Artemis Medicare Services (NSE:ARTEMISMED) Q2 2027 Earnings Call

0:01 Ladies and gentlemen, good day, and welcome to the Artemis Medicare Q2 and H1 FY 'twenty seven Earnings Conference Call. As a reminder, all participant lines will be in a listen only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Please note that this conference is being recorded. I now hand the conference over to Mr. Himanshu Binani from Alunorte Shares and Stockbrokers. Thank you, and over to you, sir. Thank you, Steve. Good day, everyone, and welcome to the second quarter and first half FY twenty seven earnings conference call of Artemis Medicare hosted by Anand Rathi, Shares and Stock Broking Limited.

0:52 From the management, we have doctor Devlin Achakrawati, managing director mister Sanjeet Kothari, CFO of the company, and mister Rudra Narayan, head investor relations. I would like to thank the management for giving us this opportunity to host this call. We will begin the call with a brief opening remarks from the management, post which we will have the session open for Q and A. Without further ado, I would like to hand over the call to Doctor. Devlina. Thank you, and over to you, ma'am. Thank you, Himanshu. Good morning, friends. I would like to begin with a brief view of the health care sector.

1:37 The Indian hospital industry continues to expand, supported by growing patient demand, higher realization and the addition of new beds. However, India's hospital infrastructure remains below several international benchmarks, creating scope for further investment in advanced health care services. As treatments become more specialized, patients increasingly look for hospitals that can bring together the right medical teams, infrastructure and coordinated care for complex conditions. In line with this, our strategy remains focused on strengthening our clinical capabilities, expanding capacity and adopting technology to improve patient care and operational efficiency.

2:34 Now turning to our performance. For quarter two, Gurgaon Hospital reported its highest ever EBITDA at 23.8%. Our consolidated revenue from operations for quarter two FY 'twenty seven was INR $3.11 crore, representing year on year growth of 13.2. Growth was supported by demand across key specialties, including cardiac sciences, oncology, neurosciences, orthopedics and other complex treatments such as transplants. For the first half of FY 'twenty seven, consolidated revenue from operations was INR 598.4 crores, up 13% year on year.

3:30 The performance reflected continued activity at our Gurugram Hospital and the very early contribution from Artemis Shanti Hospital in Raipur, which commenced operations in July 2026. Our EBITDA for Q2 FY two consolidated was INR 62.89 crore with a margin of 20.2, while adjusted operational EBITDA for Q2 FY 'twenty seven was INR 71.5 crore with a margin of 23.3%.

4:20 Profit after tax for the quarter was INR 31 crore, representing a year on year growth of 3.7%. For H1 FY 'twenty seven, consolidated EBITDA was INR 124.7 crore with a margin of 20.8%, while adjusted operational EBITDA for H1 FY 'twenty seven was INR 133.32 crore with a margin of 22.4 percent. Profit after tax was INR 62.5 crore with a year on year growth of 22.2%.

5:10 Our focus remains on better utilization of clinical capacity, managing operational costs and improving the contribution from specialized procedure. Our international patient business remains an important part of ARTEMIS. We serve from Middle East, Africa, CIS, Canada, Nordic countries and other markets. The spread of our international patient base across more than 150 countries help us avoid dependency on any single region. We remain focused on strengthening referral relationships and developing new source international markets while maintaining our focus on clinical outcomes and patient experience.

6:00 International patients contributed approximately 30% of the revenue during this quarter. A key development in our expansion plan is Artemis Shanti Hospital in Raipur, our 300 bed multispecialty tertiary care hospital, which began operations in July 2026. The hospital extends our presence in Central India, which gives us a new platform to serve patients in this region. As the hospital build occupancy and more specialties become operational, we are confident about its contribution to increase over time. In the first quarter itself, we have got a feeling of a great response from Central India for Artemis Shanti Hospital.

6:53 We are also progressing with the next phase of expansion at our Gurugram campus. Tower 4 is planned to add two fifty beds within the campus supported by additional floor area and the benefit available through our platinum green building certification. The project is intended to increase capacity within our existing campus, taking our bed numbers from 700 to 900 plus approximately. We will continue to share updates as the project progresses. Our plans for South Delhi are another important part of our growth strategy. The proposed six fifty plus bed, tertiary and quaternary care in Lajputnagar is expected to strengthen our presence in Delhi NCR market.

