Ladies and gentlemen, good day and welcome to the Medi Assist Healthcare Services Limited Q2 and H1 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 this conference, please signal an operator by pressing Star and then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Niraj Didwania, Senior Vice President Strategy. Thank you. And over to you sir. Thank you. Good evening and a very warm welcome to each one of you to Medi Assist Healthcare Services Limited earnings conference call for quarter two and H1 ended 30 September 2026. We have the results of the company. The press release and the investor presentations have been uploaded to the exchanges and on our website and also distributed from the mailing list. We apologize for the slight delay we had due to technical connection issue. Please note that any forward-looking statements are to be relied upon based on your own judgment and all financials and operating numbers discussed on the call are unaudited or management estimates and hence investors should refer only to the uploaded financials. Statements of the company. Without further ado, I would now like to hand over the call to Satish Gidugu, CEO and Whole Time Director of Medi Assist Healthcare Services Limited. Thank you, Niraj. Good afternoon. Esteemed investors, analysts and all participants joining us from India and around the world. Thank you for taking the time to join us today as we review Medi Assist's performance and strategic direction amidst the dynamic evolution of India's health insurance landscape. We are encouraged by the ongoing transformation in the health insurance segment driven by technology and strategic partnerships that enhance efficiency, access and trust. These happy milestones for us, including the completion of the acquisition of Paramount TPA, our collaboration with Star Health and Allied Insurance, expansion of our international benefits administration footprint and investment from MIT, demonstrate strong confidence in Medi Assist's vision and capabilities. These achievements reinforce our dedication to building a sustainable tech-driven ecosystem that delivers lasting value for all stakeholders. I'm pleased to be joined by our CFO Mr. Sandeep Daga and Mr. Niraj Didwania, our Senior Vice President Strategy who also leads our Investor Relations function. I'd first like to share the key operational highlights for our company performance for H1 FY 2026 and you'll also find some of this information on various slides in the investor presentation that's getting uploaded. Let me start with some operational highlights. The total premium under management administered was INR 12,719 crore as on 30th of September 2025, a growth of 20.2% year-on-year. Of this, group premium was INR 11,447 crore, a growth of 22.5% year-on-year, and retail premium was INR 1,272 crore, a growth of 2.6% year-on-year. Within this, Paramount contributed INR 488 crore in group premiums and INR 104 crore in retail premiums. Market share in terms of health insurance premium administered, which is group and retail, of the total health premiums in India was 21.3% as on 30 September 2025 as against 19.2% as on 30 September 2024. The group segment market share moved up to 32.2% as against 28.4% as on 30 September 2024, and the retail segment market share was relatively flat at 5.3% as against 5.6% as on 30 September 2024. Now moving on to business highlights for Q2 and H1 FY 2026, share of private and SAHI insurance in the total portfolio premiums at the Institute increased to 29.4% for H1 FY 2026, a growth of 233 basis points year-on-year over a similar number for last year. A sustained leadership position in the group segment. We continue to hold this well with premiums administered for private SAHI insurers growing by 28.3% year-on-year as against the industry growth of 7.8% year-on-year. Within that segment we achieved a retention rate of 93.4% for group accounts across corporates excluding Paramount portfolio and we continue. To improve the work that we do. With private and SAHI insurers in the retail segment, with the premiums administered for private and SAHI insurers growing by 47.7% year-on-year as against the industry growth of 8.6% year-on-year in the private and SAHI retail segment. Our mix of private SAHI insurers in the retail segment of premium administered stands at 37.8% for the half year. We continue to improve our provider network. Proposition for the ecosystem with our network adopted exclusively by 19 insurers in H1 FY 2026, up from 17 in the similar period last year, and our average claim size though for Medi Assist continues to be substantially lower at 4.4% as against industry medical inflation, which is generally accepted to be at 10%-12%, and we continue to leverage capabilities for delivering seamless global administration services through expanding partnerships. Mayfair We Care U.K., our international benefits business, onboarded one new Indian insurer and one new U.K. insurer for the IPMI and the Group segments. Our strategic partnership agreement with Bhutan's Royal Insurance Corporation enabling its policyholders to access Medi Assist's cashless provider network across India is live, and of course the integration of Paramount TPA operations is ongoing with focus on strengthening combined go-to-market and the overall value proposition across insurers and corporate accounts, and also while driving operational. Efficiencies at the same time