Ladies and gentlemen, good day and welcome to Vijaya Diagnostic's Q1FY25 earnings conference call, hosted by Yes Securities. 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 conference call, please signal an operator by pressing stars, then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Bhavesh Gandhi. Thank you, and over to you, Mr. Gandhi. Thank you. Good afternoon, everyone. Mr. Bhavesh here from YES SECURITIES. I welcome you all to the Q1FY25 earnings conference call of Vijaya Diagnostics. At the outset, I would like to thank the management for giving us this opportunity to host the call. From the management team, we have Mr. Sunil Chandra, Executive Director, Mr. Narasimha Raju, Chief Financial Officer, and Mr. Siva Rama Raju, Head of Strategy and Investor Relations. Also, I would like to add, due to unfortunate circumstances, Ms. Suprita Reddy, the MD/CEO, will be unable to join on the call. With that, I would now like to hand over the call to Sunil sir for the opening remarks. Over to you. Thank you, Bhavesh, for hosting the call. Good morning and welcome to everyone on this call. I would like to begin by presenting the key highlights for the period, after which we will take you through the operational and financial highlights of the quarter ended 30th June 2024. I'm very happy to share that we began this fiscal with another strong quarter, achieving a remarkable year-on-year revenue growth of 29.1%, of which an impressive 19.6% growth was achieved organically. The growth was largely driven by both footfall as well as test volume, and our B2C shares stood strong at 93%, with wellness contributing to 13.4% of our total revenue. I'm also happy to share that our new hub center at VIP Road, Kolkata, has completed its first year of successful operations, achieving break-even within just three quarters. This marks a significant milestone in our growth journey, and we are all geared up to make the most of the opportunities the Kolkata market has in store for us. Also, to consolidate our operations and capitalize on both the brands, Vijaya and Medinova (Medinova is a subsidiary of Vijaya Diagnostics). We are operating a center in southern Kolkata. So we have recently filed for the merger of Medinova into Vijaya. This merger will help us to optimize compliance as well as other operational costs. As part of our expansion plan, we are also excited to share that we are commencing operations at our new 10,000 sq ft state-of-the-art hub facility in Ongole, which is in Andhra Pradesh, on August 8th. This facility, which is equipped with an automated lab and advanced radiology equipment, including a 3-Tesla MRI and a 160-slice cardiac CT, will offer a comprehensive range of integrated diagnostic services to customers covering three districts of Prakasam, Bapatla, and Palnadu in Andhra. Additionally, I would also like to inform you that our expansion plan for the next two years is on track. As we speak, we have finalized leases for nine hub locations across our home states as well as adjacent geographies, Pune and West Bengal. These hubs are all scheduled to commence operations over the next 18 months. With this, I would like to hand over to Raju to take you through the operational and financial highlights for this quarter, and we'll be taking questions after his presentation. Thank you, sir. Good afternoon and a warm welcome to everyone joining us on the call today. I will briefly take you through the financial performance and key developments for the current quarter ended June 30th, 2024. The consolidated revenue for the current quarter stood at INR 156 crore, as against INR 121 crore in the corresponding quarter of the last year, delivering a robust year-on-year revenue growth rate of 29%. I'm delighted to inform that the year-on-year growth, excluding PH Pune, the organic growth rate is also quite impressive at 20%, that is, from INR 121 crore to INR 145 crore. This robust revenue growth was again driven by volume growth of 20% and footfall growth of 17%. Now, coming to PH Pune's performance for the current quarter, the revenue is INR 11.4 crore, which is in line with our expectations. Coming to the geography-wide split, the Hyderabad region contributed 71%, and the rest of AP Telangana contributed 18%, and the newly acquired geography Pune contributed 7% out of the total consolidated revenue. Like the previous quarter, the revenue growth was driven by both radiology and pathology segments, reflecting the robustness of our B2C-focused integrated business model. The B2C revenue stood healthy at 93%. Our radiology business stood at 38%, slightly higher than 37% in Q1 of last