Q1 2027 Aster DM Healthcare Ltd Earnings Call

August 5, 2026

Puneet Maheshwari: The first quarter ended 30 June 2026. Today marks an exciting step forward as we bring together two healthcare leaders into a unified platform. To discuss our operational and financial performance for Q1 FY27, we are joined today by the senior management team of Aster DM Quality Care, Dr. Azad Moopen, Executive Chairman, Ms. Alisha Moopen, Executive Director, Mr. Varun Khanna, MD and Group CEO Designate, Mr. Sunil Kumar, Group Chief Financial Officer. Before we begin, I would like to remind everyone that some statements made on today's call may be forward-looking in nature and are subject to risks and uncertainties. I would now like to request our Executive Chairman, Dr. Azad Moopen, to share his opening remarks. Over to you, sir.

Speaker #2: The first quarter ended June 30, 2026. Today marks an exciting step forward as we bring together two healthcare leaders into a unified platform. To discuss our operational and financial performance for Q1 of 2027, we are joined today by the senior management team of Aster DM Quality Care.

Speaker #2: Dr. Azad Moopen, Executive Chairman; Ms. Alisha Moopen, Executive Director; Mr. Varun Khanna, Managing Director and Group CEO Designate; Mr. Sunil Kumar, Group Chief Financial Officer.

Speaker #2: Before we begin, I would like to remind everyone that some statements made on today's call may be forward-looking in nature and are subject to risk and uncertainties.

Puneet Maheshwari: Before we begin, I would like to remind everyone that some statements made on today's call may be forward-looking in nature and are subject to risks and uncertainties. I would now like to request our Executive Chairman, Dr. Azad Moopen, to share his opening remarks. Over to you, sir.

Speaker #2: I would now like to request our Executive Chairman, Dr. Azad Mupin, to share his opening remarks over to you, sir.

Speaker #3: Thank you. Thank you very much. Good evening, very warm welcome to everyone. I am delighted to see this very very day. This is something which is much more than theirs.

Azad Moopen: Thank you. Thank you very much. Good evening. A very warm welcome to everyone. I am delighted to see this very important day. This is actually something which is much more than there. We have been there for 20 months or two years. We have been trying to do that, and with Blackstone and with our team, as well as from our Varun Khanna, who is the Managing Director, along with Alisha and other people, Wilson, as well as with Sunil, we are extremely happy. We have about 39 hospitals now, and 45 hospital staff, and about 7,000 doctors, and there are large number of people around. I am extremely happy to see you. We are happy to see Alisha to go ahead with that. Thank you. Please go ahead with Alisha.

Speaker #3: We have been there for 20 months, or 2 years. We have been trying to do that, and with Blackstone, and with our team, as well as from our Varun Khanna who is the managing director, along with Alisha and other people, Wilson as well as with Sunil, we are extremely happy.

Speaker #3: We have about 309 hospitals now, and 45 hospitals staff, and about 77,000 doctors. And there are a large number of people around. I am extremely happy to see you.

Speaker #3: We are happy to see, Alisha, to go ahead with that. Thank you. Please go ahead with Alisha.

Speaker #4: Thank you. Thank you so much, Chairman. Good evening, everyone. A very warm welcome to all of you. I'm also delighted to address you on this very historic milestone as we celebrate the formation and our first call as Aster DM Quality Care Limited.

Alisha Moopen: Thank you. Thank you so much, Chairman. Good evening, everyone. A very warm welcome to all of you. I am also delighted to address you on this very historic milestone as we celebrate the formation and our first call as Aster DM Quality Care Limited. By combining Aster's legacy of physician-led, as Chairman was mentioning, patient-centric care with Blackstone's institutional strength, we have built a very, very powerful platform. The overwhelming support from our shareholders underscores our strong confidence in our strategic direction and long-term value creation. As we unite, our overarching priority is elevating the standards of clinical excellence and standardizing best practices across every single bed in our network. We are approaching this in three distinct ways. First, scaling the super specialty care. We are deepening our capabilities in high-acuity domains like oncology, neurosciences, cardiac sciences, and transplants, bringing complex care closer to home for millions.

Speaker #4: By combining Aster's legacy of physician-led, as Chairman was mentioning, patient-centric care with Blackstone's institutional strength, we have built a very, very powerful platform. The overwhelming support from our shareholders, underscores our strong confidence in our strategic direction and long-term value creation.

Speaker #4: As we unite, our overarching priority is elevating the standards of clinical excellence and standardizing best practices across every single bed in our network. We are approaching this in three distinct ways.

Speaker #4: First, scaling the super specialty care. We are deepening our capabilities in high-acuity domains like oncology, neurosciences, cardiac sciences, and transplants, bringing complex care closer to home for millions.

Speaker #4: Second, expanding geographic access. We are actively taking very advanced clinical protocols into the Tier 2 and Tier 3 markets, ensuring that world-class talent medical talent and advanced technology are accessible to our patients' doorsteps without really requiring long-distance travel.

Alisha Moopen: Second, expanding geographic access. We are actively taking very advanced clinical protocols into the Tier 2 and Tier 3 markets, ensuring that world-class talent, medical talent, and advanced technology are accessible to our patients' doorsteps without really requiring long-distance travel. Really driving patient-centric innovation, integrating digital health platforms and modern care delivery models. We are focused on improving clinical outcomes and enhancing the patient experience across the entire care continuum. How do we move forward and keeping our core strong in terms of really bringing the best of ethical excellence and patient-centric care is really our focus. With that, I will hand over to Mr. Varun Khanna, the Managing Director and Group CEO, to address all of you, please.

Speaker #4: And third, really driving patient-centric innovation. Integrating digital health platforms and modern care delivery models. We are focused on improving clinical outcomes and enhancing the patient experience across the entire care continuum.

Speaker #4: So how do we move forward and keeping our core strong in terms of really bringing the best of ethical excellence and patient-centric care is really our focus.

Speaker #4: And with that, I will hand over to Varun Khanna, the managing director and group CEO, to address the all of you, please.

Speaker #5: Thank you, Alisha. Thank you, Chairman. Good evening, and thank you for joining us today. We are delighted to address you for the very first time as Aster DM Quality Care Limited.

Varun Khanna: Thank you, Alisha. Thank you, Chairman. Good evening, and thank you for joining us today. We are delighted to address you for the very first time as Aster DM Quality Care Limited. Today, we come to you as one unified healthcare champion across India. In this new chapter, we are committed to keeping our core and value system unchanged. With continued focus on patient care, enabling doctors and hospital operations through technology, and best-in-class clinical outcomes. The merger between Aster DM Healthcare and Quality Care is much more than a combination of assets. It brings together talented teams, strong clinical franchises, and a complementary network under a single vision. With an expanded footprint, a diversified portfolio, and significant opportunities for operational and clinical synergies, we believe the combined entity is uniquely positioned to deepen the access to high-quality care across India while creating long-term stakeholder value.

Speaker #5: Today, we come to you as one unified healthcare champion across India. In this new chapter, we are committed to keeping our core and value system unchanged.

Speaker #5: With continued focus on patient care, enabling doctors and hospital operations through technology, and best-in-class clinical outcomes. The merger between Aster DM Healthcare and Quality Care is much more than a combination of assets.

Speaker #5: It brings together talented teams, strong clinical franchises, and a complementary network under a single vision. With an expanded footprint, a diversified portfolio, and significant opportunities for operational and clinical synergies, we believe the combined entity is uniquely positioned to deepen the access to high-quality care across India while creating long-term stakeholder value.

Speaker #5: On July 1st, we marked this milestone with our enterprise-wide Go Greater celebration. We brought together 45,000 people across our network, including doctors, nurses, paramedical workers, and employees, to drive an enterprise-wide alignment around our core cultural talents of one team, excellence, and accountability.

Varun Khanna: On 1 July, we marked this milestone with our enterprise-wide Go Greater celebration. We brought together 45,000 people across our network, including doctors, nurses, paramedical workers, and employees, to drive an enterprise-wide alignment around our core cultural tenets of one team, excellence, and accountability. Across all the sites, we achieved zero operational friction, zero service disruption while executing cultural integration programs, driving employee engagement, shared behaviors, and long-term integration success. Before diving into Q1 numbers, I want to clearly articulate our framework for value creation and the core strategic priorities that will drive our growth going forward. Network expansion, clinical excellence, and service excellence driven through digital enablement and an effective and empowered team. Turning now to our financial and operational performance for Q1 FY27. Considering that the merger became effective only on 1 July 2026, the numbers pertaining to the combined entity are on pro forma basis.

Speaker #5: Across all the sites, we achieved zero operational friction, zero service disruption, while executing cultural integration programs driving employee engagement, shared behaviors, and long-term integration success.

Speaker #5: Before diving into Q1 numbers, I want to clearly articulate our framework for value creation and the core strategic priorities that will drive our growth going forward.

Speaker #5: Network expansion, clinical excellence, and service excellence. Driven through digital enablement and an effective and empowered team. Turning now to our financial and operational performance for Q1 FY27, considering that the merger became effective only on July 1st, 2026, the numbers pertaining to the combined entity are on perform a basis.

Speaker #5: Q1 27 delivered strong overall momentum. Revenue from operations increased 20% year on year, to INR 2,597 crores. EBITDA grew 30% year on year, to INR 576 crores.

Varun Khanna: Q1 2027 delivered strong overall momentum. Revenue from operations increased 20% year on year to INR 2,597 crores. EBITDA grew 30% year on year to INR 576 crores. The EBITDA margin expanded 170 bps YoY to 22.2%. Revenue growth was driven by higher patient volumes, supported by higher realization driven by an increasingly complex case mix. We treated over two million patients in Q1, up 13% YoY, with a blended occupancy expanded 510 basis points YoY to 64%. This was supported by a 62% YoY growth in medical value travel on account of addition of the new geographies. EBITDA growth, of course, outpaced revenue growth, unlocking operating leverage through material cost savings and stronger fixed cost absorption. Now, let's look at the maturity cut for us. Growth across our unit mix remained robust, with the mature units contributing 73% of our revenue.

Speaker #5: The EBITDA margin expanded 170 bps year-over-year to 22.2%. Revenue growth was driven by higher patient volumes, supported by higher realization driven by an increasingly complex case mix.

Speaker #5: We treated over 2 million patients in quarter one, up 13% YOY, with a blended occupancy expanded 510 basis points YOY, to 64%. This was supported by a 62% YOY growth in medical value travel, on account of addition of the new geographies.

Speaker #5: EBITDA growth, of course, was outpaced it outpaced revenue growth, unlocking operating leverage through material cost savings and stronger fixed cost absorption. Now, let's look at the maturity cut for us.

Speaker #5: Growth across our unit mixed remained robust with maturity with the mature units contributing 73% of our revenue. So mature units as a segment really contribute 73% to our total revenue.

Varun Khanna: Mature units as a segment really contribute 73% to our total revenue, and that recorded a 19% YoY revenue growth driven by steady bed throughput, higher ARPP IP driven by improved case mix, a better payor mix, and a higher MBT contribution, as I mentioned earlier. The strong operating leverage led to the EBITDA growth of 29% in the segment and a sustained EBITDA margin at 30%, expanding 230 bps YoY. The focus units, which contribute 15% of our revenue, delivered a 16% YoY revenue growth, benefiting from the expanding specialty programs, increasing occupancy, and rapid margin expansion, further leading to EBITDA growth of 20%, with EBITDA margins expanding 60 bps. Emerging segment, which is the newer hospitals, registered the highest growth trajectory at 63% YoY revenue growth. This was propelled by fast-paced patient volume ramp-ups at newly commissioned facilities.

Speaker #5: And that recorded a 19% year-over-year revenue growth, driven by steady bed throughput, higher ARPP/IP, improved case mix, a better payer mix, and a higher MBT contribution, as I mentioned earlier.

Speaker #5: The strong operating leverage led to the EBITDA growth of 29% in the segment and a sustained EBITDA margin at 30% expanding 230 bips YOY.

Speaker #5: The focus units which contribute 15% of our revenue delivered a 16% YOY revenue growth, benefiting from the expanding specialty programs, increasing occupancy, and rapid margin expansion further leading to EBITDA growth of 20% with EBITDA margins expanding 60 bips.

Speaker #5: Emerging segment, which is the newer hospitals, registered the highest growth trajectory, at 63% YOY revenue growth. This was propelled by fast-paced patient volume ramp-ups and newly commissioned facilities, and in our emerging units, EBITDA surged to 140% YOY.

Varun Khanna: In our emerging units, EBITDA surged 240% YoY, with margins more than doubling to 12.4% with a 640 bps improvement over last year. This underscores our operational execution speed, best highlighted by our newly commissioned Rakasur Gold facility, which achieved EBITDA breakeven in the month of June 2026, within just nine months of operation. Beyond our financial metrics, our true strength lies in our broader clinical platform, leveraging our 7,400 clinicians to scale high equity care where it matters the most. Over the last 12 months, our unified platform has served nearly eight million patients across our network. A powerful reflection of the deep trust patients place in us. Spanning 28 cities, nine states, we are democratizing advanced care.

