Gaudium IVF and Women Health Limited (GAUDIUMIVF) Q4 2026 Earnings Call Transcript

Ladies and gentlemen, good day and welcome to the Gaudium IVF and Women Health Limited Q4 and FI26 earnings conference call. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as and date of this call. These statements are not the guarantees of future performance and involved risk and uncertainties that are difficult to predict. As a reminder, all paracepin lines will be in the lesson-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on the touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Dr. Manika Khanna, Chairperson and Managing Director of Gaudium IBF and Women's Health Limited. Thank you and over to you, ma'am.

Thank you, Ritija. Good afternoon to everyone. Am I audible?

Yes, ma'am, you are. Please go ahead.

Okay, thank you so much. On behalf of Gaudium IVF and Women Health Limited, I welcome you all to our Q4 FY26 and full year 2026 earnings conference call. Well, as you know that we recently became the country's first IVF company to be listed on the main board. This is our maiden full year results as a publicly listed company. With me on the call today is Mr. Rakesh Sharma, our Chief Financial Officer, who will take you through the financials, and Mr. Vishal Khanna, our Director. We are also supported by our investor relations partners, Attractors PR. Now, you know, it's very important because we are not in a traditional business. We are in a business of building, actually creating lives and the business of hope. So before I speak about the business, I would like to share a little about the philosophy that built Caudium because our institution is deeply rooted in clinical excellence and patient trust. Well, that starts with me because I am an MD in Ops and Gynae with advanced training in gynecological endoscopic surgery and IVF trainings at Germany and Melbourne. And over the last 16 years, I have dedicated my life to reproductive medicine, and, well, my entrepreneurial journey transitioned after 2017-18, I would say, 2009-2017 was a doctor's journey seeking excellence, and post-that was the entrepreneurial transition when we just started our expansion. So, I always remain a doctor first. Gaudium was never created as a financial platform entering healthcare. It was built from real world clinical practice. So, you know, we have grew ground up. And while growing, we have learned a lot. And this learning curve is our biggest strength going forward. Every protocol we follow, every technology we invest in, every doctor we train, and every patient journey we design is led by clinical understanding and outcome-oriented thinking. So we are a very, you know, success-driven company. So, in IVF, success matters a lot. And we keep patient-first quality and a success-driven approach at the heart of everything. Because, you know, the more babies we make, the more business we make, and the more business we invite in the future. In fertility care, success is not measured in just transactions. It is actually, you know, you're building a family. You are creating life, fulfilling dreams of thousands of mothers who want to become a baby. So deep clinical leadership is not just an advantage, it is the foundation of long-term trust. And in fact, this is our biggest sustainable differentiator in this industry, because the leader is a clinician. At Codium, our USP, as I said, is clinical excellence. It is not separate from the management, and it drives the management. And I believe that this clinician-led DNA will continue to remain one of our strongest and most enduring competitive advantages as we scale the platform further. Now, let me just give you an overview of the industry. Well, for the first time in the history of our country, the fertility rate has fallen down below the replacement level, which means to replace the population. So, it is very, very important that we pay attention to this. That means infertility is also rising. 15 to 20% of 1.5 billion people of us are infertile. So you can just imagine the numbers. And right now, out of that, only 2% are coming forward. So there is this This is a huge, untapped market that is lying there, which can be stacked by becoming more accessible, affordable, and that is what Gordon's vision is working on. Indian IVF market today stands at approximately USD 1.32 billion and is projected to grow to USD 4.54 billion by 2034 at a CAGR of about 15%. India's share of the global ideas market is right now around 4.8%, but it will rise up to 8.3% by 2034. So, that is significant. Now, behind those numbers lies a more important reality, which I just said, an estimated 27.5 million couples in India are affected by infertility, but only 3 lakh IVF cycles are being performed. So, you can understand how much How tremendous is the gap? And add to this that people are marrying late, girls are planning to become mothers late. Awareness is improving thanks to media. In fact, I have seen a speed change since we became listed. So during the IPO road shows, it was like, you know, a lot of knowledge speaking by everyone on what IGF is, how it works. So growing awareness is helping. The stigma is definitely reducing. So initially, way back when I started in 2009, even the husband would not think that I need to be tested. When we would tell him to get tested, he would just say that, oh, I'm actually fine. But at least now when they come, they both know that they are to be tested. So, this is like a small change, but it shows that the stigma is reducing. People are accepting the treatment more and more. And the ART and Surrogacy Act of 2021 have brought regularity clarity to this industry, which is very important. And it is highly beneficial to organized players like Gaudium because, you know, when the industry becomes regulated, only good ethical players with high clinical standards will survive the impact of the regulation. And it will lead to more and more consolidation in the industry as we go forward. Right now, almost 70% is like standalone clinics and the unorganized. And so 30% is reorganized. And this is going to change very soon. There is also a very meaningful tourism, medical tourism opportunity, because the cost of IVF cycle in India is roughly one-fifth of what it is in the United States, and Gaudium is already serving patients from more than 30 countries across the world. We are very proud of that. We are able to do that because we have international acquisitions, awards. And the high clinical standards because, you know, an international patient just doesn't turn up to your doorstep. They do a lot of research before they come. And we are happy that we are serving more than 30 countries here. So, just to summarize, we are operating in a category that is large, underpenetrated, and structurally tailwind supported. Gaudium is best positioned to be one of the principal beneficiaries of that shift. Now, coming to our performance, FI26 has been a defining year for Gaudium IVF. The year we transitioned into a listed institutional and scalable fertility