Slides
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Results Presentation Q2 & H1 FY27
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Disclaimer By attending the meeting / telephonic call where this presentation is made, or by reading the presentation materials, you agree to be bound by the following limitations: The information in this presentation has been prepared by Dr Lal PathLabs Limited (the “Company”) for use in presentations by the Company at analyst and investor meetings and does not constitute a recommendation regarding the securities of the Company. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information, or opinions contained herein. Neither the Company nor any of its advisors or representatives shall have any responsibility or liability whatsoever (for negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. The information set out herein may be subject to updating, completion, revision, verification and amendment and such information may change materially. Neither the Company nor any of its advisors or representatives is under any obligation to update or keep current the information contained herein. The information communicated in this presentation contains certain statements that are or may be forward looking. These statements typically contain words such as "will", "expects" and "anticipates" and words of similar import. By their nature forward looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. Any investment in securities issued by the Company will also involve certain risks. There may be additional material risks that are currently not considered to be material or of which the Company and its advisors or representatives are unaware. Against the background of these uncertainties, readers should not unduly rely on these forward-looking statements. The Company, its advisors and representatives assume no responsibility to update forward-looking statements or to adapt them to future events or developments. This presentation has been prepared for informational purposes only. This presentation does not constitute a prospectus under the (Indian) Companies Act, 2013 and will not be registered with any registrar of companies. Furthermore, this presentation is not and should not be construed as an offer or a solicitation of an offer to buy securities for sale in the India. This presentation and the information contained herein does not constitute or form part of any offer for sale or subscription of or solicitation or invitation of any offer to buy or subscribe for any securities of the Company, nor should it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever. The securities of the Company have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered, sold or delivered within the United States or to U.S. persons absent from registration under or an applicable exemption from the registration requirements of the United States securities laws. This presentation and the information contained herein is being furnished to you solely for your information and may not be reproduced or redistributed to any other person, in whole or in part. In particular, neither the information contained in this presentation, nor any copy hereof may be, directly or indirectly, taken or transmitted into or distributed in the U.S., Canada, Australia, Japan or any other jurisdiction which prohibits the same except in compliance with applicable securities laws. Any failure to comply with this restriction may constitute a violation of the United States or other national securities laws. No money, securities or other consideration is being solicited, and, if sent in response to this presentation or the information contained herein, will not be accepted. By reviewing this presentation, you are deemed to have represented and agreed that you and any person you represent are either (a) a qualified institutional buyer (within the meaning of Regulation 144A under the Securities Act) or (b) not a U.S. person (as defined in Regulation S under the Securities Act) and are outside of the United States and not acting for the account or benefit of a U.S. person. 2
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DLPL - At a Glance 4 Q2 FY27 Performance Overview 5 H1 FY27 Performance Overview 6 Financials 7 Key Performance Highlights 8 Management Commentary 10 Shareholding 15 Corporate Overview 17 Table of Contents 3 DISCLAIMER: This presentation may contain‘forward-looking’ statements at places. The Company’s business operations remain subject to undetermined contingencies and risks. Dr. Lal PathLabs Limited would not be liable for any action undertaken based on such ‘forward-looking’ statements and does not commit to revising/ updating them publicly. Contact Us 29
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Dr. Lal PathLabs – At a Glance 4 As on March 31, 2026 * Adjusted for Bonus Issue # Issued by Care Ratings Ltd. Patient Service Centers(PSC’s) 7,700+ Pathology, Radiology tests & Panels; Comprehensive Test menu 4,800+ Labs; Geographically spread-out network 312 280%* Dividend for FY25-26 44% ROCE Excl. Cash & Investments 12% FY26 Revenue Growth Credit Rating# AA+ Stable 75+ years of experience in the field of diagnostics 141 Mn patients serviced in last 5 years India’s Leading & Trusted Diagnostics Company 53 NABL & 2 CAP accredited Labs
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Q2 FY27 Performance Overview 5 Q2 FY27 Q2 FY26 Gr % Revenue (Rs. Cr.) EBITDA (Rs. Cr.) Samples (Mn) Patients (Mn) SwasthFitTM Contribution PAT (Rs. Cr.) 874 280 9.0 28.8 26% 194 731 224 8.2 25.4 26% 152 19.6% 25.1% 27.5% 9.0% 13.6% -
