Sales rose 11% YoY to INR11.8b (below estimate of INR12.7b), driven by Industrial segment growth of 11% YoY (like-to-like growth of 20% YoY). Power systems segment sales declined 6% YoY on a reported basis (muted like-to-like growth of 3% YoY). EBIDTA grew 4% YoY to INR871m (ahead of our estimate of INR683m), with the margin of 7.4% (-50bp YoY) ahead of our estimate of 5.4%. Adj. PAT of INR0.5b exceeded our estimate of INR0.3b due to lower tax (INR10m v/s our estimate of INR73m) and higher other income (INR454m v/s our estimate of INR250m).