Max India Limited (MAXIND) Earnings Call Transcript & Summary

Ladies and gentlemen, good day, and welcome to Max India Limited Q2 FY '25 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 on date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Mr. Rajit Mehta, Managing Director and CEO. Thank you, and over to you, sir.

Thank you very much. [Foreign Language] to everybody and good evening, and welcome to this Q2 FY '25 earnings call. For the benefit of the people joining the call for the first time, I have with me my colleague, Ajay Agrawal, the Deputy CEO and CFO for Antara Senior Living who also spearhead Growth and Investor Relations for the company; Ishaan Khanna, CEO for Antara Assisted Care; Sandeep Pathak, the CFO of Max India and the Head of Legal for the Group; Ankit Kalra, CFO for Antara Assisted Care; Nishant from our IR team and Aakash from SGA, our Investor Relation advisers. We've already uploaded the results on the deck on the exchanges, and I hope all of you got some time to go them. To start with, it gives me great delight to say that it's been an action packed but very satisfying quarter and a good end to H1. This sets us up very nicely for H2. Steady traction and progress across all business verticals in Q2 FY '25. On the asset side or residences side, we launched the first intergenerational community in Gurugram developed by Max Estates Gurgaon Limited in which Antara is the senior living -- managing senior living towers. The community has received a very good overwhelming positive response within 60, 65 days, about 75% of the units are already sold out. I am talking of September end. Some more sales have been also recorded in October. Given this encouraging response and the pricing that Gurgaon commands, it's a much better financial deal. We are exploring the possibility of a Phase II as well. Let's see how that goes. On Noida Phase 1 construction is on track, collections are ahead of plan, and we're also actively pursuing the opportunity at Chandigarh where due diligence is nearing completion and discussions for other geographies are also in progress. On Antara Assisted Care, we have added 234 beds. You will recall for a long time, we were operating with 68 beds. Now finally we have 300. Most of them are operational. Some will become operation in the next 3 to 4 weeks. Both Care Homes and Care at Home have reported healthy revenues with high double-digit growth over last quarter. And in the products vertical, AGEasy, we've already touched about 82,711 lives. Out of that 13,500 on our D2C channel, which is our website and out of these 2,100 are repeat customers. And the NPS is growing and the revenues, obviously, like any D2C business are jumping exponentially every month. What -- we are also pleased to announce that we have added one more condition in H1 F '25 which is the lung care where we are focusing on seniors diagnosed with some kind of respiratory disorder and which causes distress like asthma or during season change allergies. We have launched a few products for this condition. For this, we have consulted with a very famous doctor Dr. Randeep Guleria, who is also Ex-Director of All India Institute for Medical Sciences. With that, now we have 3 conditions: joint pain, fall detection and prevention and lung care. Preparation is now underway for launch of the fourth condition, which is gut health sometime in Q4 FY '25. And in line with our strategy, we also merged all our offline MedCare products with AGEasy from April '24, which gives us much better synergies on the back end regarding warehouse, logistics and operations. Now before I go into each vertical and financials, I'm absolutely delighted that the customer feedback that we're hearing from everywhere on the products is very encouraging. And this is something I will want to highlight in every call. Some stories that we pick up from customers who might have got impacted because of the products we have sold them. So there was this one lady from J&K who could not undertake a knee surgery because of her cardiac condition. She consulted with us. We offered her just a brace for one leg. And after experiencing improved mobility, she also ordered one for the right leg and now the feedback from her is it has restored her independence and improved the quality of life and that's delightful to hear. There was one more caregiver who had booked a physiotherapy session with Antara for his mother who had severe knee pain due to osteoarthritis. He bought one web brace from us, but it caused discomfort, due to the feedback, we quickly changed it. And he was so happy that he bought a much better brace at a higher price because that was more suitable for the knee condition of his mother. I'm just sharing these because this is what gives us delight that we are finally able to achieve our aspiration of impacting quality of life for customers. So what we have done now all the feedback that we hear from various touch points, we have brought them into one place. So we are able to track them and make sure that we engage with such customers in the future. That was more on the [Foreign Language] we do for our customers. Now let me get into vertical by vertical, what we have done, what we have achieved. On the residences vertical, as you know, all inventories are already sold out in Dehradun. We are now getting some opportunities for resale because sometimes conditions in seniors life change with either loss of one partner or a medical condition. So we do get some 5, 6 resales every now and then. During H1 FY '25, we have actually helped resell 9 units and the related INR 1.8 crores in marketing fees. The operational revenue from Dehradun has increased to about INR 6.2 crores for Q2 FY '25, a 23% growth over last quarter. Dehradun community is on track for operations breakeven much ahead of plan. Also, the revenues which have been quite robust, and the community continues to be PBT and cash positive and the overall cash surplus now