Suraksha Diagnostic Limited (SURAKSHA) Q4 2026 Earnings Call Transcript

Ladies and gentlemen, good day and welcome to Suraksha Diagnostic Ltd's Q4 and FY26 earnings conference call hosted by MUFG in time. As a reminder, all PIRSPIN lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation conference. Should you need assistance during the conference call, please signal an operator by pressing star 10 0 on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Ounkar Bagwe from MUFG in time. Thank you and over to you, Mr. Bagwe.

Thank you. Good afternoon, everyone. I welcome you all to the earnings conference call to discuss Q4 and FY26 results of Swaraksha Diagnostics Limited. To discuss our results, we have with us from the management, Dr. Somnath Chatterjee, the chairman and joint managing director, Ms. Ritutuli, joint managing director and CEO, along with other senior management team. They will take you through the results and then we will proceed to Q&A session. Before we proceed to the call, a small disclaimer. This conference may contain certain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations as on date of this call. The actual results may differ materially. These statements are not guarantee of future performance and involve risks and uncertainties that are difficult to predict. A detailed safe hardware statement is also given in the company's investor presentation. Now, I would like to invite Dr. Somna Chatterjee for his opening remark. Over to you, sir.

Good afternoon to everyone. I, Dr. Swamnath Chatterjee, welcome you all to the Quarter 4 and Financial Year 2026 Arnings Conference Call of Shuraksha Diagnostics Limited. We are indeed pleased to conclude FY26 on a very strong note, with continued progress across financial performance, network expansion, Clinical capabilities and technology-led service enhancement. During the year, Sudoka continued to strengthen its position as a leading integrated diagnostic service provider in Eastern India, supported by our differentiated hub-and-spoke model, our one-stop diagnostic and consultation platform, And our continued focus on quality. Accessibility and patient convenience. In staying ahead of the curve in technology and clinical capability, during the year, we continue to expand our genomics and molecular diagnostic capabilities through Shuruksha genomics, which we believe can become a very important pillar for the company. The vertical allows us to offer advanced testing capabilities across prenatal diagnostics. Inherited Diseases, Pharmacogenomics, and Oncology-focused Molecular Panels. We are also focused on scaling into areas such as whole genome testing, metagenomics, AI integration, and population scale screening initiatives. Churaksha has signed an MOU with IIT Kharagpur to undertake two research projects. The FAST project is an AI-driven solution for early detection of Alzheimer's from routine brain MRIs. A team of neurologists, neuroradiologists, and AI scientists have started the FAST trial. In genomics, Shuraksha has acquired the fastest NGS platform GeneXus in Eastern India. This will allow us. Deep penetration in the oncology segment of genomics as it can produce results in 48 to 72 hours instead of the usual 14 to 21 days. The genomic lab is now at par with the best in terms of both technology and test offering, making sure that no such tests now need to go outside anymore. Shurukha has also established the first high-end training center for MRI. The first session has been conducted with enormous exuberance from the radiology fraternity. Some of the leading radiologists of the country, like Dr. Mahajan, contributed immensely to the program. In the pathology lab, the latest automation from Roche has been introduced, which enables us to perform 3x more than the previous one. Also, all labs now are online and on a platform. Another important development during the quarter has been the integration of the next generation 1.5T helium-free MRI technology at the prestigious Calcutta Medical College. This facility is designed to deliver high-quality imaging with zero helium dependency, thereby enhancing diagnostic capabilities across neurology, orthopedics, cardiology, and oncology. It also supports much faster patient throughput, improved patient experience, lower maintenance requirements, reduced downtime, and better operating efficiency. Importantly, this investment also aligns with our sustainability and ESG goals through energy-efficient and resource-conscious infrastructure. In the clinical area, Sudaksha has introduced specialized clinics like dementia, epilepsy clinics. Also, gynae-owned clinics have been established, and a campaign has been started for early detection of cervical and ovarian cancer. We plan to add many more such super-specialty clinics all over Eastern India. With genomics, advanced radiology, AI-enabled workflows, digital reporting systems, and our integrated diagnostic infrastructure, we believe Shurukha is well-positioned to serve the evolving healthcare needs of Eastern India and adjacent geographies. The rapid and robust expansion plan is being well executed by our leadership team, and we remain focused in building a diagnostic company that we all can be proud to be a part of. With that, I would like to invite our CEO, Mrs. Sritu Mittal, to provide the operational update for Quarter 4 and FY26. A very good day to you all, and thank you.

