My impression about Payor mix is that they are looking for better receivables terms. (shorter cycle, not necessarily higher margin profile). I live in Jaipur, receivables parts of government schemes like RGHS can be stretched. Especially since there was state election at the end of 2023 year. Similar situation can occur this year as well due to general elections.
Stretched receivables can make cashflows from operations uncertain in terms of timeline. This can be discomforting especially since they are in heavy capital investment phase for next 2-3 years.
Disclosure: Invested.
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