of +31%) to INR1,873m, primarily led by robust growth in Casino gaming revenue (+53% YoY). EBIDTA margin of 35% (flat YoY) exceeded our estimate of 33%. EBIDTA of INR654m, too, came in ahead of our estimate of INR558m. Adj. PAT grew 96% YoY to INR414m (est. revenue grew 16% QoQ; EBIT margin shrank 200bp QoQ to 12% (online gaming segment commenced reporting revenue 2QFY18 onward) due to high promotional expenses. Hospitality revenue grew 30% YoY to INR227m; it recorded an EBIT loss of INR53m. However, robust growth in Casino gaming revenue in a seasonally soft quarter (EBIT margin of 35% exceeded our revenues are gross of tax). Casino revenue was driven by a robust pick-up in tourism and unserved demand (spillover from casinos that shut down operations), and dynamic pricing on weekends. promotional expenses of INR230m in FY18 and INR130m in 1QFY19 (excl.