Virinchi Ltd Management Discussions

Jul 25, 2024|03:32:27 PM

Virinchi Ltd Share Price Management Discussions



Overview: The global economic growth was estimated at a slower 3.2% in 2022, compared to 6% in 2021 (which was on a smaller base of 2020 on account of the pandemic effect). The relatively slow global growth of 2022 was marked by the Russian invasion of Ukraine, unprecedented inflation, pandemic-induced slowdown in China, higher interest rates, global liquidity squeeze and quantitative tightening by the US Federal Reserve.

The challenges of 2022 translated into moderated spending, disrupted trade and increased energy costs. Global inflation was 8.7% in 2022, among the highest in decades. US consumer prices increased about 6.5% in 2022, the highest in four decades. The Federal Reserve raised its benchmark interest rate to its highest in 15 years.

The global equities, bonds, and crypto assets reported an aggregated value drawdown of USD26 Trillion from peak, equivalent to 26% of the global gross domestic product (GDP). In 2022, there was a concurrently unique decline in bond and equity markets; 2022 was the only year when the S&P 500 and 10-year US treasuries delivered negative returns of more than 10%.

Gross FDI inflows - equity, reinvested earnings and other capital - declined 8.4% to USD55.3 Billion in April- December. The decline was even sharper in the case of FDI inflows as equity: these fell 15% to USD36.75 Billion between April and December 2022. Global trade expanded by 2.7% in 2022 (expected to slow to 1.7% in 2023).

The S&P GSCI TR(Global benchmark for commodity performance) fell from a peak of 4,319.55 in June 2022 to 3495.76 in December 2022. There was a decline in crude oil, natural gas, coal, lithium, lumber, cobalt, nickel and urea realisations. Brent crude oil dropped from a peak of around USD 120 per barrel in June 2022 to USD 80 per barrel at the end of the calendar year following the enhanced availability of low-cost Russian oil.

Regional growth (%) 2022 2021
World output 3.2 6.1
Advanced economies 2.5 5
Emerging and developing economies 3.8 6.3


The global economy is expected to grow 2.8% in 2023, influenced by the ongoing Russia-Ukraine conflict. Concurrently, global inflation is projected to fall marginally to 7%. Despite these challenges, there are positive elements within the global economic landscape. The largest economies like China, the US, the European Union, India, Japan, the UK and South Korea are not in a recession. Approximately 70% of the global economy demonstrates resilience, with no major financial distress observed in large emerging economies. The energy shock in Europe did not result in a recession, and significant developments, including Chinas progressive departure from its strict zero- Covid policy and the resolution of the European energy crisis, fostered optimism for an improved global trade performance. Despite high inflation, the US economy demonstrated robust consumer demand in 2022. Driven by these positive factors, global inflation is likely to be still relatively high at 4.9% in 2024. Interestingly, even as the global economy is projected to grow less than 3% for the next five years, India and China are projected to account for half the global growth (Source: IMF).


Overview: Even as the global conflict remained geographically distant from India, ripples comprised increased oil import bills, inflation, cautious government and a sluggish equity market. Indias economic growth is estimated at 7.2% in FY 2022-23. India emerged as the second fastest- growing G20 economy in FY 202223. India overtook UK to become the fifth-largest global economy. India surpassed China to become the worlds most populous nation (Source: IMF, World Bank)

Growth of the Indian economy

FY 2019-20 FY 2020-21 FY 2021-22 FY2022-23
Real GDP growth (%) 3.7 -6.6% 8.7 7.2

Growth of the Indian economy quarter by quarter, FY 2022-23

Q1FY 2022-23 Q2FY 2022-23 Q3FY 2022-23 Q4FY 2022-23
Real GDP growth (%) 13.1 6.3 4.4 61

(Source: Budget FY 2023-24; Economy Projections, RBI projections)

India reported 8% higher rainfall over the long-period average in 2022. Due to unseasonal rains, Indias wheat harvest was expected to fall to around 102 Million metric tons (MMT) in FY 2022-23 from 107 MMT in the preceding year. Rice production at 132 Million metric tons (MMT) was almost at par with the previous year. Pulses acreage grew to 31 Million hectares from 28 Million hectares. Due to a renewed focus, oilseeds area increased 7.31% from 102.36 Lakh hectares in FY 2021-22 to 109.84 Lakh hectares in FY 2022-23.

