4,500 cancer daycare beds across the district hospitals to bring cancer treatment closer to the patients' homes and reduce the burden on tertiary care centers. Also, the budget extends health insurance under the Pradhan Mantri Jan Arogya Yojana to one crore gig workers, providing financial protection against major health expenses. With a strong emphasis on public-private partnerships and the ease of doing business, the budget highlights the pivotal role of private sector collaboration in shaping healthcare as a cornerstone of developed India. At Krsnaa Diagnostics, we are uniquely positioned to capitalize on these reforms, given our strength in the nationwide reach, where we have presence in over 18 plus states with more than 3,000 plus centers, making us one of the largest diagnostic service providers in India. We are a leader in the PPP-driven diagnostic services, ensuring affordable, high-quality diagnostics across urban, semi-urban, and rural India. We offer a full suite of radiology, pathology, and teleradiology services across our network. Our hub-and-spoke model allows us to maintain operational efficiency while expanding our footprint, and we also invest in AI-enabled diagnostics and digital health solutions, which are improving service efficiency and diagnostics accuracy. These initiatives reflect a comprehensive approach to improving healthcare accessibility, affordability, and quality across India. In the first nine months of FY 2025, Krsnaa has achieved an impressive 17% year-on-year revenue growth, reaching INR 5,311 million. Increased awareness of our high-quality service offerings, combined with competitive pricing, has significantly boosted patient volumes and test counts. On the financial front, the EBITDA surged 39% year-on-year to INR 1,416 million, with margins improving to 27%. I'm delighted to share that your company has achieved a remarkable profit of INR 569 million in the nine months ending FY 2024, equaling the full-year profit of the previous year, demonstrating our continued focus on operational efficiency through strategic initiatives. We are confident in maintaining this positive trajectory in the coming quarters. However, in this quarter, our revenue was impacted by a combination of seasonal variations and temporary operational factors. The earlier conclusion of the Mumbai BMC project, along with a delayed ramp-up of our Maharashtra CT and Madhya Pradesh MRI installations due to site handover delays, led to the temporary dip in the revenue. Additionally, there were certain operational challenges in select states, including Karnataka and Assam, which have also contributed to short-term volume moderation. These factors have affected the quarter's performance. However, with our ongoing site activations underway and operational efficiencies being reinforced, we remain positive in continuing our momentum in the upcoming quarters. I would like to now hand over the call to Ms. Pallavi to walk you through the developments in our PPP domain. Over to you, Pallavi. Thank you, Mr. Yash. Good afternoon, everyone. At Krsnaa, we firmly believe that our employees are the backbone of our success, and we are committed to fostering a work environment that prioritizes their well-being, growth, and professional development. As part of this commitment, we have launched several initiatives aimed at enhancing employee engagement, upskilling, and overall job satisfaction. We have introduced comprehensive training programs designed to equip our workforce with the latest advancements in diagnostic technology, ensuring they remain at the forefront of the industry standards. I am delighted to announce that Krsnaa Diagnostics has been honored with the Leading Human Resource Transformation Award by the esteemed India HR Summit and Award. Let me just brief you about the recent developments in Krsnaa. We are proud to announce that 12 of our laboratories have been accredited by NABL this quarter, bringing our total to 49 laboratories, one of the highest NABL-accredited chains in the industry. In the state of Jharkhand, we have successfully executed an agreement with the authorities. The implementation of two centers is expected to be completed by the first quarter of FY 2026. In Maharashtra, we have successfully commissioned 40 CT scan machines. The remaining 50 CT scans and 17 MRI machines will be operational soon, with the revenue projections expected to materialize from the first quarter of fiscal year 2026. Over the last three months, we have expanded to further 284 collection centers nationwide. Now, to take you ahead on our regional expansion plans and strategy, I would like to hand over the call to Mr. Mitesh. Thank you, everyone. Over to you, Mr. Mitesh. Thanks, Ms. Pallavi. A very g ood afternoon to everyone. At Krsnaa Diagnostics, we are entering a very exciting and transformational phase with a strong emphasis on expanding our retail footprint and positioning ourselves as a household name in diagnostic healthcare. While our PPP business continues to be the cornerstone of our success, our retail expansion is unlocking new avenues for sustained growth. The momentum in our retail segment is truly exciting. We have successfully launched retail operations in four of our states: Maharashtra, Punjab, Assam, and Odisha, under the brand RPL, by leveraging our existing PPP infrastructure. The response has been encouraging, with strong demand towards wellness packages and a steadily expanding network that is driving brand recognition. With best-in-class quality, affordable pricing, and 24/7 accessibility, RPL is set to redefine convenience and trust in diagnostics. Our asset-light model ensures rapid scalability, allowing us to expand aggressively without heavy capital investments. Retail. In our vision, which is very clear to becoming a go-to brand for the diagnostic in India, the diagnostic industry is witnessing a paradigm shift, with consumers prioritizing preventive healthcare and digital-first solutions, where we are well-positioned to capitalize this trend by strengthening our B2C presence, expanding our retail footprints in metro cities and high-growth tiers, tier one and two, along with tier three markets, where there is a huge vacuum as