Max India (NSE:MAXIND) Q2 2027 Earnings Call

0:00 Ladies and gentlemen, good day, and welcome to the Q2 at H1 FY 'twenty seven Earnings Conference Call hosted by Max India Limited. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. I now hand the conference over to Mr. Rajat Mehta, MD and CEO from Max India Limited. Thank you and over to you, sir. Thank you. Namaste, everybody, and a very good evening to all of you. On behalf of Max India Limited, a very warm welcome to all of you on the Q2 FY twenty twenty seven earnings call. Once again, sincerely appreciate your continued interest, your trust and confidence and your support.

0:49 It's invaluable for us as we progress our journey to strengthen our businesses and remain focused on creating long term value for our stakeholders. Also appreciate the time you have taken up today to join us. With me are my colleagues, Rishan Khanna, the CFO for Antara's Richard Care Services Ajay Agarwal, who is the Deputy CEO and CFO of Antara Senior Living and Head of Investor Relations and Lee Partak, the CFO for Max India and Legal Head for Max India and Ankit, who is the CFO for Dara Assisted Care Abhishek Kumar Singh, part of our IR team and from SGA, have Rahul and Dev branch. We have followed the deck a little while ago. And I'm sure some of you may have a chance to glance through it. It's actually been quite a hectic quarter. In fact, hectic six months. We have been very focused on execution, and we have been able to overcome some of the challenges.

1:38 And now you can see the positive results across all the business verticals. There's clarity on future expansion, and some of this will become clearer as we make announcements over the next few months. On a consolidated basis, a very healthy growth on Y on Y and on quarter on quarter basis on top line and also the losses have substantially reduced. We have successfully added our position to more than 200 residents in the Noorda community, which is the second community which is now becoming operational, or three forty residents. So very positive development, a very important milestone for the company. The residents have been waiting for quite some time, and we are very happy finally we've been able to welcome them to the Antara family. The entire facility is entirely is all operational now, And we are making every effort to ensure that the residents have a seamless and pleasant experience.

2:30 Both Estate 360 and 361, which were intergenerational projects, are also progressing as per plan with very good sales velocity coming through on 361. 360 was sold out already. And I will discuss some of these details as we go forward. With the completion of Antara Noida and a stable Gurgaon sales, we are now actively pursuing growth in other geographies. For Bengaluru, business is about to conclude, and we have already started discussions around the definitive agreements. This is a 6.5 lakh square feet development with a potential sales value of approximately INR900 crores. This is a pure DM arrangement where Nantar will provide its know how on design, will also handle sales, marketing and also become the operator for the community. And we earn therefore a fee based on top line of the project.

3:22 As stated in last quarter, we have been pursuing another opportunity in Dehradun. Again, estimated sales potential of INR $8.50 crores, 900 crores, relatively small in scale but quite booty and we are leveraging the existing brand we already have and there's a strong waiting list of people wanting units in Dehradun. And we'll make formal announcements as and when we formalize all the arrangements. There are a few more projects in Delhi and Sierra and one more location in South India for which disclosures will be made as we close the commercials. But our commitment of INR 1,800 crores gross sales value every year will be more than met for the next few years depending on how we close the commercial discussions. The expansion of our care room and agency business is progressing as planned. On a Q on Q basis, the business delivered a 55% growth in top line.

4:13 Occupancy across four eighty five beds in care homes is gradually increasing and the consistent quarter on quarter growth in revenue gives us confidence now to explore other growth opportunities in the latter part of the year. The contribution margin for the same capacity in Care Homes has improved from minus 86% to minus 19%. AGG is also witnessing a significant growth with revenue in all key financial metrics improving significantly compared to previous years across all channels. The CM2 trajectory for AGG, which is very important since we have made a commitment that we will be EBITDA breakeven in the last quarter of this year, is also progressing well, is now steadily down to below minus 20 in Q2 versus minus 48 in Q1. Our focus remains on making sure that we meet our promise on this one. Now let me share some numbers to substantiate what I have said so far.