Speaker #5: With margins more than doubling to 12.4% with a 640 bips improvement over last year. This underscores our operational execution speed, best highlighted by our newly commissioned Kasaragod facility, which achieved EBITDA break-even in the month of June 26 within just 9 months of operation.

Speaker #5: Beyond our financial metrics, our two our true strength lies in our broader clinical platform leveraging our 7,400 clinicians to scale high equity care where it matters the most.

Speaker #5: Over the last 12 months, our unified platform has served nearly 8 million patients across our network—a powerful reflection of the deep trust patients place in us.

Speaker #5: Spanning 28 cities, 9 states, we are democratizing advanced care. The centers in Metro and Tier 1, including cities like Bengaluru, Kochi, Hyderabad, and others, continue to pioneer complex interventions, such as India's first robotic HAI therapy, for non-curable liver metastasis, and Kerala's first transcatheter Fontan procedure, performed in Kochi, while our hospitals in Tier 2 and Tier 3 cities bring advanced robotics oncology and cardiac care directly to the doorstep.

Varun Khanna: The centers in Metro and Tier 1, including cities like Bengaluru, Kochi, Hyderabad, and others, continue to pioneer complex interventions, such as India's first robotic HAI therapy for non-curable liver metastasis and Kerala's first transcatheter Fontan procedure performed in Kochi. While our hospitals in tier 2 and tier 3 cities bring advanced robotics, oncology, and cardiac care directly to the doorstep. This is highlighted by our high-risk multidisciplinary surgery performed for stage 4 colon cancer at Nagercoil. Among combo specialties, orthopedics, neurology, and oncology had an accelerated ramp-up during Q1 FY27. All of these specialties grew in excess of 24% this quarter. What will interest you is that our robotic volumes witnessed 80% growth over the same period last year. Joint replacements increased 39% over last year, and transplants went up by 19% year on year.

Speaker #5: This is highlighted by our high-risk for stage 4 colon cancer at Nagar Coil. Among Congo specialties, orthopedics, neurology, and oncology had an accelerated ramp-up during Q1 FY27.

Speaker #5: All of these specialties grew in excess of 24% this quarter. What will interest you is that our robotic volumes witnessed 80% growth over the same period last year.

Speaker #5: Joint replacements increased 39% over last year, and transplants went up by 19% year on year. And this was enabled through investment in medical technology, strengthening of our clinical skills, and capabilities across the network.

Varun Khanna: This was enabled through investment in medical technology, strengthening of our clinical skills, and capabilities across the network. In recognition of our clinical leadership and patient-centric philosophy, CARE Hospitals, HITEC City secured a JCI accreditation, becoming the first unit in CARE Network to achieve the same. Aster was recently conferred with Healthcare Brand of the Year by The Economic Times, while CARE and KIMSHEALTH got recognized for clinical leadership, nursing excellence, and research focus by ABH and Medical Dialogues. Demonstrating the extraordinary caliber of our leadership, we are the only hospital group in India honored with two lifetime achievement awards from Financial Express. One conferred upon our Executive Chairman, Dr. Azad Moopen, and Dr. M. I. Sahadulla, Chair, Medical Advisory Board, for their exemplary lifetime services to patient care.

Speaker #5: In recognition of our clinical leadership and patient-centric philosophy, care high-tech secured a JCI accreditation, becoming the first unit in care network to achieve the same.

Speaker #5: Aster was recently conferred with healthcare brand of the year by Economic Times, while care and Kim's Health got recognized for clinical leadership, nursing excellence, and research focus by AWH and Medical Dialogues.

Speaker #5: Demonstrating the extraordinary caliber of our leadership, we are the only hospital group in India honored with two lifetime achievement awards from financial express. One confirmed a conferred upon our executive chairman, Dr. Azad Bhupan, and Dr. M.I.

Speaker #5: Sahadullah, chair medical advisory board, for their exemplary lifetime services to patient care. We have a clear roadmap to add 4,170 beds over the next 3 to 4 years.

Varun Khanna: We have a clear roadmap to add 4,170 beds over the next three to four years, taking our total bed capacity to 15,000 beds. Crucially, you should know 53% of this expansion is brownfield rent, enabling us to leverage existing infrastructure and talent for faster gestation, lower execution risk, and higher ROCE. Capital deployment will focus on deepening presence across core southern, central, and eastern regions. Additionally, in April 2026, we also commissioned the 159-bed Aster Women & Children block at Aster Whitefield, which is already seeing strong patient traction. In closing, the exceptional momentum across both platforms, backed by robust clinical growth, strong operational leverage, and disciplined expansion, gives us immense confidence as we step forward as one integrated enterprise. By combining our strengths, we are uniquely positioned to deliver long-term value for our shareholders while setting new benchmarks in quality, accessible healthcare across India.

Speaker #5: Taking our total bed capacity to 15,000 beds. Crucially, you should know, 53% of this expansion is brownfield rent, enabling us to leverage existing infrastructure and talent for faster gestation, lower execution risk, and higher ROCE.

Speaker #5: Capital deployment will focus on deepening our presence across core southern, central, and eastern regions. Additionally, on April 26, we commissioned the 159-bed Aster Women and Children block at Aster Whitefield, which is already seeing strong patient traction.

Speaker #5: In closing, the exceptional momentum across both platforms backed by robust clinical growth, strong operational leverage, and disciplined expansion gives us immense confidence as we step forward as one integrated enterprise.

Speaker #5: By combining our strengths, we are uniquely positioned to deliver long-term value for our shareholders while setting new benchmarks in quality, accessible healthcare across India.

Speaker #5: Thank you for your continued trust and partnership. Now, I hand over to my friend Sunil for the financial performance.

Varun Khanna: Thank you for your continued trust and partnership. Now I hand over to my friend Sunil for the financial performance.

Speaker #1: Thank you, Arun. Good evening, everyone. While Warun walked you through the overall combined proforma performance, I would now like to share the performance of Aster DM Healthcare platform for the first quarter of FY27, which underscores this strong momentum.

Sunil Kumar M R: Thank you, Varun. Good evening, everyone. While Varun walked you through the overall combined pro forma performance, I would now like to share the performance of Aster DM Healthcare platform for the first quarter of FY27, which underscores this strong momentum. I am delighted to share that Aster DM delivered a strong start to FY27, with revenue increasing 22% year-on-year to INR 1,311 crore compared to INR 1,078 crore in Q1 FY26. Operating EBITDA increased 29% to INR 277 crore, while the operating EBITDA margin expanded 117 bps to 21.1%. Normalized PAT, excluding exceptional costs, increased 39% year-on-year, approximately INR 125 crore compared to INR 90 crore in the corresponding quarter last year. The exceptional expense of INR 114 crore, that is INR 114 crore, pertains entirely to costs incurred towards the merger and related activities. These are one-time transaction-related costs and are not indicative of the underlying operating cost base.

Speaker #1: I am delighted to share that Aster DM delivered a strong startup to FY27 with revenue increasing 22% year on year to 1,300 and 311 crores compared to 1,078 crores in quarter one FY26.

Speaker #1: Operating EBITDA increased 29% to ₹277 crore, while the operating EBITDA margin expanded 117 basis points to 21.1%. Normalized PAT, excluding exceptional costs, increased 39% year on year to approximately ₹125 crore compared to ₹90 crore in the corresponding quarter last year.

Speaker #1: The exceptional expense of 1,14 crores that is the 114 crores pertains entirely to the cost incurred towards the merger and related activities. These are one-time transaction related costs and are not indicative of the underlying operating cost base.

Speaker #1: Return on capital employed improved by approximately 190 basis points to 22.6%, compared to 20.7% in the corresponding period last year. This improvement reflects both higher operating earnings and better utilization of the existing asset base.

Sunil Kumar M R: Return on capital employed improved by approximately 190 basis points to 22.6%, compared to 20.7% in the corresponding period last year. This improvement reflects both higher operating earnings and better utilization of the existing asset base. Our performance this quarter was firmly volume-led. The total patient throughput expanding 16%, alongside 10% uptick in ARPP for IP patients. Growth in ARPP IP was well supported by case mix improvement led by Center of Excellence and high-end tertiary care, including robotic cases. Rather than relying on select units, growth was well distributed across our network and propelled by a healthy mix of clinical complexity, capacity utilization, and steady realization gains. I would love to bring you to the quick snapshot of Quality Care platform performance in Q1.

Speaker #1: Our performance this quarter was firmly volume-led. The total patient throughput expanding 16% alongside 10% uptick in ARPP for IP patients. Growth in ARPP IP was well supported by case mix improvement led by center of excellence and IN tertiary care including robotic cases.

Speaker #1: Rather than relying on select units, growth was well distributed across our network and propelled by healthy mix of clinical complexity, capacity utilization, and steady realization gains.

Speaker #1: I would the quick snapshot of quality care platform performance in quarter one. Quality care delivered a standard quarter with a revenue growing 19% YOI to 1,287 crores and operating EBITDA surging 32% YOI to 299 crores.

Sunil Kumar M R: Quality Care delivered a standard quarter with revenue growing 19% YoY to INR 1,287 crore and operating EBITDA surging 32% YoY to INR 299 crore, and margin expansion of 216 bps, reaching 23.2% in Q1 FY27. This strong performance was driven by 656 bps jump in occupancy to 65.4%, deeper clinical mix, robust growth in robotic and transplants, and joint replacements, along with the better payer mix, which boosted the ARPP IP reaching INR 144K in Q1 FY27. We continue to maintain a strong balance sheet. At the combined level, there is a net debt of INR 1,162 crore as on 30 June 2026. Aster's is net cash with INR 511 crore, and Quality Care has a debt of INR 1,673 crore. As we look ahead, our unified platform give us unmatched operational depth, a robust brownfield expansion pipeline, and a clear synergetical potential.

Speaker #1: And margin expansion of 216 bips reaching 23.2% in quarter one FY27. This strong performance was driven by 656 bips jump in occupancy to 64 65.4% deeper clinical mix robust growth in robotic and transplants and joint replacements along with the better payer mix which boosted the ARPP IP reaching 144k in quarter one FY27.

Speaker #1: We continue to maintain a strong balance sheet at the combined level. There is a net debt of 1,162 crore as on 30 June 2026.

Speaker #1: Aster is net cash with 511 crore and quality care has a debt of 1,673 crore. As we look ahead, our uniform platform give us unmatched operational depth, a robust brownfield expansion pipeline, and a clear synergical potential.

Speaker #1: We remain committed to setting new benchmarks in clinical quality, while creating sustainable value for all stakeholders. With that, I conclude my remarks and hand it over to Puneet to begin the question and answer session.

Sunil Kumar M R: We remain committed to setting new benchmarks in clinical quality while creating sustainable value for all stakeholders. With that, I conclude my remarks and hand it over to Puneet to begin the question and answer session. Thank you very much.

Speaker #1: Thank you very much.

Speaker #2: Thanks, Sunil. Dear participants, during the Q&A session, you will get a chance to ask a question by raising your hand through the raise hand icon in Zoom participant application in the bottom of your window.

Puneet Maheshwari: Thanks, Sunil. Dear participants, during the Q&A session, you will get a chance to ask a question by raising your hand through the Raise Hand icon in Zoom participant application in the bottom of your window. We will call out your name, after which your line will be unmuted, and you will be asked to ask a question. I will now like to request to all the participants if you can introduce yourself during the call with the name and company you are associated with before asking the question. If you are not associated with any company, if you are an individual investor, you can highlight that as well. Moving on to the Q&A session. The first question is from Mr. Tauseef.

Speaker #2: We will call out your name after which your line will be unmuted and you will be asked to I will be asked to ask a question.

Speaker #2: I will now like to request to all the participants, if you can introduce yourself during the call with your name and company you are associated with before asking the question.

Speaker #2: If you are not associated with any company, if you are an individual investor, you can highlight that as well. Moving on to the Q&A session, the first question is from Mr. Toseeb.

Tauseef Shaikh: Thanks, Puneet. Good evening. This is Tauseef Shaikh from BNP Paribas. Congratulations on the good set of numbers and completion of merger. First few question to Varun on new organizational structure. Varun, could you help us understand the structure of the merged entity, especially regarding the reclassification of business into four clusters? Can you let us know which are the region and state you have classified each cluster, and what has been the thought process, whether it's a brand-centric approach or a cluster-centric approach we have adopted?

Tausif Shaikh: Thanks, Puneet. Good evening. This is Tausif Shaikh from BNP Paribas. Congratulations on the good set of numbers and completion of merger. First few question to Varun on new organizational structure. Varun, could you help us understand the structure of the merged entity, especially regarding the reclassification of business into four clusters? Can you let us know which are the region and state you have classified each cluster, and what has been the thought process, whether it's a brand-centric approach or a cluster-centric approach we have adopted?

