Ladies and gentlemen, good day, and welcome to the Dr. Lal PathLabs Q3 FY 2026 earnings conference call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the call, please signal an operator by pressing star, then zero on your touchtone phone. I now hand the conference over to Mr. Nishid Solanki from CDR India. Thank you, and over to you, sir. Thank you. Good afternoon, everyone, and welcome to Dr. Lal PathLabs Q3 FY 2026 earnings conference call. Today, we are joined by senior members of the management team, including Honorary Patron, Dr. Arvind Lal, Executive Chairman, Mr. Shankha Banerje e, CEO, and Mr. Ved Prakash Goel, Group CFO and CEO, International Business. I would like to share our standard disclaimer. Some of the statements made on today's conference call could be forward-looking in nature, and the actual results could vary from these forward-looking statements. A detailed statement in this regard is available in the results presentation, which has been circulated to you and also available on stock exchange website. I would now like to invite Dr. Lal to share his perspectives. Thank you, and over to you, sir. Thank you, Nishid, and good afternoon, everyone, and thank you for joining us for the third quarter and nine-month earnings call for fiscal 2026. Healthcare in India is undergoing a profound transformation. We are witnessing a steady rise in lifestyle-related and chronic diseases, an aging population with evolving care needs, and a growing awareness among consumers about the importance of early detection and preventive health. These shifts are redefining diagnostics from being episodic and illness-driven to becoming an essential, continuous part of long-term health management. At the same time, access to high-quality diagnostics remains uneven across the country, reinforcing the relevance of organized, technology-enabled players who can deliver reliable and standardized service at scale. This is where our purpose at Dr. Lal PathLabs remains deeply aligned. We are committed to building an accessible, dependable, and clinically rigorous diagnostics ecosystem for every Indian. This quarter, we made meaningful progress on several strategic priorities. First one was launch of Sovaaka, our personalized preventive healthcare platform. A major milestone in this direction was the launch of Sovaaka, operating under the philosophy of science behind wellness. Sovaaka represents a strategic pivot from traditional disease detection towards science-led disease prevention. By integrating high-end diagnostics and AI-supported imaging with curated programs, we are directly addressing the rising demand for personalized preventive care in India. Next is the expansion of specialized and advanced testing capabilities. We continue strengthening our offering in high-end diagnostics, including oncology, genomics, advanced infectious disease testing, and investments in our reference labs in collaboration with global technology partners remain key enablers of this strategy. Next is deepening our presence in under-penetrated markets. Our scalable franchise-led model continues to help us expand into Tier 3 and Tier 4 markets. Improving diagnostic access in semi-urban and rural India remains a core long-term priority. Together, these initiatives reflect our integrated approach that is combining a robust physical network, deep clinical capability, and digital innovation to serve India's evolving healthcare needs while driving disciplined and sustainable growth. With that, I would now like to invite our Chief Executive Officer, Mr. Shankha Banerjee, to share the key performance highlights for the quarter. Thank you, and over to you, Shankha. Thank you, Dr. Lal, and good afternoon to you all. I am glad to connect with everyone today to walk through our Q3 FY 2026 performance. Our Q3 FY 2026 results reflect sustained growth and operational excellence. We delivered strong financial performance this quarter, with revenue rising 10.6% year-on-year, resulting in 10.8% growth for the nine-month period. Patient volume growth was lower than our current trend at 2.7% in Q3 due to unexpected decline in our seasonal fever portfolio. The YTD patient volume growth is 4.4%. Our YTD sample growth remains robust at 9.6%. In Q3, we continued the journey of significant clinical advancement with introduction of more than 15 new tests, including more than 5, which are first in India. These additions were across multiple portfolios, further strengthening our high-end complex testing capabilities. Our technical team had five international journal publications with one award-winning paper in the area of using ML for rapid acute leukemia diagnosis. We have upgraded our enterprise IT infrastructure to next-generation technology, which has an AI-enabled environment at compute and network layer. We have rolled out a new agentic bot for patients at multiple touchpoints and a clinician-facing digital tool in pilot mode. We have enhanced our patient experience at walk-in labs and home collection with faster reporting standards in Delhi NCR. All these initiatives and more in the pipeline are aimed to enhance the patient and clinician experience with the brand. Our recent launch of Sovaaka preventive wellness program model also reimagines the patient experience with diagnostics... Together, these developments solidify our position, not just as a laboratory service provider, but as a comprehensive, high-tech partner in our patients' long-term health journey. During the quarter, SwasthFit contributed 26% to total revenue, and continues to play a primary role in our B2C market growth. We are scaling this affordable preventive health model to Tier 2 and below towns to capture an untapped preventive testing market. The transition from unorganized to organized diagnostics in India is sustained