5:06 First, on a consolidated basis, coming to financial performance, all our financial measures are showing upward trend. The consolidated revenue is up to 95.5 crores in Q2 FY 'twenty seven as compared to INR 50 crores in Q2 FY 'twenty six, representing a Y and Y growth of 90.4 as compared to quarter, it's a 40% growth. Revenue of INR68.6 crores versus the revenue in Q1 FY 'twenty seven. The EBITDA loss for Q2 FY twenty twenty seven stood at INR11.4 crores, which is half of what is stood in Q2 FY twenty twenty six, which was INR24.3 crores and INR24.9 crores in Q1 FY twenty twenty seven, reflecting a INR55 crores reduction Y on Y and 54% on Q on Q basis.

5:52 The reduction in EBITDA loss alongside revenue growth demonstrated a continued progress towards profitability. The improvement has primarily been driven by higher revenues and cost optimization across all verticals. But as you know, the ASL business, which we have said many times, a lumpy nature depends on the construction linked payments, that could go up and down depending on when the milestones are crossed. But our focus remains on improving gross margins, optimizing costs and driving overall profitability. As of 09/30/2026, the treasury assets at MAX India stood at INR52 crores with a consolidated net worth of INR395 crores. Now coming to Residences business. Starting with Daraghum, which is a very stable community now, steady profit, steady revenue.

6:37 Our focus is entirely on making sure that the resident engagement experience is just top class while maintaining consistent profitability. The operating revenue was INR 6.5 crores in Q2, up 13.4% Y on Y basis and 5.6% Q on Q basis. The operating profit was INR 0.94, up 25% Y on Y and 1.8% quarter on quarter. There were three units which were released during the quarter, which gave us additional revenue of approximately INR 2 crores as marketing fee and the satisfaction index also was 89%, very stable over the last few quarters. As regards Noida, in Q2 FY 'twenty seven, we collected INR113.8 crores. If you recall, we had to collect totally about INR169 crores.

7:23 As we speak of that, about INR163 crores has already been collected. So two or three customers are awaiting bank approvals. So that should also be in the next month or so. We earned a management fee of about roughly INR 10 crores from this project in FY 2027. And now we are eagerly awaiting the acceptance of the resolution plan, which has been submitted by a lead developer on the sports sector because once that gets on record by not authority, we can then apply for our revalidation of building plans for Phase two. Just to remind you, during COVID, when we had started to sell this community and all sales were clocked in the first two years or so. And therefore, Phase one didn't see much profits. However, in view of the robust market, just to recall the numbers, we have started selling Phase one at about INR $7,507,000.

8:16 The market price today is about INR 18,000 for Phase two. So that should be a decent profit for us. And therefore, overall project IRRs, we will achieve 15% to 17%. Coming to Gurman, which was the first interrelational project, Estate 360, inventory is already sold out, collection continues to be strong, INR 28.5 crores for the quarter, YTD 51 crore and ITD INR $5.85 crore on this project. We earned about INR 2.6 crore DMP in this quarter. And in H1, we earned INR 4.72 crore DMP. ITD DM fee earned is INR 50.3 crores. The second project, which is the Estate 361, which is adjacent to 360, we launched, if you recall, 180 units in December 2025 and one hundred eighty balance in June. In a very short period, we've been able to sell about two sixty three units as stand today, 127 was sold in FY 2026.

9:16 So about 97 units to go. The first 180 are totally gone and only 97 left in the second lot. The total collection for the quarter has been INR69.2 crores and ITD, INR177.4 crores and we earned a management fee of about INR4.9 crores and overall ITD earnings of INR12.8 crores. We have very healthy sales velocity in the last quarter, about INR 31 crores is the average fee cost. Total year management fees of 17 crores in Q2 FY 'twenty seven and INR 23 crores in H1 from the combined INR $3.60 crores, $3.61 crores and NORDA sector 155. So that's the story on Residence. On Care Homes and Services, the Care Homes services revenues were up by INR 12.28 crores, up by 40% Y o Y and 6% in Q o Q basis.

10:01 The Care Homes revenue has increased 3x from INR 3 crores to INR 9 crores over the last five and six quarters. If you remember, if you map the last six quarters, we were about INR 3,000,000 to 4,000,000, INR 5 and now INR 9 crores. Occupancy has shown a similar trend. If I look at H1, the occupancy ranges between 16% to 40% depending on the care home. And if I add the September exit, we are now witnessing in some care homes occupancies of 52%, 55%, 48%, 47%, respectively. Four of the eight care homes are aligned with or better than the plan, which makes 80% of our capacity now performing closer to plan. And we are confident in the next few months, the remaining care homes will also get traction.