Speaker #3: Thanks, Puneet. Good evening. This is Toseeb Sheikh from BNP Paribas. Congratulations on the good set of numbers and completion of the merger. First few questions to Warun: could you help us understand the structure of the merged entity, especially regarding the reclassification of business into flow clusters?

Speaker #3: Can you let us know which are the region and state you have classified each cluster and what has been the thought process, whether it's a branch centric approach or a cluster centric approach we have adopted?

Varun Khanna: Hi, Tauseef. How are you doing? Thanks for complimenting us. Yes, the performance has been very good, especially given the fact that we were all also tied up with enabling the merger. I think it's worked out pretty well. The India leadership, we are still in the process of putting all of the final touches to it. We are looking at things like geographical continuity, business continuity, span of control, as we start to manage the country. I think the other thing that we are focusing on now, I did allude to it earlier, many quarters earlier as well at QCIL. To us, the maturity cut matters a lot because we need to identify where the business has to be enabled from a continuity standpoint, where we need to add more firepower in terms of clinical programs, et cetera.

Varun Khanna: Hi, Tausif. How are you doing? Thanks for complimenting us. Yes, the performance has been very good, especially given the fact that we were all also tied up with enabling the merger. I think it's worked out pretty well. The India leadership, we are still in the process of putting all of the final touches to it. We are looking at things like geographical continuity, business continuity, span of control, as we start to manage the country. I think the other thing that we are focusing on now, I did allude to it earlier, many quarters earlier as well at QCIL. To us, the maturity cut matters a lot because we need to identify where the business has to be enabled from a continuity standpoint, where we need to add more firepower in terms of clinical programs, et cetera.

Speaker #1: Hi Toseeb, how are you doing? And thanks for complimenting us. Yes, the performance has been very good, especially given the fact that we were all also tied up with enabling the merger.

Speaker #1: So I think it's worked out pretty well. See, the India leadership, you know, and we are still in the process of putting all of the final touches to it.

Speaker #1: But we are looking at things like geographical contiguity, business continuity, span of control, as we start to manage the country. And I think the other thing that we are focusing on now, and I did allude to it earlier, many quarters earlier as well, at QCI, you know, to us the maturity card matters a lot.

Speaker #1: Because we need to identify where the business has to be enabled from a continuity standpoint, where we need to add more firepower in terms of clinical programs etc.

Speaker #1: So there are four maturity cuts that we've taken. And I think that is another piece that is overlaying the org structure that we've built.

Varun Khanna: There are four majority cuts that we've taken, I think that is another piece that is overlaying the old structure that we've built. I can't tell you that I've put two geographies under one person, et cetera. We are enabling this through multiple things that I just told you.

Speaker #1: So we're breaking it's not really it's not really I can't tell you that I've put two geographies in under one person etc. So we are enabling this through, you know, multiple things that I just told you.

Speaker #3: Okay, that's helpful. Second thing, on the strategy and priorities in the near term, what are the three things that you would like to implement in the merged entity which can start showing results in the near term, in FY27?

Tauseef Shaikh: Okay. That's helpful. Second thing on the strategy and the priorities on the near term. Varun, what are the three things that you would like to implement in the merged entity which can start showing the result in the near term in FY27?

Tausif Shaikh: Okay. That's helpful. Second thing on the strategy and the priorities on the near term. Varun, what are the three things that you would like to implement in the merged entity which can start showing the result in the near term in FY27?

Speaker #1: Oh, very I think a very, very pertinent question, Toseeb, and thanks for asking it. I think the first and the foremost thing is that we brought these two large companies together.

Varun Khanna: That's I think a very pertinent question, Tauseef, thanks for asking it. I think the first and the foremost thing is that we brought these two large companies together so that we could benefit from scale. That is what draws me to the post-merger integration and value unlocking from the synergies. That's a big piece for us. We did, by the way, allude to it again during our early part of the conversation. Second is really putting the operational and clinical excellence piece in order. For us, oversight on sustainability and patient-centered growth is extremely critical. That would be a big priority for me. Defining the strategic roadmap for the combined organization, because it's not about a few quarters, it's about the next few decades.

Speaker #1: So that we could benefit from scale. That is what draws me to the post-merger integration and value unlocking from the synergies, and that's a big piece for us.

Speaker #1: And we did, by the way, allude to it again during our early part of the conversations. Second is really putting the operational and clinical excellence piece in order.

Speaker #1: You know, for us, oversight on sustainability and patient-centered growth is extremely critical. And that would be a big priority for me. And defining the strategic roadmap for the combined organization because it's not about a few quarters.

Speaker #1: It's about the next few decades, so that continuity and that strategic foresight are extremely critical under the Chairman's leadership. And I think that's going to be the third element that I want to highlight.

Varun Khanna: That continuity and that strategic foresight is extremely critical under Chairman's leadership, and I think that's going to be the third element that I want to play out.

Tauseef Shaikh: Varun, do you see there's any clinical gap in the existing entities?

Tausif Shaikh: Varun, do you see there's any clinical gap in the existing entities?

Speaker #3: Warun, do you see this any clinical gap in the existing entities?

Speaker #1: Clinical gap, it's never enough. So no, I won't ever call it as clinical gap. See, as science is progressing, as technology is progressing, and I've said this earlier, maybe I'll repeat it, our business is about talent technology and infrastructure.

Varun Khanna: Clinical gap is never enough. No, I won't ever call it as clinical gap. See, as science is progressing, as technology is progressing, I've said this earlier, maybe I'll repeat it. Our business is about talent, technology, and infrastructure. There won't be a year, there won't be a quarter where we will not continue to invest in talent as well as technology. We've said that we are focused on developing complexity in our networks because we want to be quaternary care. We've said that we will drive programs which are institutionalized, therefore large team movements together, and we will enable their work by implementing, I would say, the cutting edge of technology when it comes to medical science. I don't see it as gaps, Tauseef. I see this as a continuous upgrade that I think the industry will have to go through over management.

Speaker #1: And there won't be a year, there won't be a quarter where we will not continue to invest in talent as well as technology. So we've said that we are focused on developing complexity in our networks because we want to be court care.

Speaker #1: We've said that we will drive programs which are institutionalized, therefore large team movements together. And we will enable their work by implementing, I would say, that cutting tier of technology when it comes to medical science.

Speaker #1: So I don't see it as gaps, Toseeb. I see this as a continuous upgrade that I think the industry will have to go through over multiple years.

Tauseef Shaikh: Yeah. Thanks, Varun. Just one question to Sunil. I think after a strong start for the year, I know we have guided our EBITDA margin improvement and reaching the levels 24% to 25% in next three years. How should one see the EBITDA margin in FY27 after the strong start?

Tausif Shaikh: Yeah. Thanks, Varun. Just one question to Sunil. I think after a strong start for the year, I know we have guided our EBITDA margin improvement and reaching the levels 24% to 25% in next three years. How should one see the EBITDA margin in FY27 after the strong start?

Speaker #3: Yeah. Thanks, Warun. Just one question to Sunil. I think after a strong start for the year, I know we have guided a EBITDA margin improvement and reaching at the levels 24 to 25% in next three years.

Speaker #3: How should one see the EBITDA margin in FY27 after this strong start?

Speaker #1: So Toseeb, I think we have previously called out that we will not give a guidance on quarter on quarter or yearly basis. We still hold on to that you can see that quarter has been a great start and we still hold on to our broader guidance of two to three years post-merger and we are on our way to hit that number of 24 to 25 percentage.

Sunil Kumar M R: Tauseef, I think we have previously called out that we will not give a guidance on quarter-on-quarter or yearly basis. We still hold on to that. You can see that the quarter has been a great start, and we still hold on to our broader guidance of 2 to 3 years post-merger, and we are on our way to hit that number of 24% to 25%.

Sunil Kumar M R: Tausif, I think we have previously called out that we will not give a guidance on quarter-on-quarter or yearly basis. We still hold on to that. You can see that the quarter has been a great start, and we still hold on to our broader guidance of 2 to 3 years post-merger, and we are on our way to hit that number of 24% to 25%.

Speaker #3: That's helpful. I'll get back in the queue.

Tauseef Shaikh: That's helpful. I will get back in the queue.

Tausif Shaikh: That's helpful. I will get back in the queue.

Speaker #2: Thanks, Toseeb. The next question is from Damyanthi. Damyanthi, can you please unmute yourself and ask the question?

Puneet Maheshwari: Thanks, Tauseef. The next question is from Damayanti. Damayanti, can you please unmute yourself and ask the question?

Puneet Maheshwari: Thanks, Tausif. The next question is from Damayanti. Damayanti, can you please unmute yourself and ask the question?

Speaker #3: Yeah. Hi. Good evening, everyone. And thank you for the opportunity. Congratulations to the team for merger. So taking the previous question a bit further.

[Analyst]: Hi. Good evening, everyone, and thank you for the opportunity. Congratulations to the team for merger. Taking the previous question a bit further. As you spoke about your priorities for the merged entity, what we understand both Aster and Quality Care platform have been working on lot of cost efficiency measures, et cetera, in last few quarters, which was reflected in the EBITDA margin improvement. From current level, if you can help us understand what kind of further low-hanging fruits you see to improve margins further. Apart from these low-hanging factors, in terms of the long-term strategic progress, how do you see things ticking up from current level? Thank you.

[Analyst 1]: Hi. Good evening, everyone, and thank you for the opportunity. Congratulations to the team for merger. Taking the previous question a bit further. As you spoke about your priorities for the merged entity, what we understand both Aster and Quality Care platform have been working on lot of cost efficiency measures, et cetera, in last few quarters, which was reflected in the EBITDA margin improvement. From current level, if you can help us understand what kind of further low-hanging fruits you see to improve margins further. Apart from these low-hanging factors, in terms of the long-term strategic progress, how do you see things ticking up from current level? Thank you.

Speaker #3: So, as you spoke about your priorities for the merged entity, what we understand is that both the Aster and QualityCare platforms have been working on a lot of positives since the merger, etc.

Speaker #3: in last few quarters, which was reflected in the EBITDA margin improvement. So from current level, if you can help us understand what kind of further low-hanging fruits you see to improve margins further, and apart from these low-hanging factors, in terms of the long-term strategic progress, how do you see things taking up from current level?

Speaker #3: Thank you.

Speaker #1: So thank you, Damyanthi. First of all, I have to emphasize this.

Varun Khanna: Thank you, Damayanti. First of all, I have to emphasize on this. For merged entity, synergies haven't played out. As I told you, we've not started working on the merged entity synergies previously. The performances that we have seen at both Aster level and Quality Care level were driven by the independent working of these two entities, and there was no degree of cohesive working that happened. I think that has started as of this month. Therefore the synergy realization for the or the scale-based synergy realization for the merged entity is yet to be playing out. I'm also not saying it's going to play out this quarter, but you will start to see significant results on our synergies this financial year onwards. That'll get analyzed as we go forward into the next year.

Speaker #2: For the merged entity, synergies haven't played out, because as I told you, we've not started working on the merged entity synergies previously. So, the performances that you've seen at both Aster level and Quality Care level were driven by the independent working of these two entities.

Speaker #2: And there was no there was no degree of cohesive working that happened. I think that has started as of this month. And therefore the synergy realization for the or the scale-based synergy realization for the merged entity is yet to be playing out.

Speaker #2: And I'm also not saying it's going to play out this quarter, but you will start to see significant results. On our synergies, this financial year onwards.

Speaker #2: And that'll get annualized as you go forward into the next year. It's a 10-point synergy wheel that we created. And I had mentioned this about a year back as well.

Varun Khanna: It's a 10-point synergy wheel that we created, and I had mentioned this about a year back as well, that those are the things that one should work on. First and foremost, of course, it is led by the benefit on consumption. Consumption can be indirect. That's a rather large piece. When you become, or when you get to that scale, we will have a significant leverage coming with that. I think I'll draw your attention back to something that we had guided on earlier, and maybe Sunil can come in as well. We've said that about a year back that we hope to bring in 10% to 15% incremental EBITDA on account of synergies, and we still stick to that. We are closer to the ground.

Speaker #2: Those are the things that one should work on. And first and foremost, of course, it is led by the benefit on consumption, and consumption can be indirect.

Speaker #2: And that's a rather large piece. So when you become or when you get to that scale, we will have a significant leverage coming with that.

Speaker #2: I think I'll draw your attention back to something that we had guided on earlier, and maybe Sunil can come in as well. You know, we had said about a year back that we hope to bring in 10 to 15 percent incremental EBITDA on account of synergies.

Speaker #2: And we still stick to that. We are closer to the ground. We know exactly what kind of initiatives we'll get on there, get us there, what are the revenue synergies, what are the cost synergies.

Varun Khanna: We know exactly what kind of initiatives will get us there, what are the revenue synergies, what are the cost synergies. All of that, Damayanti, will start to kick in now and this financially onwards. I think I just wanted to clarify that because you alluded to the previous performance.