Good afternoon, everyone, and thank you for joining us today. I am pleased to report that Suraksha has concluded F526 on an exceptionally strong note. This past year has been a definitive period of scale acceleration, operational refinement, and the successful validation of our expansion frameworks. The financial numbers we are presenting today reflect the compounding returns. of a highly deliberate multi-year strategy. We are moving from strength to strength, expanding our structural moat beyond historic urban clusters, and transforming deeper regional catchments into high-yield operational nodes. Financial highlights for the full year FY26 are as follows. Revenue from operations stood at INR 3104.1 million, Representing a robust year-on-year growth of 23.1% compared to the previous fiscal year. When viewed over a longer horizon, this top-line acceleration marks a stellar three-year revenue kegel of 17.78% from our FY23 baseline of INR 1900 million. Showcasing sustained, highly repeatable structural growth rather than a transient post-pandemic spike. Our blended EBITDA margin for the year stands at a premium 31.73%, yielding an estimated total EBITDA of Rs. 985 million. However, to truly appreciate the operating leverage built into our model, one must look at our mature asset base. Our established, mature centers continue to demonstrate immense operating leverage, consistently delivering a 36-37% Ibiza margin profile. The gap between our mature margins and blended margins represents a clear runway for the future profitability as our newer regional hubs scale up to full maturity. Our financial success is a direct consequence of escalating volumes and an increasingly premium test mix. During the year, we proudly served 1.37 million patients across our network, executing a massive volume of 8.16 million clinical tests. Our revenue per patient increased to INR 2264 in FY26. Our growing patient yield reflects a deliberate shift in product mix towards specialized diagnostics and advanced radiology. We also continue to maintain a diversified revenue mix. Pathology contributed 48.85% of our operational revenue. Radiology contributed 44.26%. Our MC created doctor consultancy and polyclinic ecosystem. Contributed the remaining 6.89%, acting as a highly effective internal referral engine that seamlessly funnels clinical consultations into our diagnostic pipeline. Our growth in FY26 has been heavily propelled by a calibrated regional expansion. We have expanded our footprints into high-density, underserved markets across West Bengal and adjacent geographies. During the year, we launched two hub centers, 11 spoke centers, and three centers under the PPP model, taking our count of centers to 68 as on March 26. Concurrently, we continue to scale up our highly specialized verticals, including the Phetomate platform for advanced fetal medicine and our highly targeted genomic panels. These high-complexity segments not only command premium margins, but cement Surakshar's position as a clinical authority and a trusted reference lab for independent medical practitioners. Looking ahead into F527, our strategic focus centers heavily on expanding our footprint across eastern and northeastern India, systematically replicating our high-margin operating model in adjacent territories. Our deployment pipeline for the next fiscal year is highly precise. We will establish three new hubs and eight asset-light spoke centers within West Bengal to further sweat our central reference infrastructure. Concurrently, we are taking our brand equity beyond state borders by launching one specialized hub center, each in Bihar, Tripuram, and Jharkhand. This multi-state expansion represents a major milestone in our corporate journey, effectively transitioning Suraksha from a prominent state leader into a comprehensive, diversified, regional player. Our core operational priorities as we enter FY27 are focused on four strategic execution pillars. First, we are acutely focused on improving throughput and capacity utilization across our recently launched centers, ensuring they ramp up rapidly. Second, We are pursuing relentless cost efficiency by centralizing procurement and sweating our existing automated infrastructure to further protect and expand our operating margins. Third, we continue to scale our specialized diagnostic capabilities, ensuring Suraksha remains the clinical benchmark for high-complexity testing like genomics and advanced imaging. And finally, we are deeply committed to enhancing the patient experience. At every touchpoint, leveraging technology to make diagnostic faster, more convenient, and completely frictionless. We believe this disciplined, four-pronged approach will allow us to sustainably compound shareholder value throughout the coming years. With that, I would like to hand over the call to Mr. Babushaw for a detailed financial review. Thank you for joining us today.

