Thank you. Good evening, everyone.

I am Amey Chalke, and on behalf of JM Financial, I would like to extend a warm welcome to all of you to the third quarter FY '26 earning call of Vijaya Diagnostic Centre. At the outset, I would like to thank the management of Vijaya Diagnostic for giving us opportunity to host the call.

We look forward to having an engaging and insightful discussion on the company's quarterly performance and outlook. From the company, we have with us today Ms.

Suprita Reddy, Managing Director and Chief Executive Officer; Mr. Ankit Shah, Chief Financial Officer; Mr.

Sivaramaraju, Chief Operating Officer; and Mr. Dhiren Gala, Assistant General Manager, Strategy and Investor Relations.

With that, I will now hand over the call to the management for their opening remarks. Over to you, ma'am.

Thank you, Amey, for hosting the call. Good evening, and thank you all for joining us on the call today.

Firstly, I am happy to share that we've delivered our highest ever quarterly revenue of ₹205 crores in Q3 FY '26, reflecting strong execution across the organization. I would like to congratulate the entire team for delivering robust performance across both the top line and bottom line.

Before I move to a detailed business update, I would like to welcome Mr. Ankit Shah, who has joined us as our Chief Financial Officer.

Ankit brings over 20 years of experience in finance, including more than a decade in the healthcare sector, along with a proven track record of leadership. We are confident that his expertise will strengthen our financial governance, improve operational efficiency, support M&A initiatives, and contribute to our sustainable long-term value creation.

I'm also very happy to welcome Siva back as our Chief Operating Officer of the company. I don't think he needs any introduction, as you all know him very well.

We wish him success in this new role. I would also like to welcome Mr.

Sai Prasad as our new Chief Technology Officer and also Dr. B.

Kiran as our Lab Director. In addition, we have strengthened our clinical and corporate functions with three key strategic hires, and will continue to invest in talent, as we believe that building the right leadership and capabilities is critical to our sustained success.

With these additions, I am confident that the team will be instrumental in driving our next phase of growth. Moving to the business update, I am pleased to start on a very positive note, as we have delivered a robust year-on-year revenue growth of approximately 21.4%, supported by volume growth of nearly 15% in Q3 FY '26.

Revenues also surpassed Q2 in absolute terms, which is notable again that Q3 is typically impacted by festive and seasonal softness. This performance underscores the resilience of our integrated business model, with a very balanced growth across both radiology and pathology.

Radiology benefited from the strong execution driven by our hub expansions over the past few years and the strong reception of the Vijaya brand in new geographies. Pathology growth was primarily led by the wellness segment, fueled by rising demand for both preventive healthcare services, favorable seasonality, and the ongoing network expansion.

Turning to PH, we delivered a year-on-year growth of approximately 8%, primarily driven by network expansion. Our two new hubs are ramping up steadily and are on track to reach breakeven within one year, in line with our guidance.

During the quarter, we further expanded our network with the successful commissioning of two new hub centers in Phulbagan and Diamond Harbour, bringing our West Bengal hub footprint to seven. We also commissioned two new hubs in our core markets of Khammam and Nandyal, reinforcing Vijaya's commitment to making world-class diagnostic services more accessible.

I am very pleased to share that two hubs launched in Q1 FY '26 in West Bengal, Krishnanagar and Barasat, have achieved breakeven within just three quarters, ahead of the expected one-year timeline. This highlights the strong demand for quality integrated diagnostic services in the region.

Looking ahead, our key focus areas will be stabilizing the newly launched hubs, commissioning multiple spokes across our network, continuing to invest in the latest technology to enhance the customer experience, and strengthening our brand presence in these new geographies. With that, I will now hand over to Ankit to walk you through the operational and the financial highlights.

Thank you.

Good evening, everyone, and a very warm welcome to everyone joining us on the call today. Thank you, ma'am, for the warm welcome.

I am delighted to be joining the organization at a time when the company has delivered such strong performance and built strong momentum. The timing presents a great opportunity to build on this success, further strengthen our financial foundation, and support the next phase of sustainable growth alongside the leadership team.

I will quickly take you through the financial performance and key developments for the current quarter and nine months ended December 31st, 2025. The consolidated revenue for the current quarter stood at INR 205 crores, reflecting a strong revenue growth rate of 21.4% Y-o-Y.