Speaker #2: So all of that, Damyanthi will start to kick in now. And at this financial year onward. So I think I just wanted to clarify that because you alluded to the previous performance.

Speaker #3: Yes.

[Analyst]: Yes.

[Analyst 1]: Yes.

Speaker #1: But I wanted to categorize categorically state that that performance was driven by the two independent factions. And now onwards, it'll be the collective vision that'll come through.

Varun Khanna: I want to categorically state that that performance was driven by the two independent factions, and now onwards it'll be the collectivism that will come in.

Speaker #3: Okay. And also wanted to understand on the synergy for the clinical talent which you have across the network now. So we understand your footprint in terms of the site locations, etc.

[Analyst]: Okay. Also wanted to understand on the synergy for the clinical talent which you have across the network now. We understand your footprint in terms of the site locations, et cetera. Apart from Kerala, it's a bit more diversified. Do you foresee synergies on the better utilization of clinical talent as well?

[Analyst 1]: Okay. Also wanted to understand on the synergy for the clinical talent which you have across the network now. We understand your footprint in terms of the site locations, et cetera. Apart from Kerala, it's a bit more diversified. Do you foresee synergies on the better utilization of clinical talent as well?

Speaker #3: Apart from Kerala, it's a bit more diversified. So do you foresee synergies on the better utilization of clinical talent as well?

Speaker #1: Absolutely. So there are programs and there are there are programs that we would like to do at the hospital level. For instance, on cardiology, on neurosciences, urology, neuro, we would like to do things at every hospital.

Varun Khanna: Absolutely. There are programs and there are programs. There are programs that you'd like to do at the hospital level. For instance, on cardiology, on neurosciences, urology, neuro, would like to do things at every hospital. You'll build a team at every hospital. It comes to complexity. Let's take an example of DBS. You won't need a team, or you won't even find a team for DBS in every hospital. You could have the collective team or a team which is doing DBS across multiple hospitals. I'll give an example. We have one of India's best, or rather Asia's, it must be the top five programs of Asia in DBS based out of Kochi. Previously, we couldn't use that for any part of our network.

Speaker #1: So you'll build a team at every hospital. Then it comes to complexity. Let's take an example of DBS. You won't need a team or you won't even find a team for DBS in every hospital.

Speaker #1: So you could have the collective team or a team which is doing DBS across multiple hospitals. So I'll give an example. We have one of India's best or rather Asia's it must be the top five program of Asia, DBS.

Speaker #1: Based out of Kochi. Previously, we couldn't use that for any part of our network. Today, we can extend that to Kerala. I mean, if I look at Kerala, we can extend that to KIMS.

Varun Khanna: Today, we can extend that to Kerala, and if I look at Kerala, we can extend that to KIMS, we can extend that to parts in Hyderabad. The extension of complexity becomes much easier for us. There's another example I can give you. Liver transplant, for instance. It's very difficult to develop liver transplant programs in every single hospital. We have 39 of them. The patient load is coming into every hospital, and that is one team that you can develop that can go on and handle multiple units. There is a huge leverage that we will have in terms of our clinical programs when it comes to managing complexity.

Speaker #1: We can extend that to parts in Hyderabad. So the extension of complexity becomes much easier for us. There's another example I can give you.

Speaker #1: Liver transplant, for instance. It's very difficult to develop liver transplant programs in every single hospital. We have 39 of them. But the patient load is coming into every hospital.

Speaker #1: And that is one team that you can develop that can go on and handle multiple units. So there is a huge leverage that we will have in terms of our clinical programs when it comes to managing complexity.

Speaker #3: Yeah. That's very helpful. And my last question is on the international patient business, medical value tourism. I think very exceptional growth. So what is helping you to achieve I'll say much higher growth than the industry peers?

[Analyst]: Yeah, that's very helpful. My last question is on the international patient business medical value tourism. I think very exceptional growth. What is helping you to achieve, I'll say, much higher growth than the industry peers? A bit of elaboration on that part will be helpful.

[Analyst 1]: Yeah, that's very helpful. My last question is on the international patient business medical value tourism. I think very exceptional growth. What is helping you to achieve, I'll say, much higher growth than the industry peers? A bit of elaboration on that part will be helpful.

Speaker #3: Bit of elaboration on that part will be helpful.

Speaker #1: So while I'd like to take that compliment and go home happy, the reality is that our base and contribution are low, right? Especially as compared to some of our peers.

Varun Khanna: While I'd like to take that compliment and go home happy, the reality is that our base and contribution is low, right. As compared to some of our peers. Our contribution of MBT to the total business is low. There's a little bit of a catch-up we are doing. We'll continue to be faster growth than most of the others. Two, I think we've done a lot of work in terms of building our capability around that, whether it is capability through teams, whether it is capability through resources who are now able to access geographies that we did not do earlier. Three, I think we are getting structure in our sales teams now, which is very significant. We'd spoken about CRM earlier. Now the lead tracking, digital interventions around it, our websites coming together.

Speaker #1: Our contribution of MBT to the total business is lower. So there's a little bit of a catch-up we're doing. So we'll continue to be faster growth than most of the others.

Speaker #1: Two, I think we've done a lot of work in terms of building our capability around that. Whether it is capabilities through teams, whether it is capability through resources who are now able to access geographies that we did not do earlier.

Speaker #1: And three, I think we are getting structure in our sales teams now, which is very significant. I mean, if you look at we'd spoken about CRM earlier.

Speaker #1: Now, the lead tracking, digital interventions around it, and our website coming together—all of that is, again, helping us garner a lot of patients.

Varun Khanna: All of that is, again, helping us gain a lot of patients. I think one more thing, Damayanti, while we may do a lot, we are a clinical business. If we continue to have outcomes which are better than everybody else or benchmarked globally, we will continue to get more patients. That's what is happening. When you have 2 million patients a quarter, 8 million patients a year come back to you, go back happy, they talk about it. When they talk about it, we get more patients. It's simple as that. I think our outcomes are playing to our advantage as well. That is something that we're very proud of.

Speaker #1: I think one more thing, Damyanthi. While we may do a lot, we are a clinical business. If we continue to have outcomes, which are better than everybody else, or benchmarked globally, we will continue to get more patients.

Speaker #1: And that's what is happening. When you have 2 million patients a quarter, 8 million patients a year, come back to you, go back happy, they talk about it.

Speaker #1: When they talk about it, we get more patients. It's simple as that. So I think our outcomes are playing to our advantage as well.

Speaker #1: And that is something that we are very, very proud of.

Speaker #3: Thank you for all the explanation. And we're seeing the team all the best for future quarters.

[Analyst]: Thank you for all the explanation. Wishing the team all the best for future quarters.

[Analyst 1]: Thank you for all the explanation. Wishing the team all the best for future quarters.

Varun Khanna: Thank you.

Speaker #1: Thank you, Damyanthi.

Speaker #2: Thanks, Damyanthi. Moving on to the next question. The next question is for Mr. Nithin. Mr. Nithin, can you please introduce yourself and ask the question?

Puneet Maheshwari: Thanks, Damayanti. Moving on to the next question. The next question is from Mr. Nithin. Mr. Nithin, can you please introduce yourself and ask the question?

Speaker #4: Hi. Good afternoon to the management. This is Nithin Shakta from the Green Capital Single Family Office. I'm not sure if Alicia is still there or she's left at least my screen.

Nitin Shakdher: Hi, good afternoon to the management. This is Nitin Shakdher from the Green Capital Single Family Office. I'm not sure if Alisha is still there or she's left, at least my screen. Yeah, she's here. Thank you, Mr. Moran and Varun for excellent performance and congratulations on the merger. There's a lot of hard work which goes in. My question is not as an analyst, but as an investor who's been investing in capital markets for the last 20 years. Alisha, as a promoter, what's your vision in terms of this year and the following years? I know you've spoken about integration and hospital expansions and the standard strategies. Is there something that you would like to do on medical value travel or on working on diagnostics and pharmacy distribution? It could be on oncology, which is a very upcoming field, robotic surgery, organ transplants.

Speaker #4: Yeah, she's here. And all the thank you, Mr. Morpen and Varun for an excellent performance and congratulations on the merger. There's a lot of hard work which goes in.

Speaker #4: My question is not as an analyst, but as an investor who's been investing in capital markets for the last 20 years. Alicia, as a promoter, what's your vision in terms of this year and the following years?

Speaker #4: I know we've spoken about integration and hospital expansions and the standard strategies. Is there something that you would like to do on medical value travel or on working on diagnostics and pharmacy distribution?

Speaker #4: Or it could be on oncology, which is a very, very upcoming field, robotic surgery, organ transplants. If I could just hear you out in terms of medical tourism pipelines from at least onto the Western and Southeastern hubs.

Nitin Shakdher: If I could just hear you out in terms of medical tourism pipelines from the Middle East on to the Western and Southeastern hubs, that would be helpful to hear out your mindset and vision and strategy on that. Thank you.

Speaker #4: That would be helpful to hear out your mindset and vision and strategy on that, please. Thank you.

[Analyst]: Sure, Nithin. See, I think this is a really important year ahead for us, I cannot underplay how important it is for us to just get these two platforms to run cohesively and synergistically, right? I think that's definitely the primary goal that, of course, chairman, myself, Varun, the whole team will be focused on. That's really just making sure our 40 hospitals are working well, working better

Alisha Moopen: Sure, Nithin. See, I think this is a really important year ahead for us, I cannot underplay how important it is for us to just get these two platforms to run cohesively and synergistically, right? I think that's definitely the primary goal that, of course, chairman, myself, Varun, the whole team will be focused on. That's really just making sure our 40 hospitals are working well, working better

Speaker #2: Sure, Nithin. See, I think this is a really important year ahead for us. And I cannot underplay how important it is for us to just get these two platforms to run cohesively and synergistically, right?

Speaker #2: So I think that's definitely the primary goal that, of course, the Chairman, myself, Varun, and the whole team will be focused on. And that's really just making sure our 40 hospitals are working well—working better—because of the size and scale we have now as well.

Alisha Moopen: Because of now the size and scale as well. A lot of effort, I would say, will continue to go in making sure how we can strengthen that further. Just getting to this merger itself has been a Herculean task for us, but now making sure we are able to go from that one plus one equals 11 is really the goal. Of course, parts like MBT is important for us, and I think Varun mentioned in the previous comment as well. Our base on MBT specifically is lower than a lot of the peers, so of course, there is efforts that we're doing to make sure that we're able to make it a bigger proportion of our overall revenue. I think trying to get it to double-digit is a goal that we'll have over the next couple of years.

Speaker #2: So a lot of effort, I would say, will continue to go in making sure how we can strengthen that further. Just getting to this merger itself has been a Herculean task for us, but now making sure we are able to kind of go from that one plus one equals 11 is really the goal.

Speaker #2: So, of course, parts like MBT is important for us. And I think Varun mentioned in the previous comment as well. Our base on MBT specifically is lower than a lot of the peers.

Speaker #2: So, of course, there is efforts that we're doing to make sure that we are able to kind of make it a bigger proportion of our overall revenue.

Speaker #2: I think trying to get it to double digit is sort of a goal that we'll have over the next couple of years. But the point that you made on focusing on some of the specialties, I think that's spot on.

Alisha Moopen: The point that you made on focusing on some of the specialties, I think that's spot on. For us, building these super-specialty and some of the advanced care in oncology, the transplant programs, cardiac services, taking this to the tier 2, tier 3 cities while building on our strategy in the main cities like whether it's in Kochi, whether it's in Trivandrum, whether it's in Bangalore. Using these teams, leveraging these clinical teams and taking it to the 28 cities and the nine states we are in is going to be the most important thing. Again, going back to what Varun said, showing these clinical outcomes that is possible in the tier 2, tier 3 cities, this is going to be the true success metrics of our merger.

Speaker #2: And for us, building these super specialty and some of the advanced care in sort of oncology, the transplant programs, cardiac services, taking this to the tier two, tier three cities while building on our strategy in the main cities like whether it's in Kochi, whether it's in Trivandrum, whether it's in Bangalore, using these teams leveraging these clinical teams and taking it to sort of the, you know, 28 cities and the nine states we are in is going to be the most important thing.

Speaker #2: Again, going back to what Varun said, like showing these clinical outcomes, that is possible in the tier two, tier three cities. This is going to be the true success metrics of our merger.

Speaker #2: So I think that's going to be our collective goal. Because we believe that, you know, taking that healthcare, that's possible in the metro's to these cities is going to be the magic of this merger.

Alisha Moopen: I think that's going to be our collective goal because we believe that taking that healthcare that's possible in the metros to these cities is going to be the magic of this merger, and we want to enable it sooner rather than later.

Speaker #2: And we want to enable it sooner rather than later.

Speaker #4: Okay. Thank you. Thank you. All the best.

