QMS Medical Allied Services Limited ($QMSMEDI)

Ladies and gentlemen, good day, and welcome to the Q4 and FY '26 Earnings Conference Call for QMS Medical Allied Services Limited. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Mr. Mahesh Makhija, Chairman and Managing Director. Thank you, and over to you, sir.

Thank you. Good morning, everyone. This is Mahesh Makhija. I'm the Chairman and Managing Director of QMS Medical Allied Services. And I'm delighted to welcome you all to quarter 4 and FY '26 earnings conference call of QMS Medical Allied Services. Our financial results and investor presentations have been uploaded on the stock exchange as well as on our website, and I hope you had the opportunity to review that. FY '26 has been another important year in our journey. Over the last 3 decades, QMS has evolved from a medical device distribution company into a comprehensive healthcare solutions platform that connects pharmaceutical companies, healthcare professionals and [indiscernible] across India. Today, we are proud to be serving more than 130 institutional clients, including 15 class leading pharmaceutical companies while reaching over 5,000 serviceable fincos across the country. At QMS, our ambition has always been very simple, to improve healthcare outcomes by providing reliable medical products, innovative health care services and technology enable patient engagement programs. We believe that health care is no longer just about supplying products. It's about supporting the entire patient journey of screening and diagnosis to treatment adheres and better health care outcomes. Our business today operates through 2 complementary pillars, products and services. Our product business continues to be the foundation of the company through our extensive portfolio of over 900 SKUs, we provide medical devices, diagnostic equipment, wellness products, point of case solutions and healthcare consumables to pharmaceutic companies, hospitals, doctors and patients. We have built a long-standing relationship with leading global medical device brands and continue to strengthen our own QDevices bank, which offers a growing range of it and valves products paired to the Indian customers. Our products are distributed through multiple channels, including pharmacy companies, hospitals, clinics, point-of-care programs, digital platforms and our own QMS match platform. During FY '26, the product segments contributed approximately 69% of our total revenue, reaffirming the strength software distribution network and customer relationship. Alongside this, our services business continues to emerge as a significant growth engine for the company. This segment now contributes approximately 31% of our revenue and improves healthcare screening can patient engagement programs and did management services. One of our key service operating in the organization and management of healthcare camps on behalf of pharmacy companies. These camp doctors conduct patients regain improve awareness and effective early diagnosis across multiple therapies areas. During the FY '26, we successfully conducted 32,380 health care camps across India demonstrating both the scale of our operations and the trust of our pharmaceutical partners in place. However, the most exciting opportunity for line and the patients of programs of the ESP business. Health care globally is shifting from product focused engagement to patient focusing engagement. Pharmaceutical companies are increasingly recognizing that long-term treatment outcomes depend not only on prescribing the right medicine, but also ensuring that the patient remains on this therapy, receive proper guidance and achieve better healthcare outcomes. This is where patient service programs play a critical for. A pioneer program begins after a prospect in. Through these programs, QMS patients navigate their health care journey by providing counseling education, follow-ups, reminders, lifestyle poaching, diagnostic support, tele interventions and outcome monitoring. The objective is simple, help patients remain compliant with their treatment plans and ultimately improve their quality of life. The opportunity in this space is substantial, rising chronic diseases such as diabetes, hypertension, cardiovascular disorders, oncology, combined with increasing regulatory focused on patient prove engagement are creating strong demand for structured patient support programs. Pharmaceutical companies are gradually allocating a large share of their budgets towards patient Engage wins and adherence initiatives, aging PSP is one of the fastest-growing segments within the health care ecosystem. To strengthen our position in this high-growth area, we increased our stake in Saarathi healthcare to 76%. Saarathi is one of India's pioneers and disease management and patient upon -- the acquisition significantly enhances our capabilities, expands our service portfolio and strengthens our leadership position in the patient engagement ecosystem. Today, our integrated technology platform serves over 1 million patients and enables real-time tracking, monitoring and electrics. We believe this technology-driven approach combined with our operational reason health care expertise creates a strong competitive advantage of QMS. Coming to our financial performance, I'm pleased to share that despite a challenging environment, we delivered a steady growth during the FY '26. Revenue from operations increased to INR 172.9 crores, representing a 17% year-on-year growth. EBITDA stood at INR 25.9 crores while profit after taxes was at INR 11.9 crores. More importantly, our long-term trajectory remains strong. Over the last 3 years, we have delivered an 18% revenue CAGR, 32% EBITDA CAGR and 33% PAT CAGR. While profitability was impacted by investments in people, technology, infrastructure, platform development and integration of Saarathi healthcare. We view these investments as a strategic and necessary to build a larger and more scalable business for the future. Looking ahead, we remain optimistic about the opportunities before us. I would like to sincerely thank all our employees, customers, partners, shareholders for their continued trust and support. We have confidence what makes us to continue building a stronger and more impactable organization. Thank you once again for joining us today. We remain excited about the future and look forward to creating a long-term value together. With this, I would like to now open the floor for the questions. Thank you.