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H1 FY27 Performance Overview 6 H1 FY27 H1 FY26 Gr % Revenue (Rs. Cr.) EBITDA (Rs. Cr.) Samples (Mn) Patients (Mn) SwasthFitTM Contribution PAT (Rs. Cr.) 1,672 528 17.2 54.7 27% 364 1,400 416 15.8 48.8 27% 286 19.4% 26.7% 27.3% 8.6% 12.2% -
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Financials 7 Financial results of the Company are best monitored on a year-to-date basis, as there is a certain level of seasonality in business and specific quarter performance may be influenced by certain occurrences in that quarter. Figures for the current quarter and the corresponding period last year have been reclassified and regrouped for better operational clarity and comparability. Particulars (Rs. Cr.) Q2 FY27 Q2 FY26 Gr % H1 FY27 H1 FY26 Gr % Revenue 874 731 19.6% 1,672 1,400 19.4% Material consumed 162 142 314 271 Employee benefit Expenses 139 124 271 248 Fees to collection centres 129 109 245 204 Other Expenses 164 132 314 261 EBITDA 280 224 25.1% 528 416 26.7% Margins 32.1% 30.7% 31.6% 29.7% Other Income 34 25 66 53 Depreciation Cost 47 41 91 75 Finance Cost 7 5 13 9 PBT 261 204 28.1% 489 385 27.2% Margins 29.8% 27.9% 29.3% 27.5% Income Tax 67 51 125 98 PAT 194 152 27.5% 364 286 27.3% Margins 22.2% 20.8% 21.8% 20.4% EPS(Basic) 11.5 9.0 27.5% 21.7 17.0 27.6%
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8 Key Performance Highlights – Q2 FY27 Continued Performance Momentum ➢ Delivered robust top-line growth (19.6% Y-o-Y), marking strongest Q2 revenue performance in recent years ➢ Operational Highlights: Core growth anchored by strong expansion across sample (+13.6% Y-o-Y) and patient (+9.0% Y-o-Y) volumes • Scientific Excellence & R&D • Network Expansion • Tech-Driven Engagement • Scaling International Presence Strategic Growth Levers
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277 280 298 312 FY23 FY24 FY25 FY26 Operating highlights 9 No. of Clinical Laboratories No. of PSCs No. of PUPs 5,102 5,762 6,607 7,727 FY23 FY24 FY25 FY26 +35 +2,625 10,938 11,619 12,365 13,935 FY23 FY24 FY25 FY26 +2,997 No. of Patients (Mn) No. of Samples (Mn) 26.9 27.6 28.8 30.3 17.2 FY23 FY24 FY25 FY26 H1 FY27 +3.4 72.3 78.2 85.6 94.5 54.7 FY23 FY24 FY25 FY26 H1 FY27 +22.2
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Management Commentary 10 (Hony.) Brig. Dr. Arvind Lal, Padma Shri Executive Chairman Mr. Shankha Banerjee, Chief Executive Officer Mr. Ved Goel, Group CFO & CEO – International Business Commenting on the performance, Mr. Ved Goel, Group CFO & CEO – International Business said: "We delivered a resilient performance in Q2 FY27, supported by healthy testing volumes, disciplined execution, and continued focus on operational excellence. Our efforts remain centered on balancing growth investments with profitability, while enhancing productivity across the network. The diagnostics industry continues to benefit from increasing healthcare awareness, rising adoption of preventive health check-ups, and expanding access to diagnostic services across India. The organized diagnostics sector is also witnessing sustained consolidation, creating opportunities for scaled players with strong quality credentials and nationwide reach. With a strong balance sheet, robust cash generation, and a differentiated operating model, we remain well positioned to capitalize on emerging opportunities and create long-term value for all stakeholders." Commenting on the performance, Mr. Shankha Banerjee, Chief Executive Officer said: "The healthcare ecosystem is increasingly embracing preventive and precision medicine, reinforcing the critical role of diagnostics in enabling timely clinical decisions. We continue to see growing demand for specialized and high- complexity testing, supported by greater awareness among clinicians and patients alike. Our focus remains on expanding access to advanced diagnostics by strengthening capabilities in areas such as genomics, oncology, reproductive health, transplant diagnostics, and rare diseases. Investments in scientific expertise, technology, and innovation continue to enhance our ability to serve evolving patient needs. As healthcare delivery becomes increasingly data-driven and personalized, we believe our strong scientific foundation, extensive network, and trusted brand position us well to capture the next phase of growth in the diagnostics industry." Commenting on the performance, (Hony) Brig Dr Arvind Lal, Executive Chairman said: “India’s public health infrastructure is placing increasing emphasis on screening and early detection. As millions of individuals enter the screening ecosystem, the need for reliable, high-quality confirmatory diagnostics and long-term disease monitoring will become increasingly important. Another important development is the growing adoption of precision medicine and genomics. Advances in genomic science are transforming disease detection, risk assessment and treatment pathways,. As these technologies become more accessible, diagnostics will play an even more central role in enabling personalized healthcare. At Dr. Lal PathLabs, we believe that quality, trust and scientific excellence will remain the defining differentiators in this evolving environment. With our extensive network, strong medical leadership and continued investments in innovation and advanced diagnostics, we remain committed to supporting India's healthcare journey while improving access to reliable diagnostics across the country.”