Nitin Shakdher: Okay. Thank you. All the best.

Speaker #2: Thank you.

Alisha Moopen: Thank you.

Speaker #3: Thanks, Nithin. The next question is for Mr. Siddharth. Mr. Siddharth, can you please introduce yourself and ask the question?

Puneet Maheshwari: Thanks, Nitin. The next question is from Mr. Siddharth. Mr. Siddharth, can you please introduce yourself and ask the question?

[Analyst]: Hi, team. Congratulations on the merger. Just to understand a little deeper in terms of the current quarter's performance. On Kerala, I think some really strong growth there. Maharashtra and Karnataka, would the relatively slower growth compared to the company average come essentially from the previous quarter's decision of doing away with schemes, or are there other factors playing out there? That was question one. The second one would be to understand, you've classified 4 maturity categories for hospitals, right? For each of these, is there a focus KPI that you are looking at? How should one think of your reporting going forward as a merged entity, right? Will it be more around those maturity hospitals or would it be continuing on the geographical segmentation that was there with Aster?

[Analyst 2]: Hi, team. Congratulations on the merger. Just to understand a little deeper in terms of the current quarter's performance. On Kerala, I think some really strong growth there. Maharashtra and Karnataka, would the relatively slower growth compared to the company average come essentially from the previous quarter's decision of doing away with schemes, or are there other factors playing out there? That was question one. The second one would be to understand, you've classified 4 maturity categories for hospitals, right? For each of these, is there a focus KPI that you are looking at? How should one think of your reporting going forward as a merged entity, right? Will it be more around those maturity hospitals or would it be continuing on the geographical segmentation that was there with Aster?

Speaker #5: Hi, team. Congratulations on the merger. And just to understand a little deeper in terms of, you know, the current quarter's performance, on Kerala, I think some really strong growth there.

Speaker #5: Maharashtra and Karnataka, would the relatively slower growth compared to the company average come essentially from the previous quarter's decision of doing away with schemes?

Speaker #5: Or are there other factors at play there? That was question one. The second one would be to understand—you've classified four maturity categories for hospitals, right?

Speaker #5: For each of these is there a focus KPI that you are looking at? And, you know, how should one think of how should one think of your reporting going forward as a merged entity?

Speaker #5: Right? Will it be more around those maturity hospitals or would it be continuing on the geographical segmentation that was there with Aster? And the third one was in terms of clinical talent synergy that you spoke about, Varun.

[Analyst]: The third one was, in terms of clinical talent synergy that you spoke about, Varun, if you could share opportunities that you see beyond just the programs you spoke about setting up individual programs. Is there cross talent that you're seeing your ability to be able to move talent around? Sorry, also on that, the India one, India two, India three CEO structure, if you could also explain that. Yeah. Those were the three questions.

[Analyst 2]: The third one was, in terms of clinical talent synergy that you spoke about, Varun, if you could share opportunities that you see beyond just the programs you spoke about setting up individual programs. Is there cross talent that you're seeing your ability to be able to move talent around? Sorry, also on that, the India one, India two, India three CEO structure, if you could also explain that. Yeah. Those were the three questions.

Speaker #5: If you could share opportunities that you see beyond just the program that you spoke about, setting up sort of individual programs. So is there cross talent that you're re seeing your ability to be able to take move talent around?

Speaker #5: And sorry, the also on that, the India, one India, two India, three CEO structure, if you could also explain that. Yeah, those were the three questions.

Speaker #4: All right. It's a lot of questions. Thank you, Siddharth. And thanks for complimenting us for the merger. So Nithin, do you want to take the performance side of it, which is the Maharashtra, Karnataka, and I'll come in with the specialty and I'll come in with the opportunities that we have around that?

Varun Khanna: All right. It's a lot of questions. Thank you, Siddharth, and thanks for complimenting us for the merger. Sunil, do you want to take the performance side of it, which is the Maharashtra, Karnataka, and I'll come in with the specialty and I'll come in with the opportunities that we have around that.

Sunil Kumar M R: Yeah. Siddharth, thank you for the question. I think on the Kerala bit of it, if you recall, Q4, I remember where we shown a degrowth, right? INR -5% growth we are showing in Q4 FY25. From there, you have seen last full year, every quarter we've grown 5, 10, 15, right? I think Q1, whatever the leadership changes we had, after that we built a very robust system now. It's not totally completely people dependent, but it is more of a system which people are enabled to it. That's where we had a great recovery of how we are driving the top line. For example, Kerala, you have seen that 25% growth we had, and excluding Kasaragod we've still done a 20% growth. Also when you look at that growth of 20% to 25%, everything's driven by volumes, right?

Speaker #3: Yeah, yeah. Siddharth, thank you for the question. And I think on the Kerala bit of it, if you recall, quarter four, I remember where we shown a degrowth, right?

Speaker #3: 5% negative growth. We were shown in quarter four FY25. From there, you have seen last full year, every quarter we've grown 5, 10, 15, right?

Speaker #3: And I think quarter one, I think whatever the leadership changes we had after that, we built a very robust system now. It's not totally completely people dependent, but it is more of a system which people are enabled to it.

Speaker #3: And that's where we had a great recovery of the how we are driving the top line. For example, Kerala, I was seeing that 25% growth we had.

Speaker #3: And excluding Kasaragod, we have still done a 20% growth. And also when you look at that growth of 20, 25 percentage, everything is driven by volumes, right?

Speaker #3: You look at IP. IP is driven by more than 16% volumes. OP has been 19% volumes. So it's not just an ASVP-driven—it's a volume-driven growth that we brought in.

Sunil Kumar M R: You look at IP is driven by more than 16% volumes. OP has been 19% volumes. It's not just a ARPP driven, it's a volume driven growth what we've brought in. Also, I'm happy to announce that specifically in Kerala, our hospital like MedCity has clocked, only in Q1 I'm talking about, clocked more than INR 100 crores of revenue in 2 months within the 1 quarter. Also, very important thing is that you know we are doing very well in the greenfield projects, and you have seen the last greenfield project, which was Whitefield, we've done well. You can see Kasaragod also, which started in October, within 9 months, June is the month we have broken even and clocked a more than 2% to 3% EBITDA. That's broken within 9 months.

Speaker #3: And also I'm happy to announce that specifically in Kerala, our hospital like Medcity has clogged in only in quarter one, I'm talking about, clogged more than 100 crores of revenue in two months within the one quarter.

Speaker #3: And also very important thing is that you know we are doing very well in the greenfield projects. And you've seen the last greenfield project, which was Whitefield, we've done well.

Speaker #3: And you can see Kasaragod also, which started in October, within nine months, June is the month we have broken even and clogged more than two to three percent of EBITDA.

Speaker #3: That's within broken even within nine months. That shows that we do really well in greenfields and we are able to come back very quickly.

Sunil Kumar M R: That shows that we do really well in greenfields, and we are able to come back very quickly. Next on the Karnataka. Karnataka, yes, you look at FY26. I think the first 2 or 3 quarters, we had a little bit of attrition in some of the doctors, and we went into even a single-digit growth. From there we even called out saying that we started hiring doctors. I would like to also call out very clearly, only in Q1 I'm talking about, we have been acquiring clinical talent over the last second of H2 of FY26. Even in the Q1 FY27, we added more than 18 doctors only in Bangalore. Both in Whitefield and in CMI.

Speaker #3: Next on the, you know, the Karnataka, Karnataka, yes, right? You look at FY26, I think the first two or three quarters, we had a little bit of attrition in some of the doctors.

Speaker #3: And we went into even a single-digit growth. And from there, we even called out saying that we started hiring doctors. And I would like to also call out very clearly, only in quarter one, I'm talking about, we have been acquiring clinical talent over the last second of H2 of FY26.

Speaker #3: And even in the H1, sorry, quarter one FY27, we added more than 18 doctors only in Bangalore. Right? Both in Whitefield and in CMI.

Speaker #3: And I'm very happy to say in quarter one, in the month of June, all the three hospitals, that is, Aster CMI, Aster Whitefield, Aster RV, all clogged the highest revenue from inception.

Sunil Kumar M R: I'm very happy to say in Q1, in the month of June, all three hospitals, that is Aster CMI, Aster Whitefield, and Aster RV, all clocked the highest revenue from inception. That is the tremendous growth and recovery we have done. I think from single-digit moving to a 16% growth, and again, 5% to 6% volume growth we have done in such a competitive environment. That shows that we have done a great recovery. Over to you, Varun, on that maturity profile.

Speaker #3: That is the tremendous growth and recovery we had done. And I think from single-digit moving to a 16% growth. And again, 5 to 6% of volume growth we have done in such a competitive environment.

Speaker #3: That shows that we have done a great recovery. Yeah, over to you, Varun, on that maturity profile.

Speaker #4: Thank you. Siddharth has asked us two questions, but has literally asked us almost everything that anybody else would need to know. So, Siddharth, let me get to future reporting first.

Varun Khanna: Thank you. Siddharth has asked us two questions, literally asked us almost everything that anybody else will need to know. Siddharth, let me get to future reporting first, that seems to be the easier one to handle. I think the maturity cut is extremely critical. That also helps you all to understand as to how the network performing, what's the kind of growth that is happening. Let me try and explain the maturity cuts a little bit. Mature is the biggest part of our pie. It's 73% of our total revenue today. The idea is that everything should be mature. The idea is to get the network to maturity, and it's a four-quadrant business, I've always said that. Which clearly means that we should be able to do 25% EBITDA in every asset.

Speaker #4: That seems to be the easier one to handle. So I think the maturity cut is extremely critical. That also helps you all to understand as to how the network performing, what's the kind of growth that is happening.

Speaker #4: Let me try and explain the maturity cuts a little bit. So, mature is the, you know, the biggest part of our pie.

Speaker #4: It's 73% of our total revenue today. And the idea is that everything should be mature. The idea is to get the network to be to maturity.

Speaker #4: And it's a four-quadrant business I've always said that. And which clearly means that we should be able to do 25% EBITDA in every asset.

Speaker #4: If the asset doesn't qualify at 25% EBITDA, then it becomes another category to handle. Right? And those categories could be on account of various things.

Varun Khanna: If the asset doesn't qualify at 25% EBITDA, it becomes another category to handle. Those categories could be on account of various things. The first one is on account of tenure. It's a new hospital, it's time to scale up. Our endeavor is, and we've shown it in the past as well. Let me give you a few examples. Our endeavor is that time to profitability should be shrunk, and therefore you open it right. I've given you the example of Nagarcoil earlier. Nagarcoil was opened about, I could be wrong by about a month or 2, but it was 18 to 20 months ago. If it's 18 to 20 months ago, the hospital turned profitable in 4 months. Today, if I have my numbers right, I think it's already reached about INR 180 crore on run rate revenue. Does EBITDA closer to 30%.

Speaker #4: The first one is on account of tenure. It's a new hospital, time to scale up. And our endeavor is, and we've shown it in the past as well.

Speaker #4: Let me give you a few examples. Our endeavor is that time to profitability should be shrunk. And therefore, you open it right. Right? I've given you the example of Nagarcoil earlier.

Speaker #4: Nagarcoil was opened about, I mean, I could be wrong by about a month or two, but it was 18 to 20 months ago. Right?

Speaker #4: If it's 18 to 20 months ago, the hospital turned profitable in four months. And today, if I have my numbers right, I think it's already reached about 180 crores on run rate revenue.

Speaker #4: Right? And does an EBITDA closer to 30%. So by keeping focus on maturity, or trying to move every asset into maturity, we were able to catalyze the scale-up of a hospital.

Varun Khanna: By keeping focus on maturity or trying to move every asset into maturity, we were able to catalyze the scale-up of a hospital. I spoke about Kasaragod earlier. It is the eighth or ninth month of operation, and it's already profitable. I think again, the maturity focus, doing it right, is helping us. That is the second category. Third category, there'll always be hospitals that move into focus. These are old hospitals but need some work to be done. Could be highly competitive markets, could be a turnaround, et cetera. We call them focus. Focus are large assets which may be under-delivering. Let's say somewhere in the teens on EBITDA. We think we can do more. This is where a lot of the clinical program piece that I spoke about earlier, moving clinical programs from one place to the other, developing more, et cetera, adding capabilities.

Speaker #4: I spoke about Kasaragod earlier. It is the eighth or ninth month of operation. And we have brought down, it's already profitable. So I think, again, the maturity focus, doing it right, is helping us.

Speaker #4: So that is the second category. Third category, there will always be hospitals that move into focus. I mean, these are old hospitals, but need some work to be done.

Speaker #4: Could be highly competitive markets. Could be a turnaround, et cetera, et cetera. And we call them focus. Focus are large assets which may be under-delivering.

Speaker #4: I mean, let's say somewhere in the teens on EBITDA. We think we can do more. This is where a lot of the clinical program piece that I spoke about earlier, moving clinical programs from one place to the other, developing more, et cetera, adding capabilities, sometimes you need more in terms of technology or infrastructure into those assets.