well. Technology and AI-enabled diagnostics, enhancing service efficiency and AI-powered digital pathology, automation, and seamless online bookings. Wellness and preventive healthcare offerings, customized health screening packages to cater to rising demands for the early disease detection and proactive healthcare management. Certain strategic collaborations and partnerships helping to expand our tie-ups with the hospitals, corporate wellness programs, and the many digital health platforms. With our expanding retail network, digital transformation, and unwavering commitment to quality, Krsnaa is poised to become a leader in India's high-growth diagnostic retail market. At Krsnaa, we are focused on expanding our home collection services to provide convenient, high-quality diagnostics at patients' doorstep. We are strengthening our network of trained phlebotomists across urban and rural areas to ensure wider accessibility. Our digital platforms, including the websites and mobile apps, enable seamless appointment bookings and real-time tracking. By optimizing logistics and lab processing, we ensure faster sample collection and quicker report deliveries. We are also collaborating with the corporate insurance providers to integrate home collection into the wellness programs. Additionally, we are launching patient education and awareness campaigns to promote proactive healthcare. With a strong commitment to quality, hygiene, and reliability, our home collection services bring accurate and affordable diagnostics directly to the people's homes, ensuring better health outcomes for all. Moreover, Krsnaa Diagnostics is proud to be a trusted partner for more than 50,000 plus doctors across 18 states, working tirelessly to ensure world-class diagnostic services reach even the most remote and the underserved region in India. Through our cutting-edge technology and state-of-the-art laboratory and the commitment to excellence, we empower healthcare professionals with the accurate, timely, and reliable diagnostics insights. By bridging the gap between advanced medical diagnostics and accessibility, we contribute to improving patients' outcomes and strengthening the nation's healthcare ecosystem. We are energized by the potential ahead and look forward to delivering strong, sustainable growth in this space. At Krsnaa, under RPL, our aim is to be a doctor's preferred partner for anytime, anywhere, affordable, and assured diagnostic service provider. With that, we'll take you through our financials and the operational highlights, and I'm handing over further to Mr. Pawan to take a deeper insight into the quarter three performance. Over to Mr. Pawan. Thank you. Thank you, Mr. Mitesh. Good afternoon, everyone. Let me just brief you about the Q3 and nine-month financial performance. Revenue for Q3 FY 2025 stood at INR 1,745 million, a 10% year-on-year increase. We have enough high volumes in both radiology and pathology segments. Other income for the quarter primarily comprises interest income from fixed deposits, along with gains from strategic capital reallocations and structured financial initiatives. EBITDA for Q3 FY 2025 stood at INR 466 million, with a margin of 27%, reflecting a strong operational efficiency. Net profit stood at INR 194 million, registering a 50% growth year-on-year. In nine months, we have achieved revenue for the first nine months stood at INR 5,311 million, a 17% year-on-year increase. EBITDA stood at INR 1,416 million, registering a 39% year-on-year increase. Net profit stood at INR 569 million, registering a 49% year-on-year growth. Our diluted EPS stood at INR 17.26, registering a 47% growth year-on-year. Our company continues to maintain a net debt-free status, a significant achievement. Our receivables for nine months FY 2025 are on a higher side, primarily due to a delayed payment from Himachal Pradesh and Karnataka. Currently, our receivables days average around 60 days-65 days, except for a project in Himachal Pradesh, Karnataka, where they extend to 120 days. As a result, management has decided to moderate operations in these regions. However, we are confident that by the year-end, our receivables days in Himachal Pradesh, Karnataka, will reduce to 90 days, and by next year, our overall receivables for the company will normalize to 65 days-70 days. With this, we conclude our opening remarks, and we would now like to open the floor for questions and answers. Thank you. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touch-tone phone. 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. Our first question comes from the line of Bala Murali Krishna from Oman Investment Advisors. Please go ahead. Hi, good morning. Regarding the execution, this quarter, I think you have told that the residents are not executing any CT scan centers at Maharashtra. What about the Q4? How can we see the Q4 panning out in the execution side in pathology and radiology? Yeah. In terms of implementation of our PPP project, where there were certain delays due to site handovers, which is typical of our PPP, but the PPP business, we have now identified certain areas, and the team is working on it. We expect the rollouts to happen in Q4, and therefore, the business is coming back in Q4. Pawan this side, just adding to the Yash Mutha, six centers are already targeted to be operational in Q4, and certain sites and the work completion will, as a progress, be accordingly due updates on more centers to be operationalized by end of March or maybe the first month of the next financial year. Okay, that's clear. From the B2C segment, what is the achievement there in this quarter for planning side and overall the B2C segment? Sorry, Mr. Murali, we can't hear you very clearly. If you can repeat the question, please. Yeah. In the retail segment, what is the contribution in this current quarter, and what is the expectation from the next year, FY 2026, from the B2C and retail segment? Yeah. The B2C, you see, we have started the B2C foray recently. The contribution is not very significant, but in the fourth phase that we've seen, the results are very encouraging, and we expect going forward, as the business scales up, the contribution will be significant towards the next financial year. Okay. Could you please throw light on the pipeline tender? I think we were discussing about some shorter-term tenders this quarter. We do not know whether that was already awarded or we have not received that tender, or it is still we are waiting for the results, or any pipeline tenders to initiate the results, if you could throw some light on this. Yeah. For example, we have participated in the Jharkhand tender, which won with two centers. Some of the tenders are in the pipeline where work is going on. As and when they happen, we'll announce it. Yeah. Okay. That's all from my side. Thank you. Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all the participants in the conference, please restrict yourselves to two questions each. If you have any follow-up questions, you may rejoin the queue. The next question comes from Raman [Kerti] from Sequent Investments. Please go ahead. Hi, sir. Congratulations on the good set of numbers. I just wanted to understand what are the revenue from radiology and pathology, and what are the margins? Yeah. For the Q3, radiology contribution was 49%, and pathology contribution was 51%. This is the first quarter where we have surpassed the ratio which we previously mentioned. We want to be a 50-50 modality where we want to achieve the revenue 50-50, which we have already achieved. On the margin side, radiology always had a higher margin, a bit at a center level, somewhere around close to 40%, and pathology is close to 25%-30% margin at a center level or project level. Okay. Sir, from the PPP, you said in the PPP, it's mentioned that existing centers had 36% margin and new centers had 17% margin. How long will it take for a new center to contribute that 36% margin? Typically, from a PPP project perspective, depending on whether it is radiology or pathology, the maturity stages vary. Normally, it takes for pathology around one to two years to become mature, and sorry, pathology it could be around one year, and radiology it could be about a year and a half where they can come to the mature level of revenue. Pathology one year and radiology 1.5? Radiology, for example, it ranges between one to three years in achieving the mature level of revenue, and pathology comes in around one year. Okay, sir. Sir, one last question. I just want to understand your retail expansion, like the business model of RPL. What are we doing there? How are we planning to expand our radiology and pathology business through this retail? Okay. Having said that, the overall retail, we would like to position ourselves as one of the most affordable, accurate, and 24/7 service providers as a holistic service provider or integrated service provider, considering radiology and pathology both. Radiology adds a cutting edge to positioning in total as a retail space across India. In that, we will be taking traditional as well as the new age route both. It is kind of a hybrid wherein there will be the collection centers followed with the new age digital and AI platforms for the patient convenience. It is going to be a completely different positioning from what is there today with any of the existing players. Sir, basically, it's like instead of a pharma retail outlet, you're opening a radiology and pathology center, right? Yeah. Basically, if you see, we already have a network of our PPP centers and our labs. As we mentioned earlier, we're trying to leverage the existing infrastructure to pour into the PPP where we would be utilizing these labs to process the samples that we'll be collecting through the home collection services, as well as trying to get patients to come and avail the imaging services that we have, which are already serving the PPP customers. Like Mitesh said, since our business is operating 24/7, that makes us a differentiator from the market perspective. Looking at all these different attributes or variables is how we are looking to pour into the B2C segment. Okay. Okay. Thank you, sir. Sir, also one last question. You mentioned in the previous quarter that. Sorry to interrupt. May we request to return to the question queue for follow-up questions, please? There are several participants waiting for their turn. Thank you. The next question comes from the line of Dhwanil Desai from [Turtle] Capitals. Please go ahead. Hi. Good afternoon, everyone. My first question is, Yash, y ou mentioned, various reasons for kind of slightly lower revenue growth this quarter. From your earlier answers, the Maharashtra rollout also will probably start contributing only from Q1. Plus, it was mentioned that the states, wherever receivables are high, we are kind of doing moderation in terms of operations. At least next quarter, the growth should pick up from Q1 of next year. Is that how we should look at it? We are expecting Q4 also to demonstrate some growth. As we said, there were certain decisions we had taken because of these states as well as certain operational challenges. Now, both from a, if I talk about from the Maharashtra projects, we are gearing up to ensure faster implementation of our centers, like what Pawan also mentioned. In Q4, we are also expecting to see some of these benefits to come through. The larger benefit will of course come from Q1 of the next financial year. Pawan this side. L ast one year, we already deployed 40 CT scan centers in Maharashtra and other locations. These centers are also started maturing. The Q3, where the seasonality impact and other festivity and other parameters. Q4, these 40 centers, we see a significant spike in the revenue. This is also going to contribute in Q4. The new centers which are going to be in Q4 and plus in the Q1 of next year, which slightly in next financial year, but the centers which already deployed in last one year will start contributing or already started contributing the revenue. We see a spike in the revenue this quarter. This receivable issue from a couple of states, I think from HP, it's been quite some time, even before the election, it has persisted. Anything to read into that? Where is this? Why is the receivable still not getting normalized? Any color on that? It would be helpful. We already received, Pawan Daga, we already received INR 30 crores of collection in this month