Thank you, Ritu Ma'am. Good afternoon, everyone. I will now take you through a brief overview of our financial performance for the quarter and full year ended 31st March 26th. For Q4 FI26, the company reported a total revenue of INR 822 million compared to INR 659 million in Q4 FI25, reflecting a year-on-year growth of 25%. EBITDA for Q4 FI26 stood at IANA 252 million compared to IANA 200 million in Q4 FI25, registering a year-on-year growth of 26% EBITDA margin for the quarter stood at 31% compared to 31% in Q4 FI25. This reflects a stable operating profitability despite the continued impact of new centers cost and expansion related investments. PAYAT for Q4FI26 stood at INR 62 million compared to INR 22 million in Q4FI25. PAYAT margins for the quarters stood at 7.6% compared to 11% in Q4FI25. The declining PAYAT margin was mainly due to the higher depreciation and finance cost associated with our expanded center networks and infrastructure investment along with our higher tax expenses during the quarter. For the full year FY26 total revenue stood at INR 3136 million, compared to INR 2,559 million in FY25, resisting a year-on-year growth of 22.5%. A bidda for FY26 increased by 15.8% year-on-year to 986 million, compared to INR 851 million in FY25. EBITDA margin for FY26 stood at 31.8% compared to 33.8% in FY25. Profit after tax stood at 314 million compared to INR 310 million in FY25, reflecting a year-on-year growth of 1.4%. PAT margin for FY26 stood at 10.1% compared to 12.3% in FY25. On the operating site, the numbers of patients served increased to 1.37 million in FI26, while the number of tests performed increased to 8.16 million. The number of tests per patient stood at 6 and revenue per patient increased to INR2264 and EBITDA per patient stood at INR720. Average revenue per centre stood at INR45.65 million. In terms of center profitability, our mature centers continue to deliver healthy performance with EBITDA margins in the range of 36% to 37%. In K42526, mature centers deliver an average revenue per center of INR 16.3 million with an EBITDA margin of 37%. New centers, which are less than 2 years old, deliver an average revenue per center of INR 16.3 million with an EBITDA margin of 37%. of INR 5,000,000 with a better margin of negative 5.5%. Importantly, the cap between mature and new centre is gradually reducing and we expect this trend to continue as the new centre scale up and operating leverage improves. To conclude, FY26 has been a year of strong growth, continued investment and meaningful network expansion, while margins reflect the near-term impact of expansion and new centre ramp up. The underlying business fundamentals remain strong as our new customers, new centers matures and throughput improves. We expect operating leverages and cost efficiency and profitability to improve progressively. With that, I would like to thank everyone for joining the call and I would now like to open the forum for questions.

Thank you very much, sir. Ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask questions may please press star and 1 on their touchstone phone. If you wish to withdraw yourself from the question queue, you may press star and 2. Participants are requested to use only handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. You may please press star and want to ask questions. The first question is from the line of Dhruv Maheshwari from Perpetuity Ventures LLP. Please go ahead.

Good morning. My first question is, so what's the pre-end-day EBITDA and the pre-end-day start for the year FY26?

We induce a victor. 53CR.

53CR is a pre-end decibel.

Can you repeat once more?

You said 53 CR is the pre-endays EBITDA?

Yes. And the impact of the impact of the EBITDA is 53 CR.

During this, EBITDA will be around 75 CR. It will be an impact by 30 CRM. Pax, 53 CR, and EAA, 75 CR.

Got it. Understood. So the next question is, was there any impact of elections in the last quarter for Soroksha?

The fact that we faced was some of our centres that we had planned to open got a little delayed. That is all because of...

Got it. And because of this, I believe we were planning closer about 75-watt centers, and we'll be able to touch the 100-center mark by FY28, so 68 in FY26-14 will be opening in FY27, so that brings us to 82, so 18 more by FY28?

Yes, absolutely.

Okay, perfect. Thank you so much.

Thank you. A reminder to all the participants that you may please press star and want to ask questions. The next question is from the line of Rajat Baldeva from Kizuna Weld. Please go ahead.

Yeah, I know. Thank you for giving me the opportunity. My first question is on the center, which we have titled in City Red. We will be able to speak on center, but unfortunately, we are allowed only two. Is it because of the election or any other reason?

Absolutely, because of the election, some licenses and power was a little delayed. So out of the four, two have already opened, and two are going to open this month.

Okay, thank you. My second question was on EBITDA margin. What was the guidance for the next year in terms of EBITDA margin? It has dropped down a lot from 32 to 31 in this year, that's right.

It should be near about 37%.

EBITDA margin for this year, for FY27, the EBITDA margin would stabilize at around 33%. Because, you know, we are adding many more new centers again this year also. So, the pre-operative expenses does give it a hit.

Okay. And my third question is, what's your repeat rate currently?

