This is Tausif from BNP Paribas. Thanks for the opportunity and congrats on a good set of numbers. My first question is to Ramesh. Can you give us some qualitative update on the Kerala business, especially when Aster DM has focused at last 1 year in the clinical program and also this quarter where the growth which you have seen in Kerala business, whether it pertains to your flagship hospital Medcity or the growth was a broad based?
Thank you, Ta usif, for that very good question. I mean, in fact, this, as I mentioned about the Kerala has been performing very well. And in fact, it is not only Medcity alone, but also across the board. Just to give a highlight, I’ll throw some highlights, as far as the overall business has been very good, as far as the case mix is concerned, you'll find that it is all high -end and CONGO-T mix is really doing very well. And you see the M VT business grown by 49%. So, we have all high-end procedures happening, especially in Medcity, you will find that robotic procedures, which has been doing exceedingly well, and in fact, some months we have crossed even 80 numbers per month. So that is a kind of high-end procedures what we have started doing. Oncology has been doing exceedingly well across the board, and especially in Medcity. The leadership you'll see whom we have hired, especially in M VT, and the unit -wise leadership is stabilized, you'll find efficiency is settled , especially when it comes to manpower optimi zation or cost optimization as far as the material consumption is concerned. I think overall Kerala has been steadily doing exceedingly well. And it will continue to do well. Unlike FY25, we had some vector-borne disease at that time. The volumes were very high as far as pulmonology, internal medicine, and pediatric is concerned. But Q2 FY26, you'll find that quality electives, surgical numbers have really gone up. So, that's where the specialty mix have changed and the performance is really good.
Ramesh, anything on the MVT patient footfall means the growth of 26% which you have seen YoY.
Yeah. So, especially there are 2, as we said, Middle East, especially from Oman, we had a significant growth. So , that is one area. Maldives, have also refocused on Maldives, have brought in a lot of attraction of patients. So overall, we have a pan India, we have taken a leadership for MVT now, more focus on each of these cluster wise focus has been happening. So thereby, even African countries have been one of the good number of 11 Aster DM Healthcare Limited – Q2 FY26 Earnings Conference Call patients have been coming from the African belt as well. So, overall MVT business, you'll find a good growth of 23% across the board across India.
Thanks Ramesh. My second question is to Varun. Just wanted to understand your expansion plan beyond FY28 for the merged entity. Whether you plan to pursue aggressive M&A in areas like Western India and Northern India, where we don't have much presence?
Tausif, good afternoon and thanks for the question. Tausif, I just reiterated that we are very clear in terms of brownfield and greenfield expansion. I think that's been laid out very clearly. Strategic M&A, you know, you can't really make plans, but we'll always be open for it.
Thanks. I think I'll get back in the queue.
Thank you, Tausif. The next question is coming from Mr. Am ey. Can you please unmute your line and ask the question?
Thank you for giving opportunity and congrats on good set of numbers. So, first question I have on the Karnataka and Maharashtra cluster, which is showing around 10% growth. I believe the Whitefield you have written in the PPT that is doing well, delivering 25% + growth during the quarter. So, which is the hospital which is overall affecting the performance here and the reason for the same?
Thank you for the question, Amey. So, I think the main unit which is giving us the growth in Karnataka right now is still Whitefield, because it's obviously a newer unit. So, when you look at the growth on Whitefield, there's a significant, I think it's almost 27% growth that we're seeing. Ramesh, do you want to expand more on.
Yeah, rightly said. So, there is a good growth as far as Whitefield is concerned with 27% growth happening there, especially oncology has grown very well. The contribution from oncology is almost 17% towards the total revenue of Karnataka. So, you find that overall performance has done very good as far as Whitefield and Aster RV is concerned. Aster CMI, it's slightly we are having a single digit growth, but definitely it is also growing as for the market, the traction has been very good in and around north part of Bangalore. So , we can see a better growth, definitely there should be a better growth with the Aster CMI as well. But if you compare it to FY25, again, I did mention about the vector -borne disease, we had a higher volume there in last year, FY25 second quarter. So that is a reason, and you will find a moderate growth happening this year over FY25, in FY26.
Just to add to that, to give you a number so that can be sort, basically you club in seasonal impact. Overall, India, the internal medicine, Pulmonology and Pediatrician, right, so there we have got a 12% de-growth across India and Kerala impact is little lower than compared to Karnataka. Kerala impact is only 6% but Karnataka very specifically the Bangalore impact is almost 26% right so that's a huge impact that's where on the year-on-year we used to go to the mid -teens or higher te en growth that is not visible because of that just giving the numbers on that.