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Robust financial performance 11 • Growth driven primarily by patient and sample volumes • Increase in operating margin due to economies of scale and cost efficiencies (INR Cr.) (INR Cr.) Revenue EBITDA, PAT and ROCE 490 609 696 783# 528241 362 492 532# 364 FY23 FY24 FY25 FY26 H1 FY27 EBITDA PAT (INR Cr.) 601 877 1,229 1,526 1,746 FY23 FY24 FY25 FY26 H1 FY27 Cash and Cash Equivalents *ROCE excl. Cash and Investments # Normalized 2,017 2,227 2,461 2,763 1,672 FY23 FY24 FY25 FY26 H1 FY27 EBITDA Margin 24.3% 27.4% 28.3% 28.3% 31.6% PAT Margin 12.0% 16.3% 20.0% 19.3% 21.8% ROCE* 24% 35% 43% 44% 62%
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Delhi & NCR, 31% UP & UK, 19% Rest of North, 13% East India, 15% West India, 14% South India, 6% Others, 2% Expanding Revenue Footprint Across Emerging Markets 12 Revenue by Geography FY26 Revenue Tier 3+ CAGR 16.7% Geography wise Revenue 685 789 917 1,090 2,017 2,227 2,461 2,763 34% 35% 37% 39% FY23 FY24 FY25 FY26 Revenue Tier 3+ (INR cr) Total DLPL Revenue (INR cr) Revenue from Tier 3+ (%) As on 31st March,2026
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Medllumina: First International Medical Conference by DLPL 13 Conference Podcast Series Case Study Digital Engagement Newsletter Advancing Precision Diagnostics Integrating AI and Next-Gen Technology Clinician Engagement & Advocacy Platform for Collaboration for Clinicians, Global Thought Leaders & Pathologists
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Research & Academic collaborations 14 Academia Partnerships Collaborations In House Sustainability • Fundamental Research • DOCTORAL & Multi Omics Projects • AI/ML & Multi- Institutional Projects • Novel Solutions • Clinical Trials • Startup Ecosystem • Validation Studies • Educational Initiatives • 49 ethics-approved projects • Publication priority • Improve Core Processes • Contribute to ESG Initiatives New Tests Algorithms Bio- Markers New Processes
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Promoter and Promoter Group Mutual Funds* Others FPI's & NRI's Shareholding as of 30th September 2026 15 *Mutual Funds includes Alternate Investment Funds as well Promoter and Promoter Group 52.93% Mutual Fund* 18.97% Others 9.16% FPI’s & NRI’s 18.94%
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Key Awards & Recognition 16 Lifetime Achievement Award Best Brands Healthcare 2022 Gold Award QCI – D. L. Shah Quality Awards - 2022 Top 100 Global Most Loved Workplace 2023 ICICI Lombard & CNBC TV18 India Risk Management Awards 2022 – Healthcare Financial Express CFO of the year 2022 CSR Award 2022 Padma Shri – (Hony) Brig. Dr. Arvind Lal (2009) Outstanding Contribution Award in Healthcare from Foundation for Quality (India) in 2025 Leading CFO of the year- Healthcare sector (2024-25) EY Entrepreneur of The Year 2019 – Life Sciences & Healthcare Rotary India National CSR Awards-National Leve 2026 Brand Honchos’ Indian Social Impact Awards- National Level The CFO of the year 2026India 2030 Leadership Conclave 2026 GAPIO Excellence in Diagnostics Award 2022 Rotary India National CSR Awards-North Regional Level 2026 VC Circle Healthcare Summit 2013 – Best Diagnostic Company Best CFO Healthcare 2026
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17 Corporate Overview NATIONAL REFERENCE LAB BENGALURU REFERENCE LAB KOLKATA REFERENCE LAB MUMBAI REFERENCE LAB
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Source: (1) WEF 2022, (2) Rubix Data Sciences, September 2025 Healthcare Report (3) National Health Accounts Estimates for India FY22 (4) CareEdge April 2025 report on Indian Healthcare (5) CareEdge April 2025 report on Indian Healthcare (6) Ministry of Health & Family Welfare Indian Healthcare Services is a large and growing opportunity 18 ~1.51 bn India’s expected population in 20301 5% India’s projected spend on healthcare (as % of GDP) in FY305 USD 1.5 trillion Expected India’s healthcare industry size in FY302 ~39% Out of pocket expenses to overall healthcare spends3 ~INR 1 trillion Allocated to the Ministry of Health & Family Welfare, under Union Budget 2025-266 INR 42 billion Allocated for Pradhan Mantri Ayushman Bharat Health Infrastructure Mission (PM-ABHIM) for FY2025-266 Healthcare expenditure as % of GDP 4 11.2 16.5 11.9 12.6 11.7 11.1 11.4 Canada USA France Germany Switzerland UK Japan Healthcare spend – Developed Countries 9.1 5.7 2.4 3.3 5.4 2.7 3.9 5.2 4.6 Brazil Mexico Bangladesh India Thailand Indonesia Malaysia Philipines Vietnam Healthcare spend – Developing Countries Healthcare spend as % of GDP India, highly underpenetrated market