as patient priorities shift towards clinical reliability. Our competitive edge lies in stringent quality protocols and superior service architecture. Beyond the test itself, our differentiation is defined by the end-to-end patient experience, from seamless sample collection to digital report delivery. Ultimately, these superior service levels are the primary drivers of patient acquisition and brand loyalty. We are scaling through expansion in newer markets, innovative offerings, and digital enablement. This approach cements our diagnostic leadership and enables long-term profitable growth. With that, I will now hand over the call to our Group CFO and CEO International Business. Ved, over to you. Thank you, Shankha. Good evening, everyone, and a warm welcome. Thank you for joining us today. I will take you through the key operational and financial highlights for quarter three and nine months of FY 2026, followed by our year-to-date performance. Let me begin with some key operating metrics. Revenue per patient for Q3 FY 2026 stood at INR 927, representing a 7.7 year-on-year increase over INR 861 in Q3 FY 2025. This improvement was driven primarily by favorable test mix and geographic mix rather than pricing. Tests per patient increased to 3.11 in Q3 FY 2026, compared to 2.97 in the corresponding quarter last year, reflecting our continued focus on menu expansion and preventive healthcare offerings. As part of our commitment to strong governance and customer-centric practices, the company has gladly passed on the benefits arising from reduction in GST on reagents and chemicals from 12%-5% through price reduction for patients. While this had a modest impact on realization, we believe it strengthens our long-term trust and demand sustainability. Overall, our growth continues to be volume-led, with realization improvement coming largely from mix enrichment, which we believe are structurally sustainable drivers. Revenue for Q3 FY 2026 came in at INR 660 crore, compared to INR 597 crore in the same quarter last year, reflecting a year-on-year growth of 10.6%. For the nine months ended December 2025, revenue stood at INR 2,060 crore versus INR 1,859 crore in YTD FY 2025, registering a growth of 10.8%, driven by steady volumes and operating leverage. During Q3 FY 2026, we incurred a one-time cost of INR 30 crore related to implementation of new Labour Code, which has been reported as an exceptional item. This is a non-recurring adjustment and does not impact the underlying operating performance or steady-state cost structure of the business. EBITDA before exceptional item for Q3 FY 2026 stood at INR 179 crore, compared to INR 154 crore in Q3 FY 2025, reflecting a growth of 16.3% and EBITDA margin of 27.2%. For the nine months ended December 2025, EBITDA before exceptional item came in at INR 596 crore compared to INR 527 crore in the same period last year, registering a growth of 13.1% with EBITDA margin of 28.9%. Profit before tax for Q3 FY 2026, after taking the hit of Labour Code, was INR 124 crore compared to INR 138 crore in Q3 FY 2025, with a PAT mar-- PBT margin of 18.8%. For the nine months ended December 2025, PBT stood at INR 509 crore versus 471 crore in YTD FY 2025, with a margin of 24.7%. Profit after tax for Q3 FY 2026, after taking the hit of Labour Code, stood at INR 91 crore compared to INR 98 crore last year, resulting in a PAT margin of 13.9%. For the nine months period, PAT was INR 378 crore compared to INR 337 crore in YTD FY 2025, with a margin of 18.3%. Earnings per share for Q3 FY 2026 was INR 5.4, compared to INR 5.8 in Q3 FY 2025. For the nine months ended December 2025, EPS stood at INR 22.4, compared to INR 20 in the previous year. Our balance sheet remains robust, with net cash and cash equivalents of INR 1,411 crore as on December 31, 2025. P roviding us significant flexibility to support organic growth, calibrated inorganic opportunities, and shareholder returns. I'm pleased to share that the board of directors has approved an interim dividend of 35%, amounting to INR 3.5 per share on enhanced equity share capital post 1:1 bonus issue. Our capital allocation priorities remain unchanged, investing in growth, pursuing M&A opportunities, and returning surplus capital to shareholders while maintaining financial prudence. Overall, we remain focused on delivering sustainable growth and healthy profitability while continuing to invest in quality, compliance, and customer experience. With this, I conclude my opening remarks, and I now request the moderator to open the forum for question and answer. Thank you. Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask questions, may press star and one on the 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 questions. Ladies and gentlemen, we will wait for a moment while the question queue assembles. To ask questions, please press star and one. The first question is from Prakash Kapadia, from Kapadia Investments & Financial Services. Please go ahead. Yeah. Thanks for the opportunity. A couple of questions from my end. Shankha, at a time when, you know, industry revenues have been growing in the 7%-8% range, our growth, if I look at last 11, 12 quarters, has been 10.5% on an average. So, you know, what am I missing? We have brand, we have technology, we have franchisee network, we have, you know, reach, we have doctor empanelments, sales force, low cost of test, on-time delivery. So what is the missing factor which is, you know, leading to this kind of a growth? Because, you know, if I look at some of the other listed players, they've been reporting higher growth. So that's the first question on revenue. And secondly, on SwasthFit, you know, it has been growing almost 2x our company revenue. So, you know, how is the journey been? Is it now a 2-Tier 2, Tier 3 phenomenon