stand at about INR 115 crores. In Noida Phase 1, all inventories already sold out. I'm pleased to inform you the collections are better than planned. Construction is right on target. We have 98% collection efficiency. Total collection achieved so far is INR 358 crores, 10% growth over last year. The block work for all the towers has been completed, the finishing and interiors are underway. And work is going to get initiated soon for applying for the occupancy certificate as per the promise made to consumers. On Phase 2 of Noida Sector 150, last earnings call, I had informed you about temporary setback because of RERA. We have taken legal advice and already filed an appeal. And the Appellate authority has issued now a notice to UP RERA, the next hearing is in November. Meanwhile, there has been some development. Another very large marquee developer had a similar issue when they approached the high court. The high court has now given a decision in favor of the developers saying that in case 30 days have passed since the application of RERA was filed for approval and if there is no comments from RERA in 30 days, then RERA cannot reject the application, it is deemed approved. So that order has just come. And hopefully, that should help us in order to fight our legal case better. While there's a delay in our launch of Phase 2, but the silver lining is that the market has improved. And therefore, when we launch Phase 2, we should be able to get a much higher sales realization. Our new communities, I've already spoken about Max Estates Gurugram, which is 0.7 million square feet development. Of the total 2.1 million square feet dedicated to seniors, 292 apartments, 214 till September 30 has already sold and some more sold in October. Sales collection of INR 107 crores and Antara will soon have a steady revenue income. Part of it has already come in the consolidated results. We have already booked that income from the project. And then we are now exploring the new opportunity in Chandigarh so that we're able to meet our target of 1.5 million square feet under development every year. For Antara Assisted Care, overall net revenue was INR 12.6 crores in Q2 FY '25, grew sequentially by 26% over Q1 and represents a year-on-year growth of 139%. On Care Homes, significant expansion planned for FY '25, which I shared last time, about 600 beds. So as I said, 234 beds added, which means total we have about 300, 170-odd LOIs signed in Chennai, 80 additional beds in Whitefield that makes it total about 550. And in addition, 50 beds more we look out for either in Chennai and Bangalore, wherever we get a good deal. So that will help us meet our promise of 600 beds operational until March FY '25. On financial numbers, Care Homes, net revenue INR 1.7 crores in Q2 FY '25, which represents a 9% growth over Q1 FY '25 and a year-on-year growth of 29%. The existing Care Homes, Gurugram and Memory Care Home reported positive contribution margin in Q2 FY '25 versus a negative margin of 15% in Q2 FY '24. Gurugram Care Home is clearly demonstrating the economic model we had visualized. The net revenue was INR 1.2 crores in Q1 FY '25. If you recall, I've been saying that a care home of that size, about 30 beds or so will produce INR 5 crores to INR 6 crores on steady state. So if you look at INR 1.2 crores in 1 quarter, right, that clearly is headed towards a INR 4 crores to INR 5 crore revenue, 37% year-on-year, led by higher occupancy of 65% and an average revenue per bed growth of 5%. Margins have sharply improved from minus 1% in Q2 FY '24 to 18% in Q2 FY '25. And as we ramp up occupancy, the margins will improve further. You might see a little bit reduction in occupancy in the Gurugram Care Home, primarily driven by 2 reasons. One, the business we are in, sometimes we lose people who are staying with us for a long time. That's the law of nature. So there were some deaths that happened, unfortunately. And 1 or 2 people moved out. It's a temporary phenomenon. It will come back once Diwali is over, right? On Care at Home, we continue to expand our footprint in new geographies. Bangalore and Chennai have registered strong sequential growth of 62% and 35%, respectively, in Q2 FY '25 over Q1 FY '25. We have also increased the penetration of higher-margin services like critical care, physiotherapy, diagnostics. We have now achieved the highest ever revenue of INR 4.3 crores in Q2 FY '25 with strong sequential growth of 15% over Q1 and a year-on-year growth of 109%, led by these higher-margin service offerings. Overall contribution for this vertical in NCR is 22%, now in Q2 FY '25, and we have touched about 17,300 lives through this vertical since inception. And please do remember number of lives we touch whether through residences, the products business, care homes or care at homes, our customers for us to whom we can then sell more products and services, which was the intention and the aspiration behind creating an integrated care ecosystem. So you are able to then create the flywheel concept where customers are with you and we can sell to them more products and services with a much higher LTV. Overall, AGEasy achieved the highest-ever net revenue of INR 6.6 crores in Q2 FY '25 with strong sequential growth of 40% over Q1. And the year-on-year growth of 255%, obviously, the base is small, therefore, the percentages appear quite high. All SPUs have shown strong growth month-on-month. Monthly revenue rate has gone from INR 52 lakhs to INR 65 lakhs to INR 87 lakhs to INR 139 lakhs in September '24. So typically, like any D2C or e-commerce business, you can see the exponential growth in the monthly run rate month-on-month. We have already crossed an annual trajectory of about INR 25 crores plus with 70% of the business coming from marketplaces, 20% coming from our own D2C channels and 10% through off-line. On Amazon, we already have 10 products, which are amongst the top 10 best sellers. The lung care health condition was launched