Got it, got it. Thank you so much. And the second question I have is on the FY27 guidance on the expansion side. We have 3 greenfield units coming 12 Aster DM Healthcare Limited – Q2 FY26 Earnings Conference Call up. Obviously, on a long-term basis, it's quite positive, but specifically for FY27 modeling on the margin side, what EBITDA impact should we take into account? And is there a possibility of QCIL brownfield expansion helping these margins to have a lower impact? If you can give some clarity on FY27.
So, yeah, if I can take up this question, Amey , see, I think we have, we're not giving a guidance just for 1 year, right. So, I think even in the last call, or even the previous meetings, we have always told that, as a combined entity, we are now at 23 % for the quarter , on a YTD basis we are somewhere around 21 .5%, and going post -merger, right. So , we are looking at in 2-3 years to be near 24 -25%. Now, very specifically with respect to the greenfield, you see that both the greenfield, the major greenfield, Hyderabad is anyway one which is coming, which is more of women and children. But the important one is our Sarjapur, which is coming quite in the end of the year, because the brownfield just commenced the work there. So, it'll take at least somewhere in the end of the H2. And the capital should come around middle of the year. That's what we put across as H2 FY27. And we've seen that wherever we have a strong cluster, we tend to do well. So , we expect not to have a too much drag on the EBITDA margin. And it's very, very important by then, I think, with merger on the way, we should also have synergies also coming into the picture. That should also help in a very big way in addressing any losses, initial losses there.
Sure. So, should we assume that combined entity margin should be well maintained with accounting for the synergies during that year?
Yeah, as I said, I don't want to give a guidance exactly on the particular year.
I think Amey, maybe we haven't, we might not be able to say exactly how much the margin will be maintained or if there's any dilution, but I think what's really helpful to note is how complimentary this is, right? The Trivandrum asset, which is coming 500 beds, it's almost going to be now with the presence that KIMS has in Trivandrum. It's going to really help us kind of expand that capacity and create that cluster in Trivandrum. Again, building on the leadership that KIMS has, building on the brand that Aster has. I think that's a powerful story for us to kind of double down on. And even in Hyderabad, now with Women & Child, again, with the network that CARE has in Hyderabad, once the merger is complete, you will be able to see that network effect coming through. So, we do see that both of these are positives from a merger standpoint. So, to the point you're making, we see this shift should help us accelerate the performance of both these units on account of the merger as well.
Sure. Thank you so much. I just have last question to Varun ji. He mentioned that there is a 700-bed expansion for the QCIL asset. 300 beds are in Tier 2. So just wanted to understand the thought process here when we have to choose the expansion between metros and Tier 2 , What is generally the thought process? Because I believe the metros typically, although it has competition, it has quicker turnaround timelines as well as higher EBITDA per bed. But Tier 2 typically have a longer timelines as well as lower EBITDA per bed. So , ROCE might be better, but it takes ti me for you to achieve those ROC E. How should we one think about it when it comes to expansion? How should we balance it going ahead? What's our 13 Aster DM Healthcare Limited – Q2 FY26 Earnings Conference Call thought process there?
Thanks for the question again. I think there are 2, 3 ways to see this. One, the numbers are 1,700, 1,300. So, we're looking at those many beds add over the next 3-4 years. I think on the point that Tier 2 markets take longer, I want to quote an example. We opened Nagercoil, our hospital in Tamil Nadu in October 2024. We were profitable from an EBITDA standpoint in the 3rd month. And I think, 1 year into the hospital, our current margins are in excess of 20%. So, Tier 2 markets, if done right, the opportunity to scale them up fast is, in my opinion, better than many Tier 1 markets. But again, it depends on how you roll out a hospital. If you are able to bring the clinical team, the infrastructure, open it right, and the market is something that knows the brand, like Alisha mentioned on Trivandrum, the scale-up will be significantly faster. So, that's one way to look at it. When it comes to expansion also, I think one of the good things about expansion is that we are expanding where we are already present. If you see, we are adding Indore, we are adding beds in Bhubaneswar, which is where we are constrained for capacity. So, any bed addition will get occupied sooner than later. Then we are adding O ncology capabilities across Raipur, in Indore, in Bhubaneswar. And I just told you about Nagercoil. So, we had initially planned that we will expand beds in Nagercoil probably in FY28, but the way we've grown in Nagercoil, the sense is that we will be adding beds in FY27. So, I think all of that will play well for our expansion as well as margin story.
