I believe next 2 years are going to be tough.
Cayman will come live and depreciation will go up which will impact margins. Expecting ramp up at moderate speed.
NCR cluster improving but most probably won’t have much poistive impact on overall margins as it is still small part of overall revenues.
Can’t expect much growth from Bengaluru and Kolkata as they are already at peak levels.
Key things to watch:
Clinics setup in Bangalore and how they can debottleneck the hospitals and what sort of OPD it can handle as indicated in Q4 concall.
What traction their in house developed applications can gather, very interesting to watch this. As this has the potential to become big in Saas area.
What opportunities they can find overseas as they are sitting on huge cash in Cayman entity.
Don’t expect much from Insurance biz. Immediately as this is going to be long term play.
Next 2 years will give opportunity to accumulate the stock. I’m expecting immense growth coming in in FY29-30 when stars will align again.
Disc.: Invested and biased, will add more at lower levels as this is a very very long term play from hereon.
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