VO announced revenue of INR 5,503 Mn (+22.8% QoQ/+6.0% YoY) surpassing our estimates driven by the normalization of ATBS sales, as destocking is now concluded.EBITDA grew to INR 1,499 Mn (+30.8% QoQ/+1.8% YoY) beating our estimates on back of strong top-line growth, lower power and fuel expense, and lower other expenses with EBITDA margins at 27.2% (+165 bps/ -111 bps).