With strong revenue growth, just like previous quarter, was driven by test volume growth of 14.7% Y-o-Y. Balance growth of 6.7% was largely on account of change in the test mix.

Coming to the geography-wise revenue contribution for the quarter: Hyderabad contributed 68%, rest of AP-Telangana contributed 19%, Pune 6%, West Bengal 3%, and rest of the geographies contributed 4%. Like the previous quarters, the revenue growth has been driven by both radiology and pathology segments, reflecting the robustness of our B2C-focused integrated business model.

The B2C revenue stood healthy at 92%, our radiology business stood at 37%, the revenue per test and revenue per footfall stood at INR 487 and INR 1,756, respectively, during the current quarter. EBITDA for the current quarter stood at INR 86 crores as compared to INR 67 crores in the corresponding quarter in the previous year, reflecting a Y-o-Y growth rate of 28.2%.

The EBITDA margin stood healthy at 41.9% in the current quarter, with an improvement of 221 basis points Y-o-Y. The profit after tax for the current quarter stood at INR 43 crores, reflecting a strong growth of 22.3%, and PAT margin also stood healthy at 21%.

I will now summarize our performance for the nine months ended December 2025. The consolidated revenue for the current nine-months period stood at INR 595 crores as against 508 crores in the corresponding previous year, reflecting a Y-o-Y growth of 17.1%.

The EBITDA stood at INR 241 crores as against 204 crores in the nine months of the previous year, registering a Y-o-Y growth of 18.1%. EBITDA margins stood healthy at 40.6%, and profit after tax was at INR 125 crores, with a margin of 21%.

Coming to the update on capital investment in the current period, we have largely utilized our capex plan for FY '26 with an overall capex outlay of INR 159 crores till date, inclusive of the replacement capex. For FY '27, the capex outlay for the new centers is estimated to be INR 100 to 120 crores.

That's all from my side. I would now request the moderator to open the line for the Q&A session.

Thank you.

Hi. Thank you for the opportunity and many congratulations on the strong quarter.

First question is on the Hyderabad region. I think ma'am alluded that PH or Pune region has grown by 8%.

Could you quantify the growth in the Hyderabad market on a Y-o-Y basis?

Anshul, the growth in the Hyderabad market was close to 15% on a Y-o-Y basis. This was equal across pathology and radiology.

Got it. If I'm not mistaken, we've not added any hub centers in Hyderabad in the current or in the last two or three quarters.

This is purely organic, as in like-for-like growth in the region?

Yes. From the existing capacity.

This is from the existing capacity.

Would you be able to allude as to what has caused this strong growth in the core region?

I think during this quarter, the season has been favorable for us on the pathology side in specific. What we have seen is, whenever the season is favorable, Vijaya not only outpaces the industry growth, but also incrementally gains market share from the competitors.

Also, there was a spillover which we saw from Q2 to Q3 because of extended monsoon season. Also, we did benefit from pre-festive season this time around.

All these factors have led to a strong growth of 15%, especially in the Hyderabad region and overall as well.

In fact, that is one of the reasons, Anshul, why we say healthcare being seasonal, it is always I would say better to look at a full-year level rather than seeing quarter-on-quarter. We had a very good Q1, slightly softer Q2, and then very good Q3.

Sure, Siva. The growth on a nine-month basis for the Hyderabad region would also be somewhere around mid-teens?

Yes.

Yes.

Okay. Clear.

Second question was on our hub expansion plans for H1 or rather full year FY '27. While I understand you guys have presented only for the half-year period, would it be possible to share your thoughts around what could be the steady state of hub expansion over the next two to three years?

What I'm trying to understand is we have opened two new geographies in the last year, counting Bangalore and probably revamping the Pune cluster. Would we look at more spoke additions in the next two years, or would it be sort of balanced?

FY '27 per se, you'll be seeing about four to five hubs and about 10 to 12 spokes. If I take FY '28 and '29, I think you'll see an optimal mix of spokes and hubs because, like you rightly said, we added three new geographies: Bangalore, Pune, and Kolkata.

At the same time, by FY '28, what also will happen is the existing hubs will stabilize. By then, we will be adding few spokes, and then we will take on the next set of hubs.

FY '27, it will be more of spokes. In FY '28 and '29, you will see an optimal mix of both hubs and spokes.

Got it. Again, if I understand this correctly, spokes would largely be sort of margin accretive within two quarters' time, etc., even in the non-core region?

