BCORP’s 2QFY25 EBITDA declined 39% YoY to INR1.8b (in line) and EBITDA/t fell 35% YoY to INR446 (est. INR436). OPM dipped 3.6pp YoY to 9%. The company reported a net loss of INR252m vs. PAT of INR586m in 2QFY24.