Revenue grew 20% YoY (+11.4% QoQ) to INR6.1b (in-line), led by robust growth in the Creative business. Yet, EBITDA (pre-ESOP) grew by a meager 4% YoY (+6% QoQ) to INR1.3b (8% miss) due to a 25% YoY rise in operating expenses. EBITDA margin contracted 320bp YoY (-120bp QoQ) to 20.9% (180bp). However, adjusted for one-offs (INR100m of forex translation accounting, and INR100m of Montreal set-up cost), EBITDA margin stood at 24.2%. Higher finance cost and depreciation led to a loss of INR87m (est. of profit of INR258m; INR227m profit in the year-ago period).