In Q2FY25, companies within our pharma coverage revenue and EBITDA were in-line with our estimates, however Adj. PAT underperformed by 4.7%. The EBITDA margin was in-line with ourestimate, but Adj. PAT margin underperformed by 73 bps.The aggregate revenue grew by 10.1% YoY and 1.8% QoQ. The corresponding EBITDA grew by 18.7% YoY but declined by 2.7% QoQ. EBITDA margins expanded by 180 bps YoY (-115 bps QoQ) to 24.9%.