[Operator Instructions] Our first question comes from the line of Chintan [indiscernible].

Congratulation on the set of numbers. First question is why -- what is the reason behind the reduction in profit this year, even while our revenue grew?

As we claimed in the statement right now and that we have put in a lot of year-on-year right now. We have increased the number of people that put a lot of money on the software negotiated revenue.

That -- all right. But can you elaborate a little bit about the software division part.

See software development is like when we are conducting a lot of cans actually across, there's a lot of data, which is we cold, data protection is required actually to the. -- now an ISI satified company or ones on some plans. This is as a become [indiscernible]

Sir, your voice is breaking for me. I don't know whether it's just me or at all.

I can -- I mean, I hear you. It was taken

I'm sorry to interrupt, sir, your voice breaking up in between. Come closer to mic?

Yes.

Can you please repeat the answer?

No, the reason that we said that we have in invested a lot of money in the data compliance structures right now. I assume and we saw 2 compliances are also going around right now. as per the PDP act, the data protection is required right now. There is -- within 18 months of period of time, maybe a company who is this data pub has to be compliant with those items right now. So we are already following those techniques right now. those systems -- it also the other companies also that -- and this definitely will increase our revenue, help us in this service segment during this financial year.

Good. Sir, why would -- let's say, or as the pharma distribution landscape is evolving very, very rapidly right now in India, with a lot of online-only players coming in with a deep pocket or with a very heavy start-up funding, and they have ducted the market, right? So what -- how do you manage -- or how do you maintain your -- your business, how do you protect it? And how do you achieve growth in this particular such a competitive business?

Pharma distribution, okay? So our objective is for, again, this is becoming a very paramount importance retaining a patient for the pharma company for the doctor is a big import other importers right now. If you have a distant type of a distribution pharma channel, what you're rightly saying going around. But again, the epicenter of all these things is the patient actors. Okay. So the managing the patient is becoming the most important thing, right, we said that. So that is what we help the operating -- and then -- and all the infrastructure that we have developed right now and all the software and all these things, will definitely help right now the industry is doing all these activities in a much more compliant way, actually.

It will help because I'm not able to understand. I can understand the sentiment but not the complete that you do that will help you.

See -- as for the whatever is ever in India, unfortunately, the page in 1 starts on a media drops up in first helpful. okay? Not what does it do -- the pharma company loses his customer, the patient actually end up after joining back after 1 month in, he stops his medicien, he feels resolve right, then after 9 months, 10 months. And these lifestyle medicines, you can honestly speaking, it is not advisable to stopping with me. certain things such medicines are like on medicines actually. What it does is it later on, puts a lot of load on the infrastructure and care infrastructure also. So what you do is basically with these type of programs, you had manager pharma companies, manage the patient. The patient sticks to the program, he adheres to all these medicines properly, which will give us a less load on the head care actually.