platform. Our IPO closed on the 24th of February, 2026, and listed on the 27th of February, raising approximately 165 crore. For the full year, our revenue, EBITDA, and FAT have all grown meaningfully over FY25, and Rakesh, our CFO, will walk you through the precise numbers in a few minutes. Now, on our three business segments, IVF treatment remains the engine of the business, and it will always remain the engine of the business. It contributed about 79% of our revenue in FY25, and we expect this share to expand further as we scale. So, you know, now we have the muscles. We built a lot of time. We took a lot of time to build the right foundation. We are now at a cut-copy-praced kind of stage, where an SOP-driven model has been tested across the north, south, west, and east of India, and we now just have to increase our accessibility, open more number of hubs and spokes, and the business is only going to grow. We have completed over 50,000 successful treatments in infertility since inception. Within IVF, we offer the full spectrum of services, be it a natural cycle, an IUI, an IVF, ICSI, down to advanced procedures like egg and embryo freezing, sperm freezing, pre-implantation genetic testing. And we are very proud that in male infertility treatments, we are one of the most advanced players. And egg freezing is very close to our hearts because I always feel that our young daughters who are working so hard in their careers, studying so hard in school and college, Should have the freedom to preserve their eggs in time so as to preserve their fertility and not put a break to their careers. So, egg freezing, I call it reproductive freedom. I have called it at the Forbes platform. I have called it at various podcasts. So, you know, recently I spoke about it at the Forbes platform and it invoked a lot of curiosity. It is very important and it's a huge business area for growth. Our 15-bed hospital facility at Janakpuri rounds off the patient journey from fertility treatment through delivery and postnatal care, a continuum that very few peers in the listed space offer today. On pharmacy, I want to address this directly. It is a small part of our business today and is going to remain a small part. It is not a segment we intend to scale with specific focus as an independent growth vertical. Its role is only to support the IVF patient's journey, ensuring consistent availability of specialized medication and consumables. You know, because we are very result conscious, so we want the right medicines reaching our patients, and hence... Our pharmacy wing allows us to do that. Capital allocation, management, attention, and growth investment will be directed predominantly towards the IVF treatment and expansion of our hub-and-spoke network. Now, if there is one philosophy that runs through everything we do at Gordium, it is continuous innovation. You know, that is what sets us apart from many peers. We've done a lot of firsts. We are the first to get a European Society Quality Research Award. We are the first to be listed on the stock exchange. We are the first to have brought in AI, which I'll be just throwing some light, AI tool speed and Erica into India. We were among the early adopters of vitrification. Earlier egg and embryo freezing used to be done by a slow method. Vitrification revolutionized this. So we were among the first early adopters of vitrification, egg freezing, pre-implantation genetic tests. Interesting. And TESA, that is testicular aspiration, where the semen count is close to zero, is one of our specialties. So, on the 1st of April, 2026, just a few weeks after our listing, we became the first IVF train in India to formally integrate AI-led embryology into routine clinical practices in partnership with IVF 2.0, a UK-headquartered embryology innovation organization. And this organization has been founded by globally renowned embryologists Dr. Jacques Cajon and Dr. Alejandro Chavez. The integration was formally inaugurated by the Honourable Union Minister Srinathen Gadkari. Very recently. And so what this means is that what happened in practice is the deployment of two AI systems into our clinical workflow, Sid and Erica. Now, in a very layman kind of term, I would like to explain what Sid does. It helps us identify the best quality sperm to be chosen while doing a live ICSI. It's beautiful. It marks, it becomes like an AI assistant to the embryologist, and it helps him choose the right sperm, the best sperm. And then once the embryo is made, Erica is the Embryo Ranking Intelligent Classification Assistant. This is again a beautiful assistant because it studies 2.5 million parameters on the health of the embryo. So, it selects, you know, the best, the most likely to be healthy embryo, not just genetically, but metabolically, and hence, both these tools when used definitely increase the success rate, and most importantly, they increase the success rate at first attempt. So, it reduces the number of attempts the patient would require to get pregnant. Because every repeat cycle is avoided, which is a reduction in emotional, physical, and financial burdens carried by a patient. So, any new technology that we adopt, we keep the patient first policy in mind, and we see how much value it adds for the patient and for us business-wise. Looking ahead, our priority is execution of the 19 new idea hub plans under our IPO user proceeds. Three hubs are expected to be operational within the next couple of months. As we speak, the first very big hubs we are opening in south of Delhi will be inaugurated in the coming month. And two others are in progress in Nagpur and in Gurgaon. And with this, we will also be adding nine spokes. These are all aimed in the next couple of months. And I'm very happy to share that looking at the response we are getting from Medical Tourism, we are adding three international spokes to open more patients in Nigeria, Sydney, and Paris. Our, this space, so, The balance of phase 1 will follow, and in totality, 10 new hubs in FY27, 8 in FY28, and 1 in FY29. This phase rollout takes us deeper into tier 2 markets while reinforcing our existing metro hubs and with additional scores. Our asset-light hub-and-stroke model has been refined over 16 years and is, in our view, one of the most capital-efficient ways to scale fertility care in India, which reflects in our EBITDAs and paths, as you will soon see. So let me close with this. The Indian fertility market is large. Under-penicited and going through a once-in-a-generation institutionalization. Gaudium has spent 16 years building the clinical foundation, the brand, and the operating model required to lead this transition. With a death-like balance sheet, post-IPO, almost zero, a clearly funded expansion plan, an innovation-first culture. Clinical excellence at the core, and a category that is just beginning its growth curve in India, we believe Gaudium IVF is well placed to compound growth responsibly over the coming years. With that, let me hand over to Rakesh, our CFO, to take you through the financials. Thank you.

