7 February 2019 3QFY19 revenue grew by a healthy 11% YoY to INR15.0b, in line with our estimate of INR14.9b. EBITDA grew 15% YoY to INR2.3b, below our estimate of INR2.4b. Operating margin improved 60bp YoY to 15.1%, supported by lower other expenses (10.8% v/s 12.7% in 3QFY18). Adj. PAT increased 9% YoY to INR1.9b, marginally ahead of our estimate of INR1.8b, driven by higher-than-estimated other income (INR755m v/s INR501m in 3QFY18). For 9MFY19, revenue/EBIDTA/PAT increased by 13%/25%/19% YoY.