with 8 products in Q2, showing initial good traction. It's too early, but good traction. The fall detection smart watch launched in April '24, called Protec gradually picking up month-on-month. For joint pain management, the focus continues to be on product portfolio expansion and establishing unit economics. We have launched about 50 new products in H2 and gut health as the next condition launch expected in Q4 FY '25. We're exploring our strategic partnerships. We are in dialogue. And as and when we sign a deal we definitely announce it. We're now in dialogue with a leading consumer electronics brand to become our technology provider for watch and devices for seniors and distribution expansion. We have initiated sourcing from China. Already placed about INR 2 crores order for 20 products, which will improve our margins to 20%, 25%. And once we're able to stabilize this supply chain we'll replace more and more from China, which really improves our margins. We're getting a good customer response. Now coming to the business and financial performance of Q1 -- Q2 FY '25, a strong endorsement of a brand and offering by customers, I already offered you some customer stories but very healthy customer satisfaction scores, 92% for Care Homes, 95% for Care at Home and 83% for AGEasy really an indication of the quality we are building and Dehradun community, they continue to be as high as 88%. On Antara Senior Care, we also received the HR Excellence award from Business World. We are also certified now as a great places to work. We have very, very young organization, and some of the achievements and milestones validate the quality and the fundamentals they're building in the business. As you recall, we also signed up an MOU with IIT Delhi. So we're able to design and customize the products for seniors especially the mobility solutions. We have also entered into a collaboration with Dementia India Alliance. That's an NGO working for dementia across India. They are helping us both in terms of protocols and content for training and knowledge partners, and we have a tie-up with NIMHANS on an all-India basis. If I remember correct, one of the contents of our training program on geriatric care has already been certified now by the Healthcare Sector Skill Council, again, a vindication of the kind of quality we are building. On the consolidated performance for Q2 FY '25, happy to report a healthy revenue of INR 48 crores in Q2 FY '25. This represents a sequential growth of 48% over previous quarter, primarily driven by the higher DMPs from Gurugram. If you recall, I had been saying constantly that the dips in revenue are temporary as we launch more communities and we get more inventory to sell, this will get covered up. those signs are visible now in the results we have published. Our consolidated EBITDA loss reduced to INR 15.7 crores versus the loss of INR 21.5 crores in the last quarter, primarily on account of higher revenue from residences vertical. However, we have also been able to contain our losses through cost optimization, a very healthy treasury income as well. Overall, all our treasury and other monetizable assets stood at a healthy number at INR 370 crores plus as of September '24. And there is a plan in terms of utilization between the Residences vertical and Antara Assisted Care. Consolidated net worth of INR 445 crores as of September '24. Some of you may have joined the call for the first time, I'd like to reiterate that Antara is the only brand building an integrated care ecosystem for seniors. And we are able to do that because of our lineage of health care, infrastructure as well as hospitality. We do believe that seniors needs change with age and medical conditions, and therefore, we want to be there for them as and when they need something. We have 3 verticals essentially residences for seniors who are relatively healthier, but want to stay in a community of like-minded people in a safe and secure environment. For people who need more immersive interventions of daily activities of life who need help for bathing, feeding, mobility, monitoring, we offer our assisted living or people who have gone through an intense medical episode like a transplant or bypass surgery, they come to us. And we do have specialized memory care room for people with dementia, Alzheimer's or Parkinson's. Our AGEasy vertical is nothing but as the word suggests, helping seniors age with ease and joy. It's an offline, online store focused on senior-specific products and solutions, helping them manage their chronic health conditions. You can buy these products on our website, from marketplaces, Amazon, Flipkart or you can walk into Antara AGEasy store in case you feel that need. You can call our command center, you can do a WhatsApp video call, you can call the expert home. All options are available to you. It's an omnichannel approach. The size of senior care market only continues to grow in India, and that's the beauty of being in this sector. Each quarter, we have seen a new estimate being released from ranging from $7 billion to $12. Colliers came out with a report on the demand of senior residences, which talks about 18 lakh to 20 lakh units. So it's a significant large market, as you can see. In summary, at Antara Assisted Care, we have touched more than 80,000 patients so far. On the medical equipment side, about 800 SKUs, including Antara labeled products, some of which are available on marketplaces. So hopefully, in the next 5 to 7 years, the promises we have made of 8 to 10 communities, 4,000 to 5,000 units of senior living, 1,500 to 2,000 beds of care homes, memory care plus Antara AGEasy available through various channels, including physical spaces, we are on track for that. This quarter, I think, is a demonstration of all the promises we have made and the numbers are visible now in terms of our growth. So thank you very much for your patience. Thank you for your support, and happy to answer any questions.