7:45 The project is being developed under a long term operation and management contract with the Vimhanz Trust and expected to commence operation in quarter four of FY 'twenty nine, FY 'thirty. Along with Raipur and the Gurugaan expansion, this facility supports our plan to increase our operational capacity to around 2,000 beds over the next three to five years. Clinical quality remains central to our strategy. We are developing our centers of excellence across more than 40 specialties, developing our focus further focus on oncology, cardiac sciences, organ transplantation, robotic surgeries, critical care, heart and lung transplantations, etcetera.

8:38 Technology is another area of continuous focus. We are using AI enabled workflows, digital tools, data analytics to improve patient flow, support clinical decisions and make better use of hospital resources. Initiatives such as AI assigned trials are intended to help patients receive timely attention while our wider digital programs aim to improve coordination between clinical and administrative teams. We will continue to assess and expand these initiatives where they can improve patient experience and operating efficiency. We also remain focused on responsible resource use across our hospital.

9:26 Our priorities include energy efficiency, waste reduction and environmentally responsible operating practices. These efforts form part of our approach to managing our facilities responsibly as the network expands. Looking ahead, our priorities remain focused on the gradual ramp up of ARTEMISMED SHANTIHospital in Raipur, development of Tower 4 at Gurugram, the progress of our South Delhi project. We also strengthen our clinical capabilities across key specialties. As we expand our hospital network, we remain committed to maintaining high standards of patient care, improving operating efficiency and ensuring disciplined capital allocation.

10:17 These priorities will support our long term growth while maintaining the quality of care that patients expect from us. And to all of you who are listening to me right now, tomorrow, we have the grand opening of our ARTEMIS RIPORHospital inaugurated by none other than Mr. Amit Shah with the Chief Minister, Deputy Chief Minister and the Speaker of Legislative Assembly being present there. Those of you who can make it to our Raipur Artemis Shanti Hospital, we will be more than happy to receive you there to give you your firsthand feel of what we stand for and in terms of the quality of health care that we are delivering at DRICORE.

11:04 With that, thank you very much, and I am open to your questions. Thank you. Thank you. We will now begin with the question and answer session. Our first question comes from the line of Shrihan with Dividend Investments.

12:04 Please go ahead. Hello. Am I audible? Yes, you are. Yes, you are. Ma'am. Congratulations on a great set of numbers. So first question I would like to ask is regarding the Raiffle Hospital. You can share the occupancy and current... How much rough estimate of EBITDA loss that we are having on that hospital? That would be my question. So Raipur Hospital has started as per plan. We started on July 29, but the doctors had been onboarded from July 1. '29 was when we had our theaters and cath lab and everything going.

12:54 So we have had we had kind of estimated INR 9 crores to 10 crores of loss in the first quarter. Our loss stands at INR 9 crores. We had anticipated a top line of INR 4.3 crores. We have done INR 5.3 crores. And we are our occupancy is 10% right now because it's officially getting inaugurated tomorrow. But the good news is our ARTEMISMED is around INR 30,000 to INR 32,000. We had estimated the as compared to our competitors at 26,027 thousand, but we started with 32,000. So here, I would like to say that we have some of the best quality doctors of Chattisgar in the hospital.

13:44 And actually, we have started top down. So we have started with more high end surgeries rather than cough, cold and fever. So which is a good beginning for us, and it gives us a lot of confidence. So that's where we are. Thank you. Thank you. And for the tower pool, by when can we expect the bed addition? And will it be all two fifty beds in one go? Or will it be phased? Sorry. Come again? Question? For the tower pool that we are adding. So by when we are looking to operationalize it? And will it be two for of f y twenty eight. Okay. Okay. And it will all be in one go or it will be phased?

14:33 Yeah. Yeah. All in one go. All in one go. Oh, okay. Thank you. Thank you so much. That's it from my side. The next question comes from the line of Aditya Chera with Ingrid Asset Management. This is regarding the South Delhi Niru Nagar project. If you can walk us through the detailed time line, what is the status today broadly? Basically, right now, the drawings have already been submitted to MCD, and the demolition work is in progress.

15:25 The demolition of the old building is in progress. And that's where we are. And the graph and all, so we are watching Delhi has a graph because of pollution. So but we will be FY quarter four, twenty nine, thirty is when we are looking to operationalize it, and we stand by that. Got it. And just on the overall regulatory angle around it, in terms of the project structure, I believe that we have already given some advanced against it. So whether there can be any hiccups leading to the No. Building, whether we have the land title or lease, etcetera. I just want to understand this.

