15 June 2020 Data EBITDA growth at 15% QoQ was the strongest (without any one-offs) in the last 15-16 quarters, supporting 15% consol. But the traditional segment (contributing 60%/99% to revenue/EBITDA) saw flattish EBITDA, despite robust 24% QoQ traffic growth. Yet, new-age businesses (Growth and Innovation) benefited from the lockdown, contributing 60% of EBITDA growth. We increase our FY21/FY22E EBITDA estimates by 9% given the (a) better- than-expected EBITDA, (b) steady traditional business, and (c) managements confidence on improving trajectory in the new age business segments. Consolidated revenues were up 4% QoQ to INR44b (in line with est.) with voice segment revenue at INR8b (down 1% QoQ) and data segment revenue at INR36b (up 5% QoQ). On back of the COVID-19 crisis, there has been significant uptick in Internet traffic (+24% QoQ) and conferencing revenue (+20% QoQ), resulting from quick deployment of global work-from-home (WFH) measures and solutions. Consolidated EBITDA jumped 14.2% QoQ to INR8.7b (5% above est.); EBITDA margin expanded 180bp QoQ to reach 19.2%.