Indias auto industry grew 21% in FY 2022-23; passenger vehicle (UVs, cars and vans) retail sales touched a record 3.9 Million units in FY 202223, crossing 3.2 Million units in FY19. The commercial vehicles segment grew 33%. Two-wheeler sales fell to a seven-year low; the three-wheeler category grew 84%.

Till the end of Q3FY 2022-23, total gross non-performing assets (NPAs) of the banking system fell to 4.5% from 6.5% a year ago. Gross NPA for FY 2022-23 was expected to be 4.2% and a further drop is predicted to 3.8% in FY 2023-24.

As Indias domestic demand remained steady amidst a global slowdown, import growth in FY 202223 was estimated at 16.5% to USD714 Billion as against USD613 Billion in FY 2021-22. Indias merchandise exports were up 6% to USD447 Billion in FY 2022-23. Indias total exports (merchandise and services) in FY 2022-23 grew 14% to a record of USD775 Billion in FY 2022-23 and is expected to touch USD900 Billion in FY 2023-24. Till Q3 FY 2022-23, Indias current account deficit, a crucial indicator of the countrys balance of payments position, decreased to USD18.2 Billion, or 2.2% of GDP. Indias fiscal deficit was estimated in nominal terms at ~ Rs. 17.55 Lakh Crore and 6.4% of GDP for the year ending March 31, 2023. (Source: Ministry of Trade & Commerce)

Indias headline foreign direct investment (FDI) numbers rose from USD74.01 Billion in 2021 to a record USD84.8 Billion in FY 2021-22, a 14% Y-o-Y increase, till Q3FY 2022-23. India recorded a robust USD36.75 Billion of FDI. In FY 2022-23, the government was estimated to have addressed 77% of its disinvestment target (Rs. 50.000 Crore against a target of Rs. 65.000 Crore).

Indias foreign exchange reserves, which had witnessed three consecutive years of growth, experienced a decline of approximately USD70 Billion in 2022, primarily influenced by rising inflation and interest rates. Starting from USD606.47 Billion on April 1, 2022, reserves decreased to USD578.44 Billion by March 31, 2023. The Indian currency also weakened during this period, with the exchange rate weakening from Rs. 75.91 to a US dollar to Rs. 82.34 by March 31, 2023, driven by a stronger dollar and increasing current account deficit. Despite these factors, India continued to attract investable capital.

The countrys retail inflation, measured by the consumer price index (CPI), eased to 5.66% in March 2023. Inflation data on the Wholesale Price Index, WPI (calculates the overall price of goods before retail) eased to 1.3% during the period.

In 2022, CPI hit its highest of 7.79% in April; WPI reached its highest of 15.88% in May 2022. By the close of the year under review, inflation had begun trending down and in April 2023 declined below 5%, its lowest in months.

Indias total industrial output for FY 2022-23, as measured by the Index of Industrial Production or IIP, grew 5.1% year-on-year as against a growth of 11.4% in FY 2021-22.

India moved up in the Ease of Doing Business (EoDB) rankings from 100th in 2017 to 63rd in 2022. As of March 2023, Indias unemployment rate was 7.8%.

In FY 2022-23, total receipts (other than borrowings) were estimated at 6.5% higher than the Budget estimates. Tax-GDP ratio was estimated to have improved by 11.1% Y-o-Y in RE 2022-23.

The total gross collection for FY 2022-23 was Rs. 18.10 Lakh Crore, an average of Rs. 1.51 Lakh a month and up 22% from FY 2021-22, Indias monthly goods and services tax (GST) collections hit the second highest ever in March 2023 to Rs. 1.6 Lakh Crore. For FY 2022-23, the government collected Rs. 16.61 Lakh Crore in direct taxes, according to data from the Finance Ministry. This amount was 17.6% more than what was collected in the previous fiscal.

Per capita income almost doubled in nine years to Rs. 172,000 during the year under review, a rise of 15.8% over the previous year. Indias GDP per capita was 2,320 USD (March 2023), close to the magic figure of USD2500 when consumption spikes across countries. Despite headline inflation, private consumption in India witnessed continued momentum and was estimated to have grown 7.3% in FY 2022-23.


There are green shoots of economic revival, marked by an increase in rural growth during the last quarter and appreciable decline in consumer price index inflation to less than 5% in April 2023.