year. The revenue per test was ₹462, and revenue per patient footfall was ₹1,621 during this current quarter. Coming to Vijaya, EBITDA for the current quarter stood at INR 61 crore, as compared to INR 48 crore in the corresponding quarter of the last year, registering a year-on-year growth rate of 27%, in line with the revenue growth of 29%. Excluding PH Pune, the year-on-year growth rate in EBITDA is 17%, again in line with the revenue growth. The EBITDA margin was also healthy at 39% in the current quarter, in spite of expansion activities going on. The profit after tax for the current quarter stood at INR 31 crore, and the PAT margin was also healthy at 20%. The surplus cash reserves at the end of this quarter are INR 212 crore. As informed already, during this current quarter, the Board of Directors have considered and approved a scheme of amalgamation, wherein our listed subsidiary Medinova would merge into the company from April 1st, 2024, which is the appointed date for this merger. Since this is already a subsidiary, there is no material impact on the consolidated financials on account of this proposed merger. Coming to the expansion, the company is on track of creating new hub centers at Pune and Kolkata regions through a careful expansion strategy, and this expansion will be funded from internal accruals. To conclude, I would like to say that we continue to hold our position as the largest B2C integrated diagnostic chain, supported by a healthy balance sheet and impressive return ratios. That's all from my side. I would now request the moderator to open the line for the Q&A. Thank you. Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Amey from JM Financial. Please go ahead. Yeah. Thank you for taking my questions, and congrats to the management and good set of numbers. The first question I have is on the volume growth, which has been in high peak for the last few quarters. Is it possible for us to give some breakup in terms of how much of this volume growth will be coming from the existing units and how much will be coming from, let's say, the hubs which are added over the last two years or one year, basically? Hi, Amey. So Amey, basically, if you see, right, in the last 2-3 financial years, we've added a good capacity, right? In FY22, if you take FY2022, 2023, 2024, I think roughly including our mini spokes, we added about close to 50 centers. But the positive part here is that even if you bar the centers that we opened in FY2023 and 2024, if you take the capacity that we had till the end of FY2022, the growth from the older centers, which are older by 2 years, they have delivered a growth of almost close to 12%-13% in terms of revenue, whereas the rest of the growth has come from the centers that we opened in FY2023, 2024 in the last 2 years. Sure. Do we expect this 12% growth to continue for some time, or do we expect it to taper down over the following year? I mean, so obviously, we foresee that the growth will be strong, and we hope that it will continue. As of now, what's a good trend is that we are adding growth from new centers, and our existing centers are also continuing to grow. So it's a good sign that it will continue. No, the question I have is basically, if at all the growth is expected to come down, do we need to be more aggressive in terms of adding more hubs? So I think, Amey, so if you actually see, if you take the last five years of history, right, barring COVID, right, so the centers, so if you see the current capacity that we have, the centers that we added till FI22 and the rest of the centers that we added after FI22, still there is room for growth from these existing centers. I think at least for the next one or two years, these centers will continue to grow. But like any other retail business, if you take it long-term, I think center addition will be one of the main factors for delivering this double-digit growth. And also, Amey, I mentioned in my talk also that we have finalized and we are working on nine hubs right now. There is a pipeline for growth also from the new centers, which will open over the next year and a half. Got it. And the second question I have on the Ongole region, is it possible for you to give some color on the market dynamics there? And do you expect the mix of pathology and radiology to be similar in these tier two, tier three towns? And will it have some impact on the margins if you can give some color on the market? So again, Amey, this region, Ongole, if I have to compare within our existing network, it is quite similar to Tirupati and Rajahmundry that we have launched in the last 18 months. So basically, now in