Op. performance above expectations on lower cost; expects recovery in 2H Margins above estimates; higher depreciation drags PAT: Revenue declined 9% YoY to INR80.3b (our estimate: INR81b). Realizations were up 4% YoY to INR43.6k (our estimate: INR43.9k) led by price hikes; however, lower spare sales hurt realizations sequentially (-1.6% QoQ). EBITDA declined 16% YoY to INR11.6b (our estimate: INR10.8b), with the margin expanding 80bp QoQ (120bp YoY) to ~14.4% (our estimate: 13.3%). Higher depreciation restricted adj. PAT to INR7.2b (in-line; -21% YoY). Earnings call highlights: (a) Retail volumes declined 6% in 1Q. Inquiry levels...