Sure, Thank you so much. I will join back.
Thanks, Amey. The next question is from Mr. Harith.
Hi, I hope I'm audible. So firstly, on QCIL, the margin profile that we're at currently around 20 -23%, if I look at on H1 basis. So, Varun if you could talk about some of the additional levers that we have to take this further up keeping the synergies aside. And what were the levels before you took over at the beginning of FY25 or towards the end of F Y24, what was the margin level that we were operating at on a pro -forma basis for all the 3 platforms within QCIL put together?
Margin has been a good story, Harith. We've done a lot of work on this. I just announced that we were at 24.1 % for the last quarter. At some point in time, we had given that as guidance as well a few quarters back. So, what's impacting? I told you that we have a synergy wheel. Of course, we don't talk about the entire wheel, but there are 10 initiatives that we focus on. And I can't put synergy outside because this is a constant endeavor that will continue to happen. Synergy is generally not when you only merge companies, it is a synergy that you continue to play from one hospital to the other. But from a margin expansion standpoint, there are 3-4 things that have really helped us. One is the procurement side of it. We've been able to create efficiency and that efficiency is outside of what the planned efficiencies are post the merger as well. We've also done things that, KIMS as a network had F&B insourced. And we knew that that was the right thing to do because there are 2 elements around it. Patient complaints around food in Indian healthcare sector are number one. And if you're able to enhance that quality, it all goes very well for the patient experience. And it also does good to the P&L. So that's another piece that we've rolled out in QCIL across the network. So, we've started to insource F&B. Outside of that, there are multiple things. We are working on Capex 14 Aster DM Healthcare Limited – Q2 FY26 Earnings Conference Call procurement, on enhancing, working on group strength, on the AMCs, etc. One of the other things the second part outside of procurement and the synergy wheel is really the payor mix. That is one thing that is, I mentioned in my commentary as well, it's easier said than done. But the fact that we've been able to move the payor mix by 280 basis points is phenomenal. I think there is business focus and operating focus, and when you do things right, you're able to grow the right payor pretty well. So , our cash and insurance payor is doing extremely well, which is a very healthy sign for the business from a long- term standpoint as well. And needless to say, that is margin accretive. And we are today at about 81%. Do I see this continue to grow? Absolutely. I think the 3rd part is that we've always broken our business into the 4 categories that we spoke about, and we've been very focused on that. We know that there is a mature part of our network, which is about 60% of our business. There, what we try and do is we try and enhance the performance metrics there. So, there should be growth, and that part of our network is growing about 15% currently from a top standpoint, with a very significant EBITDA upside . We've started to see turnaround in most of our focus units as well. And that's a large component, 25 -27% of our business comes in from there. We've seen significant upside there. So, our Hyderabad assets are now performing much better. And then matured units, which are underperforming, start to do better. The translation to EBITDA is quite significant. So, I think all of that is giving us the traction and will continue to in the foreseeable future. Also, the fact that we've been able to launch our new hospitals well and we're able to get to 25% profitability in the third or fourth quarter, the question that was asked to Sunil earlier, I think we know how to scale up fast. And that will keep us in good st rand, even when we add capacity going forward.
Got it. By keeping synergies aside, I meant the synergies with Aster. That's very helpful Varun. Yeah. On Aster standalone, Sunil, I understand this question has come up in the previous quarters, but looking at the ARPOB growth, it's quite strong. And when I think of F Y27, some of the drivers like, you know, the Whitefield ramp up or the ALOS reduction, the payor mix optimisation, these might not be as relevant or significant as we have seen in FY26. So, you know, is there guidance or some in dication directionally that you can give for FY27 for our ARPOB growth?