My repeat rate would be around 40%.

Forty percent. Okay, okay. Got it. Thank you. Thank you very much.

Thank you. Thank you. Please press star and 1 to ask questions. The next question is from the line of Rajiv Jain from Arcane Investments. Please go ahead.

Hello, thank you for the opportunity. Thank you for the opportunity. So, I have a few questions.

Mr. Cheyenne, I'm sorry to interrupt you. There is a lot of background noise from your answer. I would request you to move to a quieter place, please.

Is it better now?

Yes, sir. Please continue.

So, firstly, I have a couple of questions. Firstly, with the EBITDA margin. So, can our EBITDA margins recover back towards 34-35% over the medium term, or should investors assume structurally lower margins due to aggressive expansion?

So, see, the mature centres will continue to deliver 36-37%, but... As we ramp up, we definitely think midterm we will stabilize at 35% because of operating leverage as we scale up. In the long term, we expect around 38-39%.

Understood. Also, secondly, can the company, so the company added 20 centers in the listing. What has been the performance trajectory of these new centers so far? Could you throw some light on that?

The performance has been very good. The revenue ramp-up is pretty strong, but of course, you know, to center level, some of these centers have had center level break-even also, but to really contribute to EBITDA will take some time.

Understood, understood. And when do you see this marginally showing up and reflecting on EBITDA levels, any timeline if you could see it?

See, the centers that we have already opened, okay, that will start reflecting positive margins in the next six months. But, again, we will be adding new centers, so that will dilute the margins.

Understood, understood. And so, secondly, so for FY27, the company plans to add multiple hubs and spoke across West Bengal, Bihar, Jharkhand, and Tripura. So, what is the total planned capex for this rollout?

So the total plan capex again is around 70 CR. Because you see two of our centres were supposed to open last year. So that CAPEX is almost incurred. So we will be adding 5 hubs and 8 spokes. So that will be around 70 CR.

Understood, ma'am.

Understood. And are you seeing any cannibalization in this existing Kolkata cluster where density increases? Do you think that is valid?

Not really. We plan accordingly. We see the, of course, a little cannibalization is there, but then when we look at the overall region's performance, it always grows more. Center to center, we might, you know, see a dip of 5 to 10 percent in the existing center. But then the new center ramps up much faster than that.

Understood, ma'am. Understood. And ma'am, what proportion of FY27's growth is expected from mature centres versus newly added centres? Could you throw some light on that?

Yeah, so the mature centres will contribute to around 9% of growth, and the balance will be from the newly added centres.

Understood. Understood. Also, ma'am, which geographies outside of West Bengal are you showing the best action currently?

For us, it is Mohati.

Yeah, okay. So, I just wanted to know, so which geographies outside of West Bengal are showing best traction currently because we are majorly in West Bengal region, but are we looking into other geographies as well?

Yeah, so, Sam, we already have a hub center. We have opened one hub center in Guwahati. We are opening two more this year. And we are adding Fripura, which has a dominant Bengali population. So they are very well aware of our brand.

I understood, ma'am. I understood. And finally, can management share current monthly run rate revenues for genomics vertical, which was launched recently, if I want to say?

Last quarter Q4, we actually did a 1CR of incremental genomics business, which is up from the previous quarter by around 2.5 million.

Understood, sir. Understood. So, that is all from my side. Thank you for answering my questions. Thank you.

Thank you. Thank you. Please press star and want to ask questions. The next question is from the line of Sia Maheshwari from RBSB Capital. Please go ahead.

Hello. Am I audible?

Yes, ma'am. Please switch it. Yes.

Yeah, first of all, thank you for the opportunity. So, I actually wanted to ask that, what is the normalized EBITDA margin potential, like, once the newly added centers mature?

Could you please be more louder for the question, please?

Yeah, Ayesha. What I meant to ask was, what would be the normalized EBITDA margin potential once the newly added centers mature?

So, newly added centers last year will mature in a year, this year it will mature next year. So... Every newly added center kind of matures in a six to eight months kind of a thing. So the EBITDA numbers that have already been shared by our CEO would follow. So currently we are looking at next year as 33, approximately 33, and on a midterm level at around 35.

Okay, sir, got it. I'm sure the EBITDA margins have declined from 33.8% in FI25 to 31.8% in FI26. Can management quantify the drag from the new centers and the operative expenses?

Due to this expansion of our new centers, because our fixed cost has increased for the new centers, so that's the reason that it has been declined.