[Operator Instructions] The first question is from the line of Harsh Kundnani from Aionios Alpha.

Congrats on a good set of numbers. A couple of questions from my end. If you could just help me understand the DM fees from the Gurgaon project with Max Estates, over what is -- over what period would this be recognized and -- what is the -- how do you recognize this? Is it based on the sales collection from the project? Or is this -- is there any other factor for it?

Yes, let me answer the question. Go ahead, [ Vijay ].

Certainly, so Harsh, one it is going to be based on collections. So as per the arrangement, the collections are to be netted by the brokerages we are going to pay and the net amount which is going to get collected after reducing the pass-throughs like GST, EDC, IDC, whatever is collected in the quarter will be billed to them. And it will be a quarterly revenue, which we are going to recognize. The project cycle is 5 years, but we feel that in the first 4 years, practically all the revenues will come in because the last one year will be more of a fit-out and possession linked accounting.

Understood. Understood. And just wanted to understand on the re-sale of Dehradun project. Could you just help us explain the nature of this revenue? And is there any cost associated to this particular revenue? And what is the net collections from that?

So good question, Harsh. So what is happening now is that there are because of certain circumstantial reasons, residents are moving out. So there, as per accounting standard, when I'm going to release asset I have to first reverse the lease of the old one and I have to book the new lease. So the revenue is for the new lease, which is I am getting booked and the lease premium cost, what you see is for the cost of the payment that I'm making to the old lessor. So practically, it's a set of kind of an accounting transaction. However, we get the marketing fee that is a pure revenue for Antara. Just to give a sense, we have earned INR 1.8 crores approximately in the first 6 months on account of these re-sales. And this revenue, we are very hopeful that is going to continue because one of the other units are going to get resale in every quarter, and this revenue will keep on ticking in.

Understood. And is this INR 1.8 crores gross revenue or net of the lease expenses that you are paying back to the old lessor?

No, this is net. So INR 1.8 crores is over and above what I'm saying. So the payment is what is due to the exiting lessor. The receipt, the revenue, what you see is the amount which I receive from the new lessor and the lessee and the net marketing fee is what I charge for exiting lessor.

Understood. So the premium expense on lease surrender that particular line item in your P&L that is the expense -- that is the payout to the old lessor, that's the way to look at it?

Correct. So when we were selling our old inventory, remember, there was a cost of sale which was coming as a direct spin. That has not changed shape because I have sold everything, and that will come as a lease premium account.

Understood. Understood. Great. And just one last question from my end. The operations revenue that you report from the Dehradun project, which is INR 6.2 crores in this particular quarter, this is purely recurring revenue, which is your maintenance plus other activities? Or does this include any of the resale activity revenue?

No, this is purely the maintenance and the revenue we get from other services seniors utilize does include the marketing fee.

How to mention...

That's fine. 6.2 is fine.

The next question is from the line of [ Nikhil Gupta ] and Individual Investor.