Andhra, if you see, you have about, say, 26 districts after bifurcation. But otherwise, Ongole earlier was one of the largest districts. It's basically a healthcare hub for three districts present in Andhra. And if you geographically also see, you have Guntur on the one side and you have Nellore on the other side. But between 100 kilometers, right, so from all these villages, you see the customers coming for their healthcare needs to Ongole. And it's a place where you already have corporate hospitals like Aster DM, you have KIMS already present there. Coming to super specialty doctor sets like neuro, onco, orthos, there are about more than 150 doctors practicing in this geography. This is a geography which is similar to Tirupati and Rajahmundry. Coming to the mix, generally across geographies, there's a requirement for both pathology and radiology. We don't think that the mix will change much in this geography. Since it's going to be a hub, ideally at maturity, the mix will be roughly around 50-50 from both pathology and radiology. Sure. This last question I have on the cost side, this cost of excess of health products exponentially. So you expect, I believe it must be because of the new addition, but do you expect it to get absorbed over the next following quarter? How should we look at it from the margin perspective? Thank you, sir. So Amey, if you look at the margins, okay, the healthy margins are there almost close to 39% and 39.2% exactly for the current quarter as compared to 39.8% in the last year Q1. Okay? Generally, what we have seen is that in the Q1, there will be like a 0.5%-0.6% dip will be there compared to the full-year average. Okay? So even if you look at the cost movement from the Q4 to Q1, there's no much movement in the cost except the employee cost, which has increased by 11.5% from Q4 to Q1 on account of the annual increments, okay, that happen every year. Apart from that, considering the expansion activities that are going on, okay, you might have seen in the last year, we added almost close to like 6 centers consisting of 3 hubs and 3 spokes. Currently, also, we are planning almost close to like 9 centers where signed lease is. So we started recruiting people, okay, across different functions, and also we recruited key people in the corporate functions as well. So on account of this, this employee cost has increased. And if you look at Q1 of the last year to the current year Q1, okay, you might look at almost close to like a 30%-31% increase in the employee cost and also at the other expenses as well. But primarily, one of the reasons is that almost 10% of that increase is coming on account of the PH consolidation. Because PH was not there in the last year Q1, it got consolidated mainly from the Q4 of the last year. And also like 4%-5% of the cost, okay, increase is attributable to the new centers that got opened in the last year post the Q1. So otherwise, the increment is approximately in the cost is like 15%-15.5%, which is mainly on account of the annual increments. So what I expect is that going forward, the EBITDA margins will continue to be in the range of 39%-40%. Okay? For the full year, what I expect is around 40% EBITDA margins we will expect. Sure. Thank you so much, sir. It was quite helpful. Thank you, sir. I will join that. Thank you very much. The next question is from the line of Rishi Mody from Marcellus Investment Managers. Please go ahead. Yeah. Hi. Just wanted to understand on the PH thing, right? We've changed the brand name now to Vijaya PH. Has that adversely impacted us, or are we not seeing any impact because of the brand change? So Rishi, basically, the brand change happened on April 1st. So there are actually two changes that we have done. One is the brand change and also the systems, right? The entire billing and all the backend systems got now aligned to parent company on April 1st. So what we have seen is some dip in revenue in the month of April. I would not say it's because of the brand change. It's more because of the system changes. Generally, whenever we do that transition, we have some hits. But subsequently, in the month of May and June, we have seen the revenues coming back on track. And July was a great month for PH, like for any other diagnostic center. So if we were to compare PH's revenue in this quarter versus in the last year's same quarter, what has been the growth rate? Like if you want to split it, say June, how much was the decline or flatish? And then May, June, what was the pickup? April, what was the hit? And then July, what's continued? If you can just give an understanding of how PH is shaping up. Yeah. So