and moving. On to some technology highlights for the period, we executed an industry first strategic partnership with Star Health and Allied Insurance companies for deploying our Matrix claims platform. Full scale deployment achieved in less than six months and designed to go live, demonstrating our capability to execute complex enterprise scale transformations. About 40% of the claims volume has already migrated to the platform and the full migration is an ongoing activity. We continue to keep our focus steady on technology driven fraud based and abuse prevention activities. Tech delivered savings of INR 2.3 crore in this period, marking a 50% increase year-on- year. We continue to scale up. Our unique offerings across the provider network. Raksha Prime, our AIML-based instant record offering, enabled over 156,000 discharges in H1 FY 2026 compared to 38,000 in a similar period last year, and in fact even against a total of 117,000 discharges in FY 2025. This number continues to grow day by day, with both the patient satisfaction scores and the prediction accuracy substantially going up very frequently. I now hand over the call to Sandeep Daga, our CFO, to walk you through some financial highlights. Thank you Satish and a warm welcome to all the participants. Let me share with you some of the financial highlights for Q2 and half year ending FY 2026. Starting with Q2, the total income for the period was INR 234.8 crore, which is a growth of 35.5% over the corresponding period of the previous year. Varying from the contracts with customers, excluding other income, which we call as operating revenue, was INR 232.5 crore, reflecting a growth of 28.6% over the past few period of previous year. The revenue from contracts with customers includes 12.7% each, 12.6% from government business, 4.3% from our international business administration, and 2.0% from the technology SaaS services. EBITDA excluding other income during the period was INR 39.7 crore, which includes Paramount related consolidation and integration costs amounting to approximately 150 basis points. The company has also incrementally invested into technology investments to the tumor. The INR 39.7 crore of EBITDA result into a growth of 3.3% year-on-year over the corresponding period last year and a margin profile of 17.1% on the operating revenue. Profit for the period was INR 8.1 crore which is reflect which reflects a decline of 61.5% versus the reported PAT versus last year and a margin profile of 3.4%. However, adjusting for the Paramount definition, financing incremental depreciation and amortization and result in. Higher effective tax rate. The estimate tax is in line with the historical performance. The financial highlights for half year ending September 2026, total income during the period was INR 432.8 crore, reflecting the growth of 20.2% over the corresponding period of previous year. Revenue from contracts with customers excluding other income was INR 423.1 crore, reflecting the growth of 21.4% year-on-year over the corresponding period of previous years. This revenue from contracts included 11.9% from our government business, 4.9% from the international business, and 2.2% from technology led services. EBITDA excluding other income was INR 81.7 crore, which reflects a growth of 10.9% year-on-year and a margin of 19.3% on operating revenue. Profit for the period was INR 30.7 crore, a decline of 23.3% on reported PAT versus last year and a margin of 7.1% on the total income. The key balance sheet and operating matrices as on 30th of September are as follows. Net cash balance in the books was INR -20.9 crore, the net worth was INR 591.2 crore and the return on net worth was 10.4% on an annualized basis. Return on capital employed was 14.2% again on annualized basis. Revenue per average headphones on non government contracts was INR 14.9 lakh annualized during the period. I now hand over the session to Niraj. Thank you Sandeep and Satish for running through the performance of the company. We will now take questions and answers. From the questions from the participants on the call. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to please use handsets while asking a question. Ladies and gentlemen, we will now wait for a moment while the question queue assembles. Our first question is from the line of Navid Virani from Bastion Research. Please go ahead. Hello. Am I audible? You are audible, sir. You may proceed. Yeah, thank you for the opportunity. First of all, congratulations on the acquisition of Paramount. I have a couple of, you know, business understanding questions. First one, sir, is on unit economics. What I want to understand is how as Medi Assist do you earn. I mean, I understand that all our. Income comes from insurers. What I want to understand is. Is it fixed per policy or do? We earn as a percentage of premium that we administer. That's first. Thank you. This is Satish. We predominantly own our revenues in the India TPA business, which is our largest subsidiary in the regulated India TPA business. We earn our income only from the insurance companies, and most of this income is paid within the group and retail business as a percentage of the premium. In the government business, typically it is a fixed number of rupees per family per year, and that number depends on the complexity of the bills and the various conditions and demand for deployments. These are the two predominant sources