and lower other expenses (-200bp YoY/ -380bp QoQ), partly offset by increased employee cost (+190bp YoY to 19.5%). Consequently, EBITDA grew ~5% YoY to INR1.6b (our estimate: INR1.4b). Other income includes liabilities written back to the tune of INR231m. Adjusting for the same, PAT stood at INR1.2b (our estimate: INR961m)....