In Q1FY25, UNO Minda reported an operating revenue of INR 38,175 Mn, a growth of 23.4% YoY/ (+0.7% QoQ), largely in line with our estimate (+1.3%).Q1FY25 EBITDA was INR 4,077 Mn, up 23.5% YoY/ (-14.0% QoQ), missed our estimates, primarily due to higher than estimated other expenses and employee cost.