of revenue within the TPA business. Yeah, so. The second question which I had was on the growth levers. So if my business understanding is correct. Sorry to interrupt, Navid, but your line is not very clear at the moment. Is it better now? Please go ahead. Let's see. Yeah. Next one was I wanted to have some understanding of the growth levers for Medi Assist. In my understanding we have four growth levers. First is if we onboard a new insurance company as a client, that's one. Second, we have more number of policies or higher premium to administer. Third is acquisition and the fourth one which is a newly added one which is SaaS. Is this understanding correct, sir? I mean it's reasonable. Let me just articulate it so that we have. We are predominantly in our health benefits administration business. We today report our revenues from what we own from our standard TPA business across group, retail and government segments. We earn revenues like I've explained as an answer to the previous question. Second, of course we have revenues from our international arm. Third is a segment that we started reporting separately, which is revenue from the technology services as a line of business. These are the three broad segments and of course each one will benefit from expansion of the funnel. You know, us able to convert more and us able to improve our yields. Thank you. Our next question comes from the line of Madhukar L adha from Nuvama Wealth Management. Please go ahead. Hi, good evening. Thank you for taking my questions. First, just on the balance sheet, you know, your other intangible assets have gone up considerably. I am guessing that is a result of consolidation and customer relationships, etc., have been capitalized. I wanted to know how much of the depreciation and amortization is sort of these customer relationship related. Also, if you look at trade receivables, they have gone up quite sharply at the end of September. That was the other thing I wanted to understand. Why have trade receivables shot up? Third, I think you mentioned that EBITDA for Q2 was impacted by about 100 basis points of additional technology related investment. If you could explain that and give us some sense of likely trajectory of these investments and have we made any sort of changes over there on a year-over-year basis? When I look at your cash flow statement in the first half, I do not see any significant increase in CapEx. It has broadly remained at about INR 26-27 crore. So. Yeah, I mean. That's the other point. I mean, you know what is actually. Driving the depreciation increase. Yeah, those would be some of my questions. Thanks. Thank you, Madhukar. This is Satish. I will answer some of the questions and then I'll hand over to Sandeep for the rest. Maybe start with the clear receivables. We had a little bit of a timing issue between, you know, September and October in one or two large project collections that sort of moved the needle by the number of, I mean, significantly on the DSO. But those collections, like you've always seen, sometimes are seasonal from quarter to quarter. We have since collected significant amounts of that and then reasonably back to normal. It is more a timing difference on the trade receivables, one on account of the larger business and two on account of delays in some very specific large project that caused this. Otherwise, we are sort of back to normal. From a technology cost perspective, Madhukar, as much as its investments, it is you're aware that we have our technology SaaS business. There are lots of implementation work that is going on. There is a fair bit of an upfront thing of that cost that's happening right now that should even out in the next quarter or so as the volumes ramp up on the platform and the revenue numbers actually move up. This is more just again a ramp up phase of the project, nothing specifically that we are building out as a new platform or a new capability, continues to be what we've done before. On the other intangible assets, specifically from the customer relationship side of Paramount, it's about INR 3.5 crore for the quarter. And that's what you're seeing from the intangible side on the balance sheet on account of that amount now. In the depreciation amount, right? Yes, yes. Yeah. Because I think the capitalization is more, a lot more. Right. Because other intangible assets have almost grown about, what I mean, there are INR 220 crore from about INR 92 crore in March. Hi Madhi. Yeah, so this is the. This is the full customer relationship value for the entire transaction. This is, of course, the difference is not v Panama and that is amortized over a longer term period. We are just giving you a quarterly impact of that. Just the quarterly impact. Yeah, got it, got it. Your last question on the cash flow on capex and depreciation, some of the depreciation is also because we have also with Paramount acquired some, there are some fixed assets. There is also some amortization on right of use assets. So the D&A has gone up apart from the intangibles is also because of the Paramount consumption. They also come with some assets and some D&A going up on their assets. Yeah, yeah, great. Okay. Just a follow up, you know on the business side. See, you know, I'm still going through the presentation because it came in very late, so maybe I'll come back in with you later. On the business side, what's happening with the implementation of, you