from January to till the date. Certain receivable already had a discourse with an authority, which already had a final stage to getting released by end of February or maybe the first week of or mid of March. Okay. Got it. And yeah. Sorry? Continue. On the B2C side, can you help us understand the unit economics both for COCO and FOFO? What are the typical revenue levels, break-even points? Since now we have four states operational with some proof of concept centers also operating, how do we see scale-up next year in terms of numbers? That would be helpful. Yeah. Hi, Mitesh this side. As we said, we started our operations starting in the quarter three, and we are just into the beginning of the quarter four. It is too early to give out any heads-up onto the unit economics around COCO or FOFO. However, as a company, as a strategy, we have looked upon or we will be branching on mainly onto the asset-light modeling. What would be a differentiator considering the market, we will be not just competitive, rather we will be pretty affordable as compared to any of our peers. For the next year's scale-up plans, can you indicate? Yeah. Next year, we are looking to have at least 500 touch points in the states where we have launched our operations for now. Further to that, there are multiple business models that we will be rolling out to adding up to not just the network, but even to the revenue. Got it. Got it. Thank you. Wish you all the best. Thank you. Thank you. Next question comes from the line of Kashish Thakur from Elara Capital. Please go ahead. Yeah. Thank you for the opportunity. Just wanted to know, what is your outlook for diagnostic sector as a whole for FY 2026 going ahead? Post-COVID, the things have been quite drastically changed around, right? Just wanted to know that first thing. Yeah. If you see, considering the budget announcements as well, the way Krsnaa has been growing, we are certainly positive about the outlook from the overall diagnostics perspective. Also with the foray in retail and the early results that we've seen, which are very encouraging. We do look at a positive outlook in the next financial year as well. Understood. Second question will be on, can you just quantify the tests performed and the patient's footfall for the quarter? Yeah. The details will be provided to you offline. If you can reach out to us, we will reach out to you. Understood. One last bookkeeping question. During the quarter, we have elevated other income. Any specific reason for the same? No. As we mentioned, there were certain capital reallocations as well as the regular increased income. It is part of our routine operations. Nothing out of the ordinary. What can be a range what we can expect for FY 2026? Sorry, if you could repeat the question, please. What can be a brief range of what we can expect for FY 2026? It's around INR 5 crores is what we are looking quarterly. Understood. Thank you. Thank you. Next question comes from the line of Sur Narayan Patra from Phillip Capital. Please go ahead. Yeah. Thanks for the opportunity, sir. First question is on the budget initiative or budget provisions for it has been announced. At the district level, the cancer treating centers. What does this really mean for us, whether it is indicating about a possible expansion of centers across India or it is of the test volume or scan volume that is giving a positive indication? If you see, it's a recent budget announcement. The way we understand or we are given to understand, this is an ambitious plan of the government to set up daycare centers in cancer where they might provide certain chemotherapies or radiotherapies. What it means for us is this will result in patients requiring certain diagnostic tests, whether it is pathology or imaging tests. Given our presence in district hospitals, we expect these patients to come to our centers. Therefore, we believe this will certainly be a welcome move for Krsnaa Diagnostics. Basically, this is a facilitation of our centers at the district level for radiology as well as pathology. It will be one of the avenues for customers to come through and avail Krsnaa services. Sure. Second point is on the radiology growth that you have indicated. Means the radiology revenue share what you have mentioned. Based on that, it looks like radiology has seen a kind of 2% decline YoY. Why should one or why should we see a kind of a decline in the radiology revenue, sir? No. The decline is basically because if you see the pathology projects that we had entered into last year, some of them which got implemented, the contribution of pathology revenue has increased. Going forward, we have Maharashtra CT scan, MRI centers. As they get implemented, again, there will be a higher contribution from the radiology projects as well. We are trying to see overall, it should come at a healthy mix of 50%-50%. In some quarters, it might be 51%-49% or 55%-45%. We are trying to see that both of them have a decent amount of contribution to the overall pie of the revenues. Okay. Whether we have any control over this revenue mix because it is up to the kind of a tender whether it will come in the radiology or it is in the pathology. Ideally, it seems that we have no control. Why should we target about 50/50 only? No. If you look at it from an overall perspective, like the previous years, Krsnaa had a lot of radiology business. Then there were pathology projects which came in because government also realized there were not enough pathology labs or pathology services. Therefore, the pathology business came in. That shifted position. From a diversification perspective, it is also good to have a healthy mix of radiology and pathology as a holistic service offering for us. Equally, if you see, both have different capital outlays. Considering these different attributes, we believe it is good to have a well-diversified mix of radiology and pathology business. Now, depending on how these tenders come up, the revenue contribution or the revenue mix might change. From a direction perspective, both have been growing strong over the last many years. Yeah. Just to extend this point on it, sir. It was earlier indicated that Maharashtra implementation is likely to happen by, let's