10:50 Occupancy for all the beds in Q1, Q2 FY 'twenty seven is 29% compared with 6% in the previous quarter. The occupancy for old beds has moved up from 21% to 36% from the last few quarters. Sector 41 Burgham, 37% in Q2 and 29% in Q1. Chennai UMR, 21% versus 12% same period, Noida, 31% versus 27 and DLS Care Home 45% within three months of launch. Our care homes and services have served over 2,700 patients so far during Q2 FY 'twenty seven and about 55,000 since inception. The overall customer voice stood at about 92% in Q2 FY 'twenty seven, again reflecting consistency in quality of care and service we are delivering.

11:37 Overall, the CM2 improved a lot from negative 107% to 63% Y on Y and marginally dropped from negative 62% to 63% on Q on Q basis. Coming now to the ORBP in Q2 FY 'twenty seven was about INR 6,900 crores with an average ORBP increasing steadily over the last six quarters from INR 5,800 to INR 6,900 with a peak ARPU of about INR 8,400 for all fresh move ins in September 'twenty six exit. This reflects the increasing appreciation of the quality of our services and the willingness by customers to pay a premium for the same. On AGZ, we achieved a net revenue of 35 crore in Q2 FY 'twenty seven, showing a 1.7x Y on Y growth and a 1.9x Q on Q growth, primarily driven by marketplaces and offline channels.

12:31 AGG recorded its highest ever monthly revenue of INR 14.9 crore on September 26, which makes the exit ARR more towards crores. The overall ROAS, which is return on ad spend, a measure of efficiency and of customer brand pool for us in Q2 FY 'twenty seven improved to 4.7 versus Q1 FY 'twenty seven exit of two with a 135% growth in marketing efficiencies as compared to previous quarter. Overall, CM2 Y on Y from negative 44% to 29% and from Q on Q from 48% to 18.5% with a further improvement to 11% in September. So the more it is trends towards zero and then eventually positive is when we start seeing EBITDA breakeven. So well on its path to meet the commitment we have made to all of you.

13:21 The gross margins remain under pressure due to the geopolitical situation in Middle East, which is impacting logistics costs, where we are able to maintain the online D2C and marketplace at 45% in Q2 FY 'twenty seven exit and increase the satisfaction index remains stable at 8% to 8% from Q1 FY 'twenty seven. We're also pleased that products, which is one of our biggest differentiators, the portfolio now has 10 patents, eight designer and two utility. We used to have six earlier, now it has become 10, covering our senior focused innovative products, of which four have been granted and six have been filed, including one international filing. This reinforces our commitment to continuous innovation and developing senior specific differentiated solutions for seniors.

14:11 This will also serve as a very strong competitive moat, strengthening our market positioning and creating a sustainable competitive advantage. AAGV so far has touched about 11.7 lakh lives with 1.14 lakh repeat customers served since inception and achieved an NPS of 49 in H1 FY 'twenty seven, again reflecting improving customer stickiness as users depends or deepens over time. AGG continued to strengthen its brand presence by leveraging the Anupam K Pump campaign, which achieved a reach of INR 25,000,000 during Q2 FY 'twenty seven alongside regional campaigns and influencer led initiatives. These efforts translated into encouraging demand indicators with brand searches increasing by over 50% and direct website traffic more than doubling between April and August 2026.

15:01 We're also creating about 100 current content assets every month to drive customer engagement and product awareness. Today, over five lakh families trust AGZ, reflecting our growing brand reach in customer confidence. The PPD and care homes and services AGZ improved from minus 68% in Q2 FY 'twenty seven versus 106% in Q1 FY 'twenty seven. Strong endorsement by customers and by customers and everybody else on the brand. We are pleased to share AGG was recognized as service provider of the year, medical devices equipment at the sixth edition of the ET Healthcare Awards twenty twenty six. Additionally, we have four care rooms now, which have been certified by NABS and our care at home services in Chennai and in NCR have been certified by the Healthcare Sector Sales Council.

15:52 These regulations reaffirm our commitment to quality, service excellence and delivering trusted senior care solutions. With that, I'll stop here and welcome any questions. Thank you very much. We will now begin the question and answer session. First question is from the line of Harsh Kudani from ABS Alpha. Please go ahead.