So 2 very quick questions considering the long-term horizon. So first, if I just extrapolate the Antara Assisted Care revenue of around INR 12 crores, right? So it's a yearly revenue of INR 60 crores. So in the next couple of years, achieving it INR 100 crores, it's not a big deal. I mean we are growing very fast. So is it a right assessment?

Yes. So if you -- I mean, we don't make forward-looking statement, but if you look at the trajectories, obviously, as the capacity is being built up more and more, the trajectory will increase. So as I said, we're already on an ARR of INR 25 crores or so as we stand now. But if you look at the March exit rate next year, probably will be besides AGEasy about INR 100 crores or so. You're right.

Yes. Yes. And the last question is on the fundraising part. So as per my understanding what I've been hearing from you guys, is there any issue and are you facing some headwinds in terms of fundraising? Or -- and can you just highlight on that part, it would be great.

No, absolutely no headwinds. We have just started the process. So as we said, the first tranche will come through rights issue because the promoters are very confident of the business and want to invest more. That process is underway. In fact, today, we got the approval to formally go ahead from the Board. And now we'll be engaging with the intermediaries to putting the documents in place. As you know, SEBI has already declared their his intention of introducing a fast track method. We're waiting for the rules to come out, and then we will appropriately move forward. Parallelly, we've also engaged with Ernst & Young on the second tranche, but that's something which is under progress. So no, we haven't faced any headwinds.

[Operator Instructions] The next question is from the line of [ Parth Vasani ] from KK Advisors.

I had 2 questions. So first one is, what is the update on Bangalore project? I mean it has been a while since we have heard some development in Bangalore residence for senior segment. So if you can just give an update on that.

So yes, you're right. It has been quite a while. So we were very close to getting into the closing transaction. However, there was a disconnect between the lender to the landowner, and he was not ready to be flexible in the transaction, and we were very clear that we require a proper financial closure. So that deal has got stalled because of that. While we are still in discussion with the lender, but seems there's nothing going on. We are actually actively pursuing for plan B. We are in talks with certain developers. But yes, we have lost that time and we are going to make that up. Alternatively, because of this Bangalore setback, we are fast tracking our Chandigarh works. And also we are exploring the partnership of Gurgaon Phase 2 so that our commitment of 1.5 million square feet development remains.

As I said earlier, the Gurgaon Phase 2 will be financially a much sweeter deal given the price points in Gurgaon and the overwhelming response we've received. So we feel we will be financially better off, but we didn't hold back Bangalore because of us. It was just that we didn't want to enter into any transaction. We didn't have a clean financial closure with the lender of the developer. But we'll meet our target of 1.5 million square feet. That is not under dispute.

And also Bangalore is not off the radar.

Yes. Okay. Okay. Got it. Sir, my -- lastly, I just have one more question. So what can be the per square feet pricing that the company can achieve in Chandigarh project and also what kind of IRRs are we -- I mean we can achieve from that project?

So we normally do a deep market study to figure out what is the market operating at, and then we do demand a premium both for our brand and the senior living offering. So currently, we are trying to understand that, but we feel the market is around INR 8,500, INR 9,000. And obviously, we'll price up. We will certainly be much above that, given our brand and given the senior specific facilities we put in. That's our current indication of the market. And as Ajay may have briefed you many times, we don't enter into a project with less than a minimum 20% IRR. We won't do it.

The next question is from the line of [ Raj Joshi ] from ACE Securities.

I have a couple of questions. The first one is why our finance cost has increased on YoY basis?

It is because of the new lease. So we entered into a new lease for our corporate office and the lease cost, which we incur is bifurcated between the finance cost also a portion of that, and that's why it is going up. Otherwise, there is no borrowing at the group level also. The only borrowing which we have are pertaining to vehicle loans, et cetera.

Just to embellish on that, any property which we are taking on a long-term lease, which is more than 3 years, more than 1 year, there we have to follow an Ind AS accounting, wherein a right-to-use asset has to be created, and some amount goes into a debit as a finance cost, something goes on a depreciation. So that's a complex accounting, and that's the reason why our finance cost is increasing because we are taking new assets on a long-term lease. All our Care Homes, which we are taking are all on a long-term lease and office, et cetera, and that's why there is a steady increase.

Okay. Got it. So my another question is how do we foresee the competitive intensity in the industry, especially on the resident segment, where in our peer Ashiana Housing has suggested that senior living will be the focus area going forward. So how should we look into the same?

