Adjusted EBITDA, after an INR500m one-off gain in 2QFY22, rose 8% QoQ (2% above our estimate) on healthy cost optimization, despite slower revenue growth of 1.7% QoQ, which is slowly recovering. We expect low revenue growth visibility given the low growth outlook in Connectivity (71% of revenue mix). This, coupled with weak EBITDA margin guidance of 23-25% v/s 26.7% at present, suggests double-digit growth could be challenging. However, we expect an improvement in margin from the curtailing of loses in the Incubation business, building in...