For Q2FY25, DEVYANI’s revenue was INR 12,222 Mn, a growth of 49.1% YoY and a flat growth in QoQ, which is largely in line with our estimate.EBITDA for the quarter increased to INR 1,987 Mn by 25.2% YoY (-11.0% QoQ). EBITDA underperformed our estimates.