16:54 And just a couple of questions from my end. Firstly, just double clicking on AGZ. Excellent monthly run rate. How much of this would you attribute to seasonality versus something that you see as sustainable increase, whether on a product level or otherwise? And also, there was a sharp bump up in the offline revenue in the AGZ part. So any reason for that? Are you increasing your SKUs out there or increasing your reach? How to read into it? Harsh, it's Shan here. How are you? On your first thing on the seasonality, we've always said that there is an inherent impact of two things, mostly on the AGV trajectory.

17:52 One is obviously the festive period, which is where the marketplaces like Amazon, Flipkart, etcetera, they do their sales. So that obviously bumps it up, and we saw that impact in September. The second is the impact of weather and the onset of winter season because that is when products like nebulizers, kneecaps, diapers tend to sell more. But if I talk about the six thirds that you saw, because it was a combination of all the three channels put together, 75% or 80% of this is sustainable. Some of that will get rationalized in the month of October. But if I look at quarter on quarter, we will still continue to grow. Your Q3 numbers would still be hopefully better than what Q2 was. So we're confident that the baseline itself is also improving.

18:50 And one of the reasons why I see that was your second question on off line. So off line is not a one off business. It is built through expanding networks of distributors. As we have been focusing on this business over the last three quarters, this is now scaling up. As a matter of fact, there are still a lot of untapped opportunities that we are yet to open up, which we will probably speak about in the coming quarters. But this is completely scaling up on the baseline. There could be, in the future, some one off sales, but at least in the numbers that we reported till now, it's all sustainable improvement through expansion of distribution network and opening of new Understood. That's good to know.

19:38 Second question is on the cost side. There has been a bump up in the employee expenses. Now obviously, this would be because of the newer projects getting operational. So there should one see stabilization from an employee cost standpoint. And if someone could also help us understand what is the nature of this operational expenses for assisted care line item and just to understand how this line item could move in the next couple of years? I think the employee calls Harshal primarily a function of three things. One is NORDA getting operationalized and therefore, addition of manpower, 150 will go down in, plus the impact now of labor code and the revised regulation that came through. So all are coming into impacting the employee cost.

20:33 So those two were unanticipated, we didn't know came through. On the other expenses line? On the other expenses line, Harsh, which is operational expenses, Assisted Care is primarily expenses related to operations of Care Homes, the operational expenses and also includes other expenses related to products like logistics and commissions, which we pay to our partners, marketplace partners, etcetera. So that's part of operational expenses, Assisted Care. With Care Home operations and some of the OpEx of AGC as well? Yes. And to answer your third question, Harsh, when you said when is this going to get stable, So frankly, the corporate cost of the portion of the employee cost is absolutely stable.

21:19 We are not seeing so much of addition in that phase. There's only replacement of any vacancy which happens because of normal attrition. It will always be variable, and Rajatthan rightly pointed, we'll be able to as and when we are going to add more communities as a DMP. Operations will see a much higher surge. But when I go for new geographies, new communities, there also will have some addition in our manpower costs, which we will take for specifically that project. So that we keep on growing as the projects will grow. So you'll only see variable employee costs going up when we set up new projects, new job openings or new care homes, only then you will see otherwise you'll find stability. Understood. That's quite helpful. Thanks for this and all the best.

22:08 Thank you, Ash. Thank you. Next question is from the line of Kauser Bourgna from Kamana Holding. So I have a couple of questions. The first one is on the revenue recognition in your residential business. I wanted to understand this 10% odd fees that you earned on collections from sales of MAX estate units. I wanted to understand how is it recognized? Is it recognized at point of when the money is collected from MAX estates or when the project is complete?

22:59 When does MAXINDIA show it in the income statement and the cash flows? So it is based on collection, which has been done by banks. So the collection comes from banks. We do a reconciliation of that collection. And we charge 9.5% on such revenue minus the pass throughs minus the brokerage cost being paid. That is the commercial arrangement between Max of State and us. When we get raise the maximum, we recognize it from the end of the... Correct. As and when we raise the invoice, we recognize it. Okay. So it's not when the project is completed. It's in real time as collections happen? Correct, sir. Because that is the way current time when I get it accrued, this income gets accrued and then as the account Excellent. Now on the Assisted Care business, I wanted to understand, currently, our average revenue per operating bed is around INR $67,000.