16:15 No, this is a design and it is thirty years operation and management contract. And we have gotten we were waiting for the environment clearance. Rest all compliances are in place. Okay. Got it. That was helpful. The next question was on the oncology piece. It is around 20% for us. So if you can share any outlook on following the recent regulatory updates, if you believe that those can have any impacts on your business? I think there's a lot of clarity required around this, firstly, because I think the markets are reacting without fully understanding the situation. There is, right now, no policy statement on the oncology drugs. That is number one.

17:09 So unless we get the policy statement, so we have we as hospital and the consortium of private hospital, we have presented our view and it's in the court and the courts are looking at it, hopefully favorably. And so we do not know when will it come, if at all it will come and what will be the kind of impact because there is no policy guideline as of now. So right now, there is no fear of losing business as of now. But in a worst case scenario, should we believe the statement of the court, we would have an EBITDA of around 0.5%. If we today calculate and everything is capped at 20%, we will probably have a EBITDA loss of 0.5% to 0.8% at the max because we have done that math on the back of the envelope.

18:06 But there is a possibility nothing might happen because a strong representation has also gone. And like I said, MRT is not dictated by hospitals. MRT is dictated by the manufacturers, and we negotiate on the MRP. So the type of margins we get is in the range that the courts are talking about. So all that clarity has been given to the court. So we are confident that this is not going to create very any kind of storm in the industry. Got it. And lastly, just a clarification on the Board approval of Fundraise. I believe that the approval is in place, but there are no future plans as of now. If you can update... No, there is.

18:54 There is a future plan, and we will we are right now very actively finalizing assets. And once the asset finalization has happened happens, we are going to look at the raise. So that is a work which is happening very, very actively. And maybe by January, February 2027, you will have both of the assets and the rates. We are absolutely on it. That's our priority. Yes? Okay. Thank you so much. It's okay. Thank you. The next question comes from the line of Kumar Saurabh with Scientific Investing. Please go ahead.

19:44 Hello, ma'am. Congratulations on good set of numbers. My question is also around oncology, but with reference to, I think, in 2017 or 'eighteen, we had a regulatory issue in terms of stent pricing, which impacted the industry. If you look at what happened then and what is happening right now, I mean, currently, how do you compare with that situation? I think at that time, the industry took a margin of 1% in short term, but it could recover its margin in various ways. So how do you compare the current situation with that? And does it look worse than that, better than that? Where are we right now? This is definitely better than that. The thing which came on stents and implants was definitely a harder hit as compared to a 20% margin on oncology drugs. That's all I can say. So that was a much bigger hit because that was a much bigger impact.

20:39 So this is much smaller as compared to that. Got it. And worst case scenario, ma'am, let's say, if it gets implemented, my understanding is there is going between the formulation companies and the hospitals on the rate negotiation. Is this the way it will go forward? Sorry, come again? Am talking about the I am talking I can only talk about the impact that if at all it goes on a 20% margin because we are very close to those kind of margins and we are working on those kind of margins only. So buying a few immunotherapy drugs and others. So should that be the point then our EBITDA will have an impact of, like I said, 0.5% to 0.8%, not more than that in the short term, if it becomes a policy and if it gets implemented. So there are a lot of ifs before we can really talk about it.

22:06 I think Rudra made a good presentation. So I think there is a lot of clarity on the presentation itself. Our next question comes from the line of Artesh Gosalia with Spark Capital. Please go ahead. Hello. I hope I'm audible. Yes, Satish, you are. First of all, congratulations, ma'am, on a great set of numbers. My questions was most of them were answered. Just two things. Firstly, on our fund raising that is announced. So what is the progress over there? Have we found our target? And are we planning to do it again? We are We are very close to finalizing our targets.

22:58 And fundraising is definitely going to be there by February end of Jan, beginning of February of twenty twenty seven. We are just waiting post Diwali to finalize the targets because we were very keen that all the compliances are met before we sign on the dotted line, and that's where we are today. And you will hear from us soon, and we are going all guns blazing for that. And the rate should happen sometimes in between end of Jan and beginning of Feb. Okay. And it will be the target is as per our initial plans EBITDA positive from the year? Yes.