know, the SaaS sort of model with Star? Can you give us some update there and, you know, if any guidance on likely sort of revenue on that project? Madhukar, it's part of the press release and I think we've had good success and as announced by Star themselves, about 40% of the volumes are on the platform and of course it's a timed, carefully collaborated platform. Maybe a two to three quarters potentially is where you're looking at most of the sort of the volumes migrating. I think we continue to report technology revenues even in the quarter. Even in the current quarter despite the increased revenues, we're still tacking to about 2% of the quarter as 2% of the revenues as the technology revenues. Maybe I think we will be in a better position to talk about the overall technology revenues in a quarter or two as we sort of complete the integration. We do not include this sort of technology service premium related to this technology service in the retail premium. Right? Or this. We do not do that. I just want to double check on that actually. Absolutely. Madhukar. We do not include, we only include those premiums for which we were explicitly hired as a TPA. We are full service. We're doing the full service. Okay, great. Okay. I'll sort of come back in the queue. Thanks. Thank you. Our next question comes from the line of Gaurav Shah from Harshad H Gandhi Sec Pvt Ltd. Please go ahead. Sir. Am I audible? Yeah. Thanks for the opportunity, sir. My question is more of a strategic in nature. With the recent exit of private equity, the so-called promoter holding is just like close to 5%, which is such a less holding. I want to understand what will drive the management to work with the like. Same like passion or vigor as before. I mean since the skin in the game is really less now. I just wanted to have your views on this. Are you planning any ESOP sort of thing for the management to work like get the same patient and all that? Just wanted to hear on that. We've always been a professional board run company with a large independent board where I'm with a professional management. We've not been a family run business ever. I think that's what allowed us to attract the right kind of talent. Of course with the right kind of incentives and structures for the management. We have among the most able management in the organization that has worked through the years and through the listing and post listing. First there is really no connection between promoter holding and the management. Secondly, I think given the board and given the governance structures, there is obviously a continuous and constant review of the management teams on the incentive structures. That is something that gets very reviewed and acted upon at the board level. Okay, thanks a lot for use. Thanks a lot and all the best for the future. Thank you. Thank you. Ladies and gentlemen, we request you to please press star and one if you wish to ask questions. Our next question comes from the line of Jayesh Gandhi from Harshad H Gandhi Sec Pvt Ltd. Please go ahead. First of all, congratulations on the standalone numbers. My question is regarding Paramount and Raksha. You have given the revenue breakup for Paramount. Can you just help me out with any EBITDA that you might have calculated on that? I think it is negative, but to what extent? Hi. Hi Jay. Actually yes. See what happens is we do not individually carve out revenue or profitability of these businesses because we are running them as a combined business once we have acquired them. Eventually both are TPA system Paramount. What we have indicated is the dilution is a combination of sort of low profitability that we bought with Paramount at the time of closing. That is also some integration efforts and other transaction costs that we are incurring in the first quarter since we acquired that. We are not independent, we are. Not giving individual values, but aggregate. That is the kind of dilution that Paramount Acquisition has brought in the first. Quarter on consolidation, which includes, yes, you. Are right that it is very low for profitability, EBITDA that they bring in. Plus there are other costs that. Are incurred either at Paramount level or. In our books which are related to the Paramount acquisition. Another question now, since we have already integrated Paramount also, do we see any immediate low hanging fruits that we would like to pluck in terms of cost rationalization? Satish here again. Typically we've always said from all of our acquisitions that it takes us about four to five quarters to convert an acquired entity's operations into our operating model. The reason why we guide for four to five quarters is, as you are aware, our business has predominantly only annual contracts right at the policy level and different policies start on different dates. The last policy that we serve could potentially renew after a year from the date of acquisition. That's the reason why we sort of guide for a four to five quarter. Of course some of these transitions we have a template by which, you know, we have executed the previous four integrations successfully. Of course, I think what is extremely important in this process is to make sure that the customer retention does not suffer, our retention numbers remain high, and that there are no challenges from an operations perspective. It is a carefully calibrated, step by step process. In general, in four to five quarters