Thanks, Harit h. See, if you know, I've always never given a 1 year or 1 quarter growth, I always given on next 2-3 years where it could be. And also we want to see ARP OB also is very camouflaged with a lot of things, you know, making that particular KPI move, right, for example, our A LOS is being efficient I think this is our 3rd quarter where from 3.2-3.3 we have come down to 3.1 right so even in the 5% ALOS reduction and that 5% directly moves to the ARPOB. So, I think we should start moving out of ARPOB and move to the more of a ARPP (IP) also right ARPP for IP patients there also we've seen a movement even in the current, I would say quarter or the first H 1 also there are important things , one is that specifically in Karnataka & Maharashtra cluster scheme is very important wherein our Aadhar, Kolhapur is there. We stopped the scheme because we already reached around 75% occupancy. We didn't have the space to occupy for our cash and TPA patients, right. So , on their 1,500 patients, for the quarter or 1,600 patients for the quarter was the reduction. And that has really moved the ARPP up. Second, Whitefield, see Whitefield just a 2nd year. Oncology is still driving the growth. Neuro is doing really, well. Cardiac is doing well there. So that is also driving the, ARPOB . And, 15 Aster DM Healthcare Limited – Q2 FY26 Earnings Conference Call specifically because Oncology is driving, our 60% of our Oncology comes from MedOnc. And today in MedOnc, 40%-50% of that revenue is derived by Immunotherapy and targeted therapies. And their material cost is quite high, and also ticket sizes are high. And that's where you're seeing that year ARPP (IP). Second, I would say third-fourth item is the season. I think I called it in another question, that even though overall season impact for specifically these 3 specialties is 12% degrowth, what you're seeing. In Karnataka, the impact is quite high year- on-year. It's 26%. We had too much on the last year, and that's where the whole growth has come, only from CONGO-T specialties. That is one of the reasons why it looks very, very high. So, I think these are the factors, which are Whitefield anyway, once it gets Normalised in just 1 more year. So other things, yeah, you'll always have. But my future thing will be is that look at A RPP (IP) growth somewhere between 7%-8% from a long-term point of view, like 2-3 years.
Thanks, Sunil. I'll get back in queue.
Thank you, Harith. I would request you to please raise your hand for any queries. The next question is from Mr. Bino. Mr. Bino, can you please ask your question?
Good afternoon, all of you, and congratulations on a great set of numbers and the recovery in Kerala cluster. Just 1 question remaining was around GST, i n your opening remarks, you mentioned that the production GST augurs well for the cost of service. Have you tried to quantify the benefit to margins that this can accrue?
Bino, thanks for the question. If I'm trying to get that question right we are talking about the GST impact. See, GST impact there's no impact in the OP services because we always choose to take the input and pay output to the department. So there's no impact on whether it's on the top line or in the cost from the OP. Only in case of IP very specifically open cases where you have also seen the benefit also because with the MRP going down there GST is coming down in the both in sales and the cost , so the both- way impact is there. From Aster's point of view, the top -line impact, overall top-line impact on a monthly basis is around 1.1%. And out of that, 35-40 basis points impacts our EBITDA. But at the same time, it's very important to know that recently, I think sometime in October, we’ve also seen the CGHS price increase after more than a decade, more than 2,000 procedures pricing has happened. And there we usually do ESI, ECHS, where they follow the CGHS rates and other PSU corporates what we do. We do approximately INR 20 Crores of revenue every month. There we see a positive INR 2 Crore impact in the revenue. And EBITDA out of that impact in the incremen tal revenue, around 75% -80% should flow to EBITDA. So, with that, whatever the negative impact what we're seeing in the GST should get compensated by the CGHS EBITDA increase.
Sorry, just a clarification. So why would there be a negative impact from the GST? I would assume that your cost will come down, and it will positively benefit the EBITDA.
So Bino, I can always share the mathematics later. But what also happens is that if I want to give an example, say , specifically in the open billing, what is happening is that on the MRP is what we used to sell, right. So, the MRP, for example, all the medicines used to be approximate 12%, now it has come down to 5%. Right, so what is the on the MRP, the GST has come 16 Aster DM Healthcare Limited – Q2 FY26 Earnings Conference Call down by 12%. And we used to have a margin of approximately 50% in the medicines specifically. So there, it has come down by 50%. You got my point, right. So, whatever the revenue or loss what we are seeing on the MRP, only the 50% has come down. So, balance 50% is the one who's going to hit your P&L. It's very natural. And, also if you want, we can offline give you the mathematics to explain to you how it's impacting our data.
Understood, understood. Thank you, that's fine. And one question about what is the thought behind shifting of the headquarters from Bangalore to Hyderabad?
So, thanks Bino, for the question. As part of the merger, we just felt it's better to have the NCLT application for approval going from one state so that the process timelines can be better. And that was the key reason why we just thought that then because the head offices currently are in two different states. We just felt it's better to have happening. So that's why process will be more efficient. That was the reason why we did this.
