Revenue grew 5% YoY (flat QoQ; in-line) to INR762m, led by volume growth (mainly at new stations). While October 2017saw an impact of a higher revenue base (Diwali was in October 2016), November and December 2017 witnessed ~20% revenue growth, partly attributed to a low base (November and December 2016 suffered due to demonetization). EBITDA declined 12% YoY (+4% QoQ) to INR233m (14% miss) due to a sharp 23% YoY rise in SG&A expenses, particularly on account of the launch of new stations and marquee properties. PAT increased 16% YoY to INR119m (16% miss), led by net finance income of INR4m (v/s net finance cost of INR44m YoY). Revenue for new stations rose to INR48m, leading to overall revenue growth of 5% YoY. This was led by higher volumes in new stations (35% utilization); legacy stations??? volumes continued to de-grow by 3-4%. However, a 5% yield improvement provided solace to legacy stations??? revenue (at INR714m; flat YoY) and EBITDA margin (at ~34%). Avg. utilization across 39 stations stands at 60-65%. Though government/real estate sectors remain laggards, other sectors (led by FMCG/ auto) are eying a recovery.