you should see the combined business getting back closer to the original margin profile, i.e. Prior to the acquisition. That's all from my session. Thank you. Thank you. Our next question comes from the line of Nidhesh from Investec. Please go ahead. Thanks for the opportunity. First question is, can you quantify the one-off kind of impact because of integration sort of challenges, integration sort of cost that we are incurring this quarter, which will not recur, let's say next quarter? What we would want to do is, as we have indicated, related to Paramount acquisition. There are expenses that we are incurring at Paramount, which of course value there. EBITDA, which is the consolidation part and. Other integration costs that we are incurring. Combined with a 150 basis points impact in this current Q2. You should look at it at that 150, which impact has to eventually become breakeven and then be operative in our journey to bring it to our margin profile. Splitting that between what is a reported EBITDA margin and what is the actual integration cost will not help because they are sort of interchangeable because eventually related to Paramount, we are incurring costs on travel, you are incurring costs on bringing in corporate and governance structures and of course the efforts on the business retention. There is an existing business which has its own profitability. When looking at revenue recognition in India's terms and other factors. That is why we have given a consolidated view that today as we stand Paramount is impacting at a 150 basis points level. Okay. You have mentioned around 100 basis point impact because of the technology investments. Is it now a recurring phenomenon or will it also get absorbed in next quarter? I think, Nidhesh, you should of course continue to innovation. We have a whole lot of things that are happening right now, especially on the innovation on the provider side where we're getting almost closer to 20% of our patients now, the members walking out of the hospitals without even a bill getting printed. There's a substantial kind of improvements that we are bringing about. A large part of this is because of contracts that we've won on the technology SaaS side where the revenues will start kicking in once the migration sort of gets to be a lot more meaningful in terms of volumes. There are some upfront costs. It should get normalized as a percentage of revenue as the revenues move up. Let's say on a steady state basis, how do you see the EBITDA margin of the SaaS business? Will it be higher than the company level margin, or will it be, because currently it would be negative I think, I guess, given the investment that we are required to do up front? On a steady state basis, how do you see those margins, and when do you expect that steady state to reach on the SaaS business? We, it's about, we are on a four, five quarter journey from an implementation perspective of which down about two quarters. You are right. Of course, there's a lag in the revenue coming up, and of course, it's a much higher gross margin business because there are no past people cost like in the TPA business. It should be accretive to the overall margin profile at the steady state. Just to add. Like you published, right, our cash revenues are 2% and we said that there is incremental technology investments of 100 basis points. These two may not be directly related. There are investments we make in technology. Like Satish said, we are implementing a very large project and not all the. Revenues are in today. Plus there are a lot of innovative. Offerings and technologies that we are building internally. At this point you will not be able to come to a conclusion saying that SaaS is not profitable or SaaS is at a higher margin than the company. Those two reported numbers may not be directly related. Sure, sure. Third is on depreciation cost. Depreciation is also increasing quite sharply. The number that we reported this quarter, is it now a normalized number or will it continue to inject? Primarily the depreciation and amortization cost has seen a spike in Q2 on account of the acquisition of Paramount. Where the TPA exercise has resulted into intangible asset creation, which sort of bumped. Up the depreciation and amortization cost. We believe that this is likely to be the run rate for a few more years till the time this entire customer retention relationship amount gets normalized. That's it from my side. Thank you. Thank you, participants. You may please press star and one if you wish to ask questions. We have a follow up question from. The line of Navid Virani from Bastion Research. Please go ahead. Hi, thank you for the follow up opportunity. My question is regarding the leverage of books. If I look at the current number, it's around INR 245 crore. Now, based on whatever update the company has provided, I believe INR 150-odd crore will be paid off from this, and we'll still be left with around INR 100-odd crore of debt on our books. However, I think if I look at the picture one and a half years back, we used to enjoy a debt-free status. My question is how, I mean, are we still going to progress towards that debt-free status, and if yes, what is the kind of timeline that we have in mind to achieve the same? Yeah, so we expect to clear off approximately INR 150 crore of the current debt of INR 242-odd crore in the next one to two months' time there are. Certain lock-in term