Understood. Thank you.
Thanks, Bino. We request you to please limit your question to two but not more than three at a time. Moving on to the next. The next question is from Damayanti. Damayanti, can you please ask your question?
Yeah, hi, thank you for the opportunity. Most of the questions have been answered. I have 2 questions. First, now you have majority stake in D r. Ramesh hospital. So, with that, is there any change in the broader strategy for the Andhra and Telangana cluster? Because although it's a small cluster, but it's one of the least profitable in your network. So, any comment will be helpful.
Hi, Damayan ti. So , we are working with Dr. Ramesh to kind of build a strategy for Andhra. I think probably a bit too early to say it, but we are doing some of the market studies on the potential. So, there are a few proposals under review. So, we will see how, I mean, there is potential for the cluster. It's all about prioritizing where we want to put the capital, right? So, we will come back. Maybe in the next couple of quarters to you on that.
Sure, but it's I think it’s logical to assume that the margin profile could significantly improve from here because like other two clusters. It's in low double digit so maybe like there is more room to improve on this cluster.
So, I think we've seen some growth recently, there has been investments made in the doctors as well. Of course, there is potential, we're trying to see there's also a lot of competition that's come in the market. So, we are making sure that we keep improving in each of the clusters as much as possible. So yeah, so let us come back to you. I think we are seeing improvements in the cluster anyways, I think over the last year.
Sure. My second question is, how do you see your medium -term EBITDA margin in view of you know very strong performance in your core clusters like Kerala and then having a great visibility on drivers like O ncology etc. So where do you see your margins say in next 3-5 years from now?
So, again, we would like to resist on the cluster wise EBITDA margins, but 17 Aster DM Healthcare Limited – Q2 FY26 Earnings Conference Call we already given a broad guidance on a merged entity post-merger, we're looking at 24 -25%, but still, you understand that margins are indirectly linked to the ARPP , for the IP patients, right? So , the higher the ARPP, because the material cost is going where we get the leverage. But at the same time, you've seen the Kerala cluster has done really well because of the capacity, which we added almost a brown field expansions happened both in Aster Medcity and in Kannur. And we've seen that Kannur, which used to be in high teens, has gone beyond 20% of the margins. And our Medcity, where it was around 750 beds, we added another 100 beds. There, the margins have gone beyond 30%. And also it's a very big hospital, we're inching towards more than INR 90-100 Crores of revenue per month. With all this, I think it's all about the brownfield expansion and how we can bring the efficiency. But as I said, yes, I understand where we're coming from. With the Oncology happening, yes, with the material cost being higher, there could be some stress. But also, we're looking at not specifically trying to grow only one specialty. We are also interested to grow across the C ONGO-T specialties. So, with that, I think we will be able to manage the EBITDA margins better.
Yeah, actually, I was wondering like if it could be higher because Oncology although there is high material cost but the realisation, I understand it is better than many specialties. So, I was just thinking like more than 24-25% if you can achieve.
We give this statement, right? Like even if you look at just the last quarter with the GST change, with the CGHS price change, so many things keep happening in the sector, right? And rightfully so, I think our commitment is to always kind of like what Varun was saying earlier, looking at each lever constantly, dynamically, seeing what can be optimised, what are the options that we have. And of course, even with the merger, there'd be a lot of synergies that comes in. But we maintain this balance of which clinical programs to run, what makes sense for the different clusters for each unit, detailing out what clinical programs to kind of focus on, and then also making sure at the same time, we are able to improve the efficiency and the margins as well. So , I think it's really hard to then say specifically this will improve by 100 basis points or 200 basis points.
Sure, that's helpful. Thank you very much.
Thanks, Damayanti. We request you to please limit your questions to 2 , but not more than 3 per participant with this. The next question is from Sumit. Sumit, can you please ask a question?
Hi, thank you for the opportunity. My question is to Varun. What is the ARPOB of QCIL?
Hey, Sumit. All right. So, again, I think sometimes ARPOB is a misnomer and Sunil mention about it. We've released the number, which is the ARPP number. The ARPP growth is 10% for this quarter. The ARPOB number would be about INR 44,000, if that's the number in specific you're looking at for Q2, for QCIL.
Thanks. So, we have the next question. Again, joining back to the queue, Mr. Tausif. Tausif, can you please ask the question?
