For Q1FY25, GCPL reported revenue of INR 33,316 Mn (-3.4% YoY, -1.6% QoQ), missed our estimates by 4.2%.Q1FY25 EBITDA of INR 7,262 Mn (+6.5% YoY,-4.5% QoQ), missed our estimates by 4.4%. EBITDA margin was at 21.8%, expanded by 203 bps YoY/ (-66 bps QoQ).