if you see year-on-year, it's more or less flat, Rishi, because we did not do any price increase. At the same time, there is no capacity expansion. If you look at all 5-6 years. Yeah, yeah. If you basically take the main 6 centers, they are operating at least for the past 5-6 years, right? And like we told you, in the month of April, there was some dip because of this entire transition that happened. So there was a dip in the month of April. I can get back to you with the numbers month-on-month. I don't have it handy. But in the month of June, we have seen a single-digit growth in terms of revenue when we compare year-on-year. Okay. Got it. Got it. Second, I wanted to understand what is the hub and spoke expansion plan for FY25? FY25, right? Yeah. So again, Rishi, this year, like last year, this year also, we are going to focus more on hubs because we are opening up new geographies like, say, Pune, adding the capacity in Pune and Kolkata and a few of our existing geographies like tier two markets, right? So the concentration will be more on hubs. You will see more spokes coming in from FY26 because we added Rajahmundry, Tirupati, and a few other centers in the last one or two years, which are ramping up, and then it will mature maybe in the next one, one and a half years. And also these new hubs coming in these larger markets like Kolkata and Pune. So this year, you'll see a lower number of spokes. But next year is when you'll see more spokes adding up to these hubs. Okay. What's our target for hub addition for the year? I think Narasimha Raju, you mentioned 9 hubs. Is that correct? Yes, Rishi. We mentioned that we have already signed leases for nine hubs. These are across both Pune as well as Kolkata and also some of the adjacent geographies in our home market. These are all going to be operational within the next 12-18 months, yes. Okay. Got it. Raju, just the final on the accounting front, what's the impact of Ind AS 116 for the quarter? AS 116 impact on the quarter, on the PBT level, it is approximately the PBT is lower by 2.5%. And if you look at the PAT level, it is approximately 1.2%. Lower, right? Okay, lower. So we reported Ind AS PAT of 20%. Had we followed Indian GAAP, it would have been 21.2%. Okay. Got it. 1.2% is the gap between Ind AS 116 and Indian GAAP at the PAT level. Okay. All right. Thank you. That's it from my end. Thanks, Rishi. Thank you very much. The next question is from the line of Dheeresh from White Oak. Please go ahead. Yes, thank you. Just following up on the last question, can you give the absolute crore in crores, the rental after EBITDA, the cash impact of rental? So Dheeresh? So approximately the rental, okay, is approximately like 7%-7.5%, okay, of the soft line. I'll give you the exact number, okay, but it's approximately 7%-7.5%. 7%-7.5%. No, that is good enough. Okay. Take care. And just on this Kolkata hub, which broke even, so from the day we started till the day we broke even, how much OpEx burn? If you have that handy, how much OpEx burn did the hub incur? So I don't have the exact number, Dheeresh, but what I can tell you is that today, if you look at it, okay, we completed like one year, okay, for the Kolkata and also for the other hubs. Also, we completed almost like six to seven months for most of these hubs. Okay? So all these hubs are generating a positive EBITDA. And if I look at it compared to the company level EBITDA of 40%, the drag on the company level is approximately like 0.3%-0.4%. In terms of the number, it's approximately like INR 40 lakh or something on a top line of INR 156 crores, which is like a 0.3% drag on account of the hubs which got opened in the last one year. Okay? That's the impact. No, maybe I'll take it up later. What I wanted was that Kolkata hub, since the time it opened, till the time it broke even, what is the OpEx burn that a good hub, which ramps up very nicely, what is the OpEx burn that it has from the time of commissioning to the time it breaks even? So I think specifically for Kolkata hub, we'll get back to you with the exact number, Dheeresh, but roughly it would be in the range of for the first nine months, if you take the OpEx burn, it will be in the range of maybe, say, around INR 1.5 crore for the first nine months. But we'll get back to you with the exact number. We don't have that handy, but we'll get back to you. Understood. Can you just maybe more double-click more on the new hub locations? You mentioned Prakasam, Pune, how much in West Bengal? Which cities, if you can explain? Out of these 9, we have 2 when we say 9, these are basically hub locations. We are not talking about spokes. Out of these 9 hub centers, we signed 2 in Pune. They are signed leases. 