? For Q3FY25, the revenue increased 16.8% YoY (+5.4% QoQ) to INR 44,436 Mn, beating our estimates by 2.1%.? EBITDA declined by 1.3% YoY (-9.8% QoQ) to INR 5,647 Mn, missing our estimate mainly due to higher than estimated operating expenses. EBITDA margin contracted by 234bps YoY (-215bps QoQ) to 12.7%, missing our estimate by 184bps.