Q1FY25 consolidated revenue stood at INR 43,521 Mn, which grew by 16.3% YoY/ +10.8% QoQ, (in line with estimates).EBITDA grew to INR 6,674 Mn, up 22.4% YoY/ (+6.0% QoQ), missing our estimates by 2.1%. EBITDA margin stood at 15.3% (+77 bps YoY/ -70 bps QoQ) was lower than our estimates, due to higher-than-expected operating expenses such as other expenses.