load which you. Have acquired and we expect that with. The cash getting generated by the business. Over a period of time we will be able to become debt free latest. By March April 2026. the next two to four time, we expect to become debt free in total. Next one is again regarding the Paramount acquisition and its impact, platform, the P&L. Now that we have acquired you. know, Paramount and the impact has started off, has sort of started showing up. If I just connect this with the, you know, guidance or the understanding which the management gave, I think a few. Quarters back, a few quarters back there. Was, you know, a statement that at a normalized level, as a TPA operation, we can run it 22%-23% kind of an EBITDA margin. Now I understand there is pressure because of acquiring an entity which is, you know, really profitable. My question to you is, are we still running for that 20%-23% kind of an EBITDA? If so, I mean, what is the kind of plan and what is the kind of timeline again, if you can spell it out to achieve this. One. Satish, I will start and then I will hand over to, you know, Sandeep. If you look at before Paramount acquisition, if you look at our Q1 numbers, we reported a 22% margin. That is the run rate at which the standalone or the business, all of Medi Assist's business across the group, excluding Paramount, was sort of at. Of course, there are two kinds of things that, like Niraj and others have pointed out earlier in the call. One is the relatively lower margin that the business brings in, so there is an impact of that. Two is the transition cost that we typically incur, right from governance to consolidation to improving service levels to changing the operating models. Three, of course, is because this is an annual renewal business where customer retention is critical, we are occasionally forced to wait for four to five quarters to move or transition some of the specific clients. Given all of this, you will see this impact for maybe four to five quarters. Our endeavor remains that we get back to our 20%-23% margin profile. Steady state in the core business. Thank you for the opportunity. Thank you, ladies and gentlemen. You may press star and 1 if you wish to ask questions. Our. Next question comes from the line of Jayesh Gandhi from Harshadesh H Gandhi Securities Pvt Lt d. Please go ahead. Since we charge as a percentage of premium, the reduction in GST rate specifically on individual and family, are we impacted or are our charges always X or GST? We don't. I didn't quite fully understand the question, but I'm assuming that you're asking, one, whether GST has a positive impact, and two, whether the GST has an impact on our service fee. Is that the question? To give an example, if the premium is standard rupees and GST on that is INR 180. Before, what has been our business model, do we charge percentage of 118 or do we charge as percentage of 108 on 100? The service charges are always on the net premium, not on the gross premium, not 100. In your example it's 100. Thank you. Thank you. That's what I want to clarify. Thank you. Participants, you may press star and one to ask a question. Our next question comes from the line of Ashok Kumar from EY. Please go ahead. Hi, thanks for the opportunity. I have one question regarding the overall profitability. Ashok, sorry to interrupt but your line is not clear. Request you to please check the mode that you're using for the network. Am I audible? Yes, please go ahead. Yeah, I have one question actually. I do understand that this is the first quarter where we have taken Paramount. Members into our books on a fully consolidated basis. It has an impact on the overall profitability. I mean I'm talking at the net profit level. If you see the off yearly profit is compared to the last year. It is down from INR 40 crore to INR 30 crore. If I understand it correctly, when we can see the overall. Profitability come back to the normalized level. Or when we can expect again the growth phase to start. Yeah, that's the question I have. Hi Ashok. Ashok, the profitability is down, one of course because Paramount is just acquired and then we have to get them to our margin profile. Second, also like earlier on the call was clarified, there are accounting entries we need to pass because of the acquisition which are on account of customer relationships and contracts, which is in the form of amortization. Because of that and because of high depreciation and amortization which will continue at that level, the reported PAT may be lower. Again, we are a cash generating. Business and so what we will do. Is right now there's a balance sheet that is going to be published, so easily you can find out that, okay, what components are non-cash accounting entries and then what is the real cash profit? We will be able to give you a guidance on what is reported PAT, which could be slightly diluted because of the accounting impact. Actually, cash profits will be higher. Maybe if I can add on. Sorry for putting in. This is Satish. I think we have presented to you the EBITDA dilution which is not really significant considering the entire impact of Paramount and the transition and all of the work that we're doing, including the technology SaaS projects. Right. I think what we are basically saying is that the EBITDA to PAT conversion today is sort of colored by some of the things. For example, we've used the power cash to acquire Paramount. So