Varun Khanna: Sometimes you need more in terms of technology or infrastructure into those assets. Some of our Hyderabad assets in the past have been in that category. We looked at it like that and therefore worked harder to make investments into that asset to get them to move from the focus category to the mature category. We've succeeded immensely. Just to give you an example, a couple of years ago, HiTech was in the focus category. Not a small hospital, very well located. Guess what? Today we make more than 25% EBITDA, and we got a JCI accreditation for the same hospital. Therefore that cut is extremely critical for us. Then there are some that need, for lack of a better word, surgical intervention. These are always the smallest buckets.

Speaker #4: And some of our Hyderabad assets in the past have been in that category. We looked at it like that. And therefore, worked harder to make investments into that asset.

Speaker #4: To get them to move from the focus category to the mature category. And we've succeeded immensely. I mean, just to give you an example, a couple of years ago, HITECH was in the focus category—not a small hospital, very well located.

Speaker #4: And guess what? Today, we make more than 25% EBITDA. And we got a JCI accreditation for the same hospital. Right? So therefore, that cut is extremely critical for us.

Speaker #4: And then there are some that need I mean, for lack of a better word, surgical intervention. These are always the smallest buckets. But I call them underperforming.

Varun Khanna: I call them underperforming, and therefore sometimes a leadership transformation or more managerial focus, et cetera, to be able to get them. Therefore that cut is extremely critical. This also tells you that whenever I talk about these maturities, you'll understand where the EBITDA is. In terms of reporting, we will also share a little bit in terms of geographical top line. It's not that we'll move away from geographical completely. If you guys want to know something, we'll certainly bring that to you, so be assured. On the clinical side of it, I think I want to take a little bit of time, and I'm sure many of you will have these questions. There was a previous question also on strategy. Oncology is a big play, and we said that earlier. That is where deep pockets are required to enable that as well.

Speaker #4: And therefore, sometimes the leadership transformation or more managerial focus, et cetera, to be able to get them. So therefore, that cut is extremely critical.

Speaker #4: And this also tells you that, you know, whenever I talk about these maturities, you will understand where the EBITDA is. In terms of reporting, we will also share a little bit in terms of geographical, you know, top line.

Speaker #4: It's not that we'll move away from geographical completely. So if you guys want to know something, we'll certainly bring that to you. So be assured.

Speaker #4: On the clinical side of it, I think I want to take a little bit of time. And I'm sure many of you will have these questions.

Speaker #4: So, there was a previous question also on strategy. Oncology is a big player, and we said that earlier. And that is where deep pockets are required to enable that as well.

Speaker #4: Now, we've figured out a neat gap. The tier two, tier three cities on oncology in India. India today is a metro tier oncology country.

Varun Khanna: Now we've figured out a need gap in the tier 2, tier 3 cities on oncology in India. India today is a metro tier oncology country. We are the ones who are challenging that. We are investing in oncology, and we've shown it earlier as well. We've taken oncology to tier 2, tier 3 cities. Over a period of time, you'll see that oncology is where the big brownfield play is happening for us. It is accretive on RPOP, it's accretive on complexity, it's accretive on patient load. The most important part, it's closer to home for people. The fact in India is that you need to deliver healthcare closer to home, and that's what we are trying to do. That's where I think Alisha was posed this question. The primary purpose for us continues to be that. That takes healthcare closer to people.

Speaker #4: And we are the ones who are challenging that. We are investing in oncology, and we've shown it earlier as well. We've taken oncology to tier two, tier three cities.

Speaker #4: Over a period of time, you'll see that oncology is where the big brownfield play is happening for us. It is a creative on a creative on ARPAB.

Speaker #4: It's a creative on complexity. It's a creative on patient load. And the most important part is bringing healthcare closer to home for people. I mean, the fact in India is that you need to deliver healthcare closer to home.

Speaker #4: And that's what we are trying to do. That's where I think Alisha was posed this question. The primary purpose for us continues to be that, that take healthcare closer to people.

Speaker #4: Right? Who wants to be away? So I think, for oncology, we are delivering. We are delivering cardiac at a scale which is not seen in India.

Varun Khanna: Who wants to be away? I think all of that for oncology we are delivering. We are delivering cardiac at a scale which is not seen in India. We would be, if not the top, maybe the top 2 on cardiology volume in this country. That continues to be a very big focus item for us because we're known for cardiology across the network. We are adding to transplants. We are adding to robotic cases. We told you our robotic surgery has grown 80%. Of course, the most important part is we are ensuring that each one of our hospitals are ready for critical care. This critical care is not just getting the emergency right. This critical care is about getting multiple specialties in every hospital where the doctors are available throughout the day and night.

Speaker #4: We would be the, you know, if not the top, maybe the top two on cardiology volume in this country. And that continues to be a very big focus item for us because we're known for cardiology across the network.

Speaker #4: We're adding to transplants. We're adding to robotic cases. We told you our robotic surgery has grown 80%. And of course, the most important part is we are ensuring that each one of our hospitals are ready for critical care.

Speaker #4: And this critical care is not just getting the emergency right. This critical care is about getting multiple specialties in every hospital, where the doctors are available throughout the day.

Speaker #4: And night. And that is how we deal with complexity and critical care in our hospitals. So I think that's where the whole strategy is falling in place.

Varun Khanna: That is how we deal with complexity and critical care in our hospitals. I think that's where the whole strategy is falling in place, and I'm assuming that I've answered your questions.

Speaker #4: And I'm, assuming that I've answered your question.

Speaker #1: Yes, I think that is a very, very detailed and informative response. And thank you for that, Varun. Wish you all the best. Look forward to keeping in touch.

[Analyst]: Yes, I think that is a very detailed and informative response, and thank you for that, Varun. Wish you all the best. Look forward to keeping in touch. Thank you.

[Analyst 2]: Yes, I think that is a very detailed and informative response, and thank you for that, Varun. Wish you all the best. Look forward to keeping in touch. Thank you.

Speaker #1: Thank you.

Varun Khanna: Thank you, Sunil.

Speaker #4: Thank you so much.

Speaker #3: So next question we are having from the line of Mr. Beno. Mr. Beno, if you can just unmute yourself and ask your question.

Puneet Maheshwari: Next question we are having from the line of Mr. Bino. Mr. Bino, if you can just unmute yourself and ask your question.

[Analyst]: Hi. Good evening to all of you, and double congratulations. First, on a great set of numbers performance, and second on the transaction, successful conclusion of the transaction. Just to follow up from the previous one. Sunil, you mentioned the factors that led to the very strong growth in Q1. I understand that there were some factors which helped it, but this kind of growth, 20 to high, Bangalore, et cetera. Do you think that kind of growth rate is sustainable for the rest of the year?

[Analyst 3]: Hi. Good evening to all of you, and double congratulations. First, on a great set of numbers performance, and second on the transaction, successful conclusion of the transaction. Just to follow up from the previous one. Sunil, you mentioned the factors that led to the very strong growth in Q1. I understand that there were some factors which helped it, but this kind of growth, 20 to high, Bangalore, et cetera. Do you think that kind of growth rate is sustainable for the rest of the year?

Speaker #5: Hi, good evening to all of you. And double congratulations—first, on a great set of numbers and performance, and second, on the successful conclusion of the transaction.

Speaker #5: Just a follow-up from the previous one. Sunil, you mentioned the factors that led to the very strong growth in Q1. I understand that there were some factors which helped it.

Speaker #5: But this kind of growth, 20 to. Hi, Bangalore, et cetera. Do you think that kind of growth rate is sustainable for the rest of the year?

Speaker #2: Yeah. Beno, thank you. See, we have always seen whether it's in Kerala or Karnataka, whenever there is a neighborhood competition coming in, you will have some softness in the growth for a one or two quarter.

Sunil Kumar M R: Yeah. Bino, thank you. See, we have always seen whether it's in Kerala or Karnataka, whenever there is a neighborhood competition coming in, you will have some softness in the growth for one or two quarters, and slowly it'll come back. That's what it is all about. Good thing is that we have a very good clinical practice. We've got very good doctors, we've got a very good brand together. Just give you an example, we had lost some general surgery team maybe eight or nine months back. Four months back, they came and joined back to us. See, that shows very clearly the credibility in which we run the operations. I think we're talking about anywhere double-digit growth. Even the lower to mid-teen growth. I think that is something which is sustainable.

Speaker #2: And slowly, it will come back, right? That's what it is all about. And also, a good thing is that we have a very good clinical practice.

Speaker #2: We have got very good doctors. And also, we have got a very good brand together. And also, just to give you an example, we had lost some general surgery team maybe eight or nine months back.

Speaker #2: Four months back, they came and joined back to us. See, that shows very clearly the credibility in which we run the operations. So I think we are talking about anywhere double-digit growth, right?

Speaker #2: Even the lower to median growth. I think that is something which is sustainable. And also, we have always told you, if I were to generate a 24, 25 percent of EBITDA margin in two to three years' time, we should be able to generate an organic level, five to six percent volume growth, and maybe seven to eight percent of the ERPP growth.

Sunil Kumar M R: We have always told you, if I were to generate a 24% to 25% of EBITDA margin in two to three years' time, we should be able to generate at an organic level 5% to 6% volume growth and maybe 7% to 8% of the ARPP growth. If we are able to drive that, I think that's very much possible.

Speaker #2: And if we are able to drive that, and I think that's very much possible.

Speaker #5: Understood. So since you just mentioned about competition, which are you seeing competitive intensity picking up in select markets, especially the Bangalore market? And does the combination of QCIL give you any extra muscle power to deal with competition in those markets?

[Analyst]: Understood. Since you just mentioned about competition, are you seeing competitive intensity picking up in select markets, especially the Bangalore market? Does the combination of QCIL give you any extra muscle power to deal with competition in those markets?

[Analyst 3]: Understood. Since you just mentioned about competition, are you seeing competitive intensity picking up in select markets, especially the Bangalore market? Does the combination of QCIL give you any extra muscle power to deal with competition in those markets?

Sunil Kumar M R: Varun, you want to pick this up question?

Speaker #2: Varun, you want to pick this up question?

Varun Khanna: Sure. Thank you, Bino for the double congratulations. So far, we were only getting singles.

Speaker #4: Sure. So thank you, Beno, for the double congratulations. So far, we were only getting singles.

Speaker #5: Thank you.

[Analyst]: Thank you.

[Analyst 3]: Thank you.

Varun Khanna: Bino, first of all, competition has always been there. It's been evolving. I think there are two, three things. One, with the merged entity, the capability level has gone up significantly. The strengths of two large teams coming together makes us, I think, more comfortable and much stronger in terms of our ability to manage things on the ground. We've also seen that, I think the zeal and enthusiasm, it's not that competition's not been there in the last two years or three years. With the enthusiasm that we have with what we've been able to create together. There is a significant bias in the clinical fraternity to work with us because the way we deal with things, it is extremely high ethics, very focused patient centricity. You've heard it in every communication today as well.

Speaker #4: So, Beno, first of all, competition has always been there. It's been evolving. I think there are two or three things. One, with the merged entity, the capability level has gone up significantly.

Speaker #4: The strengths of two large teams coming together. Makes us, I think, more comfortable. And much stronger in terms of our ability to manage things on the ground.

Speaker #4: We've also seen that I think the Zealand enthusiasm, it's not that competition has not been there in the last two years, three years. With the enthusiasm that we have, with what we've been able to create together, there is a significant bias in the clinical fraternity.

Speaker #4: To work with us. Because the way we deal with things, it is extremely high ethics. Very focused patient centricity. And you've heard it in every communication today as well.

Speaker #4: Dr. Moopen started with it. Alisha followed with it. And I've been saying it as well. That we are clinician focused. Outcome focused, network. And lastly, we are enabling all of this in a digital package.

Varun Khanna: Dr Murugan started with it, Alisha followed with it, and I've been saying it as well, that we are clinician-focused, outcome-focused network. Lastly, we are enabling all of this in a digital package, which makes it very convenient for our patient as well. I'm assuming that with the kind of things that we're doing, we will continue to gain preference in every micro-market that we are.

Speaker #4: Which makes it very convenient for our patients as well. So I'm assuming that with the kind of things we're doing, we will continue to gain preference in every micro market that we are in.

[Analyst]: Great. Best wishes for that. Just a request before I leave. In your presentation earlier, you used to give all the details of the upcoming beds in terms of which hospital, where, et cetera. In this PPT, I haven't seen that. I hope you'll continue to give that.

[Analyst 3]: Great. Best wishes for that. Just a request before I leave. In your presentation earlier, you used to give all the details of the upcoming beds in terms of which hospital, where, et cetera. In this PPT, I haven't seen that. I hope you'll continue to give that.

Speaker #5: Great. Best wishes for that. And just a request before I leave. In your presentation earlier, you used to give all the details of the upcoming beds in terms of which hospital where, et cetera.