also? Is that also contributing there? What's the journey in Tier 2, 3 cities? Is it, you know, movement from basic diabetes and thyroid to some of these packages? And is there any possibility that SwasthFit is cannibalizing some repeat usage or revenues at the company level? Those are my two questions. Thanks. Right. Thanks, Prakash. So I think on the first one, in terms of revenue, I think we've been consistent in trying to say that right now we are focusing only on organic revenue growth. If you remember about, you know, two years back, we had slipped to about a 7% organic revenue. And so we were quite clear that we want to build the organic momentum back across the organization, and that is what the team has been working on. Simultaneously, you know, the building blocks of how to take the next jump forward are being put in place. So revenue growth, you know, in the future, we are obviously working towards making this better than whatever we have now. And... But the stability that you see is kind of designed to at least bring the organic growth trajectory at a level that we are comfortable. I think we've been saying 11%-12% organic growth for this year. And once, you know, the whole base kind of comes to that level, I think other initiatives which are already being laid out should help us step up going forward. On the second question on SwasthFit, yes, I think even, even in some of the previous calls, I had mentioned that SwasthFit now, you know, with our expanding reach, we ourselves are able to now put SwasthFit into, more geographies, including the smaller towns. And we are definitely seeing offtake, or acceptability of this, in the smaller towns. Also, you know, even in the, urban centers, our penetration, or availability of this is, is getting, you know, the... We are seeing not only direct consumer or patient pickup, but like I mentioned, in some cases, we are even seeing, you know, doctor, recommendations coming for the portfolio. So that those, those levers are still in play, and that's what is, helping us, maintain the, growth momentum on SwasthFit. Okay, okay. And, you know, in some of these initiatives, which, you know, you've been culling out over the last few quarters, be it distribution, be it new product development, be it, you know, enhancing the menu, I think increasing the sales force. So where will that trajectory come in? Is it, you know, now, is FY 2027 going to get us there? Because I think last- Once the integrated Suburban has stabilized, the IT issues are done, Mumbai reference lab has stabilized. So, now, will West and South contribute more meaningfully to that, then we'll see that there is our incremental revenue coming through us? What's the tipping point or what, as, you know, analysts and fund managers, we should focus on, that this is what it is, and we, we are there? So I think, you know, for a size of organization and the scale that we are running, I don't think one single city geography will really help in kind of re- you know, taking the overall number higher. So what has to work for us is slightly different strokes in different geographies, but all geographies will contribute towards the higher growth momentum. So I would say starting Delhi NCR, North, East, West, even South, I think all of the geography, international as well, all of the geographies put together will contribute to the higher growth trajectory that we are aiming for. It is unlikely that, you know, one geography will help, you know, the overall number of the organization to go to the level that we want it to move towards. Okay. Okay, understood. From next year, we should see some better growth? Is that the path we should expect? Yeah, that's, that's the trajectory that all of us expect, including me. Sure. Sure. That's helpful. Thank you. Thank you. All the best. Thank you. Thank you. Next question is from Vivek Agarwal, from Citigroup. Please go ahead. Yeah, thanks, thanks for the opportunity. In the opening remarks, you talked about that, the quarter has been also impacted by, or the volumes have been impacted by, adverse season. So, is it possible for you to break it down, how the seasonal volumes or the fever-related volumes have grown in this quarter, or how the specialty or semi-specialty test-related volumes have grown in this quarter? Thank you. Yeah. So, I don't think we'll get into, you know, that micro detail, but, you know, it has been, quarter three is usually not a, a thing where we discuss season or fever or things like that, but, it has been an unexpected quarter in the sense that we have seen, an impact due to, you know, our seasonal fever portfolio has got negatively impacted. We have declined on that portfolio. And yes, it has, that has resulted in lower patient volume numbers and even, to a certain extent, the lower sample volume numbers. And so basically, it has declined, right? And approximately, what is the share of this portfolio in the overall patient volume? Approximately, is there any ballpark number? You see, the share is different by quarter, so I'm not too sure, and that's not something- Mm-hmm. which we focus upon, so I'm not too sure that's a data we would want even any of you to be focusing upon. Yeah, no problem at all. So another question is, if you look at the patient volume growth, right? So, although this quarter has been impacted, but even if you look at the nine months, it's around 4%-5% kind of growth. And this is despite that you are pushing significant growth as far as in the Tier 2, Tier 3 towns, expanding the network and all. So is it a right way to look at that your core markets, like, for example, Delhi NCR or in the Tier 1 markets, is there any kind of a structural slowdown as far as the growth is concerned, or how to put it? Thank you. So I think the patient volume numbers are seeing, you