3 in West Bengal and 4 in our home markets and existing geographies. Three in West Bengal would be Kolkata, all right? One is a district headquarters, which is closer to Kolkata. Okay. Okay. The CAPEX requirement remains the same, INR 12-15 crores per hub like that? Per hub, it is INR 12-14 crore, Dheeresh. In case of hubs where we are coming up with advanced 3-Tesla MRI, okay, and also like a high-end cardiac CT like 150-slice CT, the CAPEX requirement might be in the range of INR 18-19 crore. Otherwise, for a typical hub with 1.5-Tesla MRI and then 32-slice CT, it is INR 12-14 crore. Okay. Great. Thank you so much. Congrats on very good results. Thank you. Thank you, Dheeresh. Thank you very much. The next question is from the line of Sumit Gupta from Centrum. Please go ahead. Hi. Am I audible? Yeah, Sumit, you're audible. Thank you for the opportunity. So I just want to get, so over the next 3-4 years, how do you see the geography mix going forward? So let's say Pune contributing around 7% right now, Hyderabad and rest of AP, Telangana contributing nearly 90%. So how do you see this mix changing forward over the next 3-4 years? So Sumit, maybe we'll not be able to quantify percentages, but if you actually see on ground, the aim is to grow faster in markets like Pune and Kolkata, right? So the majority of the CapEx is also going to these geographies. While Hyderabad is growing at a higher percentage in double digits, right? Even today, Hyderabad for us is growing at a double digit. But because the CapEx is going to be incurred in new geographies, maybe three, four years down the lane, organically, what you may see is today we are almost roughly at 72%. Hyderabad is around 72% of our total revenue. Maybe that may come down to, say, something like 65%, right? Because the newer expansion is happening outside Hyderabad. Okay. Okay. That's it for my side. Thank you. Thank you very much. The next question is from the line of Anshul from Emkay Global. Please go ahead. Hi. Thank you for the opportunity. I had a question on the EBITDA margins. Would we continue to see contraction from current levels? Wouldn't we continue to see the contraction from current levels given that we are aggressively expanding in new geographies and adding all hubs, adding aggressively 9-10 hubs in the next 12-18 months? So Anshul, so historically, if you look at it, okay, our expansion, okay, almost all these hubs, okay, got the EBITDA breakeven at either like super fast like Tirupati in 1 quarter or like Kolkata in the next 3 quarters, okay, not beyond like 1 year. So we are quite confident that the hubs that will come up in these two regions, that is Kolkata and Pune also, will be able to achieve the EBITDA breakeven over a period of like a 1 year's time, not beyond that. So I don't think there will be any material impact, okay, on the EBITDA margins currently that we're having. Okay? So only like a 0.3%-0.4% here and there might happen. But what I am confident is that, okay, between 39%-40%, okay, is a sustainable EBITDA margin in spite of the aggressive expansion that we're focusing on in the next 18 months. Because if you look at in the last year, we opened like 6 centers, 3 hubs, and also 3 spokes, including Tirupati, if you consider, which got opened in February 2023, it's like 4 major hubs. The drag on account of these new centers and the current EBITDA of 39.2% was hardly like a 0.3%-0.35%. Okay? That's why I'm quite confident that there won't be any material drag on these current margins of 39% or 40%. So Anshul, only in case like, say, the timing of the hubs are such that we opened 3 or 4 hubs in one quarter, right? So you may see some drag coming in the quarter, but then subsequently in the next quarter as the revenue ramps up, right? So at a year level, whenever you're seeing at a year level, we don't see much impact. You may see maybe one or two quarters if the timing of multiple hubs they open up in one quarter. Sure. So my concern was precisely that we might commission almost, say, 6 hubs this year, and majority of them would probably happen in Q3 and Q4, which would result into this drag. But you're foreseeing that the other hubs would ramp up and sort of take care of the drag that these new hubs create. Is my understanding correct on that front? Yes, Anshul. This is Sumit. So even traditionally, every year, we have been opening hubs. So if you look at even our past numbers, even with years where we have opened 4 or 5 hubs, the drag has not been so much as Raju was explaining to you. Because there are also hubs which