Thank you. Thank you, Doctor. Good afternoon, everyone. Let me think through the financial statement and the financial performance for the FY26. So, starting with the quarter-on-quarter results, comparative Q4 of FY26 and FY25, the revenue from operations stood at 30.35 crores against 26.92 crores in Q425, a buy-on-buy growth of 12.74%. On a sequential basis, this compares with 24.5 crores in Q3, FY26, a quarter-on-quarter growth of 23.85%. Growth was driven by high volume at mature hubs and growing demand. EBITDA for the quarter was 12.17 crores against 8.72 crores in Q425, growth of 39.56%. With an EBITDA margin of 40.10%. Pat for the quarter was at 8.36 crores against 6.45 crores in Q3 25. Growth of 29.46%. Pat margin of 27.54%. Sequentially, this compares with 3.63 crores in Q3 526. For the full year, the revenue stood at 104.35 crores against 70.72 crores in FY25, a growth of 47.56%. EBITDA was Rs. 37.7 crores against 28.63 crores in FY25, a growth of 31.69%. Act from continuing operations was to piece 24.48 towards against 19.17 crores in FY25. On the capex, during FY26, the company incurred capex expenditure of approximately 2.11 crores. For FY27, we expect a capex of 25 crores, which will be due to the new hubs at an estimated average cost of 2.5 crores per hub, funded primarily from IP proceeds and internet approvals. Cash and bank together stood at approximately 8.78 crores as at 31st March 26, against 7.21 crores at FI25. Our materials send name. Total borrowing stood at approximately 24.5 crores, against 20.61 crores, reflecting the IPO. Our consolidated debt-to-equity ratio at the year-end stood at approximately 0.16 times against 0.45 times at the end of FY25. The company today operates with a deadline balance sheet that allows us to fund planned expansion entirely through internal resources. To summarize, FY26 was a year of meaningful financial progress, growth across revenue, EBITDA, a successful IPO, and a materially stronger balance sheet. With a fully funded expansion plan, a deadline structure, and a category that offers a long runway, we are entering FY25 in a position of strength. Thank you, everyone, for your time. We are happy to take your questions now.

Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on the touchstone telephone.

If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to limit your question to do per participant and to use handsets while asking a question.

Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Darushal Pandya from Frontress Capital. Please go ahead.

Hello, am I audible?

Yes, yes, you are.

Yes, hello, madam, and thank you so much for running us with such a great data. Madam, my first question is with regards to the opportunity size that you've shown. I understand that, you know, a lot of people are affected, but at the same moment of time, maybe I would want your comment on this. This looks like this treatment is quite expensive as we compare to, you know, tire two, tire three cities where affordability is also a question. So what will happen in this case where, you know, since I am, I'm not sure if this is covered in insurance or not, but what happens to affordability, as you said, it has to be accessible. Just wanted your views on it.

Yeah, excellent question, Rashi. So, basically, you know, the base price at Gaudium for a cycle is 2 lakhs, and why we do not dilute this, you must have seen some small-time mushrooms clinics putting us behind an auto on 60,000-meh treatment, around 70,000-meh. But, you know, what is important is that we are creating human life. So, it's not a fridge or a television. So, we can't mess with life. So, we maintain the basic standards. So, what we create is healthy. So, we have to keep a base price of $2,000,000. But having said this, your question is very valid that when we are in Tier 2, Tier 3, even at the village level, you will be surprised to know that there are 8 to 10% in fertility in the village. To make it more accessible, so Gaudium has just formalized a Pan-India tie-up with HDFC Bank to help patients with financing. We also have two or three NBFCs whose representatives are available at our hub. And in addition to this, because we have paperwork, what is the process, so in addition to this, now Gaudium is taking a big leap, and you will be hearing very soon, we are, you know, we started with a credit scheme, and it's going very well, and we are going to, you know, extend this facility to our patients, Takivo. Thank you. Good morning, everyone, and welcome to the call, and welcome to the call, and welcome to the call, and welcome to the call. We can take material from one clinic to the other like this, and we are allowed to keep So, that will be also for the good of the people and great for business, because the numbers are only going to increase.

Understood. Well, thank you for this question. Thank you for this answer. My second question would be on the hubs that we today have. I guess around... 7 hubs and 28 spokes today we have. Madam, this number will be, if I am right, it will be 17 hubs by this year end?

Yes, you are absolutely right. Yeah.

Okay. And just to understand, what is the kind of, not just revenue, but what will we expect from this new additions that comes up? How will this help us in the business?

Yeah, so what happens is that the additions will keep happening every quarter. Like, abhi is quarter mein hum teen hubs pe kaam kar rahe hai. So, what happens when we work on a hub, it opens the certifications, and then the footfall starts. So, taking for, open and open, 10 hubs will open in the first quarter, in the second quarter, in the third quarter, and in the last quarter. But, only if we take a lot of practical estimations, because the patient's footfall is open, So, I would say that we are very confident that we will be able to maintain the high growth, both in terms of profit and revenue, as we have done historically, because our principle of being asset light will remain the same. So, we are very confident we will achieve the growth of Achishka Relay.