know, a steady growth. I think quarter-to-quarter fluctuations are there, but if you at least see in the last 2-3-year movement, you know, from you know an annual low of almost 2.7% that we saw two years back, we are going upwards. I think expecting a jump it will suddenly, you know, at the scale of patient volumes that we do, expecting you know this number to suddenly go up by 3%-4% in one calendar year or one financial year, may not be the right expectation. But yes, there is a slow and steady improvement that we are trying to build on the patient volume number. Yeah, and that you will see, you know, in the YTD number this year also. We have obviously this impact right now in this quarter, but we are seeing some increase in the patient volume numbers this financial year as well. Yeah. Thank you, Shankha. This from my side. Thank you very much. Thank you. The next question is from Anshul Agrawal, from Emkay. Please go ahead. Hi, thank you for the opportunity. Hope I'm audible? Yes. Great. So the first question is on margins. I think, generally, we see a dip in margins in the current quarter, and we had previously indicated that, you know, H2 margins would also be lower than H1, going to network investments, and other expansion projects. Are the current margins, I'm talking about nine-month ended margins, sustainable at around 29% going forward? So Anshul, Ved this side. I think, if you see, H1 margin was higher this quarter. If we take out the impact of Labour Code, it is 27.2%.... And, you know, later part of the year, we said it will be lower than, you know, first half of the year. So overall, earlier we said, you know, similar number, you know, around 28% kind of, margin. And, that is we are confident that, we can achieve in this, financial year between, you know, 27%-28%, even after this impact of Labour Code. Got it. Now, going forward, the margin trajectory would remain firmly around this 28%, is what I'm trying to understand, despite us passing on those GST-related benefits, et cetera, and all that stuff? Yeah, I think we are hopeful that we can maintain the trajectory between 27%-28%. Got it. Second question I had was, can you, can you provide us an update with, the advanced radiology pilot project that we had undertaken in Delhi? Is there any update that you can share with us with regards to traction or, any plans to sort of expand on that? So the, so the traction on the advanced radiology is that, we were running a one center pilot in Delhi NCR, and, and we are, you know, looking at it, and it is, it is kind of going as per the planned trajectory that we have. So we have now, started or just started another center in Delhi NCR on advanced, radiology, because we want to now see how replicable is our first, first pilot, you know, in another, location, which is geographically apart. So, so that's the status, as of now. So this would be an advanced center only, sir, right? It will include MRI and CT scan machines. Yeah, this is another center with the MRI and CT, yeah. Just one last book-keeping question from my end. Can you help us the CapEx number for the current quarter? Any full year guidance incorporating these high investments in radiology and even Sovaaka preventive wellness program? So Anshul, this year, you know, we have made two investments, which is one, we bought one, you know, property, which is for our precision diagnostic center. Mm-hmm. Of course, the Sovaaka, which we have just started. So we are, you know, roughly will be spending about INR 150-160 crore kind of CapEx in this year. Normally, we spend about 50, 60, 70 crore on our operating kind of CapEx. But these radiology center, which, you know, let's suppose if we take one center, it takes away about 15, 16 crore kind of investment. And if we, you know, take, let's suppose, going forward, one or two more, then accordingly, someone can factor in these two more investments. Right. So sustainably, CapEx could settle at around, say, around INR 60-70 crores of operational CapEx, plus per center CapEx on this radiology, about INR 100 odd crores could be right? Plus some, yeah, plus some new initiative or new investment. So, near term, maybe you can, you know, see between INR 100-150 crore kind of CapEx, someone should assume. Great. That's it from my end. Thank you and all the very best. Thank you. Thank you. Thank you. The next question is from Bino Pathiparampil from Elara Capital. Please go ahead. Mr. Bino, you may go ahead with the question. There seems to be no response from the line of Mr. Bino Pathiparampil. So we'll move to the next question. The next question is from Raman KV from Sequent Investments. Please go ahead. Hello, sir, can you hear me? Yes. Sir, I have two questions. One is, sir, can I get the total test volume for the quarter? Total test volume? Yeah, number of tests conducted, not the sample collected. Number of tests. We have done 22.2 million samples in this quarter. Yeah, that is the sample collected, right? I just want to understand the number of tests performed on those samples. So are you, you know, Raman, we generally give sample number. Mm-hmm. So what you are talking about, the parameter where, let's suppose if we do one test, which is- Mm-hmm KFT, LFT, let's suppose, and within that, there are so many parameters which- Yeah, yeah We do not report directly. Okay. So these are not reported. So we generally give sample numbers. Okay, understood, sir. And so my second question is registered to SwasthFit. I just want to understand the margin difference between SwasthFit, SwasthFit and the rest of the portfolio. This is where I'm coming from. I just want to understand if once your contribution of SwasthFit improves further, will it aid margins or will it be a pressure on margins or the margins will remain flat? So, you know, realization