India is expected to grow around 6-6.5% (as per various sources) in FY 2023-24, catalysed in no small measure by the governments 35% capital expenditure growth by the government. The growth could also be driven by broad-based credit expansion, better capacity utilisation and improving trade deficit. Headline and core inflation could trend down. Private sector investments could revive. What provides optimism is that even as the global structural shifts are creating a wider berth for Indias exports, the country is making its largest infrastructure investment. This unprecedented investment is expected to translate into a robust building block that, going ahead, moderates logistics costs, facilitates a quicker transfer of products and empowers the country to become increasingly competitive. This can benefit Indias exports in general, benefiting several sectors. The construction of national highways in FY 2022-23 was 10,993 kilometres; the Ministry of Road Transport and Highways awarded highway contracts of 12,375 km in the last financial year (Source: IMF).

The global landscape favours India: Europe is moving towards a probable recession, the US economy is slowing, Chinas GDP growth forecast of 4.4% is less than Indias GDP estimate of 6.8% and America and Europe are experiencing its highest inflation in 40 years.

Indias production-linked incentive appears to catalyse the downstream sectors. Inflation is steady. India is at the cusp of making significant investments in renewable energy and other sectors and emerging as a suitable industrial supplement to China. India is poised to outpace Germany and Japan and emerge as the third-largest economy by the end of the decade. The outlook for private business investment remains positive despite an increase in interest rates. India is less exposed to Chinese economic weakness, with much less direct trade with China than many Asian peers.

Broad-based credit growth, improving capacity utilisation, governments thrust on capital spending and infrastructure should bolster investment activity. According to our surveys, manufacturing, services and infrastructure sector firms are optimistic about the business outlook. The downside risks are protracted geopolitical tensions, tightening global financial conditions, and slowing external demand.


The Budget 2022-23 sought to lay the foundation for the future of the Indian economy by raising capital investment outlay by 33% to Rs. 10 Lakh crores, equivalent to 3.3% of GDP and almost three times the FY 2019-20 outlay, through various projects like PM Gatishakti, Inclusive Development, Productivity Enhancement & Investment, Sunrise Opportunities, Energy Transition and Climate Action, as well as Financing of Investments. An outlay of Rs. 5.94 Lakh Crore was made to the Ministry of Defence (13.18% of the total Budget outlay). An announcement of nearly Rs. 20,000 crores was made for the PM Gati Shakti National Master Plan to catalyse the infrastructure sector. An outlay of Rs. 1.97 Lakh Crore was announced for production linked incentive schemes across 13 sectors. The Indian government intends to accelerate road construction in FY 2023-24 by 16-21% to 12,000-12,500 km. The overall road construction project pipeline remains robust at 55,000 km across various execution stages. These realities indicate that a structural shift is underway that could strengthen Indias positioning as a long-term provider of manufactured products and its emergence as a credible global supplier of goods and services


The global information technology market enhanced from USD8,179.48 Billion in 2022 to USD8,852.41 Billion in 2023 at a compound annual growth rate (CAGR) of 8.2%. The increased IT spending along with widespread adoption of software-as- a-service and increased cloud-based offerings, reflecting the demand for IT services in the industry. An improved IT infrastructure has enhanced the threats related to data breaches, which is increasing the demand for advanced security solutions over the traditional ones. With the trend gaining momentum in the market, companies have initiated investments in resources increasing their advanced security offerings.

The global information technology market is expected to grow to USD 11,995.97 Billion in 2027, growing at a CAGR of 7.9%.

With nearly 80% of digital components manufactured in Asia, the reliability and swift supply of parts and components pose a huge risk for US tech companies in the current market environment.

In light of the supply chain threat posed by Chinas Covid issues and ongoing trade tensions, tech leaders are expected to consider exploring additional countries for manufacturing and sourcing of their products. The manufacturers that possess a lions share of the technology market are expected to explore other Southeast Asian countries and perhaps near shoring for sourcing components and assembling their products.