Okay, last question. Madam, as you said that, you know, our cost is 150 in India as compared to the whole world. Madam, what is the percentage of this international clients that we would have in last year? And how are we planning to increase this in coming years? Okay.

So, I think approximately 25 to 30% is our contribution currently, and we are very aggressively working on this because, you know, it's not only good for them, obviously, their packages are decently priced. It brings in, you know, more dollar influx inside the country. So, and for this, we are opening three international spokes in this quarter itself. Paris, Nigeria, and Sydney.

Yes, please go ahead, ma'am.

So, yeah, this is going to be a continuous exercise.

Sorry to interrupt. May we request Mr. Pandya to please rejoin the queue. Thank you. The next question is from the line of Abhijat Orwal from BR Chokhsi. Please go ahead.

Am I audible?

Yeah, Abhijat, you are.

Yes, thank you for taking up my question and congratulations on the good numbers. So firstly, I want to ask about the number of cycles you have performed this quarter and portfolio. Can you please rate up on that?

Okay, so, you know, we use the matrix of cycles as the number of fresh pickups because that is closest to unique patients. So, because in IVF people report a pickup plus embryo transfer report, we have taken the global standard because there are only three other listed companies across the world in IVF. So, they all report by the number of pickups done. So, we have already done roughly 2300 pickups this year. And, yeah, with our aggressive growth plan, this number is bound to increase.

Okay. So, like, for the FY26, can you please, Kondibar?

We need to fix high pickups we have done, to be present.

You are asking for the future, Ria?

No, no, no, for FY26, I am saying. 20 to 55 cycles we have done, like pickups.

2255 open pickups, OPUs we call this.

Okay, and like the number of total embryologists for treatment are I guess 5, right?

Yes.

And so, like, the per embryo is the cycle is, as per my understanding, is high. Am I, like, correct? Or, like, is this the industry standards, like, good amount of hard-easy treatment?

Yeah, we are very well positioned as per global standards, because what happens is that... We are hardworking people. We optimize our results very well. And it works to an average of 120 pickups per embryologist. It is very easily manageable. And as the strength of the number of herbs increase, the number of embryologists and number of clinicians are going to increase. And of course, with the addition of the AI tools, Sid and Erica, you know, they are like AI assistants to the embryologist. So we are, you know, kind of, let's say, setting very high standards in embryology. So, reduce time per patient because the AI assistants make the decisions in milliseconds, which the embryologist's human eye will take longer. So, with the addition of these AI tools that we just launched, the time taken per case is also going to reduce. And the beauty in IVF is, the faster you do the procedure, the higher is going to be the result. Why? Because your egg, embryo, and sperm will keep out of their incubator as much as possible. So, the more you expose the external atmosphere, the faster you work, the higher your results are. So, these AI tools are also going to significantly add to this.

Sorry to interrupt. May we request Mr. Abhijit to please rejoin the queue? The next question is from the line of Shravani Salvi from Neomile Capital. Please go ahead.

Hello. Hi, ma'am. Congratulations on a good set of numbers. Thank you. I have two questions. The first one is, what do you see, where do you see our ROCE in the next three to four years, once all the hubs are completely operational? Okay, I'll pass this to Rakesh.

See, the return on capital employed will be roughly 35 to 40% expected in the next 3 to 5 years. Then we will be full functional.

Okay, sure. Next question is in terms of the international patients, what will be the current contribution of international patients as compared to the overall patient volume and growth? And which geographies are driving the highest inflow currently?

Yeah, so I think you missed the previous answer. We've already said that about 25% to 30% contribution is coming as of now. This is only bound to increase as we are putting three international spokes very soon in this quarter itself, and we'll continue this exercise throughout the year. And also... So, we are targeting growth from medical tourism very aggressively.

