2 November 2018 consolidated operating revenues grew 1.2% YoY to INR1.12b, below our estimate of INR1.2b. The miss was on account of lower other revenues which includes Rent, Training, Recovery charges, etc. Operating revenues exclude Treasury Income from Clearing Corporation. EBITDA at INR93m was below our estimate of INR167m, but included one-time charges totaling INR74m from [1] provision for investment in IL&FS;, and [2] provision for bad debts. Adjusted for the same, EBITDA would have been in line. PAT was INR459m (-31% YoY), 12% miss, which again would have been in line adjusted for the one-offs. revenue grew 1% YoY, revenues from equity cash transactions fell 33% YoY to INR218m, owing to prevailing market conditions. The same is the case for Book Building services too, down 28% YoY to INR72m. Annual listing fees, an annuity in nature, grew 10% YoY to INR472m.