Net Revenues for the quarter grew by 18.6 % YoY to Rs 3648 mn and were higher than our expectation of Rs 3486 mn. EBDITAM for the quarter was down from 11.1 % to 10.8 % YoY and also lower than our expectation of 13.5 %. Margins were lower than our expectations due to increase in other expenses and staff cost by 31% and 24% respectively. Profits for the quarter were lower by 9.3 % YoY to Rs 205 mn as against our expectation of Rs 313 mn, this was mainly on account of higher depreciation cost (21.5 % yoy) and tax rate of 35.8%.