JKLC’s 4QFY24 operating performance was above our estimates, withconsolidated EBITDA at INR3.4b (up 45% YoY; 14% above our estimate).EBITDA/t increased 43% YoY to INR1,032 (est. INR852). OPM was up 6.4ppYoY to ~19%. Adj. PAT grew 43% YoY to INR1.6b (est. INR1.4b).