say, this year or in the early part of next year. Given the kind of a new single center addition this year, this quarter, the 40 or the balance 33, whatever that is there to be implemented, in what time frame can that be implemented practically now that you think? Yeah, Pawan this side. Certain sites, as Yash already mentioned, we have a challenge to receive the clear site power connection and the other applications which we have to do related to the licenses and these things. We already had a plan for Q4 where six centers have to be. The balance will be next couple of quarters, all again depend on subject to site availability and other things. This is the roadmap to implement the Maharashtra radiology project. Sure, sir. Yeah. Thank you. Thank you. The next question comes from the line of Nancy Yadav from Allegro Capital Advisors. Please go ahead. Hi. Thank you for the opportunity to ask the question. Congratulations on a great set of numbers. I just wanted to confirm the net debt or net cash number for this quarter. I think, Nancy, we can provide this number to you offline. We will reach out to you on this. Okay. Thank you. Thank you. Next question comes from the line of Meghna Agarwal from Mount Intra. Please go ahead. Hello. Thank you for the opportunity. I have a couple of questions. First is, what are the new projects for pipeline for the company? What are the tenders that are going to be operationalized soon? Meghna, in terms of new tenders, please tell us in the pipeline. Just to ensure that it leads to unnecessary increased competitiveness, we would respond to this question offline. Okay. The second question would be, any update on the Rajasthan tender? Yeah. On the Rajasthan tender, in the previous government, we had won the cases multiple times whenever the government had appealed. We have won this and the high court orders came in our favor. Now, with the new government, discussions are going on. There have been given dates for the next hearing. As and when we get the updates, we will be keeping you posted. As of now, we have, and as we mentioned in the past as well, we are confident of the approach that we've taken so far. Having said that, we continue on this growth without Rajasthan, as we've been mentioning in the past as well. Okay. Thank you. Thank you. Next question comes from the line of Ranvir Singh from Nuvama Wealth. Please go ahead. Yeah. Thank you for taking my question. Just two questions. One, how much revenue we pay has been deferred due to delay in projects in Q3, which may come in Q4 or pipeline maybe in Q1 FY 2025? Oh, 20 26, sorry. Just to give you a rough estimate, while I do not have the details, it could be in the range of about INR 15 crores-INR 20 crores that have been impacted in this quarter, which might come in the subsequent quarters because of these moderations or delays or whatever. Okay. Why I'm asking here is 25% revenue growth guidance earlier we had given. 17% we have achieved in nine months. Seems that even if that was not deferred, still we have thought of that guidance we gave earlier, right? Sorry, I could not hear the last part of the question, please. In nine months, we have achieved 17% growth. Even if that INR 20 crores would have come in Q3, still I think that growth, that 25%, we may not have achieved what I can see based on nine months of time. Earlier, we had given 25% growth guidance, yeah. Yeah. Had these aberrations not happened or the delays not happened, we would have been on the track to maintain the guidance that we've given. We believe with certain actions or strategic initiatives we've taken, we are hopeful to achieve this by Q4 as well. Okay. Understood. Now that a number of tests you said that maybe offline you can get. Can you give some trend that further realization for test is, whether this isn't positively moving, that is, uptrending or downtrending there in radiology side? Yeah. If you see, our prices are hard-coded as per the contract. The realization really is not depending on market forces. It is based on what prices we have submitted. Some of the recent tenders, if I have to give you reference, they are at slightly better prices than in the past. Yes, from a realization, they are increasing. Again, because we are in the PPP business, some of these details we will prefer to give offline. Okay. Okay. Thanks. Other questions have already been answered. Thank you. That's it. Bye-bye. Thank you. Thank you. Next question comes from the line of Deepali from Ventura Enterprises. Please go ahead. Good afternoon, everyone. My first question is regarding Apulki Hospital. We were expecting the first hospital to be operational by January or February. What is the update there? We were to operate 30 image centers from where we were procuring the machines from United Imaging. What is the update there? How many machines have been procured? Yeah. With regards to Apulki, the hospital getting operationalized, there were certain site delays. We are expecting the hospital to get operationalized from April onwards. The construction is almost done. Therefore, April is where we believe it will start beginning the operations. In terms of the equipment purchases from United Imaging, I think Pawan will just give you the update. Yeah. Pawan this side, we have the first order of ours within United has already placed. Out of that, two machines have already arrived. Five is in process, will be by end of February or first week of March will be arrived. Total seven equipments which we already placed in order. Out of that, two have received it. Okay. Have the BMC operational issues been sorted regarding there were a lot of news which were coming up? Is it still going on? Yeah. The BMC, all the issues were sorted. However, the BMC project, because of early concluding, the budget got over as well. There were more centers which were added up. Currently, the BMC project is on hold. As and when it comes for rebidding, we will update you. Okay. Could you also please make me understand what's the structure behind the path and radio centers? Because when we talk about total radiology centers, we have 90 centers. We have MRI and CT combined 178 machines. The telereporting centers are different. Similarly, for