for 3Q/4Q one-offs of INR2.1b/INR0.2b, data EBITDA inched up marginally by 1% QoQ. This was due to benefits of Growth Services that turned EBITDA positive, being largely offset by (a) higher investments in the innovation segment, and (b) ~70% QoQ decline in Transformation/Payment business EBITDA. Headline consol. revenue/EBITDA stood flat/-19% QoQ at INR42.4b/INR6.9b, while adj. consol. revenue/EBITDA grew 1%/4% QoQ (2%/3% miss). Adj. for (INR1.7b) impairment losses from associates, net loss stood at INR271m (v/s INR231m profit in 3QFY19; est. of INR737m). For...