Worldwide IT spending is expected to reach USD4.7 Trillion in 2023, an increase of 4.3% from 2022. As CIOs continue to lose the competition for IT talent, they are shifting spending to technologies that enable automation and efficiency to drive growth at scale with fewer employees. Over the next five years up to 2025, global data creation is projected to grow to more than 180 zettabytes. In line with the strong growth of the data volume, the installed base of storage capacity is forecast to increase, growing at a CAGR (compound annual growth rate) of 19.2% over the forecast period from 2020 to 2025. In 2020, the installed base of storage capacity reached 6.7 zettabytes.

(Source: Globenewswire, Gartner)


The Company is a major leader in offering IT solutions to the retail micro lending in the USA. Over the years, the Company provided strategic end-to-end solutions in the areas of business analytics, artificial intelligence and enterprise mobility.

The Company handles end-to-end projects for various US clients across industries in the field of healthcare and financial technology. Moreover, the Company has expanded in the field of IT backed healthcare delivery in the recent years. Virinchi Hospitals is a distinctive company through an exclusive and ultra-modern flexibility-backed patient care, assuring a consistent patient-doctor experience.


Healthcare is among Indias largest sectors comprising hospitals, medical devices, clinical trials, outsourcing, telemedicine, medical tourism, health insurance and medical equipment. The healthcare sector is picking up momentum due to increased coverage, improved services and enhanced expenditure by public as well as private players.

In India, the revenue in the healthcare market is projected to reach USD516.60m in 2023. The CAGR of the market is expected to be 10.36% from 2023-27, resulting in a projected market volume of USD766.40m by 2027. Indias health insurance sector is witnessing a remarkable expansion with a projected market size of USD 30,291.2 Million and a CAGR of 11.55% by 2030. The countrys health insurance penetration remains low as NITI Aayogs survey revealed that only 18% of individuals in urban areas and 14% in rural regions have any form of health insurance coverage, making India join the countries with the lowest health insurance penetration rates globally, with a mere 0.4% compared to 4.1% in the U.S and 2.7% in France.

The preventive healthcare market in India was valued at Rs. 3.71 Trillion in 2019 and is expected to reach Rs14.58 Trillion by 2025, expanding at a compound annual growth rate (CAGR) of 27.30% during 2020-25. Preventive healthcare refers to the branch of medicine that helps in the early detection of diseases, allowing patients access to prompt treatment. The digital healthcare market in India was valued at Rs. 524.97 Billion in 2021 and is expected to reach Rs. 2,528.69 Billion by 2027, expanding at a CAGR of 28.50% during the forecast period. (Source: Research and Markets, globenewswire, Market watch)


• The health sector has been allocated Rs. 89,155 Crore , a hike of around 13% over Rs. 79,145 allocated in FY 2022-23

• The government announced to set up 157 nursing colleges, providing

a strong impetus to the robust healthcare ecosystem.

• The government announced to launch a mission to eliminate sickle cell anemia by 2047.

• The Indian government will invest Rs. 36,785 Crore in the National

Health Mission (NHM) during the FY 2023-24

• The government enhanced the allocation for Ayushman Bharat- Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) to Rs. 7,200 Crore, while Rs. 646 Crore has been allocated for the Ayushman Bharat Health Infrastructure Mission (PM-ABHIM).

• The budget allocation for National AIDS and STD control programme is expected to increase to Rs. 3,079.97 Crore during FY 2023-24, compared to the revised estimate of Rs. 2,182.01 Crore for the year FY 2022-23.

• The government allocated Rs. 341.02 Crore as compared to Rs. 140 Crore allocated as per the revised estimate of FY 2022-23

• The All India Institute of Medical Sciences (AIIMS), New Delhi has been allocated Rs. 4,134.67 Crore under Budget 2023-24 as against Rs. 4,400.24 Crore under the revised estimate of 2022-23. (Source: Times of India, pharma


Population: Indias population has surpassed China in 2023 and is expected to reach 1.51 billion by 2030. Population growth is expected to catalyse the demand of Indian healthcare segment.

Increasing disposable income:

Indias per capita net national income increased by 35.12 % to reach Rs. 272.41 Lakh in FY 2022-23 compared to Rs. 203.27 Lakh in FY 2021-22.

Increasing elderly population:

A growing aging population is an emerging concern for both the countries. Indias elderly population is expected to increase from 10.1% in 2021 to 13.1% in 2031, catalysing the needs of increased healthcare focus

in the coming decades. (Source: the

Medical tourism: Around 2 Million patients from 78 countries visit India every year for medical, wellness and IVF treatments. This generates USD6 Billion for the industry which is expected to reach USD13 Billion by 2026, receiving full support by the governments Heal in India initiative.