Okay. Okay, sir. Okay. And, sir, lastly, sir, the mature centres are generating around 36 to 37% EBITDA margins, as I understand, while the newer centres are loss-making. What is the average break-even timeline for a new centre?

For a new centre, the centre-level break-even for a small centre happens at around 5 to 6 months. For a big center, this takes around 9 to 12 months. This is center level. But for it to break even at the HO expense level, it takes another additional 1 to 2 quarters.

Okay. Okay, ma'am. Got it. Thank you so much. Thank you. Thank you.

Thank you. Please press star and 1 to ask questions. The next question is from the line of Ritish Kohel from Banyan Tree. Please go ahead. Thank you.

Hello, am I on the way?

Yes, you are.

Thank you for the opportunity. Can you please explain to me a professional line item and a professional fees paid to doctors? Like, why is it so big that I am able to save so almost 16-17% already? And what kind of fees is it for doctors? Professional fees.

So this is, you know, the professional fee that we are paying to our radiologists, our pathologists, and also, you know, the OPD business that we have, where the doctors sit and consult within our premises, there also the consultation fee is paid to the doctor. We retain 15% and we pay back 85% to the consultant. So this is what it comprises of.

And this will be expected to grow in line of revenue as we will be growing in line of revenue.

Can you be a little louder?

Yeah, so I was saying this will be expected to grow in line of revenue.

Absolutely, because this is like a variable cost.

Okay, thank you.

Thank you.

Thank you. The next question is from the line of Nakul Doshi from Sankala Investments. Please go ahead.

So, I had a couple of questions, starting with patient growth in Q4 was modest at around 1.7%, despite the strong revenue growth. So, was there any slowdown in the portfolio, or is this an enormous similarity impact?

Q4 actually is a normal seasonality. It has a seasonality impact because the winter almost kind of fizzles out till March. It has this impact. But what happens is during this period, the infection related things kind of take up and which are high value tests and they contribute to a higher revenue.

Understood. And the radiology now contributes around 44% of revenues. So, is the radiology department expected to grow faster than the pathology? And overall, how would this evolve in this particular region?

More or less, the industry

breakup for pathology and radiology is 55% and 45%. And we very much simulate the same.

Okay, but then going to surgery, are you expected to contribute more than the, will it be around the industry numbers only, which you just mentioned?

It will be around the industry numbers only, because we serve the entire prescription. Okay, so that is the normal breakup of a prescription.

Understood. And what utilization levels are currently seen across MRI and CT infrastructure?

We don't really break our realization levels, because a lot of it is jointly contributing, and the sender is doing, so we don't really allocate like that.

We cover the prescription and we look at a particular prescription level which would come to a patient level kind of this thing. So when we cover the whole prescription, it kind of... This is an average of the overall tests that are getting good.

And it is very similar, because the cost of consumables in radiology is lower, but the reporting cost is higher. And in pathology, the cost of consumables is higher, but the reporting cost is lower. So it basically boils down to very similar figures, as far as margin is concerned.

Okay, I understand. That's it from my side.

Thank you. You may press star and want to ask questions. The next question is from the line of Rajat Baldeva from Kizuna Wealth. Please go ahead.

Yeah, what was the revenue index from my general experience?

Your voice is echoing, please.

Sir, there is a background noise from your end.

Yeah, am I anymore now?

Yes.

What was the revenue demand for the Germanic business?

Revenue number in quarter of four.

No, no, revenue demand. I am talking about revenue demand for the future here. What's Germanic business?

35 lakhs per month.

45 lakhs per month. Okay.

Yeah.

Your voice is just not clear. We are unable to comprehend the question.

Sir, I am sorry to interrupt you. Please use your handset. Please use your handset, sir.

How am I, Oliver? Can you specify what was the specific reason to increase in continuation of the revenue from the dot-top consultant with 7% of total topland amount this year? Will it be sustainable or is this one-time?

Still can't understand.

Sir, I would request you to kindly rejoin the queue. Maybe you can connect from some other number because your voice is not clear. We will move on to the next question from the line of Akash Shah from Investec Capital Services, India Private Limited. Please go ahead.

Hi, ma'am. Ma'am, just one question. So, your annual revenue registered a growth of 23%, and in third quarter, you had hinted at revenue guidance of 15%. So, now, going ahead, how should we assume the revenue to grow for FY27 and beyond?

Around 15%.