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Drivers of India diagnostic services market 19 Longer Lifespans Govt. Spend on Primary Healthcare Higher GDP per capita Growth Drivers Lifestyle Diseases Preventive Checkups Evidence based treatment
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Diagnostic Services industry continues to remain highly fragmented 20 Source: Industry Data 36-40% 42-46% 16-20% Diagnostic Chains Standalone Centres Hospital Based Labs Highly Fragmented Industry Regional Chains Multi- Regional 55% 45%
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• Higher contribution from Rest of India business & focus on bundled test program “Swasthfit” • Successful commissioning of Regional Reference Lab at Kolkata in 2018 • Inorganic growth through acquisition of laboratories in Western & Southern India 1. NABL: National Accreditation Board for Calibration and Testing Laboratories. 2. CAP: College of American Pathologists. • 1949: Founded by Dr. Major S. K. Lal • 1995: Company incorporated as Dr. Lal PathLabs Private Ltd. • 2000: Three clinical labs receive NABL1 accreditation • 2001: Received ISO 9001:2008 certification • 2002: Received ’International Accreditation’ from CAP2 • 2010: National Reference Lab set up in Delhi • Business growth in the East region • Entry into the South and West regions • Successful IPO listing in Dec 2015 • First to set-up RT-PCR testing network in 2020 • Completed acquisition of Suburban Diagnostics in 2021 • Expanded South ecosystem through Bengaluru Reference Lab and network of Hub & Satellite labs • Established hub labs in North region • Successful commissioning of Regional Reference Lab at Mumbai in 2023 Building capabilities for scale up in geographies outside of North India Foundation Higher contribution from Rest of India, Commissioned state of the art Kolkata Reference Lab Pan India Player – Acquired Suburban, Building South Ecosystem Our Evolution 21 Precision Diagnostics, Leveraging AI, Partnerships and collaborations • Investment in Illumina NovaSeq Platform • Launch Amyloid Typing by laser microdissection • Launch of Sovaaka – AI powered precision Health Screening • Partnerships for R&D with various universities, healthcare and academic institutions • Conducted first of its kind International Medical Conference Medllumina 2005-2015 2015-2020 2020-20251949-2005 2025 onwards
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30.3M+ STRENGTHENING LEADERSHIP THROUGH TRUST, CLINICAL EXCELLENCE AND PATIENT CENTRIC INNOVATION Most trusted healthcare brand in Diagnostic Services 22 Patients Serviced in FY26 Pick-up Points Pathology & Radiology tests; Comprehensive Test menu Accreditations from CAP , NABL and ISO Centrally administered surveillance programs Coverage in metros, Tier 1, Tier 2 & Tier 3+ cities Wide reach through PSCs and PUPs 24x7 access including online access and home collection Dedicated logistics team NABL Accredited Labs CAP Accredited Labs 13,900+ 4,800+ 53 2
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Scaling Rural Healthcare 23 Expanded Reach -7 States UP , Bihar, MP , Raj, Jharkhand Orissa, West Bengal Attract Educate Convert Patients served more than 100K in Q1 FY27 GraminFit is creating a scalable rural preventive healthcare program, unlocking a large underserved diagnostics market. • Village visit • Logistics + Phlebo • Permissions • Gram Panchayat • POSM • E-rickshaw • Nukkad Natak • Sample Collection • NCD Info booklet • Large Scale Setup • High Footfall • NCD Gathering Pre Work Pre Hype Village Activity Mandi
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DLPL Strategy for future growth Patient Experience Operational Excellence Scientific Leadership New Revenue Models Merger & Acquisitions International Business AI Technology People 24