Okay. But sir, there are players like [indiscernible], which is actually dominate the market on the patient management side of it, right? How do QMS fit into this?

The [indiscernible] is not -- it is [indiscernible] thing. I would not take that got premier those programs and services, I think so QMS is doing much better than that. I'll tell you I'll give you we are managing one of the leading health care programs of the industry [indiscernible] right now with an also right now for loan we're doing a program right after the launch of GLP-1. So this [indiscernible] is more on the -- I mean, honestly speaking, on the patient health care at home sort of a thing side of thing working out. Yes, it is there in the system right now, it has been there, but a lot of work. In fact, I don't think so their revenue much comes from the basis of our program. So dominate [indiscernible]

Okay. So sir, according to you, Humraahi, your next growth engine, which will power the

Humraahi is definitely there. There is Jay also again from the respiratory point there are total let me tell you right now, there are 104 different types of patient service programs and camps telcos which we are doing for the industry. This is where the entire growth engine price is becoming -- so our target, obviously, is to double the revenue what we have done this year in the ore and patient service programs. And all these are obviously by the farmer.

Sir, how much revenue do we generate out of Humraahi platform currently?

I would not be able to tell you that right. But you can send me a detail about that. I don't think I can -- I'm allowed to share the details right now on that.

Sure. There's no problem.

[indiscernible]

Kind of number that you -- something on, let's say, how many unique visitors do you get on Humraahi platform or something like that?

Just to understand the clear how come getting to more than 3.2 lakh patients at this moment right now.

And how is the engagement of those patients? How many times do they open the website or the app on the phone, if you can help us understand.

That, I am not here having a steady dire can send me a mail on that, and I'll send you that. So subject to approvals from [indiscernible]

Okay. Are Sir, for the next year, where do you think the magnum growth you will be achieved, which segment and how you'll be able to achieve that?

Actual growth come from the came patient service rota. We have here on the -- after the GLP launch and all and the number of programs that we have already signed up, we are looking at doubling our revenue in the cam cell services model this year. This cost has been done in the last year closing that you see.

Request to IR partner is, there are other people in the , let me know, I can go silent and come back. Otherwise, I can continue.

You can continue.

Okay. So if you can help us understand the can for business. How do you get the money? Because I'm assuming in the camp, the patients who come usually don't

Either in pace for this neither a doctor pace. So these are all programs sponsored by pharma company.

Okay. And so we charge the pharma company for entire setting up of the camp? Do we also identify the location of the villages or

Neither the location is identified by us, neither the doctors has identified by us. We have an all-India network. We have a CRM, we have a portal on which these guys go and log in and book the camps depending on the locations where we are. We have almost 120 people catering to a 5,000 ports across different locations of this country.

Okay. Any competitor who is there who is competing against us in this particular state.

We are the only one who probably have segment all catering to a segment like cardio, diabetes, [indiscernible] BMD a lot of other lab tests. You have a lot of [indiscernible] catered type of people doing BMD camps. But nobody has an all-India network across right now. But now we not only do BMDabetics that we do in diabetic Europe that we do loans we do [indiscernible]. We have a plethora of camps depending upon the segments. We do hit like for the [indiscernible]. So it's a consolidated thing, and I don't think so anybody else has such type of a consolidated program being served

able to see the -- sorry, February '26 presentation. in which it said that we did a 30,000-plus camps in FY '25. And in 9 months, we did 24,000-plus cams in FY '26 yes, the revenue comes out around 10% of our total revenue -- slightly 10% to 15% of our revenue. So you feel that this particular segment is going to be one of the highest revenue puller for you next year?