are ramping up at the same time, and the existing centers are also growing. So we don't see a significant impact this year just because we are opening new hubs. We are opening new hubs, especially in the non-core geographies. Both of these factors, according to you, won't impact margin, wouldn't lead to margin contraction significantly, what you're saying? Pune, I think, see, we are under we have acquired a PH, right? So we are operating under that umbrella of Vijaya PH now. And we are seeing growth across the existing centers, but there are capacity issues, which is why we are opening these new centers in Pune. So I don't see a big issue in Pune. And in our core geographies, anyway, we've always had breakeven in less than one or two quarters. So we don't see a significant impact. Got it. Just one last bookkeeping question from my end. Would you be able to divulge the revenue per patient in the wellness vertical, in the wellness segment? So yeah. So basically, I think, so Anshul, we get roughly around INR 2,200-2,300 per patient. Because when we say this wellness, we have generally retail wellness, the ticket size is beyond, say, INR 2,500-2,700. But you do also have corporate wellness, which are low-ticket items. So at a company level, we are at around INR 2,000-2,300. Thank you so much. Thank you very much. Before we take the next question, a reminder to all the participants that you may press star and one to ask a question. The next question is from the line of Pranav Chawla from Antique Broking. Please go ahead. Hi. Good afternoon, sir. Congratulations on a very good set of numbers. I just wanted to ask, on the PH side, we've seen a slight sequential dip in revenue per patient as well as revenue per test. Is there something to read into this? So I think there is no significant fall in the revenue per test. But more or less, I think revenue per test and bill are in fact, the revenue for bill went up. The reason being, right, like I told you, earlier also we had this issue at Vijaya, right? When we were using the old IT systems, if a patient is going to multiple branches, we used to bill a patient. Like suppose if a patient has to go to two branches, we used to do two bills, which is counterpart to patient bill. The same issue we had with PH, which is after now transitioning to the new systems that got rectified. So in fact, the revenue for bill, I think, slightly went up. Otherwise, there is no drop in revenue for bill. Okay. That is very helpful. What would be the split of radiology and pathology in PH? It's roughly around 55%-60% comes from pathology and the rest from radiology. Okay. Perfect. And wellness? Wellness in PH is slightly higher than the company level. They're upwards of around 17%, 18% is what they get from wellness. Because they do have a number of corporate types. So are we going to reduce the packages that we have on the Vijaya level and PH as well? Or that is yet to happen? On the retail side, more or less, we have the same packages now. PH gets most of their wellness revenue from corporates. Because these are slightly when compared to the company-level realizations, they are slightly lower because of their corporate wellness. So despite all of this, PH, if I'm not mistaken, you highlighted the margins for this quarter would be around 43%. Any particular key driver that you want to highlight for sequential expansion in the margins for PH? If I'm not mistaken, last quarter was around 40%-41%. Yes. Even now, it is even mid-quarter, I think for the PH were higher than 40%, almost close to 41%. Even in the Q4 and also in Q1, only thing in the revenue, there's a slight dip off from INR 11.7 crore to INR 11.4 crore. Because what we have seen is that a slight dip in the month of April, okay, because of a couple of changes that Siva explained that happened at the Pune. Okay? So otherwise, there's no major dip in the business and also no major change at the EBITDA margins level. It's in the range of 41% approximately. Okay. What would be the revenue PH last time same quarter, the 1Q FY24? Approximately similar because at the year-end, okay, you remember it's approximately like INR 44.5 crore was the full-year revenue. Okay? So it's the last year Q1 to the current Q1, it's approximately flat. Okay. Sir, what was just one last question, if I can squeeze in? What was our revenue split between Hyderabad, the other markets, and Kolkata last year 1Q? So that time, it was 80% because that time we didn't add PH. So it was around 80%. Okay. And the rest of AP, Telangana? It was about close to 17%. So 16%, I think. 