ACC Q3FY25 revenue and earnings beat our estimates supported by one-offs, however, Adj. EBITDA and PAT came in below our expectations. Revenue increased by 20.6% YoY (+28.5% QoQ) to INR 59,274 Mn, driven by higher volume growth of 20.5% YoY, beating our estimates. Adjusted revenue stood at INR 52,905 Mn, up 7.7% YoY (+14.7% QoQ), excluding a one-time refund of INR 6,368.6 Mn related to excise duty expenses.