23:55 In three to five years, as this business becomes more mature, what are the steady state average revenue per bed that this business should see? And what would comprise of that ARPOP? Like what would make that up, if you could explain? First of all, the ARPA is per day basis. So on an annual basis, see between 22 lakhs 25 lakhs per bed as revenue. And that average includes the charges for the includes any medical health, the person in terms of nursing or caregivers, any consumption of pharmacy or procedures. All that goes to make the ARPA.

24:41 And on the horizon of the outcome, I think three to five years is what we talk about. One can say that in the next twelve months, the aspiration is to take this closer to 9,000, and that will happen as more and more clinical cross sell and upsell happens, and that is what the aspiration would be. Thank you. Next question is from the line of Nikhil Gupta from Vaidya Capital. Please go ahead. Thank you for the opportunity and congratulations on a great set of numbers.

25:31 My first question is on finance lease income from the Jeradun community and other treasury income, which is accrued to our senior care vertical. Can you please highlight those numbers, please? Yes. So Nikhil, the finance lease income is approximately INR 15 crores for this quarter, similar to what we earned last quarter. And what is the other income you asked for? Treasury income, Max The treasury income at Max India. No, the treasury income under the residences vertical. Under residences vertical. So residences vertical is showing a total other income of approximately INR 10,700,000, of which INR 2,700,000 gets eliminated, so it's INR 10 crore 8 crore.

26:21 This income will include the income what we are earning from treasury and also on the loans what we have given to content, which is a joint venture company. That makes sense. My last question is on Noida, our community. I missed the number of the DMP we collected this quarter. And I think, Ajay, when we last spoke, we mentioned that we will be doing the accounting this quarter and whatever the 40%, forget that number, the share of our loss will be attributed to this quarter, but I cannot see that numbers as of now. Maybe I'm missing something, so can you please highlight in that aspect? Yes. So Noida, one, we have recognized the revenue this year. We have done two seventeen one hundred and twenty seven handovers plus four registries were done. So we have recognized the revenue for 131 units against three forty. When we spoke about the numbers, we spoke about the cash deficit will be going to happen.

27:23 While when we have done the accounting, the Phase II expenses have been kept in inventory, the club has been kept in inventory and only the project related to project cost related to Phase one, Tower 1, Tower 2, Tower 3 has only been accounted as an expense. And that's the reason why we are not seeing any loss. We are seeing a very marginal gain out of this sale. Okay. And what is the DMC we recognized from this Noida community this quarter? 9.98 crores. This is actually a half year DMC. The June was has recognized 33 lakhs and the balance has been recognized in September quarter. So INR 9.6 approximately. Okay.

28:10 Thanks so much. It's quite clear. It's very helpful. Thank you so much. Thank you. Thank you. Next question is from the line of Shashank Rastakhi, an individual investor. Please go ahead. Hello, can you hear me? Yes, please. Sir, do you have any plans to demerge your AGEZ business in future once it reaches certain scale and maybe INR500 crore? Well, there are plans that we have of restructuring, both from governance and investor lease perspective.

28:57 Difficult for me to comment in the time those are crystallized, but there are restructuring thoughts in our head currently as we grow the businesses. Okay. Okay. So one more question. When you think the business will be EBITDA positive? I'm talking about entire divisions. You mean on a consolidated basis? Yes, sir. So I think as we have said, AGD will become EBITDA breakeven and marginally positive in Q4 of this year. ASL is always it's a lumpy business for the moment you recognize the DMP, and we have multiple projects running, that point of time. And that time line is expected to be in full. Five years. So basically, if I add, residences will always be EBITDA positive number because the costs are static and the revenues are lumpy.

29:52 So if you see from a project cycle perspective, it will always be EBITDA positive, is that the lumpy nature of the revenue because the collections are lumpy, affects the TMP. With the static cost, that only brings one quarter, it is a loss and second quarter, it is a profit. But on a project cycle basis, it will always be an EBITDA positive business. On KROM, we have said we are expecting it to be EBITDA breakeven by the end of H1. End of H1. End of H1 next year. Yes, FY 'twenty eight, yes. Okay. Thank you. Thank you very much. Thank you. Next question is from the line of Nikhil Gupta from Vayu Capital. Please go ahead.