Yes. Okay. I would [indiscernible]

Okay. I believe I can explain you the value chain as to where QMS fits in, in this whole story. So traditionally, the spend that the pharma company does were concentrated on incentivizing the doctors and medical professionals and that is at a flag and is on the downside now. The pharma companies now start to target the patients. So stickiness of the patient is more important from a compliance as well as a business sense for the pharma companies as compared to along with the stickiness of the doctor. So when the pharma company wants a patient for a chronic disease, a chronic disease is something like if you are a diabetic, you are on that medicine for life. So for a chronic disease, first point is identification of the illness. That's where the pharma companies pay attention to diagnosis and screening camp, that's where the camps come in, where the pharma companies identify the patients. This data does not go directly to the pharma companies, but this is general awareness, which helps a particular patient be identified and come on the prescription. Now once a patient is on the prescription, the experience of the patient matters, if that experience and adherence with the whole treatment is holistic, they will stick on that program. Otherwise, they will fall off. So this adherence and pushing and lodging and managing a holistic treatment, for example, having medicine is one part, but diet consultation for certain diseases like for oncology, even medical health awareness, diet consultation tend awareness remark for medicines as well as routine diagnostic test, all of these went to picture key patient on the program. This whole idea of having the patient on the program is conceptualized by QMS and be on these programs [indiscernible] so you can take a [indiscernible], if you can drive being. Arun, -- there is a website called myAram, which is run by -- all of these programs will give an idea as to how the pharma company wants to actually engage with the patients. And QMS is an engagement partner because pharma companies do not have the expertise or wouldn't be directly dealing with these patients because this requires a lot of logistics and on ground works. So these logistics and on-ground work in the physical side, on the digital side and in the hybrid side, everything is managed by QMS as the infrastructure provider. So QMS is an infrastructure provider who helps pharma companies reach to the patients. I hope this clarifies the whole position that QMS has in the patient service and patient assistance programs.

Question is that the people who usually go to the camps, I'm assuming a lot of people over there will be from a financially weaker segment of society, not paying all of them, but a lot of them, I'm assuming. And usually, they will rely on either as program or other various government programs to get the treatment for other chronic issues or for surgeries, which require a heavy financial burden, they'll rely on the government hospitals or the government program. So do we have any way how much a camp is successful -- how do you measure that? And also, if I just identify percent revenue, it is coming around like INR 6,000, INR 7,000 roughly last year and this year around there.

[indiscernible]

So -- and I'm not able to visualize how that will be the biggest revenue 1 for you next year, looking at the per camp revenue number.

Exactly the number of segments in we're talking about the programs and all, that is a different segment altogether, Okay. If that is not yet catered by as we are talking about the hospitals, the private sectors and all those things, okay? And even the majority of your pharma business does not come from the government business model right now. We are talking about the main private segment business, the private hospitals, the private clinics and all the segments. That's where the major pharma business comes in from. There's a INR 2 lakh crore business of the farmer to. [indiscernible] The camps revenues definitely increases basically from the number of camps that we do, the more the patients comes and come programs visions are continuing to scale of people that we are deploying that. Success is obviously based on all these factors. And there's different form of patient service program these are extra [indiscernible]

And sir, what is about profit margin from various segments in the business? How does the equate with each other?

Full service segment in that or segment is around 25%.

The next question comes from the line of Nishita Sanklesha with CI Capital.

Right. So I had a few follow-up questions on the previous participants \ question. So if you could give a revenue breakup of the INR 173 crores that we did in '26 between the camps revenue like patient service revenue and the product revenue

That as I said it by speech right now. 69% of our revenue comes from the products revenue is coming from the camp patient service and that's approximately INR 50-odd crores plus actually coming from there. And from the products and distribution side around balance of sale, that's on INR 117 crores, INR 120-odd crores.

Right. So like from the 31% that the camp revenue that's coming from cancelation, how much of it is coming from camp because as you mentioned, we have to separate programs, right?

Camp is approximately INR 13-odd crores right now.

And we expect it to be around INR 26 crores in 2027?

