Consol. revenue was flat QoQ (+4% YoY) at INR36.6b (2% beat). EBITDA, too, came in flat QoQ at INR15.9b (+1% YoY, 1% beat). Consol. margin shrunk ~25bp QoQ (120bp YoY) to 43.5% (15bp miss). Rental revenue declined 3% QoQ to INR21.9b; rental EBITDA declined 5% QoQ to INR14.3b (in-line) due to tenancy exits (potentially because of shutdowns by smaller telcos). This, however, was partly offset by 6% QoQ growth in energy revenue to INR14.8b, leading to a 68% QoQ jump in energy EBITDA to INR1.6b. Net finance income of INR827m led to a 4% QoQ (+2% YoY) jump in PAT to INR6b (10% miss).