22 October 2019 quarter performance was below our expectations. On a pre-Ind-AS 116 basis, pro forma consol. revenue/EBITDA declined by 1.9%/1.4% QoQ to INR35.6b/INR14.8b (3%/3.5% miss). Rental and energy revenue dropped 4.4% and 3.6% QoQ to INR21.6b and INR14b, respectively. Further, rental EBITDA declined 1.4% QoQ to INR14.8b, with the margin contracting 40bp QoQ to 67.