Okay, could you give a number on the segment or the growth for the segment?

I think there is a huge potential because the cost of treatment is... Like, you know, many fold high there. The geographies, we are getting patients from our Middle East, the entire African continent, because it is highly underserved in this facility. Then we are getting NRIs from UK. We are also getting Australia, US. We are also getting Native Americans, Black Americans from all these countries. So there is a decent mix of 30 plus countries from where we are getting these patients, and we will continue growing as we have grown historically.

Okay. Thank you, ma'am.

You're welcome.

Thank you. The next question is from the line of Tushara Pajaj from Pareto Capital. Please go ahead.

Hi, ma'am. This is Tushara from Pareto Capital. So, I had a question on the trade receivable. And so we could see the revenue has increased from... 70 crore in FY25 to 104 crore in March 26. Comparatively, the debtors have also increased in line. So we just wanted to understand your brief overview on like, how are we planning to manage the trade table and why is it high as compared to other peers in the industry?

Okay, so good question, Pishan. So basically, as I just spoke about...

Affordability.

So, we said that we are trying to make it more and more affordable for the patients. That is what I meant, that we are making sure that a certain cost, which is in our basic procedure, consumable, disposable, which is covered in a case, we initially take a certain amount of money, and then we form it as an embryo. So, what happens is that some amount of trade receivables. But those embryos are safely kept with us. Thank you, everyone, and welcome to the call. For financial reasons, we have to take treatment as a result, because we know that there will be a result here, but there will be no money for it. So, we have to take some money. Thank you. If the bells come, and there is... Thank you.

I love to land first, right? The 40,000 major starting is strong. I just wanted to get your view, like, what is the average tenure a customer takes to pay your services, right? What is the average tenure? Like, does it take, usually take more than a year or is it like six months to two years? What is the range-bound period?

So, roughly, the number of days is about 150 days. And as I told you, we are taking measures to speed this up. So, we have additional costs, and we are educating our patients to our calling team, that the more the more the more the more the more we will get, it will be better. And the third time we have told that we have taken the initial payment, we have taken the first $40,000, which has doubled. And we are very confident that you will see that there will be a significant difference in trade receivables.

Okay, okay. One last question. Do we have a bifurcation like what amounts to the of trade receivable as in what amount is related to those financing thing and what is related to those patients who have already like done their forced whatever freezing thing and they'll be getting the IVF done later.

Ah, I mean, it seems similar.

May we request Mr. Bajaj to please rejoin the queue, sir. Thank you. The next question is from the line of Dipali Sali from Punyarwarth, capital. Please go ahead. Hello, am I Odipan? Yes, Dipali. Yeah, very good numbers, ma'am, and thank you for the

very good service that you are giving to the world, actually. Thank you, thank you. Yeah, one question from my side is that there are many idea players present in India as well as overall the world. In India, there are mainly two team players like Indira, Nova, OSS, and Indira is claiming that the success rate is around 75 to 76 percent. And according to your document, your success rate is 68 percent. Yes, so as we all know that getting children is an emotional subject, but people are ready to play. But you are positioning yourself as a premium IGF player, right? Then looking at the success rate, why will people come to you rather than going to Indira? I will tell you that we are ready. Our success rate is 58% at first cycle, which is at par with global standards. I don't want to comment on how people think about the success rate. You compare them globally. ASRM, the American Society of Reproductive Medicine, is a very good success rate. So, 58% at one attempt is a very high success rate and is comparable to global best. And also, Gaudium has 85% cumulative pregnancy rate. That means that we have 58 patients here in the first time, 80% in the second time, 85% in the third time, which means that if we have 10 couples here in the body, then there are 8.5% chances that they will be pregnant. This is comparable to some of the best players in the world, like Boston, and also I'm very happy to share with you people that now the data is small, because we launched 1st April, but we had a small celebration here, because in Sade and Erika's edition, we are seeing 8% increase in results at first attempt. So, that is why we see that, you know, clinical excellence is our biggest tool. Okay. Thank you so much for the answer, ma'am. And one more question from my side. I have seen that there is tax litigation against the company as well as the promoter. And two days before, you have given some notification that some relaxation has been given. But this will be an overhand always. So, what are your views on this? Yeah, so everything is at the appeal stage, and we are very confident. I would just say this. Okay. One more question. So, it took you around 16 years to establish seven centers, like seven hubs. And you are claiming that you are going to establish 19 in just three years.