Hey, thanks for the follow -up. Ramesh, can you share some color on the 18 Aster DM Healthcare Limited – Q2 FY26 Earnings Conference Call recently commercialised Kasargod Hospital, how the early trends are, and does this hospital stop current patient in Kerala to travel to Karnataka for treatment?
On October 2nd, we have launched the hospital. It is a 264 bedded hospital and right now we have opened 100 beds. The other 2 would be shortly commissioned as well. And the OPD numbers are anywhere between 150- 200 on any given day. So that's a head start what we had. If you look at Inpatient, we are talking around 35 -40 inpatients. IP admissions, we are around 7 number, 7 to anywhere between 10 admissions are happening. Discharges are also on the same. We have the best of the clinicians onboarded. So, it's a higher tertiary care center. So Kasargod, I don't think so, in and around Kasargod, you have such a higher tertiary care center, which even Oncology where MedOnc and even S urgical Oncology, we have started there. Right now, all patients are accessing Kasargod Hospital. O nce the awareness is pretty high, we have started a good amount of campaign, a good amount of public awareness programs. So, I'm sure patients have started flowing into the hospital. I don't think so they're cutting across Karnataka now. Because this is one of the state-of- the-art centre what we have come up.
Thanks Ramesh, that’s helpful.
Thanks, Tausif. We have Sumit joining back to the queue. Sumit, now you can ask the question.
Okay. My question is to Varun . So, what was the performance of the mature and the focus units in this quarter? And have you witnessed any margin improvement in the focus units?
So, Sumit, I gave some numbers earlier. So, our mature units, actually from a top standpoint, grew 14.5% YoY. Our emerging units grew 85% YoY, and our focus units grew 9% YoY.
And how should we look at it, look at the units over the next 3-4 years? And is there any kind of margin improvement in the at least the focus units and the mature units?
Of course. In the emerging and the focus units, margin expansion is the reason why they are in that category. And that certainly will happen. And I don't see a question around it. As I mentioned earlier, a couple of units, or more in our focus group, have started to do extremely well. Our Hyderabad units were a bit challenged last year, if you recall. And that's where we've started to see. In fact, the last month of the 2nd quarter, our numbers were mid-double-digit growth rate for our Hyderabad assets. So, I think that's looking good. So, there's a significant turnaround underway in the focus units. And emerging, of course, the newer units will do well. Also, another hospital in Perinthalmanna , where we had challenges around it, was a part of the focus unit, is doing extremely well now. In fact, we are now looking at adding complexity there. One of the linear accelerators that I spoke about is getting into Perinthalmanna. We've just ordered a robot for Perinthalmanna. So, again, the strategy continues to be the same. Bring in more complexity, more modalities, ensure that, you know, anything and everything that the patients want are delivered in our centers. And with that said, you will continue to see patient retention in a significant way, and therefore, complexity, pa yor mix, etc., growing, 19 Aster DM Healthcare Limited – Q2 FY26 Earnings Conference Call leading to an evolved margin condition.
Understood. Thank you
Thanks, Sumit. I will request to attendees, please raise your hand for any question to the management. The next question is from Mr. Gaurav. Gaurav, can you please ask your question?
Yeah, thank you. My question is to Mr. Varun. So broadly, if I look at Aster and Quality Care, all the parameters are comparable. In fact, Quality Care is doing better. But if you look at the ALOS, Aster is at 3.2 and Quality Care is at 3.9. I just wanted to understand why this delta is there? Is it because of the case mix or something? How can this go and how will that help our capacity in the future?
If I start defining as to why the 3.9, I think it may not be fair. So, it's driven by multiple factors. It's driven by the specialty that you focus on. It's driven by what kind of surgical mix you have, etc. How much is the medical mix? If you're able to do, sometimes medicine can stay longer, etc. So, I think a lot of the way I'd look at it is not really compared to. The second part of your question, the way I read it is, is there scope to enhance it? Yes. Our focus will be to continue enhancing that. We've bettered over the last year by 6%. As I told you that we were in excess of 4 , we've come down to about 3.85. Will this continue to improve? My sense is yes, if that answers your question.
Thank you.
Thanks Varun . If anyone has any other attendees would like to ask a question, please raise your hand. Okay, that's been the last question. So , there is no more question to the management. Thank you all. This concludes the earnings call for this quarter for Ast er DM Healthcare. I thank the management and all the attendees for joining us today. If you have any further questions and queries, please do get in touch with us. Thank you. Thanks, everyone.
The contents of this transcript may contain modifications for accuracy and improved readability.