For Q1FY25E, we expect our Pharma coverage universe to post 12.5% Y-o-Y (+6.9% Q-o-Q) rise in revenue, 12.0% Y-o-Y (+9.7% Q-o-Q) increase in EBITDA and 11 bps decline Y-o-Y (+58 bps Q-o-Q) in EBITDA margins to 23.5% while exhibiting 20.3% Y-o-Y (+13.9% Q-o-Q) rise in adj. Net income.