TELX's revenue grew 15% YoY (our estimate: +14%) to INR3.8b. EBITDA margin expanded 210bp YoY to 25.3% (largely in-line). PAT growth of 58% YoY to INR703m was above our estimate because of higher other income. For FY18, TELX clocked 15% CC growth, 120bp margin expansion and 38% PAT growth.