Key highlights: Revenue growth was largely driven by the UCP segment (65% of sales), whererevenuesgrew29%yoywhileMEPsegmentrevenues(31%ofsales)grewmodestly by 3% yoy. EBITDA grew 52% yoy to Rs 2bn and EBITDA margins expanded by 235bps to 10.8% (vs. our estimate of 9.3%). Margin expansion was evenly aided by gross margin expansion (100bps) and operating leverage. Segmentally, UCP segment drove the margin surprise(itsmarginsexpandedby263bpsyoyto14.9%,240bpshigherthanourestimate), whileMEPmarginswereat1.9%(up35bpsyoy,marginallybelowourestimateof2.5%). UCPmarginsbenefitedfromoperatingleverageonstrongvolumegrowth(29%yoy)inroom...