pathology, we have somewhere around 3,400 collection centers. When we talk about the operational centers of path, in the PPP, it's only 1,368. I'm not able to understand how to correlate this data. I cannot understand the whole structure. Yeah. Basically, we have on the radiology side, we have CT scan, MRI, and then we have a combination of CT scan, MRI centers. We also have teleradiology centers, which are basically X-ray centers with certain digitizers. On the pathology side, we have labs and the collection centers which follow the hub-and-spoke model. Each, depending on the project tender or the dynamics, there will be certain labs which are connected to collection centers. That's basically how the entire structure is. The reduction in operational path labs from quarter two to quarter three, that is, from 1,737 to 1,368, what does it signify? Could you repeat the question, please? There has been a reduction in the operational path labs in the PPP from 1,737 to 1,368. There's almost a 400 center drop in the path operational centers in the PPP. What is this? I'm not able to understand this reduction in the operational path labs. You are talking about slide number nine. This is our slide of tender which is under implementation, which are the tenders which are already implemented, which have been removed from this slide. If you go on the first slide where the snapshot has been given, we have total 178 radiology centers which is up and running and telereporting centers which Yash has mentioned, which is an X-ray telereporting, which is in total 1,434. Total 121 pathology labs and 3,423 collection centers of pathology which are operational. Slide number nine gives the status of the projects which are under implementation. The projects which are already operational and implemented have been removed from that slide. It is basically a tracker to demonstrate that certain projects are under implementation. If I had an example, X number of labs are under implemented. As they get implemented, they move to the previous site. You will see a dip in these numbers. It is not the labs going down. They are actually which are under implementation are now implemented, and then they move to the previous site. I hope this answers your question. Yes. Just one last. 1368B operation. Sorry. May we request you return to the question queue for the follow-up question, please? Okay. Thank you. The next question comes from the line of Neha Kharodia from Abakkus. Please go ahead. Yeah. Hi. Good afternoon, everyone. Thanks for the opportunity. My question was regarding the guidance on the sales growth. We have earlier alluded to the sales growth of about 25% for the year. So far, in nine months, we have been at a run rate of 17%. I just wanted to understand how to look at it going forward for the year. Yeah. So yeah, as we said, in terms of our guidance earlier as well. Though we had certain, let's say, volume moderation or operational setbacks in Q3, we are aspirational and positive about achieving this by the year. There are a lot of strategic initiatives we have in place, including faster ramp-up of our business as well as including the increased volume. So we are positive to achieve the guidance that we've quoted for by end of Q4.. Understood. That would mean a very high sequential as well as year-on-year growth, 40%+ growth. We are aware of that. As I said, we are working ferociously to achieve it. There are certain initiatives we are trying to roll out which should hopefully allow us to achieve the guidance that we've quoted for. Understood. Great. Also regarding the receivables that were pending from Himachal Pradesh and Karnataka, that number was in the range of about 123. I also just wanted to understand how much of that is pending currently? INR 30 crores of Himachal Pradesh has already received, as I mentioned already on the call, Neha. Certain another payment from Himachal, which is already approved at the last stage, we are expecting by end of February or first week of March. Certainly, this is not restricting us to collect the balance amount, which we are again going first. The second tranche of their payment will release to us. About Karnataka, the payments have already been approved, which are at the final stage to be released to us. Maybe in a couple of weeks, we are expecting the payment to be received. Understood. Is this understanding correct that maybe by Q4 end or by end of FY 2025, the balance receivables will be recovered both from the Karnataka and HP? Yes. Like you mentioned earlier as well, while from HP, we have seen traction. We have received our money, almost INR 30 crores plus. On the Karnataka front also, there have been approvals. We are awaiting to get the payment. Hopefully, by end of this financial year, Karnataka and Himachal Pradesh put together should come somewhere between 90-100 days is what we are aspiring to or targeting to. Of course, our efforts are to ensure that we collect as much as we can. Thank you. Understood. Thank you. Thank you. Thank you. Next question comes from the line of [Aditya C] from InCred Asset Management. Please go ahead. Hi. If I read slide nine correctly, the project under implementation in MRI CT, that is, radiology, is 90 on a base of almost 180. Does that imply a 50% expansion in capacity? A similar growth in the collection center where we see 1,850 getting added on 3,400. Is the inference correct that we will see a 50% capacity expansion on today's date? Radiology is slightly correct. The pathology collection center, if you see 1,368, which is already a part of 3,000-plus collection centers, is already there added in the city. Only now 489 pathology collection centers have to be added. This 1,300 collection centers has not added just in one quarter. This has been operational over a period of the last nine months or a three-quarter. Got it. What is the number for pathology labs that are yet to get that are supposed to be added on today's date of 120 or not? Maybe the project in hand, currently, the Jharkhand lab, which is under implementation. By Q4 end or maybe the first quarter of next financial year, the Jharkhand lab will be implemented. Maybe the first month of quarter one of next financial year. Got