No, no, no, it's not that. It's not going to be that -- so it's around INR 18 crores to INR 20 crores, that's where we are looking at mix this financial year. Camps numbers are going to be around INR 18 crores to INR 20 crores. From INR 13 crores, we

Okay. Understood. And just a clarification, the 25% margin that you mentioned that we get from [indiscernible] segment. Is that on PAT level or EBITDA level?

EBITDA, EBITDA level.

And I would like to understand. So previously, you've given the guidance that we would reach to 17% of EBITDA in FY '26. And we've done around 15%. And you also mentioned that we have 2% EBITDA growth in FY '27. So I just wanted to understand what that looks like -- what the EBITDA looks like in FY '27. And like why the margin compressed in the '26?

So the margin compression in FY '26 happened because of the signing of new patient service programs, which we've done for FY '26, '27 required investments in certain people and technology via these -- most of these programs have signed up earlier in the year. So before the year starts typically around December, Jan to signing start and the billing start in April. So in this quarter, because of the capabilities we had to build to meet those billing requirements, we had to incur certain expenditure. That is the reason why the margin took a hit in the quarter 4. The benefit of it will appear in quarter 1 onwards because we will be using these capabilities, softwares, people and infrastructure to conduct patient service programs and conduct certain particular camps.

Right. So like do we still see our EBITDA margins in the range of 18%, 19% in FY '27?

Yes, because we -- while we have put visibility on the services side, the product side is something that grows at 10% to 15%, and we are seeing certain supply chain issues right now because of the shipping disruptions. So I would want to maintain a conservative stand on the product side right now. But services side, we are confident because our -- most of our costs and the contracts are locked in.

Right. So services side, you can see the margins of 25%. What margin do we see in product side?

products, I typically see 12% -- 10% to 12% EBITDA level margins.

Okay. And the revenue contribution is going to stay the same, like from product, is it going to be around 69%

There will be an expansion in the product segment grow at a rate of 10% to 15%, whereas our target is to double the revenue earned from camps. So you could look at it, you put then from this infer, what would be the revenue composition. We are increasing the revenue mix to higher profitability and higher stickiness service sector.

Okay. Okay. Understood. And we also are given are of around [indiscernible] crores of revenue in FY '27. So do we still see us achieving that kind of [indiscernible]

We are in line with that. There is no change in our guidance.

[Operator Instructions] the next question comes from the line of Pushkar [indiscernible] from Arihant Family Office.

Congratulations on approvals for Mainboard.

Thank you.

So basically, I'll move to questions. So if we look at our numbers, if you compare H1 FY '26 revenue, -- and I guess that, that was grew by around 35%, 36% or -- and if we see the growth trajectory for the second half, that has moderated. So can you please close like what happened in H2 that our revenue came down to around INR 70 crores, INR 74 crores compared to INR 91 crores, INR 92 crores, so what were the major reasons and how we look at this?

So the reason of reduction in revenue is on the product segment. What happened is in quarter 3 and quarter 4, we started seeing some disruptions in delay in orders, also in delaying supply of materials. So that was the reason of the reduction and typically because of delays that we faced. And some part of that has been made up March orders, which have been pushed to April, May have come in.

Understood. So are we looking in a more smoother FY '26 growth?

As of now FY '26 is -- the challenges that we faced last year, we're seeing them on the product side, then being alleviated. So we are definitely more positive on the quarter 1, quarter 2 as compared to what happened earlier.

Understood. Understood. And sir, if we look at considerably operating profit margin and PAT margins, I don't know if someone else asked the same question. But what was the reason because do we grew on the top line, we have not grown EBITDA roughly around 1% or 2%, and PAT has declined -- so what are the major reasons? And how we see this going forward?

