performance in-line; RE margins stable; VECV margin beats estimate Consol. revenue grew ~23.5% YoY to ~INR21.7b (est. of INR22.1b), with EBITDA growth of 26% YoY to INR6.8b (est. of INR7b). However, higher tax restricted consol. PAT to INR5.2b (est. of INR5.5b) growth of 25%. RE's net realization declined 2% QoQ (+1% YoY) to ~INR106.7k (est. of INR108.8) due to pass-through of input tax credit. EBITDA margin expanded ~50 QoQ (+60bp YoY) to 31.9% (est. of 31.7%), led by lower RM cost (despite commodity pressures) due to efficiency gains. PAT grew 23% YoY to INR4.9b....