So, how is the process going to come forward?

Yeah, excellent question. So as I said, 2009 to 2018 was the journey of a doctor seeking excellence. We are in a completely SOP-driven organization, banana, and something as delicate as IVF. Is, you know, globally, very few players have been able to do that. Is, you know, globally, very few players have been able to do that. I am in Delhi, and in Kashmir, Mumbai, and in Bangalore, within plus-minus 1% of each other. So, this is a journey to achieve this, but now that the model is all set and proven that expansion through 7 hubs and 29 spokes, We have still maintained the same clinical excellence. So, now we are at that stage that we just needed capital to rapidly expand. So, we have a big organizational structure. We have a chief operating officer, a chief finance officer, a chief administrative officer, a clinical, national clinical head, a national clinical embryologist, which has all the reporting lines defined. So, the structure is so solid created, so that the building is ready for the basement, it seems to have time. Now, it doesn't seem to have time on the floor.

Thank you. The next question is from the line of Puneet Kamra from Trustworthy Wealth Partners. Please go ahead.

Well, thank you so much, ma'am, for a great overview on the business. Really, really helpful to understand this. And congrats on the great set of numbers. I have a couple of questions. One is, well, most of the questions have been answered by other guys. So, if you could just tell us that how is the pricing based? Is this based on cycles or is it based on GPUs as you, OPUs, the pricing of the…

That is one complete cycle. In the same way, there will be stimulation from the injection, then there will be egg pickup, embryo formation and first embryo transfer. So that two legs is one complete cycle which includes one pickup and one embryo transfer. Now, if the patient is pregnant, then it is perfect. If it is not pregnant, then Gaudium's biggest strength is that he very clearly does a second stimulation. We are using egg freezing and embryo freezing. We were amongst the first ones in the country to start. So, our freezing technology is so good that we keep kids from the first cycle and we can keep it for 10 years. So, what happens is that the patient has to go to the next cycle. Thaw is very easy. Thank you. Our expense is hardly anything. It's a very small expense, and so the margin in that cycle is even higher, and it's a win-win for the patient, because without the indexes, the second cycle gets quickly and the rest of the packages vary with problems also. Some of our patients have a higher package patients, such as multiple failed IVF cases. So, there are a lot of advanced technologies, IMZ, laser hatching, SID, Erika, when they use, the package costs are increasing. The patient has a good paying capacity and he says that, I mean, you take a lump sum and whenever I conceive, but you just give me these many attempts in a package. So, yeah, so this is all a variety of things that we deal with.

Got it. That's helpful. My second question is, based on my understanding, I understand that players like Indra are quite big, and they have private equity capital in the business, and given the fact that there's so much of gap in terms of demand and supply, so would Gaudium be seeking private equity capital at a certain point in time? I mean, I know you're listed, but then there's always a safe space for private investment in public equities.

Yes, you're right. But we have received such a tremendous response from the market. We are very happy with our IPO health progressing. And I am sure with the IPO proceeds and with our internal accruals, we will be able to grow very fast. So as of now, at this juncture, we are not looking at peace. Because we want our vision. To not to be diluted under any pressures. We do not want our clinical excellence to become secondary to anything because Gaudium believes that as much as women want to become a mother, we can complete their dreams.

Thank you. The next question is from the line of Anuj Kashyap from A3 Capital. Please go ahead.

Hello. Hi. Good afternoon. I am audible.

Yes, yes, you are.