is, of course, higher in, you know, SwasthFit because of bundle and packages. But same time, we provide discount because these, these packages are at discounted rate. O bviously, we get operating leverage. Overall, I mean, net-net, it is not like very different. But yes, realization is higher, and operating leverage is always coming, be it consumption, be it other operating overheads. But somebody should not factor in that, you know, higher contribution from SwasthFit will, you know, give very high margins. You know, that one should not, you know, factor in. Understood, sir. So it is not, it is not margin diluted. Okay, understood, sir. So my third question is with respect to the newly launched Sovaaka- Sovaaka. Can you just... Sovaaka, sorry. Can you just elaborate what are the tests with, the company will be performing under this? So Sovaaka is a, is a very, new, conceptual, setup. It's focused on, preventive, wellness testing only. And, you know, it is, if you want more details, you can go onto sovaaka.com, which is the website dedicated to, to Sovaaka. You can type S-O-V-A-A-K-A, sovaaka.com, and you will get, details. But it is all preventive health checkup. These are packages, which, which are kind of, you know, there's a free consultation, with the doctor, and, depending upon individual condition, family history, et cetera, packages are suggested and finalized, and then the testing happens and, and report consultation and diet consultation post that. So it's a, it's a wellness, and preventive-focused, testing only. Understood, sir. And, sir, B2C share during the quarter, is it still 75, or has it increased? B2C share is still around 75%. Okay. Thank you, sir. Thank you, sir. Thank you. Next question is from Bino Pathiparampil from Elara Capital. Please go ahead. Hi, good afternoon. Can you hear me? Yes. Okay. Okay, great. Sorry about last time. So a couple of questions from my side. On one side, we have seen a sharp depreciation in INR, and at the same time, we have seen this European Union trade deal which cuts tariffs. Does either of these favorably or unfavorably affect our cost base, and can it impact margins? Yeah, thanks, Bino. So, yes, I think dollar is moving up, we all know. And most of our reagents and chemicals are, you know, imported, so indirectly we are also impacted. But we are able to absorb that inflationary cost because of our volume. Right now, we don't have any, you know, which is, you know, linked to directly linked to dollar, because we buy from Indian companies. On the other side, this EU trade deal is very early to comment on. Definitely there may be some opportunity in future which can come, but right now it is too early to comment on that. Okay. And in case these reagent prices actually go up, do you think you can pass them on without impacting volume growth? So, you know, we have long-term contracts with most of our large suppliers. So right now we are, we are not having that. But, yes, of course, if dollar trajectory is upwards like this, then definitely we have to review and review our pricing again. Understood. One question on the radiology plan. You mentioned that going as per plan. In the normal course, if it goes as per your plans, when can we see a significant ramp-up on that strategy? Would it be in, in couple of years, or would it be in five years? So the radiology contribution to our business is less than 5%. And, you know, even a significant ramp-up may or may not immediately, you know, impact the overall fortunes of the company. But having said that, you know, we are definitely understanding the business model around high-end radiology in brand-strong urban markets. And then we will also maybe try and understand in some other markets and then figure out our, you know, long-term strategy. So having said that, you know, in terms of time horizon, like you said, it is unlikely to be a significant contributor to top-line growth, at least not in the next 2-3 years scenario. Understood. Thank you. Thank you. Thank you. Next question is from Saion Mukherjee from Nomura. Please go ahead. Yeah, hi, good evening, and thanks for taking my question. Sir, you mentioned about the patient volume growth, you know, at 4%-5%, which you think can increase going forward. It may not be a step-up, but it will, it can go up. If you can, you know, share your thoughts as to what we should look at, what would drive that? And also acquisition, small, big, ask, is that a possibility you see, in the current, environment, and, and that emerge as a driver for you? Right. So, for the organic, patient volume growth, there are, you know, one or two obviously, quite clear levers that I think we've spoken about earlier. The most important one is the the spread and the access that we are, increasing for patients. You see, the number of new testing labs and the collection network expansion that we have stepped up over the last two years is, is aimed at, you know, getting more wider geographic spread, and therefore, ability to access, larger population and give more access to a population to come and, you know, use our, our brand for their diagnostic needs. So I think that's number one. Then, primarily over and above that, even through our existing network, you know, there are patient acquisition activities that we keep doing from time to time. And our, you know, Tier 3, Tier 4, and rural push that we have been undergoing for over, I would say, maybe 4-5-year journey that we have had on that, is also, you know, going to help us get the organic volume. On the inorganic side, you know, definitely there is appetite for us to be looking at inorganic opportunities. And we are on the lookout for suitable inorganic opportunities which can fit into our portfolio and our, you know, our strategic growth areas. And so, I mean, are you looking