30:41 Thanks for the follow-up. If you can elaborate on the restructuring, the thoughts you have, I think it would be good for the investors whatever you can share at the moment would be great. Too premature, Nikhil, at this point of time for me to comment. But obviously, as the businesses grow, we are looking at the three businesses we do and say what's the best structure to accommodate them. As I said, both from a governance perspective, efficiency perspective and for investor interest, some of them are interested in one, not the other. These are only premature thoughts. Once we crystallize, definitely, we'll be sharing with all of you. But just to give you a sense, if you see our structure, you will see our structure is very flexible. So there's a Holdco company and then there's an Opsco company, which is sitting as a subsidiary.

31:26 So it is very, very flexible. We are in constant discussion with our consultants depending on whatever feedback we get from time to time with various stakeholders. And if anything is going to come, obviously, we'll come back to the shareholders. Next question is from the line of Rajesh Shah from Ascend Capital. Please go ahead. Yes. So a couple of questions from my side. This despite the significant improvement in revenue, the company continues to report an EBITDA loss. What are the key milestones required to achieve consolidated EBITDA breakeven? Can management provide an indicative plan? So you just answered that question. We have been saying it over the last few calls as well that we are in a growth stage, therefore, it will take time. AGZ will breakeven by the last quarter of this year for the commitment. We're on the path of that.

32:25 Ajay explained that ASL is always EBITDA positive over a project life cycle. It may vary quarter on quarter because of the GHLP recognition linked to collections and linked to construction milestones. Otherwise, our project period ASL is never negative, right? And the care homes will show breakeven by the end of H1 FY 'twenty eight. So maybe sitting in last H2 FY 'twenty eight, you'll be able to see positivity everywhere. Okay. Also, now that Phase one has completed around 127 handovers out of three forty units. What is the expected timeline for completing the remaining handovers? And how will the pace of handovers translate into recurring maintenance and community management revenue? Yes. So actually, we have done over 200 as of now, as we speak today.

33:15 We do five or six every day because it's a two- to three hour process for each handover. We have, depending on the request, already lined them up. Hopefully, they should be over through by the end of this month. We should be able to prove with that. So our apartments are ready. On the SAP, on the collections for maintenance charges, those have begun as and when the position was given. Or for others, it will start from November 1. So that is not necessarily linked to so November 1, everybody will be paying maintenance, but others who have moved in earlier or taken handover earlier are paying from the date of the handover. So just for a data point, 11 lakh odd has been recognized as revenue in the month of September when we started in the quarter September when we started giving possessions. So the revenue has started coming Okay, okay. Okay. Thank you, sir, and best of luck.

34:09 Thank you. Thank you. Next question is from the line of Devanshi from HUS Capital. Please go ahead. Hello. Thank you for the opportunity. So I had a question with regards to the care home capacity. So also with the expansion of care home capacity to four eighty five beds, what is the minimum occupancy required for individual centers to achieve positive EBITDA? And what is the expected time line for reaching this threshold?

34:56 So the model which you explained many times, I'll repeat again for your benefit, that each care home takes about four quarters to hit about 40%, 45% occupancy, by which time it is EBITDA sorry, it is contribution margin at unit level positive. It takes eight to ten quarters for it to hit maturity of 60%. That's when the unit level contribution margin is 30%, 32%. And the EBITDA will then become after HO cost about 16% to 18%. Got it, sir. Got it. Thank you. Welcome. Thank you. As there are no further questions from participants, I now hand the conference over to management for closing comments.

35:53 Thank you. Thank you for all these questions, which help us really transparently share more data with you. Overall, as I reiterated, the company delivered a very strong performance in Q2 and FY 'twenty seven, healthy revenue growth across all business verticals and a significant reduction in EBITDA losses. All three business segments are doing well with improving operating performance and encouraging growth momentum. We are steadily moving towards our goal of profitability, supported by revenue growth, improved margins and continued cost optimization. We believe on the right track, a lot more to be done, but we are remaining focused on the scaling this momentum, strengthening our businesses and therefore, creating long term value for all our stakeholders. Also from the team and my side, we take the opportunity to wish all of you a very happy Diwali.

36:39 May this festival bring all prosperity, happiness, success, peace and joy. So wish you and your families well, and thank you very much for joining the call. Thank you. Ladies and gentlemen, on behalf of Max India Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you. Thank you.