Metropolis’ Q1FY24 revenue growth (-1%) and EBITDA margin (-180bps) were impacted by discontinuation of a PPP contract (Q1FY23 sales of INR 200mn) while the core business grew 12% YoY. Metropolis remains committed to expand its network by: 1) deepening its presence in existing cities and venturing into newer ones, 2) connecting directly with consumers to increase B2C share, 3) M&As to improvise scale and restore margins to pre-covid levels.