Yes. So I think it's, first of all, great news that more people are stepping into this vertical because, as I said, JLL will release a report sometime this year where they said the demand in India is of 18 lakh units. And even today, the supply is sub 50,000. So very happy that more are stepping in because that helps to create the category and get the concept going. However, Ashiana is not really a competitor with no disrespect to them because they operate in a very different target segment. They are more affordable housing. They range from INR 50 lakhs to INR 1 crore. We are operating in the upper middle class and above kind of segment. So Noida was INR 1 crores to INR 3 crores depending on size of apartment. Gurgaon is starting from INR 3 crores, INR 4 crores up to INR 5 crores, INR 7 crores depending on size of apartment, penthouse of course is -- so it's a different entity, but we're very happy to have other people join because the need in India is very large. And it's better that you have 7, 8 solid players who can then really create the market.

[Operator Instructions] The next question is from the line of Raj Mehta from Wisdom Advisor.

So my first question is on the demand front. So how do you see the demand for MedCare products?

Yes. So I would classify the business as under AGEasy now. So if you look at our initial estimates we made in 2019 with the help of McKinsey, this entire vertical of [ patient age ] as it was called was about $750 million. But if you look at now, the estimate we did before we launched AGEasy, we've done a sample interview of customers across 7 cities, and the spend was about INR 3,000 to INR 4,000 per customer on wellness products. That is a INR 40,000 crore market, Sec A, Sec B top 30 cities. If you take one more market estimate we have done for all the products that we have that sell on Amazon, Joint Care only on Amazon is a INR 200 crore category. Fall detection is a INR 450 crore category. Lung care is a INR 200 crore category. So that's INR 80 crores, INR 50 crores. So from any angle that you look at, the market size is really $7 billion to $10 billion overall. And for products specifically, this could be INR 5,000 crores, INR 6,000 crores market put together. So it's a very large market, and we are just skimming the surface. We're not even 1% of that.

Okay, sir. And sir, since our Gurugram intergenerational project has received an overwhelming response. So will this lead to pivot a strategy to build more of intergenerational communities as compared to stand-alone senior living communities only. So just wanted to know what are your thoughts on this?

See, as I said, this is the first experiment we had done. So while the response is very welcome, we will wait to see the community operate and then see how the dynamics work out, but we will be driven by opportunities available. So if we have partners who are willing to build intergenerational, we'll be very open. It really depends on which developer we get basis the need that we have, but very happy to do both the models actually depends on the market and the need.

Got it. Sir, one last question. So what can be the additional cash flow over and above DM fees that can arise out of the intergenerational community in Gurgaon?

I will take that answer. So there is a performance deposit of approximately INR 33 crores what we have given for Gurgaon. And we would be entitled to some additional fees depending on the net profit of the project, what we'll get at the end of the project. We are not able to quantify that presently because that time would tell. So that will be certainly the amount which is going to come to us at the end of the project.

And then once the community comes into operation, we'll have the annuity income to operating the communities that's the third line of revenue.

Yes. And that will be a perpetual line.

As there are no further questions from the participants, I now hand the conference over to Mr. Rajit Mehta, Managing Director and CEO, for closing comments.

Thank you very much. Jerry, thank you for the engagement. Thank you for the questions. Thank you for your support. As I said, it's been a great quarter for us and a great ending to H1. Finally, we are able to see line of sight into more beds, which we have been wanting to do. On the residences side, the Gurgaon project has gone up very well. I was just reflecting in the morning that we had taken some years to sell 197 units in Dehradun, 2.5 years to sell 314 in Noida. And now in Gurgaon within 60 days, about 214 sales already recorded. So that's great. Also exploring other opportunities. Now the focus in H2 is on making sure that we're able to work on occupancy of the Care Homes and finish the balance 300 to make it 600 beds. Care at Home continues to be a very steady performance with higher contribution given our change in strategy. On AGEasy, typically, like any D2C business, the monthly run rate is jumping month-on-month. So we are well in line in keeping our commitments that we have made to you and in terms of our long-term aspiration to become INR 1,000 crore plus top line over the next 5 years. Again, these are forward-looking statements really depend, but that's the aspiration with a healthy PAT of 15% to 20% in 5 years' time and a breakeven perhaps in FY '27, '28. So we are keeping that vision in front of us all the time and marching towards that. So thank you very much, and wish you all a very happy Diwali and festive season.

On behalf of Max India Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.