Robotic process automation:

The demand for Robotic Process Automation (RPA) in India will increase at a CAGR of more than 20% in the next 6 years. It will help minimise the risk of human error and ensure that regulatory compliance requirements are met in clinical trials, insurance claims and supply chain management.

Growing medical colleges: Until last year 2022, India had 648 medical colleges with a whopping 96% increase in the number of Government Medical Colleges (GMC) alone and a 42% increase in the private sector. The government approved 50 more medical colleges (30 government and 20 private) in 2023.

Healthcare insurance: Indias health insurance market is expected to be USD 122.11 Billion in 2022 and is expected to reach USD 198.45 Billion by 2027, growing at a CAGR of 10.2% (Source: research and markets)


Incorporated in 1990, the headquarters of Virinchi Limited is located in Hyderabad (India). Over the years, the Company has grown into a major global fintech, technology services and healthcare company. With increased expertise in analytics, mobility and healthcare delivery business, the Company comprises three operating hospitals with a pan-India healthcare mobility solution. The Company plans to expand its presence across North America.


• Governments proactive support for the healthcare sector

• Blockchain-as-a-Service used for decentralised and scalable IT infrastructure

• Growing number of IT companies moving workload to private and public clouds

• Adopting to ESG-driven clean technologies

• Companies adopting strict cyber security

• Technology being the cornerstone of the business


• Increasing cyber attacks

• Growing attrition of the IT industry

• Technological obsolescence


Customer risk: The Company might lose its customers due to inefficient services

Mitigation: The Company is focused to develop a customer-centric business environment. The Company addressed more than 25 Million customers in fintech in the US and more than 20 customers in the IT services space in FY 2022-23. The Company emerged as a market leader in the fintech space for the retail micro-credit industry.

Competition risk: Entry of new competitors might affect the companys market share

Mitigation: The Company incorporated best-rated technologies and developed facilities, ensuring them to offer quality services to its patients at a reasonable cost

Compliance risk: The Company might not be able to comply with the regulatory norms, resulting on penalties being levied.

Mitigation: Virinchi invests in people engagement initiative, increasing ownership and empowerment within the organisation. Moreover, the Company updated itself with the latest regulatory and compliance norms proposed.

Employee risk: Inability to maintain a safe work environment might affect people retention

Mitigation: The Companys employee strength stood at 460 as on March 31, 2023 while talent retention stood at 85% for FY 2022-23

Financing risk: The Companys inability to obtain funds at competitive costs might hamper margins.

Mitigation: The Companys net worth stood at Rs. 407.10 Crore and total debt stood at Rs. 193.75 Crore as on March 31, 2023. The Companys gearing stood at 0.48 during FY 202223

Geographic risk: Overdependence on a specific geography might create an adverse impact on the financial health of the company.

Mitigation: The Company services clients across North America and generated 53.8% of its total revenues from exports in FY 2022-23


Analysis of the Profit & Loss statement

Revenues: Revenues from operations reported a 14.3% decrease from Rs. 364.01 Crore in FY 2021-22 to Rs. 311.94 Crore in FY 2022-23. Other income of the Company accounted for a 1.2% share of the Companys revenues, reflecting the Companys dependence on core operations.

Expenses: Total expenses of the Company decreased by 22.2% from Rs. 264.34 Crore in FY 2021-22 to Rs. 205.71 Crore in FY 2022-23.

Administrative expenses accounting for a 42.4% share of the Companys revenues, decreased by 33.4% from Rs. 131.02 Crore in FY 2021-22 to Rs. 87.24 Crore in FY 2022-23, owing to reduction in fixed costs of the Company.

Analysis of the Balance Sheet Sources of funds

The capital employed by the Company increased by 10.2% from Rs. 545.37 Crore as on March 31, 2022 to Rs. 600.85 Crore as on March 31, 2023 owing to a Rs. 36.54 Crore increase in net worth and Rs. 18.94 Crore increase in total debt. Return on capital employed, a measurement of returns derived from every rupee invested in the business, decreased by 66 basis points from 10.05% in FY 2021-22 to 9.38 % in FY 2022-23 .

