Adjusted EBITDA (excluding a one-off expense of INR3b on a pre Ind AS 116 basis) was up 15% QoQ (9% beat) due to strong cost rationalization, reducing SG&A; by 32% QoQ as subscriber churn significantly decelerated. VIL's liquidity, ability to invest on its network as well as protect its market share is constrained by the humongous net debt of INR1,171b and meager FY22E EBITDA of INR107b (pre Ind AS 116), thus dependent on a further fund raise. We change our rating from Under Review to Neutral....