it, sir. Thank you. Thank you. Next question comes from Pranay Khandelwal from Tirthan Capital. Please go ahead. Yeah. Hi. Thanks for the opportunity. Just wanted to ask, get some clarity on the receivables front only. Can you give the absolute amount per receivable as of nine months end? Yeah. We'll provide these numbers to you offline as well. All right. I also wanted to know about Apulki. Baner is almost done. I believe there was another that was finalized, which was the Kalyan center. What is the update on that? The Kalyan Dombivli, again, the agreements have been executed. They will initiate the process of constructing the hospital. That is also currently progressing well. We should see the site also getting implemented within the next year and a half. All right. All right. Can you also provide me the radiopathology breakup for last quarter? Last quarter, our radiology stands for 51% and pathology at 49%. Okay. All right. All right. That'll be all from my side. Thank you. Thank you. Next question comes from the line of Shivan Dave from Prodigy Investment. Please go ahead. Yes. Hi. Am I audible? Hello. Yes, sir. Please go ahead. Yeah. Yeah. Hi. I wanted to understand what is the total investment that we'd have to make in the B2C segment, say, in the next one or two years? Hi. Mitesh this side. For retail space as such, we are hopping mainly on our existing infra, wherein we are going to leverage our existing labs and the radio centers, which calls for pretty less investment as compared to anywhere else. Secondly, we are expanding our network through the asset-like model. Again, that adds up to the pretty less investment. Whatever may be the investment that we'll look out for, that would be mainly towards creating awareness and the doctors and the patients outreach program. That won't make it a much significant investment outlook. Okay. Is there any way you can quantify that? We are in a process of expanding. We have initiated the operations and all. How the market behaves, how the dynamics changes, and what are the really requirements comes across, that will decide the overall course of investment because that won't be that significant. Even we haven't quantified for now what exactly we'll look out for. Yeah. Just to add, Shivam, the way we mentioned earlier, our investment in the lab setup and the diagnostic centers has already been done. The investment in terms of franchisees or the KBA's not on our account. It will mostly be done by the franchisees. The investment that we will be doing is mostly on the resources side, phlebotomist, and maybe certain marketing spend. As we are seeing the encouraging results, we can provide you with a more finite answer, hopefully, by the end of this quarter or beginning of the next financial year. Okay. Okay. That's helpful. Going forward, let's say three years out, do we expect like 10%-15% contribution from B2C on our overall business or something more than that? Let's say three years out. Yeah. Yeah. In fact, we are aspirational to have a higher contribution of the overall B2C revenue to the total revenue pie. We believe it will slightly grow and then increase in the subsequent years. Okay. Okay. Just my second question was on our overall ROCE. Today, we are doing around, I think, if I'm not wrong, 10% or 12%. How do you think this should materially change going forward, given that we are entering B2C and we have certain investments that can materialize? Where do you think this ROCE number can go going forward? Yeah. If you see, the ROCE is a fraction of the investment that we do and the revenue that is generated and consequent returns out of it. Given our model where historically, we've seen there's been significant investments in the last couple of years, but the revenue has not been commensurate to the investments we do. The ROCE does look subdued. We have tried different initiatives to also further improve the ROCE, including the asset-light model that we are trying, the B2C, SafeWay foreign with asset-light, the lesser investments. A combination of these various initiatives that we have implemented, we see the ROCE certainly to improve in the years to come. Even if you see from a trajectory perspective, the ROCE has been improving quarter- on- quarter. We expect with these various initiatives, the ROCE to continue improving in the subsequent quarters. Got it. Okay. Okay. That's helpful. Thank you. Thank you. Next question comes from the line of Amruta Deherkar Sane from Wealth Manager of India Private Limited. Please go ahead. Thank you for this opportunity. My question is, apart from Rajasthan, where the tender is stuck right now, are there any other tenders where we've received, but which are not under implementation? No. Except for Rajasthan, all of the tenders that we've won are implemented or under implementation. Okay. About the retail segment, the B2C, as in on slide number eight, where you have the statewide breakup of the centers, so the retail centers are included in the involved or they are not included there? No. They are not included. Okay. In this case, do we have these 80 KBAs? These 80 KBAs are spread between Maharashtra, some of them in Punjab, and some of them in Assam. Okay. Thank you. Thank you. Thank you. Next question comes from the line of Bharat from Equirus. Please go ahead. Yeah. Hi, Yash. Thanks for the opportunity. I just wanted to get a sense on exactly what is happening in Karnataka, why receivables have gone up. Can you elaborate what exactly is happening there? Karnataka, you see, it's a project that we've been doing for many years now with change of officers, change of government. They would like to look at the process differently. They have introduced some new process of automation, which has caused certain delays and therefore also delays in the receivables. We are in conversations with the authorities. Hopefully, by March end, this should be normalized. The government would have changed almost a year. It would have been like one and a half years ago, right? The government has changed. Why are we seeing these issues taking up now? Basically, what happens is, as the bureaucrats come in and with the changing government, everyone would like to bring in some new systems. They