9 August 2018 improved 18.7% YoY to INR10.4b (est. Despite strong growth in revenue, EBIDTA of INR693m (-3.9% YoY) was meaningfully below our estimate of INR1.0b on account of a weak performance of subsidiaries. Net profit increased 21% YoY to INR0.5b (est. of INR0.6b), supported by higher other income (INR310m v/s INR241m in 1QFY18) and share of profits from JV/associates (profit of INR3m v/s a loss of INR67m in 1QFY18). TMXs revenue rose 19% YoY to INR8.5b, led by a weak base of 1QFY18 (INR800m sales loss on account of GST-led ambiguity, and impact to the tune of INR350m on exports revenue as the JNPT port was infected by malware).