Consolidated revenue grew 23.7% YoY to ~INR22.7b (est. ofINR22.1b), with EBITDA growth of 23% YoY to INR7.1b (est. of INR6.9b). However, higher depreciation and lower other income restricted PAT to INR5.2b (+25% YoY;est. of INR5.5b) . RE's net realization improved 2 .8% QoQ (+3.9% YoY) to ~INR109.6k (est. ofINR106.9). EBITDA margin contracted ~20bp QoQ (flat YoY) to 31.7%,higher than our estimate of 31.2% due to lower RM cost (despite commodity pressures) on efficiency gains. PAT grew 14% YoY to INR4.7b. VECV's realizations grew 2.4% QoQ (flat YoY) to INR1.6m (est. ofINR1.57m). EBITDA margin expanded 180bp YoY (-5 0bp QoQ) to 8.7% (est.of 9.4%), led by efficiency gains and operating leverage. PAT grew 134% YoY to INR1.3b (est. of INR1.4m).