The major reason which addressed earlier and will address it again. the reason is the investments that we are making in our service segment, like we've guided, we target to double our service revenue in FY '26, '27. Doubling that FY '20 -- doubling this revenue requires a lot of investments in people, infrastructure, technology -- and that is something that we need to front-load as an investment before we could invoice for these services to our clients. So because of this investment being done and these are sort of intangible assets we are building, so it's people, software, customer developments, which don't get capitalized. So we have to charge them to offer revenue, and that is the reason of why see further reduction in margins.

Understood. So sir, if you can quantify how much have you invested? Because if we see line by line, our employee cost has increased significantly because this year it was around 9 points on 6 years. FY '26, it significantly grown to INR 15.2. So there is a sharp increase in that. So was this increase basically driven by the Saarathi integration? Or as you mentioned, new teams were hired or any new contracts or contractual manpower addition.

Saarathi is any was consolidated into our revenue, which was consolidated even last year. So these investments are for the new and the expansion of patient service programs that is it we are expected -- that we have on our hand for '26, '27. So these are new hires or there are no new hires, significant hires in our product segment. All the new hirings is on our service segment. For example, for one of the programs that we've signed up, our target is to hire 1,000 employees -- 1,200 employees. So we can't have 1,200 employees coming in just in a month. So we've started recruiting and that is the reason for that increase in cost. And though it appears as a cause or a reduction in margin in a particular quarter, but this will be made up because these hirings and all of these are made based on back-to-back contracts. So we will be compensated for this and that compensation and margin will appear in -- over the whole year, over the whole '26, '27 years.

Understood. So how many employees have we hired already out of those 12 -- 1,200, if you can number that?

As of -- as we speak today in the month of May, we have already hired about 800 to 850 of those employees.

Okay. Okay. And also another INR 400 crore, INR 350 crore to INR 400 crore more will be higher in maybe 1 or 2 quarters going forward. So this INR 15.2 crores will grow. It's not one-off the thing. So employee cost will be INR 16 crores, INR 17 crores going forward on an annual basis per minimum, if I'm not wrong, correct?

Yes, our employee cost will go. And so will our service revenue because we charge off these employee costs, along with the management fee to our clients. Because the the program-specific hires. I hope I'm able to clarify this point.

Mr. Puskar, does that answer your question?

He seems to have stopped.

I will move on to the next question. It's from the line of Nishita Sanklesha with [indiscernible] Capital.

So I just wanted clarification, you mentioned that from TAM, we can do a revenue of around INR 18 crores to INR 20 crores. So just wanted to understand that -- like that is the lower revenue for the service segment? Or like from patients, which will do separate revenue.

Okay. So our service revenue comprises of 3 segments, 3 major 3 segments. One is the camp where we invoice on a per cap basis. The revenue model there is that we've invested in our network of employees all over the country, covering 5,000 PIN codes. Each of that employee has certain level of equipment with them. Typically, about INR 20 lakh to INR 25 lakh worth of equipment he has and which is a fixed cost to us. Once we pay the employee for the month, once we cover the basic breakeven, every additional camp that gets booked and conducted adds like -- 80%, 90% of it adds to our bottom line. That is a can promote, which is a copay per use model. The patient service program model is works differently, which is more on a fixed cost and fixed cost plus a margin model, where the company, for example, let's -- just an example of [indiscernible] where we have commitments to hire x number of employees have and maintained the infrastructure for their whole back end of the Humraahi program, the app, the website, the call centers. And we run that on a monthly basis and charge them on a monthly basis. So that's a cost-plus model, which is in the patient service program. The advantage of patient service programs is that our margins are fixed. We have whatever sometimes we try and increase efficiencies, which might help us get better margins. but the revenue is consistent because we are providing a level of service under the SLAs to these plants. So while camp has benefit of increase in margin just by adding a few camps, patient service programs are more long term in nature, camp is just a transactional sort of a service. The third segment, though very small for us, is an education program where we provide CME services and content to pharma companies. That has very high margins because incremental cost of new content to QMS is minimal. However, this is not a very scalable model here and there in a year, we get chance we get few contracts for that and we execute it based on the requirement. So I hope this explains to you the 3 models which are there in the services side of how we invoice our clients. It is based on a per camp basis where our costs are fixed and any incremental camp adds to the margins. The patient service programs or patient assistance programs, where based on SLAs, we have fixed cost and margins, which we locked into the companies and the education model where content cost is minimal, but we are able to build at good margins.