at, I mean, how should I say, like, you know, is it like a mid-size chain, big chains, or individual labs? What kind of acquisition are most likely? So, I think it's not that we look at, you know, all kinds of options because it is geography specific. I think the South market is something where we would definitely like to have something which is reasonably large, at least maybe a top three, top five player in a given city, with a slightly larger platform play, which we can then adopt and grow. Whereas in some of our other North, East, maybe even some parts of West, we are open to doing standalone lab acquisitions, which gives us, you know, maybe access to some micro market or some other benefit which we are maybe not able to get through our normal organic business. Understood. So on the pricing front, I understand, like, it's been, like, three years, you know, there has not been any price increase. In fact, you mentioned there has been a, you know, the GST cut on inputs were passed on. So what are, what is your view on pricing? When do you plan to take, you know, some price increase? Can we expect this year or next year? Any thoughts around that? So, you know, like Ved mentioned, we have, we have just taken a, a decision to do a price cut to pass on, you know, the GST benefit. So that cycle has to run for some time, before we consider a price increase. So therefore, I definitely don't see a price increase on the horizon, at least for not for the next, 2-3 quarters. Okay, sir, I have more question. I'll just join back. Thank you. Thank you. Thank you. The next question is from Shyam Srinivasan, from Goldman Sachs. Please go ahead. Yeah, good evening. Thank you for taking my question. Just, one on, on the realization part. Again, I'm just calculating revenue per patient from your revenue numbers and the patient numbers. So that's come up by 7.5%. You, you mentioned, I think, the GST cuts have not come in Q3, so I'm assuming it's in Q4. So, you know, what would be some of the enablers of this, would it be higher source rate? Can you just explain that? Or has the environment from a competitive standpoint been a lot more easier, do you think? The GST price cut has was taken in Q3, but it was maybe towards the end of Q3, so obviously the full impact has still not is not really reflecting in the RPP of Q3. To that extent, you are right. It is a combination of test and geography mix that we are seeing in terms of RPP. As we said, you know, Delhi NCR continues to grow double digits, and we all understand that Delhi NCR is a higher RPP market for us compared to the rest of the country. And we are also have some test mix benefits that that are there. So those are the major contributing factors for you know, the geography and the test mix for the RPP increase that we see. That's helpful, sir. Just a second question is on, you know, you alluded to higher growth over time. You know, are we talking about not the 11%-12%, but are we talking about higher than that? We think, you know, and, you know, at some point in time, if it's three, four, five quarters later, we are looking at price increases, could... Could we then go beyond the 12%, on a medium-term basis? I'm not holding you to a specific year, but just want to understand, you know, are we- is the trajectory looking up at any point of time? Yeah, I think the thought process that you are saying is reasonable. We are looking at, you know, 11%-12% is what we've been saying for this financial year. So going forward, if that becomes our baseline, we obviously would like to be slightly better than that. And if 3-4 quarters down the line, we, you know, the price increase window may open up again. Yeah, and what would be a trigger for a price increase? I'm just curious. We have not done it for many... Anything that you think will then say, "Oh, no, this prompts us to take prices." Is there something that we monitor closely? Is it inflation? I'm just curious, how, what would trigger a price increase? I think there are two triggers we look at. One is obviously, you know, internal cost is one thing which we continues to look at, how much we can absorb or what is it that can't get absorbed, et cetera. And second would also be the external pricing table, because, you know, we don't want to get into a situation where we are not, or we seem to be falling off the pricing premium table because there are quality connotations associated with price in our country still. Got it. Got it. Thank you, and all the best. Thank you. Thank you. Next question is from Surya Narayan Patra, from PhillipCapital. Please go ahead. Yeah. Thanks for the opportunity, sir. My first question is on the Sovaaka initiative. So- Sovaaka. Yeah, yeah, Sovaaka. So I just wanted to understand, sir, how is this different from the SwasthFit, and whether this will be complementing SwasthFit growth? Another point here is that, can this Sovaaka initiative be scalable and scalable beyond the NCR? So, Sovaaka and SwasthFit are very different in their idea and execution. So SwasthFit is a pathology-only and widely distributed and accessible, you know, testing portfolio, which we said not only do we do in urban centers, it also goes into tier two, tier three, tier four towns, you know, across the country. Sovaaka is a personalized, customized wellness, preventive wellness setup, which integrates, you know, pathology and imaging, including high-end imaging, and is a specific center-driven touch and feel experience for people who are looking at really in-depth understanding of their individual health status. So this is kind of center-driven. As of now, the first center that we've launched, again, you know, this will be on a mode where, where we will see how we are scaling this, the patient footfall, the walk-ins, et cetera, and the buildup of this