It will take two to three quarters. The breakeven may happen within two quarters.

The spokes will contribute to the positive EBITDA maybe in the third or fourth quarter.

Got it. Any color around what could be the peak revenue potential from a spoke, again, ballpark number, even in the non-core region?

Would it be very similar to a spoke center in Hyderabad?

In Hyderabad, we have spokes ranging from 1.5 crore to even 6, 6.5 crores. Then, if you say in these new regions, what we expect is, these spokes will contribute anything between 1.5 to 2.5 crores of revenue at maturity.

Maturity would be after 12 months?

About 1.5 year, 18 months.

18 to 24 months.

18 to 24 months. Perfect.

Great. Just one last bookkeeping question.

Maybe I might have missed it in the opening remarks. What would be the net cash position as on December?

Net surplus cash as at 31st December is 260 crores. The total cash is around 305 crores, but we always exclude deferred capital creditors balance.

The surplus cash is around 260 crores as at 31st December.

Great. Many thanks, and all the very best for the coming quarters.

Thank you.

Thanks,

Anshul. Thank you, Anshul.

Am I audible now?

Yes, Amey, you are.

Yeah. The first question I have is basically we have added several hubs during this year, and still in terms of margins, we have been able to expand margins really well.

We have delivered something like 42% margin. Even for nine months, the margins look good.

Going ahead, what stops us from adding more hubs if there is no impact as such of expansion in terms of our margin performance, or we don't have any restrictions or basically the constraint on the capital side, then what stops us from adding more hubs going ahead?

Amey, for the expansion plan, if you see internally, we're not saying that we'll add only four or five hubs because of the margins. You're right, last two, three years, it's good capex cycle that we have done.

We have added multiple hubs across regions, right? It is more in terms of the ground-level operational challenges and also, sometimes, we have to give the hubs to stabilize before we take on few more hubs, right?

We keep adding the team locally so that, if you take Pune, right? We have acquired an asset and then we added two hubs and spokes.

We have to give that geography sometime for these centers to stabilize, and we also on the ground have to stabilize the operations, add more and more bandwidth, and then take on the next round of growth. The similar concept, if you see, it worked well for us in Hyderabad, right?

There was a phase when we added hubs, then two, three years of spokes, and then, again, we have taken next set of hubs. The decision-making is not on the margins.

It is more on the operational and addition of bandwidth and stabilizing things on the ground.

Sure. Got it.

The second question I have, for this quarter has been good, but even for nine-month, our volume growth has been around 13%. Is it possible to give how the distribution is in the core and non-core markets for volumes?

In the core markets, it has been close to 10% 10 to 11%, and in the non-core, it has been close to 2 to 3%.

Sure. Even for mature hubs, are we seeing a good amount of volume increase in core markets?

Few of these hubs which have hit the capacity, right, we see anything between 2 to 4% of volume growth. At the same time in Hyderabad, even in few of the mature assets, we are still seeing about 10 to 12% of volume growth.

That is the reason still, Hyderabad as a cluster is growing at 15% for the last few quarters.

Sure. Last question I have on the GLP-1, from March onwards, we should see GLP generic launches to start happening, and basically the innovator products are already there in the market.

Have we come up with some plans for the GLP-1 opportunity, and how do you see it impacting volumes as well as revenue per test going ahead? Thank you.

Amey, to be very transparent, as of now, we're not seeing much of enquiries, but we have all the tests that are required, which will be part of this package. They're more routine in nature, right?

I think maybe in next one or two months, like you said, once the demand picks up, we'll also be ready with our own package. Maybe we'll be able to share more information by the next earnings call.

Sure. Thank you.

I will join back. Thank you.

Hi. Thank you for the opportunity.

Am I audible?

Yes, Abin.

Hi. My questions are more towards the cluster-wise performance.

Or rather the newer ones that we have added. The new ones that we added have already broken even much before the timeline that was anticipated.

Any color on the overall trend that we are going to be looking here? Because the breakeven has been happening much before than anticipated.

Last time, it happened in Bangalore also. What is the change in outlook on this specifically for West Bengal?

Coming to Bangalore of the asset that broke even last quarter, how is that ramping up?

There's no strategy change in this, Abin, because we would still say that we would give it about 12 to 14 months in any geography outside of Hyderabad. It's probably I think, like I said and congratulated the team, they've been working an extra mile and these centers, both Bangalore and Kolkata, have broken even in the third quarter itself.