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Operations • GenAl & curated healthcare models managing interactions • 90% queries handled by bots with lower drop rates • Automation of workflows Consumers • Unified Communication Engine • WhatsApp as forefront communication channel • Guaranteed delivery with fallback mechanism • AI powered SEO engine for Organic discovery Medical • Smart Culture Reporting: Advancing Quality through Data-Driven Reporting • Algorithms for Relationship Establishment in Solid Organ Transplantation • Complement Testing : Advancing Diagnosis & Precision Therapy through Validation & Verification Driving efficiency & elevating customer experience Unleashing Digital Transformation IT Infrastructure - Al-ready compute environment for diagnostics & predictive analytics 25
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Cyber Security Capability 26 Extended Detection & Response • SASE - Secure Access Service Edge, • EDR - Endpoint Detection & Response • Cloud Native SIEM/SOAR for AI-driven security analytics Security Operations Center • Security operations center to monitor cyber threats 24x7 • Cyber Crisis Management Plan Software Security • Vulnerability Assessment & Penetration Testing of IT apps and systems • Periodic secure code, design and configuration reviews Threat Intelligence • Digital Risk Management Platform • Proactive detection and mitigation of vulnerabilities of publicly exposed systems Data Loss Prevention • Data classification platform • Rights Management System • State of the art data loss prevention technology Training on Information Security • Periodic Information security trainings to keep the employee based aware of latest cyber threats.
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Highest Quality Standards in the Industry 27 Best in the Industry CAP Proficiency Testing Score at 98.1% for National Reference Lab Consistently high EQAS Performance Testing Score at 98.2% for Satellite Labs CAP accreditation 2 labs, NABL accreditation 53 labs Real time quality control monitoring 100+ Quality improvement meetings on a daily basis with the network partners Tech Assure Program to train doctors for Internal Quality Audits Patent has been granted to Dr. Lal PathLabs for an invention related to REAL TIME QUALITY CONTROL MONITORING for the period of 20 years NABL accredited Proficiency Testing Provider
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42 KW Solar System Installed for generating the green energy in existing 3.18 MW base Use of Electric bikes for sample collection Saved 2515 Metric ton of CO2 emissions by using Solar power Use of biodegradable bags for sample collection Installed R32 refrigerant operated Inverter AC for Conserving ozone layer All labs are equipped with Effluent Treatment Plant for wastewater treatment 56,710 hours of training for employee development Descaling of DG Sets radiator to improve the smoke quality Key ESG Initiatives 28
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About Dr. Lal PathLabs Limited (DLPL) Dr. Lal PathLabs Limited is one of India’s leading consumer healthcare brand in diagnostic services. It has an integrated nationwide network, where patients and healthcare providers are offered a broad range of diagnostic and related healthcare tests and services for use in core testing, patient diagnosis and the prevention, monitoring and treatment of disease and other health conditions. The services of DLPL are aimed at individual patients, hospitals and other healthcare providers and corporates. The catalogue of services includes 525 test panels, 3,130 pathology tests and 1,173 radiology and cardiology tests as on March 31, 2026. As on March 31, 2026, DLPL’s has 312 clinical labs (including National Reference Lab at Delhi & Regional Reference Lab at Kolkata, Bangalore & Mumbai), 7,727 Patient Service Centers (PSCs) and 13,935 Pick-up Points (PUPs). In FY26 & FY25, DLPL collected and processed approximately 94.5 million samples and 85.6 million samples from 30.3 million and 28.8 million patients, respectively. Additional information on Dr. Lal PathLabs Limited: Corporate Identification No: L74899DL1995PLC065388 Website: https://www.lalpathlabs.com 29 Contact Us For further information please contact: Ved Goel Dr. Lal PathLabs Limited Tel: +91 124 301 6500 Fax: +91 124 423 4468 E-mail: ved.goel@lalpathlabs.com Siddharth Rangnekar / Nishid Solanki CDR India Tel: +91 22 66451209 / 1221 Fax: +91 22 66451213 Email: siddharth@cdr-india.com / nishid@cdr-india.com
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Thank you