Speaker #5: In this PPT, I haven't seen that. I hope you'll continue to give that.

Speaker #4: So, Beno, we have that. We have that. We've spoken about our annual bed capacity increase, and we've provided that. In fact, we've given another cut along with it.

Varun Khanna: Bino, we have that. We've spoken about our annual bed capacity increase. We've given that. In fact, we've given another cut along with it, the brownfield and the greenfield.

Speaker #4: The Brownfield and the Greenfield. Which is where you—sorry.

Speaker #5: Yeah, I saw that. But just a detail about which hospital, how many beds are coming up. That would be great for us to analyze.

[Analyst]: Yeah, I saw that. Just a detail about which hospital, how many beds are coming up. That would be great for us to know.

[Analyst 3]: Yeah, I saw that. Just a detail about which hospital, how many beds are coming up. That would be great for us to know.

Speaker #4: No, nothing.

Varun Khanna: Yes. Absolutely.

Speaker #5: Thank you. Best wishes.

[Analyst]: Thank you. Best wishes.

[Analyst 3]: Thank you. Best wishes.

Varun Khanna: Thank you.

Speaker #4: Thank you.

Speaker #1: Thanks, Beno. The next question is for Mr. Harith. Harith, can you please ask the question?

Puneet Maheshwari: Thanks, Vinu. The next question is for Mr. Harit. Harit, can you please ask the question?

Puneet Maheshwari: Thanks, Bino. The next question is for Mr. Harit. Harit, can you please ask the question?

[Analyst]: Hi. Good evening, everyone. Congrats on successful completion of the merger, and thank you for the opportunity. Just following up from Vinu's question on the pipeline of greenfield beds that we have for FY27, 28. I see that we're planning around 1,200 beds over the two years. If you can just give an update on the timelines for some of the key projects here, the new hospital at Trivandrum, the hospital at Hyderabad, and the Sarjapur project.

[Analyst 4]: Hi. Good evening, everyone. Congrats on successful completion of the merger, and thank you for the opportunity. Just following up from Vinu's question on the pipeline of greenfield beds that we have for FY27, 28. I see that we're planning around 1,200 beds over the two years. If you can just give an update on the timelines for some of the key projects here, the new hospital at Trivandrum, the hospital at Hyderabad, and the Sarjapur project.

Speaker #6: Hi. Good evening, everyone. And congrats on the successful completion of the merger. And thank you for the opportunity. So just following up from Beno's question on the pipeline of Greenfield beds that we have for FY27, 28, I see that we're planning around 1,200 beds over the two years.

Speaker #6: So if you can just give an update on the timelines for some of the key projects here: the new hospital at Trivandrum, the hospital at Hyderabad, and the Sarjapur project.

Speaker #2: Thank you, Harith. I think we called out specifically on the Aster Capital, which is the Revandrum. I think this will be the first hospital which will get operational this year.

Sunil Kumar M R: Thank you, Harit. I think we called out specifically on the Aster Capital, which is the Trivandrum. I think this will be the first hospital which will get operational this year. I think we have said H2 FY27, and most probably somewhere in the month of January, we should be able to operationalize the Trivandrum hospital. The second one what you asked is the Hyderabad hospital. I think that's coming up really well. Currently, we are more or less doing the interior work there, and we'll start ordering the medical equipments in next one or two months. If that goes well, I think we should be able to operationalize sometime in April 2027. That is the beginning of FY28. The third one is Sarjapur. Sarjapur, again, it's a big facility, more than 450 beds, and it has got two different blocks.

Speaker #2: Most probably, I think we have said H2 FY27, and most probably, somewhere in the month of January, we should be able to operationalize the Trivandrum hospital.

Speaker #2: And the second one what you asked is the Revandrum sorry, Hyderabad hospital. I think that's coming up really well. Currently, we are more of less doing the interior works there.

Speaker #2: And we'll start ordering the medical equipment in the next one or two months. And if that goes well, I think we should be able to operationalize sometime in the April 27.

Speaker #2: That is the beginning of FY28. The third one is Sarjapur. Sarjapur, again, is a big facility—more than 450 beds. And it has got two different blocks.

Speaker #2: So the work is actually starting with the first block, actually. Because it's already shell was there, we started already doing the MEP work and the interiors happening.

Sunil Kumar M R: The work is actually starting with the first block actually. Because the shell was there, we started already doing the MEP work and the interiors happening. The block 2, actually its skeleton is getting built now, the framework. Going well, I think at least the phase I, which is the first A block, we should be able to operationalize in the H2 of FY28.

Speaker #2: The block two actually, it's skeleton is getting built now, the framework. With going well, I think at least the phase one, which is the first A block, we should be able to operationalize in the second half of FY28.

Speaker #6: Understood. Thanks a lot. And my second one is on the various brands that we have. I understand that we have three to four different brands which are very strong in their respective markets.

[Analyst]: Understood. Thanks. My second one is on the various brands that we have. I understand that we have three to four different brands which are very strong in their respective markets. Will there be an attempt to converge towards a unified brand over a period like we've seen in some of the other hospital mergers in recent years?

[Analyst 4]: Understood. Thanks. My second one is on the various brands that we have. I understand that we have three to four different brands which are very strong in their respective markets. Will there be an attempt to converge towards a unified brand over a period like we've seen in some of the other hospital mergers in recent years?

Speaker #6: But will there be an attempt to kind of converge towards a unified brand over a period? Like we've seen in some of the other hospital mergers.

Speaker #6: In recent years.

Speaker #4: All right. So let me take this. Harith, first of all, too premature to answer any of that. But I think what you've seen, or what you've alluded to previously, is acquisitions less than mergers.

Varun Khanna: All right. Let me take this, Harit. First of all, too premature to answer any of that. I think what you've seen or what you've alluded to previously is acquisitions less than mergers. I think ours will be slightly different. I think your question had the answer in it. Our leadership on account of the micro markets that we operate with different brands is something that we are privileged with. We will find the strength in what we do as we go forward. Will we create something around a company brand or something? We've started working on it, and as in due course time, we'll come back to you.

Speaker #4: So, I think ours will be slightly different. And you, I think your question had the answer in it. Our leadership, on account of the micro-markets that we operate in with different brands, is something that we are privileged with.

Speaker #4: So, we will find the strengths in what we do as we go forward. Will we create something around a company brand or something? We have started working on it.

Speaker #4: And as in due course, we'll come back to you.

Speaker #6: All right. And last one from my side. Not sure if this was answered before. But the three CEOs for India One, India Two, and India Three.

[Analyst]: All right. Last one from my side. Not sure if this was answered before, but the three CEOs for India one, India two, and India three. How is the network divided amongst the three CEOs?

[Analyst 4]: All right. Last one from my side. Not sure if this was answered before, but the three CEOs for India one, India two, and India three. How is the network divided amongst the three CEOs?

Speaker #6: So, how is the network divided among the three CEOs?

Varun Khanna: What we've done, again, as I told you there are various factors at play, but I think this question will come in again. What we've done is parts of Kerala and parts of Maharashtra have been together. Right. I'm saying that. Please hear me when I say parts of Kerala, not entire Kerala. Another part of Kerala and Karnataka is together. We've got Andhra, Telangana, Central, and part of East together. That's how we brought it into various networks. That is more to ensure that the operating side of it is closer on the ground. Again, there will be focus. Our organization is developing beyond this as well. While you've seen that we've broken India or there are three India CEOs. Along with that, the focus on maturity is being done in another way.

Speaker #4: So, what we've done—again, as I told you, there are various factors at play. But I think this question is coming up again. So, what we've done is, parts of Kerala and parts of Maharashtra have been together.

Speaker #4: Right? And I'm saying that—please hear me—when I say parts of Kerala, not the entire Kerala. Then, another part of Kerala together. And then we've got Andhra, Telangana, Central, and part of East together.

Speaker #4: So that's how we brought it into various networks, and that is more to ensure that the operating side of it is closer on the ground.

Speaker #4: So again, there will be focus our organization is developing beyond this as well. Well, you've seen that we've broken India but there are three India CEOs.

Speaker #4: But along with that, the focus on maturity is being done in another way. The focus on clinical specialities is being done in another way.

Sunil Kumar M R: The focus on clinical specialties is being done in another way. There's somebody who's going to lead clinical specialties. Someone's going to be focusing on oncology, someone's going to be focusing on cardiology. Because that's another vertical that we are developing. It's more of a. If I can probably draw inspiration from a multinational company. It's a matrix setup to ensure that we are getting the best of thought process and operational control.

Speaker #4: So there's somebody who's going to lead clinical specialities. So someone's going to be focusing on oncology. Someone's going to be focusing on cardiology. Because that's another vertical that we're developing.

Speaker #4: So it's more of a if I can probably draw inspiration from a multinational company. So it's a matrixed setup to ensure that we are getting the best of thought process and operational control.

Speaker #6: Got it, Barav. Thanks for taking my question.

[Analyst]: Got it, Varun. Thanks for taking my question.

[Analyst 4]: Got it, Varun. Thanks for taking my question.

Speaker #4: Thank you.

Varun Khanna: Thank you.

Speaker #1: Thanks, Harith. Now you take the last question of the call. The question is from Mr. Saki. Saki, can you please ask the question?

Puneet Maheshwari: Thanks, Harit. Now you take the last question of the call. The question is from Mr. Saket. Saket, can you please ask the question?

[Analyst]: Hey, am I audible?

[Shareholder]: Hey, am I audible?

Speaker #3: Hey. I'm audible?

Speaker #1: Yes, you're audible, Saki. Can you please introduce yourself and ask the question?

Puneet Maheshwari: Yes, you are audible, Saket. Can you please introduce yourself and ask your question.

[Analyst]: Congratulations, everyone, and especially Varun for this merger. Again, congratulations on a great result and wishing you great times ahead. Again, I've been a long-term shareholder. Now just one quick question, more of a mid to long-term. Varun, any plans of, say, converting this now that we have an integrated setup with such robust growth platform to, say, take this to a health system kind of a setup where even payers become part of the strategies? Is there anything on that plan or horizon?

[Shareholder]: Congratulations, everyone, and especially Varun for this merger. Again, congratulations on a great result and wishing you great times ahead. Again, I've been a long-term shareholder. Now just one quick question, more of a mid to long-term. Varun, any plans of, say, converting this now that we have an integrated setup with such robust growth platform to, say, take this to a health system kind of a setup where even payers become part of the strategies? Is there anything on that plan or horizon?

Speaker #3: Congratulations, everyone. And especially Varun for this merger and again, congratulations on a great results. And wishing you great times ahead. Again, I've been a long-term shareholder.

Speaker #3: Now, just one quick question, more of a mid to long-term. So Varun, any plans of, say, converting this now that we have an integrated setup with such robust growth platform to, say, take this to a health system kind of a setup where even payers become part of this strategies?

Speaker #3: So is there anything on that plan or horizon? Just.

Varun Khanna: Saket, thanks. You're taking me to a little bit of uncharted territory, Saket. I think the first idea is to focus on the core. Right. On the payer side of it we drive partnerships extremely well. Most of the insurers are great partners with us. With their support, we are able to serve patients. I think that is how we still believe there are enough and more on our platter to do. We'll focus on that, continue to deliver. I think that seems to be where I'd call the medium term to be.

Speaker #4: Saki, thanks. So you're taking me to a little bit of uncharted territory, Saki. I think the first idea is to focus on the core.

Speaker #4: Right? And the payer side of it, we drive partnerships extremely well. Most of the insurers are great partners with us. With their support, we are able to serve patients.

Speaker #4: So I think that is how we still believe there are enough and more on our platter to do. So we'll focus on that, continue to deliver.

Speaker #4: And I think that seems to be where I'd call the medium term to be.

Speaker #3: Okay. Thanks, Varun. Just one another quick question. I think you rightly outlined that vis-à-vis other players, we are still slightly under-indexed on the MVT front, medical value travel.

[Analyst]: Okay. Thanks, Varun. Just one another quick question. I think you rightly outlined that vis-à-vis other players, we are still slightly under indexed on the MVT front, Medical Value Travel. Any short-term aspiration as to where do we want that number to be, right from, say, low single digit? Is there a number in mind, say, for the next 2 to 3 years for Aster?

[Shareholder]: Okay. Thanks, Varun. Just one another quick question. I think you rightly outlined that vis-à-vis other players, we are still slightly under indexed on the MVT front, Medical Value Travel. Any short-term aspiration as to where do we want that number to be, right from, say, low single digit? Is there a number in mind, say, for the next 2 to 3 years for Aster?

Speaker #3: So any short-term aspiration as to where do we want that number to be right from, say, low single digit to is it like is there a number in mind, say, for the next two to three years kind of horizon?

Speaker #4: Yeah. So two ways to see it. One is I'd focus on the growth rate as opposed to the contribution. So we will continue to grow in excess of 50% is where we see it.