That does not probably lay ground to say that we would be able to replicate that across any new geography that we open a new hub in. Like I mentioned, Kolkata also opened two more centers right now, increasing the footprint to seven.

We will have to wait it out, and I would still say we would be confident about the 12-to-14-month timeline in any geography outside of Hyderabad. When it comes to Bangalore, both the centers are ramping up well, and in fact, that's a region where we would like to add a few more spokes and hubs also.

I'll probably be able to give you a little more light in the next call, but they're doing extremely well, both the centers.

Sure, ma'am. Ma'am, also in Bangalore, are there any tier 2 or tier 3 new markets, underpenetrated, that we might be looking at any expansion plans in that Karnataka market?

There are a lot of markets, but at the moment, our concentration is going to be on the city itself. There's a lot of room for us to actually open up hubs and join the dots to be able to open up the spokes in year '28, '29.

The focus is going to be opening more hubs in Bangalore and a few spokes going along with that. That'll give us room to grow further at probably a faster pace in '28, '29.

You'll see the city being covered first. The priority is not on tier 2, tier 3 in Karnataka as of immediately.

Sure, ma'am. Coming to Pune, ma'am, the PH is growing at 8% Y-o-Y.

Any color on apart from network expansion, about the other drivers in terms of demand or pricing, any growth levers that might be coming into picture that can lead to an incremental growth here?

Both these centers after we've acquired the center, two new hubs that we've opened, those are ramping up well. We're seeing a growth there.

Traction is happening. This is when the brand visibility is getting created.

We'll have to give it a little more time, and it's only going to see a further traction probably in the few quarters to come. It's on track, and probably will continue to do the same in Pune as well.

Sure, ma'am. Thank you.

I'll join back the question queue for next questions. Yeah.

Hi. Thank you for the follow-up opportunity.

Just one question on competition. Incrementally, we're hearing even large, organized pathology chains sort of venturing into radiology/advanced radiology.

Just wanted to get your thoughts around any disruption that we may sort of witness from stand-alone chains or organized chains in our core cluster or any other cluster that they might sort of venture into?

Anshul, I think especially in diagnostics, we keep hearing two things: one is the disruption and the consolidation. I think these are like the objects that we see on the side mirror, right?

They appear to be closer, but they're very far away. I think both consolidation and disruption, it'll take its own time.

Like you rightly said, these players we also heard that they're starting off with advanced and basic radiology. I think that they're at a very initial stage where they're doing a pilot in their home geographies.

I think healthcare is a business where I don't think it'll be prone to disruption. While technology all that will allow us to improve the quality, right?

Then players like Vijaya, we're already equipped with that kind of quality and the track record that we have and the expertise that we have, I think we'll always have the edge over the other players.

The differential factor, Anshul, would be anybody starting a chain with radiology or being integrated probably would start off typically with a wellness segment. When you look at radiology per se in Vijaya, it's a lot of work that comes in as second opinions, specialized work.

This is not just to do with your wellness segment. That is also the reason why you see this hubs actually ramping up faster, breakevens happening faster.

Because the work speaks for itself, and that's when the system that we brought into place, the teleradiology system, is creating that operating leverage, giving you the profitability that you're seeing today is because you have specialized doctors sitting across all of these regions and still being able to deliver a very high-end report even in a tier 2 geography. Probably that's a key differentiator to drive and ramp up all these centers irrespective of whether being in a tier 2, tier 3, or the city itself.

The work that comes in is just not wellness-driven, it's a lot more. That's also reason why you see the PET-CTs ramping up quickly in both Tirupati and Vizag.

It's a different kind of model itself.

Fairly clear, ma'am and Shiva. I think what I gauged was, in addition to the high-end equipment, I think the moat lies in the radiologists' network that we've built.

Lies in all of them, Anshul. If you look at it, radiologists, cardiologists, your nuclear medicine specialists, it's all a team that is doing work together, which is integrated.

Both pathology, radiology are talking to each other. You're giving an end conclusion, a final report to the customer before he walks out.

The time that is getting saved on the final diagnosis and treatment also is way shorter. If we take Rajahmundry, for example, probably they would have had to come to the city, spend four days, where we're able to deliver this report in four hours sitting in Rajahmundry.

That's also one of the reasons why you are seeing the faster breakevens even in the newer geographies. Clear, clear.