15% still, despite you having done 23% in FI26?

Yes. We don't mind over-delivering, but I submit it to 15%.

All right. All right. Okay. Thank you.

Thank you. The next question is from the line of Aditya from Securities Investment Management. Please go ahead.

Yeah, hi. Thanks for the opportunity. I had a question on your patient growth. So it was pretty low at around 2-3% this quarter. You mentioned partly it was because of seasonality, but seasonality would be more on a QOQ basis because if I look at a year on year basis, this seasonality would happen every quarter in Q4. But even then, after opening so many centers, our patient growth has been pretty low. And if I look at other listed peers, they have reported pretty strong patient and test volume growth. So if you just help us understand what led to this.

See, one thing I can tell you is that the patient growth is not a very definite matrix, because one patient might be created by multiple names, because there is no unique ID that we attach to a patient throughout our country. So, you know, one spelling mistake adds a patient, whereas we are pretty diligent on how we add patients. Because we want to show them their previous reports and everything, and therefore our growth number, but I don't think this is a very correct matrix to track. Because there isn't a hygiene factor built in.

And this revenue per patient, which spiked up this quarter, what was the reason for the same?

What happened to the patient? Can you repeat?

Revenue per patient. Revenue per patient.

Yeah, that is because of, you know, the genomic tests that we've added. We've added specialized radiology tests, which are typically higher priced than the routine tests, and therefore the jump has happened.

Hmm. And I just wanted to get a better perspective on this patient. You mentioned that it's not the right metric. But now, if I look at the number of centers, our number of centers were 55 in March last year. It has increased to 68. So, almost 20 to 25% jumped in number of centers. Our existing centers also would. We, you know, growing. So in spite of that, the growth in number of patients should have been higher. Because if I look at the last two, three quarters, our number, year on year of growth in number of patients has been in double digits. Only in this quarter, it has reduced to low single digits.

See, like I'm telling you, the more, I don't know how to track this, and we actually don't even track this. Matrix, because it is very... Claude Matrix. Because the more strong your IT system becomes, and the more you actually concentrate the cases into that one patient rather than have the same patient treated with different mobile numbers or different spelling mistakes, it is very challenging to track.

So, I understand this problem would be there for your existing centers, but for the new centers that you have opened, there you will be getting the new patients, right? So, that's it.

Centre also that we've opened is quite in our core geography, so these patients are also travelling too, and our patient database is the same.

Okay, and you mentioned previously that your pre-India stat was around 53 crores. Was it right?

And I think another fact I would like to add is when you were seeing huge growth that were on COVID times, you know, COVID times because we were one of the few labs testing, so a lot of new registrations happened for COVID tests. Otherwise, the growth historically must be similar.

And EBITDA is 75 CR, PBT is 52 CR, and PAC is 38.9 CR around, being well.

Okay. And what is the rental cost for this year? Total rental cost?

Around 30 CR.

30 CR, okay. Sure, sir. Thank you. I'll join back in with you.

Thank you. The next question is from the line of Sumuk from Korman Capital. Please go ahead.

Hi, Dave. How are you?

Sir, it's feeble. Please use your handset. It's feeble.

Is it better now?

Yes, sir. Please continue.

So, man, my question is, what part of your other expenses is attributable to the capex that you are doing for your new store's pre-operative expense?

Yes, everybody. Let me preoperate it.

Hey, was my question clear?

Your question was clear, but we will have to get back to you with the details of this.

Just a percentage number would be okay. I'm just trying to understand what would be your steady state, other expense, X of the OPEX that's going into the new centers. Because it's at 40% of your revenue.

So, this is basically due to the new renders for the new locations that we take up, and should be around, 30-40% should be, I will have to get back into the details of this number before I can tell you.

Okay. Okay, ma'am. Sure. Yeah, that was my only question, and thank you, and all the best for the coming quarter.

Thank you. Thank you, members of the management. Ladies and gentlemen, we will take that as the last question for today. I now hand the conference over to the management for closing comments. Thank you and over to you.

Thank you for being with us. We wish you all great things in future, and we can assure you that here at Shurukha, the leadership team is fighting day and night to build a better futuristic company, which I'm sure will be at the top of the levels of diagnostic companies in very near future.

Thank you.

Thank you. Ladies and gentlemen, on behalf of Suraksha Diagnostic Limited, that concludes this conference. We thank you for joining us, and you may now disconnect your lines. Thank you.