23:47 Okay. Secondly, on the ARTEMIS cardiac care, I think it's... The revenue contribution is there, but on the EBITDA level, I think it's still contributing some minor losses, if I'm not wrong. So can you share some light on what is our future plan? I don't think EBITDA level, they're not having we have a positive EBITDA of INR 7 lakhs the INR 70 lakhs. INR 70 lakhs, sorry, INR 70 lakhs at the EBITDA level. At the PAT level, we have 20 lakhs yes, yes, yes. And PAT level, we have positive PAT of 20 lakhs. Okay. Okay. And so how are you planning to scale it up? And how is it going to progress? So we are right now, of course, have achieved what we have achieved in within the seven.

24:41 So right now, our focus is to do the fundraise and get our other bigger format hospital up. And once those are there, we will be adding maybe four, five more in the cardiac case piece, which should be subsequent to the acquisition of the hospitals, which are going to come through the fundraise. So we are not trying to do all of these together. So if we are doing the fundraise in February and we announce something in March, April, So maybe by the third quarter of next year, we will look at basically adding numbers to the cardiac care piece. So what is really happening is, it's time and effort which we give for the smaller hospitals because cardiologists are expensive.

25:33 And cardiologists are whether it is you are doing them in Delhi NCR or anywhere else in smaller towns, the cost of cardiologists is expensive. So unless you get economies of scale, the margins in terms of real numbers, you do not get in smaller setup. So though we are broken even and we are making money, so if you look at the whole gamut of what we do, that looks relatively smaller as compared to this. So while we will keep pushing it, but that will happen more gradually, The bigger format hospitals are going to come in much faster. So that's basically my take. Okay. Okay? Okay. And just last question on Gurgaon facility, the margins that we have achieved in this quarter. So is there a scope of further expansion?

26:25 Or what number Yes. Is going This quarter, we did the highest, like I said, almost 34% in Gurgaon, 23.8 to be precise. And we did had a 68% occupancy with this 23.8% EBITDA. We are confident of pushing it up to 75% occupancy, and you will with the cost points remaining more or less the same. So you will see a further increase in the EBITDA here as well. And once we add the second tower between two twenty two to two fifty beds, again, the cost points will be more or less the same, except for some few additional nursing and medical officers. So we are very, very optimistic that this number will continue to push up.

27:14 And once Raifle breaks even, which, again, we are very optimistic that we will be able to stick to the time line that we have said, you will see a combination of great margins and great top and bottom lines. That's all I can say. You. Yes. Thank you. Next question comes from the line of Pranav Chawla with JM Asset Management. Please go ahead. Mr. Pranujala, your line has been unmuted. Please go ahead with your question.

28:01 Am I audible? Yes. Yes, you are. Congratulations, ma'am, on good setup numbers. Question from On my the Raipur facility, what are the operational costs? So it would be around 13 odd crores for this quarter roughly? Let me just... Operational cost. Yes. Just how much? Around INR 10 crores. Close to INR 10 crores including fixed cost. Yes, 10 crores including fixed cost. Okay. So how do you expect this cost to pan out next quarter? Do we expect variable cost to inch slightly upwards in the coming quarter? See, most of the cost is already figured in as far as we are concerned. So we have all the fixed and the variable cost in, a small one or two, if at all, which will be insignificant.

28:57 So we are not looking at any massive increase in this cost because all our doctors, all departments, whether it is neurosurgery, neurology, transplants, robotic surgeons, cardiologists, cardiac surgeon, everybody is in place. So if at all we need to add something, it will be few nurses here and there. And so most of the costs are in for your understanding. So would it be fair to assume that sequentially going forward, the performance from this asset should improve? 100%. 100%. No two things about And according to you, what would be the breakeven time line?

29:45 Do you still maintain the time twelve to fifteen months, but internally, we will try to better it. Got it. Got it. Perfect. Thank you so much, Bharat. This is all from my end. Yes. Thank you. Thank you. Thank you. The next question comes from the line of Anupam Sangal with Anand Rathi. Please go ahead. My question is the follow-up yes, just a follow-up to the earlier question on oncology price capping. So two parts to it. The first is, what if the regulation comes to the entire pharmacy revenue other than just oncology, if it is put in place for the entire drug system?

30:32 And second, only JPC committee report on the room rent tariff. What if that also comes into place, which is also simultaneously is going on? So what are your outlook on both of these? So I'll answer the second part first, and I think I had given a statement on that. So the room tariffs, so we are already at card we are only charging the three star rates because most of these are packages, and our rates are already three stars, and I have given this statement to multiple channels and journalists. So that has zero impact for us. Second is, if it comes for all now that is very hypothetical. Currently, people are talking about oncology drugs.