Second question was on the increase in realizations on a per-footfall or a per-test basis. While I understand it could be because of case mix as you guys pointed out, wanted to understand would this be sustainable as sort of these hubs ramp up and then probably we'll have more of pathology share of revenues come in?

Do you expect realizations to again trend down going forward, or would they be maintained in your view? I suppose we haven't taken any tariff hikes in the current quarter.

Anshul, you're right. The tariff hike that we have taken was, I think, in Q1, right?

It's about 1.5% of the revenue growth. Like you rightly said, as the hubs stabilize, you'll see more pathology work coming in, and you'll see the average realizations coming down.

At the same time, year-on-year, you'll see about close to 1 to 1.5% of tariff increase, right? I think that'll be able to take the hit of the ARPPs diluting because of pathology increase.

I think the ARPPs will be in the range plus or minus 3 to 4% from where they are now.

Got it. Just a question following up on that: Would this then sort of help us to sort of expand our EBITDA margins?

Because we'll obviously not have the drags from the new hubs as we are just planning to set up more spokes in the future, and operating leverage kicking in. Any thoughts around how could EBITDA margins expand from the current levels?

Anshul, definitely from the existing network, obviously, because these centers are breaking even much ahead of what we have thought, there'll be a leverage coming out of these centers. At the same time, still we want the guidance to be at 40%.

The reason being, we are also doing significant investments onto talent, and also on few IT initiatives, digital initiatives to improve the customer experience, right? We are going to come up with a very high-end CRM and many other investments into digital apps, like maybe it can be a logistic app and multiple other internal apps.

We have moved all our core applications to cloud, which is also coming with an incremental cost. Considering all this, we still want to guide margins at 40%.

Like you rightly said, if you see at a center-level EBITDA, there'll be a leverage that will be coming because of this faster breakevens.

Got it. Depreciation levels, we've obviously seen them shoot up because of hub expansion.

Would depreciation sort of stabilize at the current quarterly run rate?

It should, except for that incremental hubs and spokes that are going to come in the next financial year. In fact, I think with Ind AS, what also happens is, if you see last three to four years, we've added so many hubs, and all these are 15-year leases, right?

Once you cross five years of lease period, you will see the interest portion on Ind AS 116 coming down as the liability goes down. Yes, for the next one to two years, what we should see is the current depreciation plus the depreciation on account of incremental capex.

Sure. Would you be able to share the pre-Ind AS EBITDA margin and the impact on PAT as well because of Ind AS in the current quarter and the nine-month period?

Anshul, EBITDA would be roughly around 34%, and on the PAT, it could be closer to 22%.

PAT would be higher than what we've reported.

Correct. This is for the nine-month period or Q3?

This is for the nine-month period.

34% and 22% PAT margin. Perfect.

Great. Many thanks.

Thank you.

Congratulations, ma'am, for good set of numbers. Considering we have a good cash balance, what is your M&A strategy going ahead?

Hello? As

we mentioned in the earlier calls, M&A is always an option. Probably, Gnyan, to find the right asset which is B2C in nature, geography that we are probably comfortable in, is something that we always look out for.

Also, what comes with it is the valuation has to be reasonable and makes sense to all of us. We're always on the lookout.

I have nothing to share as good news as of now. Let's hope for the best.

We're always on the lookout, I think we're open to that.

Ma'am. Thank you.

Sure. Thank you so much.

I have one question on the new geographies where we're entered, like Kolkata or Pune. How the competitors have reacted to our entry?

Is there any changes in their behavior in terms of pricing, discounts, etc.?

Amey, nothing as such. If you see, Pune was an acquired asset, right?

Then we've added centers. In fact, if you see an integrated next to us, I think our competitors have, I think, hardly one or two like if I take the next two, three competitors in that market, they hardly have one or anything between two to three centers.

We did not see any reaction as such. At the same time, even in other geographies like Kolkata and Bangalore, I think we don't react immediately, and we have not seen the competitors also reacting on our growth.

Sure. In terms of our pricing strategy, are we at par with some of these competitors, or we are still at discount because we are the new player?

We might be at par or a little discounted. There'll be a mix, Amey, in certain tests.

It'll be in the range of 1 to 2%, not more than that.

Sure, sure. Second question I have on the Medinova merger, are there any synergies we have realized post this merger in terms of volume or cost or anything?

