EBIDTA stood at INR879m versus our estimate of INR784m, with the recovery in the online gaming margin (EBIT margin at 24% v/s 14% in 4QFY18). There was an exceptional item related to the gain on the sale of its Fantasy League business to Halaplay Technologies Private Limited. Adj. PAT grew 19% YoY to 31%/29%/29%. revenue grew 21% YoY to INR1,981m, with the segmental EBIT margin expanding 40bp YoY to 36.8%. Online gaming revenue grew 11% YoY, with the segmental EBIT margin up 1,000bp YoY (+500bp QoQ) to 24% (expected to remain at 18-20%, going forward). Hospitality revenue grew 8% YoY to INR236m, with an EBIT loss of INR29.5m. (a) Investment in Jalesh Cruises is ideal, as DELTA has the right to operate casinos in all its cruises. Jalesh plans to add 3-4 new cruises over the next 18-24 months. (b) On Halaplay investment, the platform has already grown 3x, given the ongoing T20 cricket series.