center. I think only basis that will we decide how do we scale it. But, you know, there could be possibly multiple modes or models of scaling. But yeah, the scalability is way beyond Delhi NCR once we get the model right. Okay. So is it fair to believe this way, sir, SwasthFit is a kind of annual testing mechanism, while Sovaaka would be a once in a lifetime or once in ten year kind of thing? So both are annual. It's just that the type of testing is different and the offering is very different. Both are annual in nature from a preventive side. Sure. So- Yeah, so, Surya, just, on the SwasthFit, it is not only, you know, preventive wellness, but it is- Mm. -in our case, most of the time it is upselling, maybe, you know, patient who are coming for individual tests. They are, you know, trying to take this, package because it makes sense and avoid multiple, you know, visits, where, they can get, lot more tests in single visit. So it is not always preventive wellness, while Sovaaka is purely preventive, preventive and wellness kind of thing. But, SwasthFit is always, you know, where we have patient who comes in need also. Okay. Yeah, thank you for that, sir. This is helpful. Just one more. On the... whether we do get any benefit out of this Ayushman Bharat Digital Mission success, what we have seen? So as of now, you know, we are enabled to incorporate ABHA IDs into our system. So whosoever is giving us, you know, their ABHA IDs, we put it into their records, the ABHA IDs. But, you know, primarily, ABDM is still focused on, you know, the hospital care, diagnostics. As of now, we haven't yet seen any reasonable thing to believe that this can become a key driver of growth, for us right now. Sure, sir. Yeah. Thank you. Thanks a lot. Thank you. Thank you. Before we take the next question, a request to participants to please limit your questions to two per participant. The next question is from Vamsi Hota from ASK Investment Managers. Please go ahead. Hi, thanks for the opportunity. So my first question is on the extent of utilization of both the Mumbai and Bangalore reference labs. So given that we continue to open about 600-800 collection centers annually, with greater focus on the high growth non-metro market segments of Delhi, how do you plan to ramp up the utilization of these two specific reference labs? So, the reference lab capacity, you know, by design, is very high. Okay, because it depends on, you know, what type of machine modularity that is currently deployed, and there is obviously ability for us to keep deploying more. So, our lab is designed with a life which says, you know, we are looking at maybe a 10-, 15-, 20-year outlook on a reference lab kind of a setup. So I don't think that kind of correlates with the structure of network collection that is going in other parts of the country. So the reference lab actually helps in building the tier-wise hub and spoke model that we work on. So we've got reference labs, then hub labs, then, you know, cluster labs, then satellite labs, and then front end, we have the collection network. It's about putting a certain test menu in the market and then our ability to really build that test menu with the local prescribing community in the catchment area, and our ability to deliver that, you know, timely reports and the quality reports from the reference lab that we have for that geography. So that is an independent task and does not necessarily correlate with saying that, you know, more collection network will certainly mean more capacity utilization at a reference lab. That is helpful, sir. I'll just ask one more question. So given that we follow a revenue-sharing arrangement with our franchise network, and that in markets except Delhi, we end up sharing more than 35% of our revenue with the network, don't you foresee incremental, you know, margin dilution given franchisee-led growth? If not, how much more bandwidth do we have on expanding our EBITDA margins via process efficiencies and leverage, given that, you know, all of our growth has been volume and price, at least over the last two years? Okay, I think Ved will add to whatever I say. I think, you know, the one must understand that when a franchisee is given a margin, there are certain tasks of the of the whole process which also get outsourced. And there is a, there is a certain benefit that we also get because of, you know, accumulation of samples and, you know, and on top of that, we get an independent entrepreneur who's also kind of really running after generating business for us. So there are multiple reasons why the franchisee footprint works for us, and we've been able to really develop a very strong mechanism of of franchisee management. If you see, besides Delhi NCR, the model of, you know, of franchisee's revenue share is different in certain other geographies, depending upon how the competition layout, competition, et cetera, is. So we've been able to manage it quite well till today in terms of our overall portfolio margin, and we don't see any reason why that can't be managed going forward as well. So, you know, Ved, you want to add anything to that? No. So I don't think margin it is, you know, where it is dilutive, because first of all, this model of having a franchisee is, because of scalability, because, you know, and not putting a fixed overhead on our head, because there is an entrepreneur who always drive and, you know, it's a variable model where, you share out of your revenue share instead of, you know, incurring on, on your own infra cost. So in spite of you see our contribution has increased so much, we are not diluting our margin. In fact, we are, you know, getting operating leverage because we already have testing outlets, we have already, you know, capacity which is available, and we can leverage on that. So I don't think