In terms of cost, but not significant because Medinova was having only one single center, right? Now the back end is one.

We have some synergy, but not a very significant number.

Sure, sure. Thank you so much.

I will join back.

Hi. Thanks for the opportunity.

Firstly, I just wanted to understand so wellness revenues have been growing pretty well. For the nine months, they are up 20% plus.

Any incremental measures that we are taking to drive this growth? How do you see this growth continuing going forward?

Yes, there has been significant growth in this segment, Ankit. In fact, it's been growing.

It was at about 12, 13, 14, it's almost reached 15 now. I think it's also because of people just being a lot more health-conscious, being aware, and you're looking at a lot more newer geographies, including tier 2 geographies, where we see this wellness segment grow, which was not the case, say, probably couple of years back.

Post-COVID, this is a positive change that I see from tier 2 and tier 3 geographies. In terms of probably what Vijaya is doing, yes, there's been a lot of effort that's going into digital initiatives, in fact, region-based wellness education, and we're seeing a traction from that, and we would continue to do that going forward also.

We would definitely look at this segment growing in future.

Also, Ankit, in terms of the corporate wellness, what we have seen is more companies are offering preventive health checks. That is also creating a steady revenue for diagnostic players, and that's where we have seen good growth in the corporate packages as well.

Right, right.

Do you expect this share to continuously grow? Any cap you see that it may not be

Hello? Hello?

Is it better? Yes, Ankit.

I was asking do you envision any cap for this share of revenues, or it can grow much further, even north of 20% share? Any thoughts on that?

It could definitely grow north of 20%, and it also depends on your geography expansion, right? The more number of spokes.

In fact, it's an advantage for Vijaya because even the smallest spoke can do a full master health checkup. Irrespective of whether the expansion is in spokes or hubs, you will see an expansion in the wellness segment also.

Pre-COVID, we were getting 8% of our revenue from wellness. Five years from then to now, from eight has become 15.

15.

Got it. Secondly, I just wanted to check.

Now we have presence in three additional regions in addition to our core markets. Any plans to scale up in any newer markets or even the Gurgaon geography where we have some presence?

Any new regions we are looking at right now?

At the moment, Ankit, I think our hands are full, and we would prioritize and concentrate on the geographies that we're working in. We do not have any plans of looking at other geographies, if not for some probably a good M&A opportunity that comes in which is large in size and forces us to enter that geography.

Otherwise, organically, hands are full, would stay put with these geographies that we would work in.

At least for the next two to three years.

Yes.

Got it. Thank you.

That's it from me. All the best.

Thanks. Thanks, Ankit.

Hi. Thank you for the follow-up question opportunity.

First one, ma'am, given the current dollar fluctuation and the GST changes that have taken place, how do we look at the input cost for our current expansion for '27 and other above-EBITDA items that might be impacted because of this?

Abin, on the pathology front, all these contracts for rental reagents, these are long-term in nature, and over the last couple of years, if we have to look into the volume commitment, I think we have met volume commitments, in fact, we have surpassed as well. We don't foresee any major changes happening on the pathology front.

On the capex front, yes, there has been a little bit of an impact because of the USD-INR breaching 90. Then there has been GST benefit also from 12% to 5%, which is more or less offset the negative impact on account of this increased capex.

Net-net, the impact even on the capex front is minimal.

Got it. Thank you.

Also, in the earlier opening commentary, you have mentioned that the growth was also led by seasonal impact and lot of spillover from this last season, right? Given that Q4 will be a more non-flu season and there are not much of seasonality in general to be expected, what might be the levers that will be leading to the growth here?

It was the same case last year as well, Abin. I think, overall, even for Q4, we expect to surpass the guidance of 15%.

Sir. Any color on the ramp-up of the wellness segment in Q4?

Because I believe that this is the time when more corporate packages and more of the people will be testing for their overall body checkups, right? Any improvement that we are looking at here?

Generally in the past as well, we have seen incremental revenue coming from wellness in Q4, that too it generally picks up from mid of Feb until fag end of March. Similarly, we are hoping that the wellness share as a percentage of revenue in Q4 will be slightly higher than what we have seen in Q3.

Got it, sir. Thank you very much.

I'll join back the queue.

I would like to thank everyone for attending this call. Should you have any further clarifications or any other information needed about the company, please feel free to reach out to us.

Thank you.