thought of bringing more automations, insurance-led processes. Therefore, when these processes are getting introduced, the system gets revamped. Therefore, there are the challenges that we are currently facing. Again, as I said, from our experience, we see this happening. Whilst Karnataka, we did not expect it to take so long. With the conversations we are having, we are hopeful that this will get resolved very soon. Right. Can you talk a bit about BMC issues, which you are facing? What is the issue and how we are looking forward to it? BMC, there's no issue. I think we have delivered what was in terms of the volumes and the budget that was there. Now, the authorities are looking to retender it, given with the wider scope. Those conversations are going on. As and when the tender gets published, we will be participating in it, given our experience. Per se, there is no issue with BMC anymore. Has that tender been over? Because I thought that tender was issued almost a year ago, two years ago. What had happened is the tender was for two years, but then the authorities added more centers. Therefore, with more centers adding up, the volumes increased. Because the volume increased, the budget that was allocated got exhausted. Now, if they have to increase the budget, they have gone to the new tender process, where they are also trying to increase the scope of services, as we are given to understand. Does the existing vendor, since we are having to having that target, do we have an upper hand in that tender then, again? Sorry, could you repeat the question? Since it will be reintroduced, this tender will come to the market. Will we be better placed to win this tender as compared to the competition? Yeah. Considering our strike rate and our past experience, plus we've been doing this project, we are, in our opinion, better placed to win this tender. Of course, as and when the tender comes, we'll be able to evaluate and then take a decision on this. Okay. Is there any update on the Rajasthan tender? As we've discussed, with whatever the court hearings which have come in our favor with the previous government, with the new government, there are discussions going on. Hopefully, more updates as and when these decisions come through. We are positive and confident that Rajasthan, hopefully, should be in our favor based on whatever the process we followed so far. Right. With all the. Sorry. Bharat, may we request you return to the question queue for further questions, please? Yeah. Thank you. The next question comes from the line of Rucheeta Kadge from I- Wealth Fund. Please go ahead. Hello, sir. Very good afternoon. My question was predominantly on a pathology collection center. If I see from last December, we've almost doubled down our pathology collection center. If I kind of remove the realization on it, it's kind of on a declining trend, which was around, let's say, what I have removed is 5,000 per day. That has declined to around 2,500. Is this the right way to look at it? What is causing this decline? If you could help me understand. Yeah. Ruchita, that's not the way to look at our business. As I mentioned earlier as well, our business, or the pathology side, even if you look at it, is a combination of the hub and spoke model, basically the number of labs and the number of collection centers, the test menu, and the prices. If I have taken an Assam project, the test menu is different. The price of those tests are different. If I take the Odisha project, the test menu and the prices are different. It will be a wrong comparison to just take the total revenue and divide by the total number of patients because the test menu differs from state to state, project to project. Having said that, when we look at from a business perspective, what we've done is, for example, based on the previous tender that we would have submitted, looking at the test, our ambition is to continue to see how we can increase the prices going forward, considering the investment that we have to make. Accordingly, the business has to be seen. We should see it on the number of tests that are being conducted and what is the revenue per test? See, in certain states, the project, there are X number of tests. It could be, say, 30 tests or 130 tests. There are prices that are hardcoded as part of the tender that is being awarded to us. These determine what is the project revenue and how it will be. In certain, for example, Rajasthan, they were initially specialized tests. Later on, the tender came for normal tests, which will vary tender to tender. Okay. For the understanding, I'll take it offline, sir. Yeah. I think that will be better. Yes. Yeah. Yeah. Yeah. If you could give a number, like these pathology collection centers that we are seeing that we'll be adding another 400-500 centers. This would come, what is the implementation timeline for the same? As I said, from a timeline perspective, we are set up an aggressive timeline to ensure that these collection centers come up and running, hopefully, by end of Q4. There might be certain slippages, and they might extend to Q1. We are targeting to ensure that they get up and running as quick as possible. Same with the radiology, sir? No. Radiology will probably take longer time because the site has to get ready. The government has to give a site. Then there are certain infrastructure work that has to happen. The equipment is ordered. Radiology has a slightly longer duration compared to pathology collection centers. Okay. Understood. Understood. Thank you so much. Thank you. Thank you. Ladies and gentlemen, due to time constraint, we'll take that as our last question for today. I now hand the conference over to Mr. Yash Mutha for closing comments. Thank you. Thank you, everyone, for joining our Q3 FY 2025 earnings call. Hopefully, we were able to address all the queries. If any questions remain unanswered or if any analysts were not able to come in the queue, please feel free to reach out to our investor relationships team headed by Mr. Vivek Jain. Looking forward to interact with you in the future quarters. Thank you. Thank you. On behalf of JM Financial, that concludes this conference. Thank you for joining us. You may now disconnect your line.