3% was coming from Kolkata and Kalaburagi together. Out of the 97, 80% was Hyderabad. Perfect. Thank you so much, sir. Thank you to you all for coming. Thank you very much. Next question is from the line of Ashutosh Parashar from Mirabilis Investment Trust. Please go ahead. Yeah, thanks for the opportunity. Congrats on great set of performance, continued outperformance against the industry. My question was on the expansion that we have taken over the last couple of years. We have seen the operational breakeven for the labs happening quite quickly in 1-3 quarters. Just wanted to understand what is driving this faster breakeven. Is it due to more contribution from the radiology business during the initial phases of operations of the hub or some other reason for that? So basically, Ashutosh, so one thing is like all these geographies that we have launched, like Tirupati, Rajahmundry, and Kolkata, these are markets which are matured. You have business. It's only that you went there and introduced some newer technologies in that market, right? And although Vijay is strong on both pathology and radiology, the advantage that we have, right, pathology is a business where instead of not having capability, you can still send the sample to the headquarters and get the sample processed. But radiology is something which happens at the site, right? Because of our advanced radiology advantage, initially, in the initial like five, six months, you see higher revenue coming from advanced radiology. And then slowly, pathology takes on. Because of these newer technologies and availability of all the services, like in radiology, what also happens is two diagnostic centers may have same MRI and CT. But you should also have the doctor who can report the scan, and also you should have a technician who is capable of doing the scan. Because of our network of 250+ doctors, right, and also we spend a lot of time on L&D, I think we are able to get that high-end cases which the other players are not being able to do in these geographies. So in the initial month, like you rightly said, it will be advanced radiology, and then slowly the name gets built and you also get the pathology volumes. How does the mix between the radiology and pathology business pan out in a typical hub, say, in the first year versus 4, 5 years later? What is the mix change? So the trend that we have seen at the time of breakeven, which is like sixth month or ninth month of operations, so roughly around 60%-65% of revenue would be coming from advanced radiology. It's not the same for all the hubs, but generally, this was the trend that we have seen. But over a period of two, two and a half years, if you see, this mix will come to 50/50. You see 50% coming from the entire radiology and 50% from pathology. But in the initial one year, you see within radiology also, you see advanced radiology dominating. Got it, sir. Just one more question. Sir, how many labs currently are incurring operational loss which are not broken even currently? The number of labs. I think as of now, we have only one hub, which is at breakeven, which we launched in almost end of November last year, which we are expecting that center to break even in maybe in August or September. Other than that, I think all the other hubs are contributing to positive EBITDA. This will be the lab in Karnataka, right? Yeah, Kalaburagi. So that's the center that we launched at the end of November, which we are expecting the breakeven to happen either in the month of August or September. Got it. Thank you a lot for the questions. Thank you very much. The next question is from the line of Bhavesh Gandhi from YES SECURITIES. Please go ahead. Yeah. So one or two questions. One is on the realization per patient, which I think is at 5% YoY. So how much of this is due to the mix change or more of wellness and higher-end? And how much is, I believe, we have not taken any price hike. So is all of this well linked to the mix change? So there are basically two reasons, Bhavesh. So one, if you see last year to current year, last year, generally at PH, because it's in Pune, right, the entire business comes from Pune, the realization for tests and footfall are higher when compared to Vijaya standalone. So that's one of the reasons why you are seeing the revenue per patient going up. But if you basically see the price increase, I think even during the current year, Q1 to Q1, if I consider the organic business, the impact of price increase is less than 1% for this current quarter. So there are two reasons. One, because of PH, and also because of the number of tests per patient going up. And again, within PH, because they have 3 hubs. So the mix, basically what