Yes. I am for the great set of numbers. So ma'am, as in presentation, as told by you that we are an SOP-driven organization. So ma'am, just I wanted to know how we make sure that Ms. Khanna is present at every hub or there is some differentiation while you select the people or like the SOPs are structured in such a way that the efficiency which Ms. Khanna delivers in Delhi and that gets delivered elsewhere also. So what is the, like the, it's the people or it's the process?

Great, great question. I'm glad you asked this. So, SOPs 2014-2015, and you'll be surprised to know our SOPs are right from the clinical embryology down to the housekeeping. Even if we decide what material will be, what solution will be, we also decide. Our labs and rotors, we design. So whatever I learnt with experience, I have translated them into SOPs. I am out of clinical operations since 2019. So, my role is mainly to ensure that my SOPs are implemented everywhere. So, I'm also making surprise visits, ensuring that all the chain of command is being followed. My chief clinician is getting the reports from every clinician. My chief embryologist is getting the same. Similarly, in the accounts department, similarly, we are very, very compliance conscious people, And that is why we are very happy after the regulatory has come in. So, you know, all this, as you rightly asked, is called process-driven. So, whatever the experience of nature has been put in the process. And the most important thing is that we are here before we post every new center. The clinician, the embryologist, and the chief nurse. They all undergo in-house training. I was getting a compulsory in-house training in Delhi headquarters. Then our chief embryologist takes an exit exam, the chief clinician takes an exit exam, the chief national nursing in charge takes an exit exam before we place them to a particular center. So that we are sure that when we go to Mumbai or Nagpur, we will deliver the same results to headquarters in Tehra. And this proof is that all our centers are giving results within plus-minus 1% of each other. So, all their trainings are already under process or completed.

I have told you, thank you. You have very well said that all your experiences you have put in a process. And then what makes sure, like we have trained someone, so there is clauses or contract like they will work with us, they will not leave us, so that our copyrights or something doesn't get transferred or something?

Yes, so our legal team ensures that a lot of paperwork is done when we are hiring these people. They cannot, you know, kind of share data. We do not allow individual private practice. Whoever joins Gaudium has to be exclusive. Our clinicians and embryologists, we signed with them for a minimum of three years. And secondly, because the good part is that my National Sheet's Embryologist is in the 16th year's journey for me. Same with my...

This is an organization's good, that the accretion rate will be lower.

Yes, yes. So what happens is that we give them not only professional growth, we give them annual increments. So, you know, when they are getting both increase in, they are growing financially and professionally. Because for a doctor, professional satisfaction is a lot of much.

So the kind of learning they receive from us.

And then we get clean and fit. So, all of these things, luckily, people do not want to leave. And the word means in Latin is joy and happiness. So, we ensure that not only our patients or employees, we will be happy to know that we are a very women-empowered organization and 90% of our employees are women.

Okay, that's great, man, that's great. And then, last one, just say, man, is it linked to the success rate, or how it is?

No, no, it's an annual increment, which is based on performance. And the performance of the measurement is in every direction. You know, how many patients you are able to.

And then one last question. This isn't just a small one. I was just on the video brain like five years down the line. We can see Gaudium as a woman's fertility. We can cover all together women's health. If we grow or prosper, why not bring all the gamut into Gaudium?

So, see, our company's name is Gaudium IVF and Women's Health. So, of course, our focus is completely on IVF, but our long-term vision is to support women's health completely. And soon you will be hearing good things.

Thank you, ma'am. May Gaudium be true to its name and bring joy to everyone. Thank you.

Thank you. Thank you so much. Thank you. Ladies and gentlemen, that was the last question for today. With that, I now hand the conference over to Dr. Vishad Karna for closing comments.

Good afternoon, everyone. I just want to thank you all for joining us today, and thanks a lot for showing us so much stuff throughout this process and through these months. We are in very high spirits moving into the coming quarter. Our hub expansion will be rolling out, and our AI-led embryology is embedding deeper and deeper into our daily clinical workflow. So, just want to end this with... A big thank you to our patients, our team, and our shareholders, and please carry on with support. Thank you so much.

Thank you. Ladies and gentlemen, on behalf of Gaudium IVF and Women Health Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.

Thank you.

Thank you, everyone.