this will dilute our margins. Sure, sir. So incrementally, how much more scope, you know, rather another way to ask this is: What is the, you know, dream state EBITDA margin answers that you kind of look at? So, you know, I think we are very near the dream state, if you ask me, because we would rather see if we are, we feel that we are in a position to generate more margin. I would rather see how can it be deployed back to generate growth, sustainable growth over the long term. I think the margin profile that we run, 27%-28% EBITDA, is a very, we are maybe in the, quote unquote, what you said, "dream state. Sure, sir. Very helpful. Thank you and all the best. Thank you. Thank you. Next question is from Ritik Jain, from Niveshaay. Please go ahead. Hello? Hello. Yeah. Yeah. Sir, I basically my question was, the molecular diagnostic player, like 3B BlackBio or Molbio, they are coming into the industry, like Molbio filed their IPO, DRHP. So basically, are they a competition or are they a supplier to us for kits? And how is that molecular diagnostic industry doing? Can you give a color on that? Molbio is a vendor, is a supplier. They aren't really into front-end retail pathology as far as I'm aware. And so that is one question. And I— You know, molecular testing obviously is seeing increase you know over time and PCR testing, et cetera. So yeah, I think that part of the portfolio should increase. I think maybe more traction will come on that portfolio. Also, because of the oncology testing, et cetera, happening, I think that portfolio will see... And I think the second thing which Dr. Lal is also mentioning is that we see genetics, again, another area where, you know, quite a bit of traction we foresee will come in the market. Basically, can you give the reasons why that side of portfolio is doing well, and such extensive tests are taking market share from the simple testing? I don't think it replaces simple testing. Please understand, what is happening is when you get into genetic testing or molecular testing, these are more personalized, customized, and, you know, more deeper testing. But that doesn't take the need away of, routine or regular testing. Actually, on the contrary, as people get diagnosed with more, you know, difficult or complex conditions, for therapy and the patient management, the routine testing is required, and that need may actually go up. So I don't see it to be a replacement. Rather, you know, it, it is more about building and helping build your clinical, you know, superiority, as well as the trust with the, with the clinicians of our ability to really solve the complex diagnostic problems. I think that is where these portfolios also play a role in our business. This is Dr. Lal, and we are also acutely aware of the increase in testing and for all these non-communicable, you know, diseases, NCDs. So which are basically basic diseases in our jargon. But at the same time, the numbers are humongous, led by diabetes, high blood pressure, and you know, lipid profiles, and of course, cancer is catching up, liver, kidney. So all these are a very large set of diseases which we club under NCDs. So there's a remarkable improvement or performing because 65% of the Indians are dying from these diseases every day. Non-communicable diseases, lifestyle diseases. Of course, infectious diseases have not left us. They are about 35%. But right now, NCDs are catching up. Thank you. Next question is from Lokesh Manik, from Vallum Capital. Please go ahead. Yes, hi. Good evening to the team. So just one clarification I needed, the new initiative of Sovaaka, would you, would you say this is more like a DTC for a direct to customer for it, versus an established model where, you know, the, the doctor and the lab setup may not exactly be in the same premises, versus a Sovaaka, which would be in the similar premises, with obviously more advanced, advanced testing and advanced services, product portfolio? Would that be a correct assessment? So, so Sovaaka, like I was mentioning earlier, is a preventive testing and on a wellness testing-driven platform. So to that extent, you know, it, it can see more self-generated tests, but it does not mean that there is not going to be clinician-referred testing here as well. So I think, you know, even annual health checks, which people do, they may end up showing it to a clinician after that. So, so therefore, you know, it is not an either/or, but, but yeah, compared to the standard diagnostic lab testing, where primarily much more prescription-driven testing is happening, in this situation, we might see more slightly more self-driven testing as well. Right. So, so this would be company-owned, right? This would not be a franchisee or channel partners. Yeah, yeah, yeah. This is company-owned, fully company-owned, yeah. And even when you plan to scale, it will be company-driven model. It will not be outsourced to franchisees. The scaling model we will enumerate later, because, you know, once we have the experience of running the center, obviously- Right. Many more details will be with us for us to then decide. Right. But, the flagship store is company-owned. Got it. Got it. That's it from my side. Thank you so much. Thank you. Thank you very much. We'll take that as the last question. I would now like to hand the conference back to the management team for closing comments. Thank you all for joining the call today and for your continued trust and support. We hope we have been able to address your questions satisfactorily. Should you have any further queries, please feel free to reach out to us. Thank you once again, and have a good evening. Thank you very much. On behalf of Dr. Lal PathLabs Limited, that concludes the conference. Thank you for joining us, ladies and gentlemen. You may now disconnect your lines.