you see is in a hub, the number of tests per footfall are higher when compared to a spoke. Because PH has got 3 hubs and 3 spokes, because of the mix, they have higher tests per footfall. So because of these two reasons, you are seeing the higher realization per patient. But otherwise, the price increase is less than 1%. Got it. Got it. Secondly, more of a kind of broader question in terms of your 2G market, Kolkata and Pune. So in terms of margin trajectory that we can see in Kolkata, how would that be vis-à-vis Vijaya, say, what it is doing today? And secondly, how would you rate Pune market since we are on an expansion plan now? How would you rate it in terms of margin potential there? Will it be similar to Kolkata and our core markets of Hyderabad? Bhavesh, again, firstly, if you see the pricing of tests other than MRI, if you take CT, blood, majority of the tests, the pricing when compared to Hyderabad, Kolkata is slightly higher. Pune being, again, the tier one city, it's almost more or less equal to Hyderabad. So Bhavesh, personally, yeah, so see, obviously, we have chosen these markets because we see a potential in terms of both business as well as profitable growth. So I can't say that one is better and one is worse. I think both are good markets. Kolkata also, we are expanding. Pune also, after PH, we are adding new hubs. We are adding new centers. So both will see good growth for us. And the expectation is that the margins that we see will be in line with the margins we have always looked at, which is around that 40% margin. So we see there is no challenge in getting those kind of profitability margins in both these markets. Okay. Okay. Next, just wanted to understand, if the volume growth number, is it broadly similar to the value share which you disclosed for Hyderabad, Pune, and Kolkata? And the volume breakeven would be similar to that, the value share or the revenue share? Bhavesh, so I did not get your question. You're asking about the growth of volume in the individual geographies? Yes. Yes. So would Hyderabad volume be like region, region kind of leading? And then Pune is flat, so there's a capacity constraint. So would that be the pecking order, Hyderabad, Kolkata, and then Pune? So again, Bhavesh, I think it's not a right comparison at this point because Pune we just acquired and the expansion is underway, right? So we've not set up any new centers. And coming to Kolkata, we earlier had only one center. Now, obviously, because we added a second center, definitely the growth is in double digit. But for now, whatever growth we are seeing, it's predominantly because of Andhra and Telangana, right? So if we are growing at that 16.6% patient volume growth, it's predominantly from Andhra and Telangana and again from Hyderabad. Okay. Okay. Last question from my side. If you see some of the years so far, footfall, excluding PH, for us, having typically growing by only 13%, 14% kind of a trajectory. What we have seen in this quarter is, I think, an acceleration to about 17% kind of a growth. So is this the outcome of the hub additions that we have done over the last few years kind of maturing? And is this the kind of new norm for volume growth in terms of patient footfall on a standalone basis? So generally, in the earlier years, we used to see a dip from Q4 to Q1. Generally, Q2 and Q4 are your stronger quarters, and Q1 and Q3 are slightly weaker when compared to Q2 to Q4. But yes, this year, we have seen sequential growth of 1% and year-on-year growth of higher double digit. Like we told in the initial and opening remarks of the call, right? So the growth has actually come from both the existing and the newer centers. So if you barring three years and four years CAGR because of COVID, if you take five years versus two years CAGR, right, the existing centers also have grown at a double digit. It's basically the growth across centers. But definitely, yes, the newer centers are delivering a higher growth. Otherwise, also, if you take the older centers, they have delivered almost close to 12%-13% of growth. Got it. Got it. That's it from my side. Thank you. Thank you very much, ladies and gentlemen. That was the last question for today's call. I now hand the conference over to the management for closing comments. Thank you. I would like to thank everyone for attending this call on behalf of our entire management team at Vijaya. Should you need any further information about our company, please feel free to reach out to us. Thank you once again for attending this call. Thank you. Thank you. On behalf of YES SECURITIES, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.