Varun Khanna: Yeah. There are two ways to see it. One is I focus on the growth rate as opposed to the contribution. We will continue to grow in excess of 50%, is where we see it. Because we started investing, this is the first time you're seeing-- I think Sunil and I both alluded to the fact that our growth rates have kept at about 65 odd percent. We are getting deeper into each one of these markets. There's a fully baked strategy piece for MVT. I think my sense is that we will continue to grow significantly over the overall growth of the company in the MVT business. Share of business is low currently. We will get to mid-single and then to double digit as Alisha mentioned, due course of time.

Speaker #4: Because we started investing this is the first time you're seeing it. I think Sunil and I both alluded to the fact that our growth rates have kept at about 65 odd percent.

Speaker #4: We are getting deeper into each one of these markets. There's a fully baked strategy piece for MVT. So I think my sense is that we will continue to grow significantly over the overall growth of the company in the MVT business.

Speaker #4: The share of business is low currently. We will get to mid-single digits and then to double digits, as Alisha mentioned, in due course of time.

Speaker #3: Okay. Thanks. And best of luck.

[Analyst]: Okay. Thanks, and best of luck.

[Shareholder]: Okay. Thanks, and best of luck.

Speaker #1: Thanks, Saki. Would you like to take the last question from the last participant, Mr. Mohammed? Could you please just ask the last question? That's it.

Puneet Maheshwari: Thanks, Saket. We'd like to take the last question from the last person. Mr. Mohammed, could you please just ask the last question? After that we can close the call.

Speaker #1: And then after that, we can close.

[Analyst]: Yeah. Hi. Am I audible?

[Analyst 5]: Yeah. Hi. Am I audible?

Speaker #2: Yeah. Hi. Am I audible?

Speaker #1: Yeah. Please.

Puneet Maheshwari: Yeah, please.

Speaker #2: Yeah, a couple of quick questions. So, this 24 to 25% margin that we are aspiring to, is that why—broadly—FY29?

[Analyst]: Yeah, a couple of quick questions. This 24% to 25% margin that we are aspiring, that is by broadly FY 2029?

[Analyst 5]: Yeah, a couple of quick questions. This 24% to 25% margin that we are aspiring, that is by broadly FY 2029?

Speaker #3: I won't say FY29 because it's going to be a transition, right? Today already you know that we are more of 22 plus. And with the growth rate, what we're having, we said two years to three years, we're going to do 24, 25.

Sunil Kumar M R: I won't say FY 2029 because it's going to be a transition, right? Today already you know that we are more of 22% plus, and with the growth rate what we're having, we said two years to three years, we're going to do 24%, 25%. Now already we're in 2027. I think we'll have a good exit in 2027. Somewhere within 2028 to 2029, I think we should reach our targets.

Speaker #3: Now already in 27, I think we'll have a good exit in 27. So somewhere between 28 to 29, I think we should reach our targets.

Speaker #2: Okay. And Mr. Varun, I think reiterated that 10 to 15% of EBITDA will be the synergy. So this was earlier, it was mentioned as a percentage of FY24 proforma EBITDA.

[Analyst]: Okay. Mr. Varun, I think, reiterated that 10% to 15% of EBITDA will be the synergy. This was earlier, it was mentioned as a percentage of FY 2024 pro forma EBITDA. We stick to that?

[Analyst 5]: Okay. Mr. Varun, I think, reiterated that 10% to 15% of EBITDA will be the synergy. This was earlier, it was mentioned as a percentage of FY 2024 pro forma EBITDA. We stick to that?

Speaker #2: So we stick to that?

Speaker #3: Yeah. We are sticking to that.

Sunil Kumar M R: Yeah, we are sticking to that.

Speaker #2: Okay.

[Analyst]: Okay.

[Analyst 5]: Okay.

Sunil Kumar M R: Also we have called out the same thing in earnings project deck also. It's the same target which we are trying to drive that.

Speaker #3: And also, we've called out the same thing in the earnings deck as well. So it's the same target that we are trying to drive.

Sunil Kumar M R: Also we have called out the same thing in earnings project deck also. It's the same target which we are trying to drive that.

Speaker #2: Don't you think that there is upside potential there?

[Analyst]: Don't you think that there is upside potential there?

[Analyst 5]: Don't you think that there is upside potential there?

Speaker #3: No. See, that is something which we're committed. See, always there is upside when you do the growth, right? But as of now, the commitment to drive is 10 to 15% of the FY24 EBITDA.

Sunil Kumar M R: No. That is something which we're committed. Always there's upside when you do the growth, right? As of now, the commitment to drive is 10% to 15% of the FY24 EBITDA, and that itself is a very good quantum. Don't look at only the FY24, look at the growth, synergy bit of it. It's INR 150 to 200 crores which we need to drive. I think let us try that. We'll always put our best foot forward, but that is our near-term target to achieve that.

Speaker #3: And that itself is a very good quantum. See, don't look at only the FY24; look at the growth. There's the synergy bit of it. It's Rs. 150 to 200 crore which you need to drive.

Speaker #3: And I think let us try that. We'll always put our best foot forward. But that is our near-term target to achieve that.

Speaker #2: Okay. I wanted to know what is the QCIL expansion for FY27 and 28 for if you can share hospital wise.

[Analyst]: Okay. I wanted to know what is the QCIL expansion for FY27 and FY28, if you can share hospital-wise.

[Analyst 5]: Okay. I wanted to know what is the QCIL expansion for FY27 and FY28, if you can share hospital-wise.

Speaker #1: I think we can take this as an offline. Varun, if you like to answer this.

Puneet Maheshwari: I think we can take this as an offline. Varun, if you'd like to answer this.

Speaker #4: Well, the QCIL expansion, all right, that's too specific. But in fact, give me a second. So on the radar, we have Bhubaneshwar, which is happening.

Varun Khanna: Well, the QCIL expansion. All right. That's too specific, Prajwal sir. Give me a second. On the radar we have Bhubaneswar, which is happening. By the way, the good news is that we are inaugurating our cancer center in Raipur right away. That was one big project for us that's coming up for this month, in the middle of this month. Outside of that, Bhubaneswar is going to be a big project for us. We are adding capacity in 28 in Kottayam as well. There is more progress that is being made in Nagercoil addition. There is bed addition happening in Banjara as well. We'll give you a detailed one on this. What else can I tell you which is happening? There are small bed adds that are happening in Nampally and Shifa as well. That will all come by 28.

Speaker #4: And by the way, the good news is that we are inaugurating our cancer center in Raipur right away. So there was one big project for us.

Speaker #4: That's coming up for this month in the middle of this month. So outside of that, Bhubaneshwar is going to be a big project for us.

Speaker #4: We are adding capacity in 28 in Kottem as well. There is more progress that is being made. In Nagar Coil addition, there is better addition happening in Banjara as well.

Speaker #4: So we'll give you a detailed one on this. But what else can I tell you which is happening? There are small bed rides that are happening in Dampally and Shifa as well.

Speaker #4: So that will all come by 28.

Speaker #2: Okay. Okay.

[Analyst]: Okay. Thank you.

[Analyst 5]: Okay. Thank you.

Speaker #1: Thank you. And.

Sunil Kumar M R: If you look at the total quantum, I think apart from the breakup look at the total quantum we've given you on the year by year brownfield and greenfield. I think that will give you a better sense of this.

Speaker #4: So if you look at the total quantum, I think apart from the breakup, look at the total quantum, we've given you on the year-by-year brownfield and greenfield.

Speaker #4: I think that will give you a better sense always.

Speaker #2: Okay. Okay. I have one last question. So can you share Aster geographical margins and some geographical data for QCIL in the deck?

[Analyst]: Okay. I have one last question. Can you share Aster geographical margins and some geographical data for QCIL in the deck?

[Analyst 5]: Okay. I have one last question. Can you share Aster geographical margins and some geographical data for QCIL in the deck?

Speaker #3: So Mohammed is asking, going forward, do you want a margin geography wise, is it?

Varun Khanna: Mohammed is asking, going forward, you want a margin geography-wise, is it?

Speaker #2: Yeah. We used to do for Aster, right?

[Analyst]: Yeah, we used to do for Aster, right?

[Analyst 5]: Yeah, we used to do for Aster, right?

Speaker #3: Yeah.

Sunil Kumar M R: Yeah. Mohammed, I think I answered a part of this question. Let me try and take it again. See, previously we were not giving maturity-wise cut. We've added a lot of information this time to actually call it out for you to enable and understand our business better. The way I look at this business, and maybe I'm emphasizing on it. The large part of our business is mature. If that is growing 20%, 19%, 20%, you always know that we are in a happy state because it's a bulk of our revenue coming from there. All three other categories will give you more accretion than the growth in the mature network. I think that is the way we want you to look at it.

Speaker #4: Yeah. So Mohammed, I think I answered a part of this question. Let me try and take it again. So see, previously we were not giving maturity wise.

Speaker #4: So we've added a lot of information this time. To actually call it out for you, to enable and understand a business data, the way I look at this business and maybe I'm emphasizing on it, the large part of our business is mature.

Speaker #4: If that is growing 20%, 19, 20%, you always know that we are in a happy state. Because it's a bulk of our revenue coming from there.

Speaker #4: And all three other categories will give you more accretion than the growth in the mature network. So I think that is the way we want you to look at it.

Speaker #4: We are also giving you, by giving you maturity, we are giving you which EBITDA bucket these hospitals sit in. We have very clearly called out that each one of our mature hospitals is more than 25% EBITDA at the unit level.

Varun Khanna: We are also giving you By giving you maturity, we are giving you which EBITDA bucket do these hospitals sit in. We are very clearly calling out that each one of our mature hospitals is more than 25% EBITDA at the unit level. We are then telling you that the focus units hover in the teens, therefore we want to bring them up. The emerging ones are going to be the newer hospitals, and we want to ramp them up to profitability in a few months and to mature state in a couple of years. That I think we've shown you. Then there is the smallest part of our business which is underperforming, which we are fixing. That we will give you. We'll also give you a sense of geography, but I think we are still iterating as to how to manage that.

Speaker #4: We are then telling you that the focus units are over in the teams, and therefore we want to bring them up. The emerging ones are going to be the newer hospitals, and we want to ramp them up to profitability in a few months.

Speaker #4: And to mature state, in a couple of years. So that I think we've shown you. And then there is the smallest part of our business, which is underperforming, which we are fixing.

Speaker #4: So that we will give you. We'll also give you a sense on geography. But I think we are still iterating as to how to manage that.

Speaker #4: So that may take another quarter or so. And we'll come back with whatever we can deliver to you.

Sunil Kumar M R: That may take another quarter or so, and we'll come back with whatever we can deliver to you.

Speaker #2: Okay. Okay. You mean the QCIL geographical breakup, is it?

[Analyst]: Okay. You mean the QCIL geographical breakup, is it?

[Analyst 5]: Okay. You mean the QCIL geographical breakup, is it?

Speaker #4: No. QCIL. So again, to me, if you ask me, there's no QCIL Aster anymore. I don't look at the business by branch. I look at it by various cuts that I just told you.

Varun Khanna: No. QCIL. Again, to me, if you ask me, there's no QCIL Aster anymore. I don't look at the business by brands. I look at it by various cuts that I just told you. Again, for simplicity's sake, I think as of now, we will look at one company, 39 assets, 10,800 beds, and try and give you color on a consolidated basis for everything. That's the way we'll do it.

Speaker #4: So again, for simplicity's sake, I think as of now, we will look at one company 39 assets, 10,800 beds, and try and give you a color on a consolidated basis for everything.

Speaker #4: So that's the way we'll do it.

Speaker #2: Great to hear that. Thank you. All the best.

[Analyst]: Great to hear that. Thank you. All the best.

[Analyst 5]: Great to hear that. Thank you. All the best.

Speaker #4: Thank you.

Sunil Kumar M R: Thank you.

Speaker #1: Thank you all. This concludes the earnings call for this quarter. For Aster DM Quality Care, I thank the management and all the attendees for joining us today.

Puneet Maheshwari: Thank you all. This concludes the earnings call for this quarter for Aster DM Quality Care. I thank the management and all the attendees for joining us today. If you have any further queries or questions, please do get in touch with us. Thank you everyone. Thank you, Shivan. Thank you, Varun. Thank you, Alisha.

Speaker #1: If you have any further queries or questions, please do get in touch with us. Thank you, everyone. Thank you, Chairman. Thank you, Varun. Thank you, Alisha.

Sunil Kumar M R: Thank you.

Speaker #3: Thank you. Thank you.

Alisha Moopen: Thank you.

Sunil Kumar M R: Thank you.

Speaker #1: Thank you.

Alisha Moopen: Thanks everyone.

Speaker #1: Thanks, everyone.

Sunil Kumar M R: Thank you.

Speaker #2: Thank you.

[Analyst]: Goodbye

[Analyst 5]: Goodbye

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Q1 2027 Aster DM Healthcare Ltd Earnings Call

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