Net worth and details of any change in Return on Net worth compared to the immediately preceding financial year

The net worth of the Company increased by 9.9% from Rs. 370.56 Crore as on March 31, 2022 to Rs. 407.10 Crore as on March 31, 2023, owing to an increase in reserves and surplus. Long-term debt of the Company increased by 8.6% to Rs. 120.42 Crore as on March 31, 2023 due to increase in borrowings for the construction of the oncology block.

Long-term debt-equity ratio of the Company stood at 0.30 in FY 202122 compared to 0.30 in FY 2022- 23. Finance costs of the Company increased by 26.2% from Rs. 26.21 Crore in FY 2021-22 to Rs. 33.09 Crore in FY 2022-23. The Companys interest cover stood at a comfortable 3.32 x in FY 2022-23 (3.91x in FY 2021-22).

Applications of funds

Fixed assets (Net) of the Company increased by 16.4% from Rs. 489.59 Crore as on March 31, 2022 to Rs. 569.94 Crore as on March 31, 2023. Depreciation and amortisation increased by 16.2% from Rs. 48.27 Crore FY 2021-22 to Rs. 56.07 Crore in FY 2022-23.


Non-current investments, loans and advances and other non-current assets decreased by 43.9% from Rs. 19.01 Crore in FY 2021-22 to Rs. 10.65 Crore in FY 2022-23.

Working capital management

Current assets of the Company increased by 5.8% from Rs. 194.67

Crore as on March 31, 2022 to Rs. 206.04 Crore as on March 31, 2023 owing to increase in short term loans and advances. The Current and Quick Ratios of the Company stood at 1.81 and 1.74, respectively in FY 2022-23, compared to 1.95 and 1.80, respectively in FY 2021-22. Inventories including raw materials, work-in-progress and finished goods among others decreased by 38.9% from Rs. 14.27 Crore as on March 31, 2022 to Rs. 8.71 Crore as on March 31, 2023 owing to an decrease in healthcare operations. Trade receivables decreased by 12.7% from Rs. 75.77 Crore as on March 31, 2022 to Rs. 66.18 Crore as on March 31, 2023. All receivables were secured and considered good. The Companys debtors turnover cycle increased to 77.44 days of turnover equivalent in FY 2022-23 compared to 75.98 days in FY 2021-22. Cash and bank balances of the Company decreased by 16.1% from Rs. 36.60 Crore as on March 31, 2022 to Rs. 30.71 Crore as on March 31, 2023.

Key ratios and numbers

Particulars FY 2022-23 FY 2021-22
EBITDA/Turnover (%) 34.8 27.9
EBITDA/Net interest ratio 3.32 3.91
Debt-equity ratio(x) 0.48 0.47
Return on equity (%) 3.27 3.78
Book value per share (Rs.) 48.67 46.72*
Earnings per share (Rs.) 1.56 1.84
Debtors turnover (days) 83.05 76.60
Interest coverage ratio (x) 3.32 3.91
Current ratio (x) 1.81 1.95
Operating profit margin (%) 17.04 14.81
Net profit margin (%) 4.03 3.85

*There was a 1:1 bonus issue during the previous year


The internal control and risk management system is structured and applied in accordance with the principles and criteria established in the corporate governance code of the organisation. It is an integral part of the general organisational structure of the Company and the Group and involves a range of personnel who act in a coordinated manner while executing their respective responsibilities. The Board of Directors offers its guidance and strategic supervision to the Executive Directors and management, monitoring and support committees. The control and risk committee and the head of the audit department work under the supervision of the Board appointed Statutory Auditors.


The Company believes that its intrinsic strength lies in its dedicated and motivated employees. As such, the Company provides competitive compensations, an amiable work environment and acknowledges employee performance through a planned reward and recognition programme. The Company aims to create a workplace where every person can achieve his or her true potential. The Company encourages individuals to go beyond the scope of their work, undertake voluntary projects that enable them to learn and devise innovative ideas.


This statement made in this section describes the Companys objectives, projections, expectation and estimations which may be forward looking statements within the meaning of applicable securities laws and regulations. Forward-looking statements are based on certain assumptions and expectations of future events. The Company cannot guarantee that these assumptions and expectations are accurate or will be realised by the Company. Actual results could differ materially from those expressed in the statement or implied due to the influence of external factors which are beyond the control of the Company. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements based on any subsequent developments.

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