A 50bp EBITDA margin contraction to 14.1%, attributed to higher margins in Rangsons (7% in 4Q v/s 1% in 3Q), cushioned the impact of the mix change (80% incremental revenue from DLM). Adjusted PAT at INR1.2b was up 16% YoY. Guidance of flat margins for the next year, despite investments toward development of new products and services, was encouraging. These efforts are aimed at opening new market opportunities and driving innovation to provide a competitive advantage.