29 January 2019 revenue increased 6.1% QoQ (+23.7% YoY) to INR2.81b 4.4% above our estimate of INR2.7b, led by continued acceleration in the recruitment segment and 99acres.com. Recruitment revenue grew 20.5% YoY (our EBITDA margin expanded 110bp QoQ to 29.6% (230bp miss). On a YoY basis, the margin was down 220bp, mainly on account of elevated advertisement and promotion expenses (18% of revenue v/s 11% in 3QFY18). PAT grew 5.8% YoY (-4.8% QoQ) to INR743.1m a 4% miss, mainly on account of lower EBITDA margin.