there is another income loss and there are financing costs on the loans that we have. There is an incremental D&A that's coming actually from the acquisition. I think if you were to sort of probably remove this as quote unquote noise that is sort of coloring the reported PAT from EBITDA, you will see that our PAT will be fairly compatible to our previous performance level. Like Niraj said, it's in the balance sheet. You know, happy that, you know, you can pick this up offline with the team. You know, that's how I would. Sort of look at it. Yeah, thank you very much, Satish. Just to follow up on that. Is it fair to understand, you? Know, the guidance given that in the. Upcoming four to five quarters the EBITDA. Margins would fall back to the 22%-23% level. At that point of time the EBITDA conversion to PAT again would fall. Back to the normal stage. Is that a fair understanding? Of course the two big unknowns are the incremental depreciation and the taxes. Taxes are not in our control but there will be some amount of incremental depreciation that's coming from Paramount which I think Niraj has clarified earlier as three and a half. Of course it will remain for a while, but from a cash profit perspective, yes, we'll definitely be back to our performance levels. The reported PAT may be slightly subdued because of the way of course the reporting happens. Thank you. Our next question comes from the line of Vishesh Jain from IIFL Capital. Please go ahead. Thank you for the opportunity. I had a couple of questions. Firstly, on the margin front. Sequential basis. Your audio seems to be breaking up in between. We lost a few words. Please go ahead. My question was on. First, I had two questions. Firstly, on the margin front, our margin seem to have declined by 500 basis points on a sequential basis and around 400 basis points on a year-on-year basis. You had explained around INR 250 million due to Paramount integration and the tech investments which we've been making. What are the other events which have impacted our margins? That was the first question. Secondly, on the GST front with the recent exemption of retail health policies, what kind of opportunities do we see where we can create further inroads or any change in strategy which we are planning to make to, you know, grab a larger share of the retail health pie where we are currently at a market share of 5% odd. Those would be my two questions. Vishesh, this is Satish Sir, I will start and then Niraj and Sandeep can jump. Of course, I think on the GST thing we do believe in the long run that it will be beneficial and accretive to the whole industry. Of course, the September numbers, they get skewed across the industry partly for members actually waiting to buy or renew and versus tail-ended growth towards the end of the quarter. We do believe that in general. It is accretive and there will be more growth. I think maybe one of the things that we have published in the Best and the Deck is the number of insurers we are adding to the retail portfolio and the steady growth of private SAHI insurers in our portfolio not just in group but also in retail that has substantially grown and also way faster than how retail has grown within that segment. Of course as we continue to add you will see us do more work in detail and we currently have some portions of our retail business that are discretionary and allocation based. As we continue to reduce that component and continue to add more stable portfolios that are long term in nature. You will also see lesser of that yo yo in the numbers as we move forward. In general we remain bullish about our opportunity in retail and for the retail that will potentially not migrate to a TPA-led model. We have other answers today. Some Matrix platform that can be useful technology, our fraud-based and abuse capability, I think we have not announced that but we now have the capability to run our fraud-based and abuse AI engine independently on any insurer's claim system and not just only on our claim system. That is a capability that we are very excited about in deploying to various insurance partners. Across TPA model, the technology model and the AI models, we are very confident that we will make a significant discontent in the market share on the retail side. Now coming back to your margin questions, of course we have called out what we have incurred as additional costs and investments. The business that we are consolidating, that itself has a lower profitability today and a lower margin profile and that sort of accounts for the incremental impact. That we're looking at. Vishesh. Comparison, like Satish said, on our base of a profitable 22% margin business. We've consolidated a lower profitability business. Then there is other sort of valuation impact items that we have incurred. Which we have called out. It is not an actual 500 basis points decline. Thank you. We have no further questions. Ladies and gentlemen, I would now like to hand the conference over to Mr. Niraj Didwania for closing comments. Over to you, sir. Thank you so much for your active participation on the call and we are available offline to address any further queries. For any other queries you have, please email us at investor.relations@mediassist.in. Thank you. Thank you. On behalf of Medi Assist Healthcare Services Limited, that concludes this conference. Thank you all for joining us. You may now disconnect your lines.