Yes. That was very helpful. So just my next question would be, so you mentioned that from the services segment, we are going to double our revenue. So is it safe to assume that since you've done around INR 50 crores of revenue from services in FY '26, we can double that revenue INR 200 crores.

And a significant portion of that, you will do the math, what we projected for the camps and the parents will come from the patients signed up. QMS has a huge boost from the implementation of GLP-1 drugs of our customers. So with all the new GLP-1 therapies being launched, therapy requires a lot of engagement with the patients to ensure that apart from the medicine, the other factors are taken care of so that the the patient gets the right outcome. So patient service programs are now more and more important and traditional Indian pharma companies who earlier would have never thought -- or were they had a lot of version to the support programs are now opening up and coming to QMS because we are the largest players, and we have experience and track record to show that we can efficiently handle all of these patients. So the reason we're able to confidently project this growth is because of the contracts we signed and a lot of these contracts pertain to the GLP-1 [indiscernible]

[Operator Instructions] the next question comes from the line of [indiscernible].

Sir, just wanted to confirm, you said that INR 12 crores to INR 13 crores revenue from camp is for H2, correct?

No, last full year of services, the camps revenue was around INR 30-odd crores.

For FY '26?

Yes.

Sir, but in the presentation, you have mentioned that in 9 months, [indiscernible] around INR 16 crores revenue from camps. So the difference.

We will tell you the details on that. We'll just [indiscernible] revised details on that.

And number of total number of camps conducted in total financial year?

That is 32,300 camps which I said in my speech.

Okay. So if I consider, let's say, INR 13 crores is for H2, if I consider going by the numbers in the parents and if I understand it correctly, sir, in H1, we did around 16,000 camps and in H2 also we did 16,000 camps roughly. But in H1, we did around INR 8.5 crores of revenue. And in H2, if I consider 13,000 camps in H1 comes to around INR 5,100 and in H2, it comes to around INR 8,000, so it's an increase of 55%. So can you please explain this difference?

See, there are different -- each camp -- there's a different type of care case. Now whether it is a [indiscernible] camp or sometimes when it is a combination of timing as 1 camp or it's only just a plain, simple glucose camp, there all your revenues depend upon different type of things. And some camps, you have a fixed only 10 patients can it expected whether you have on whether 1 patient comes on how many. So you have a fixed 10-person -- some are working on per patient model also. So there are times in like DMD camps, sometimes they work on per patient model also. So there are different, different, different cost saves variations available actually. So it all depends upon the side of the industry. So we just talked about -- even INR 1,000 can be defined as a #1 camp only and a INR 10,000 camp also will be defined as one camp -- so there are different different combinations -- so all those numbers in depend upon all these variations.

Okay. Understood. And next year, you said that your target is to double the number of camps, so what revenue

You expect? Sorry, target is not to double the number of camps, we are talking about using the revenue from INR 13 crores to INR 18 crores to INR 20 crores of profitability. That's a target that.

Okay. Sir, one just lastly, please confirm not on the call or we can connect later, but the number of the revenue from the camps because in the presentation for 9 months, it is mentioned INR 16 crores if we have predicting INR 13 crores for full year...

You can speak to [indiscernible] we can we then discuss the in person so that's not a problem on that.

Ladies and gentlemen, that was the last question for today. I now hand the conference over to the management for closing comments.

Thank you. Thank you,. Thank you, everyone, for all your questions. It was interesting to discuss all this things, and we continue to look forward for all your support and guide. Thank you.

Thank you, sir. On behalf of QMS Medical Allied Services Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.