EBITDA loss was down to INR1.6b (v/s INR3.5b YoY), led by strong 2.5x revenue recovery YoY, much better than estimated (although still 63% below pre-COVID levels). The gross margin also inched to normalcy (up 810bp YoY). Subsequently, net loss declined to INR3.3b (v/s INR4.3b). Given the quicker recovery, we revise up our FY22E estimates, but maintain our FY23E estimates, keeping EBITDA at 18% above FY20 levels. The rise in net debt by INR5.5b is a dampener. However, it should largely reverse with...