PIIND reported an 8.3% Y-o-Y (+18.8% Q-o-Q) rise in revenue to INR 20,689 Mn (vs. our estimate of INR 21,692 Mn, a miss of 4.6%) Net income increased 17.2% Y-o-Y (+21.5% Q-o-Q) to INR 4,488 Mn. Nevertheless, it was a beat of 10.2% from our estimates.