31:17 But even if it comes for all, a lot of other medicines, whether these are high in antibiotics and ICU medications, immunosuppressants which come which are used after transplant, they are already under the NPPA guidelines. So that means that is already regulated. So I haven't done the calculation for all drugs. But what I can say is, if it comes for oncology, it will be 0.5%. For the rest of the world, more than 50% of the rest of the world is already under NPPA guidelines, which we are following. So maybe from 0.5% to 0.8%, it would go up to 1% or 1.25%.

32:05 But again, this is very hypothetical, but it will not go more than that. The price regulation has been happening and has been there for a long period of time. And they have been looking at oncology, they have been looking at life saving, they have been looking at ICU, expensive antibiotics and bits and whites, and this has been incorporated into the system for the longest period of time. It's not that it will all come. Some of it is already going on. So you are not going to see a massive impact on that. And so I hope I've been able to answer your question. Sure, ma'am. Just one more follow-up question on this. So will the entire procedure cost get realigned with the chapping of the room rent? Because as I read that the procedure cost... So will the entire procedure cost... Today, our procedure cost, if you... I had made it very transparent and clear.

32:56 Today, our procedure cost includes our room rents are equivalent to a three star. I'm not sure about other hospitals, but we had kept it at a three star rate only. And our procedure costs are much cheaper than our competitors because this being one of the many other factors. So I don't think we are going to have any change in our procedure costs because we are if you look at our packages, we are lower than most of our competitors and our room rates are at three star prices. Sure, ma'am. Thank you. Thank you. Thank you. The next question comes from the line of Sumit Gupta with Antiche Stockbroking.

33:47 Please go ahead. Hello? You need to be a little louder. I'm not able to hear you very clearly. Is it fine? Hello? Hello? Hello? Is it fine? Yes. Yeah. Little louder. Little bit more. Sure, ma'am. Congrats on the great success. Just one thing. So how many patients were there in the airport? Sorry? How many patients were patient were capacity in the airport? It is two fifty. Two fifty six. Sensors. Sensors? Sensors is two fifty. Two fifty overall is 300. Okay. Yes, yes. So all this has been started and okay. And this quarter, how can we see this sequence for you basically? How should we look at the occupancy rate?

34:39 Around 35%? No. The occupancy will ramp up to... Mean, if not double, it will definitely ramp up. We've already seen the trends. And as per our we should at least have 20%, 25%, if not 30% in terms of occupancy for the coming quarters. Yes. Understood. Understood. And just one booking question. So other income was higher on a P o Q side. So how should we take this on INR 8 crore per quarter basis going forward also? Yes. Sumit hi, Sumit. This Rajat. So you can keep it at similar levels of what Q2 is, but over a period after Q4, from the next year, it would be slowly diminishing, but not at a single go. So for this year, you can keep it at similar levels of Q2.

35:31 Okay. So the funds are more or less utilized as of now. That will be taken. That will be in 1Q, it was INR 500 crores since it was utilized for the Understood. Correct. Thank you. All the best. Thank you. Thank you. The next question comes from the line of Meet Mehta with Integrity Ventures. Congratulations on vision for the next two to five geographies we are looking Your voice is breaking, Mr.

36:23 Could just ask the question again? Am I audible? Yes. Now you are. Yes. Yes. So just wanted to understand what kind of geographies we are looking to add our hospitals in the coming years? And what would be the size of our average hospitals that we are looking to add in the coming years? So basically, like we had mentioned earlier also, our focus will continue to be Delhi NCR, all capitals of Tier two cities, basically in Central And Eastern India. We are not looking at North, but we are looking at Central And Eastern. And there's a reason because we have done some market survey, and we have understood the need, the insurance penetration and the capacity to pay for tertiary care.

37:18 So that's where we are going to do. And all these hospitals are going to be large format hospitals, at least 300, three fifty beds plus, if not 500. Currently, the ones which we have announced are all 500 plus, including the Raipur is you can bring it go up to five fifty. The Saudi is six fifty. And in future, the ones which we have not announced, but we are doing the fundraise would be also on a similar thing of at least going up to $350,000,000 plus, if not 500,000,000 Sure. And what kind of hospitals we are looking to acquire in sense, would it be greenfield or it would be running hospitals or a brownfield capacity, anything on that? See, it's a combination of it could be a combination of green and brownfield.

38:14 The only thing that we are looking are two very important thing is the cost of acquisition. We do not believe in paying too much for acquiring. So all the things that we have done so far, you will see our cost per bed is lower than the industry benchmark. And second will be in an area which has need and the capacity to pay for it. So that is a very intense kind of a job that we are doing. Like we everybody asked us why Raipur. And today, if you see everybody else is coming to Raipur. And I think our bed cost was around INR 50 lakhs, 55 lakhs per bed looking at the first 300 beds.

39:00 So we try to keep the cost low. We look at the need of that particular area and the capacity to pay. And it could be a green, it could be a brownfield and the areas I have defined to you in your earlier question. That's where we are. Yes. Last thing on the tapping on the room rents. So the major stress was on charges that were charged by the hospitals were based on the room rents. So just wanted to understand what is the dynamics the hospitals are charging for the procedure charges that are based on the room rents. So just wanted some color on that particular thing.

39:50 See, we have told you, we are in my previous statements also and my previous answers to the questions which was asked, our rooms room rates are corroborated with three star room rates of Gurgaon. And that's how our overall procedure charges are cheaper than our competitors, which you can see, and they are all packaged. So we don't see a change. I think people who are charging five star room rates, they might have to bring it down or have an impact because our room rates very clearly, we have compared with all the three stars and it is at three star level, and that's the statement we had given. So we see no change in our packages. We are already on the lower side as compared to the competitors, yes.

40:38 Sure. And last thing on the Raipur facility, what kind of ARPU ramp up we are we would be seeing in the coming quarters or coming years? So just some sense on that. So we had current ARTEMISMED of the competitors are around 26,000, and we thought we will ramp up to around 55,000. But we started with 30,000, 32,000, which is good. And so we could do exponentially better and exceed our expectation of 55,000, 58,000 that we had planned. So let's see how it goes because the beginning has been good by God's grace. Yes, sure. Thank you very much and all the very best for the coming future.

41:25 Thank you. Thank you. Thank you. The next question comes from the line of Rajeet Agarwal with Nilgiri Advisors LLP. Please go ahead. Hello. Hello? Yes, sir. Yes. Good morning to you. Yes. Hi. Just following up from your previous comment on the Rypur landscape. Any comments on the overall competitive intensity given that as per some estimates, the hospitals per 1,000 hospital beds per 1,000 of population in Raipur could be much higher than, let's say, the average of some of the big cities like Udao.

42:16 And if you include Naya, Raipur, then it becomes even higher. Sorry. I didn't get your question. Overall... I'm just saying some comments on the competitive intensity given the existing hospitals and the new ones planned in Raipur? Yes. So the thing is the competitor landscape is as follows. Most of the existing competitors are very old hospitals and they do not have a corporate profile. Today, 40% and we are not positioning ourselves as a rightful hospital, but we are positioning ourselves as a nodal hospital of Chhattisgarh. So we have the first mover advantage of a corporate hospital with the required infrastructure, best in class doctors, trained doctors from across Chhattisgarh and giving that feel of a corporate hospital.

43:07 The advantage, which is ours is we are right in the heart of Raipur, which is the traveling distance for people who live in Raipur is negligible from wherever they want to come. So and the guys who are in the center of Raipur, most of the hospitals have been there for forty, forty five, fifty years. So they have not done an infrastructural upgrade. The ones who are coming new, the new the big brands which are coming, they're all in New Raipur, so which is kind of a distance. So of course, there will be population going to New Raipur, but they are not at the hub of where we stand. So and we would like to believe and we would like to create that niche for ourselves as a nodal statistical hospital and we take advantage of first mover because the location is good, the infrastructure is brilliant and the doctors are very good.

44:08 That's my question. Thank you. You. Thank you. Ladies and gentlemen, that was the last question for today. I now hand the conference over to the management for closing comments. Thank you all. I would like to thank everyone for joining the call. I hope we have been able to respond to all your questions adequately. For any further information, we request you to please get in touch with our Investor Relations team. Stay safe, stay healthy, and thank you once again for joining with us. Thank you. Thank you. On behalf of shares and stock brokers, that concludes this conference.

44:56 Thank you for joining us, and you may now disconnect your lines. Thank you.