Infibeam Avenues Q3FY25 PAT exceeded our expectations, despite a miss on revenue. Gross revenue stood at INR 10,704 Mn, increased by 18.0% YoY (+5.3% QoQ). EBIT stood at INR 593 Mn, up 19.6% YoY (-3.2% QoQ). EBIT Margin declined to 5.5% in Q3FY25 (7bps YoY/-49bps QoQ) on account of increased employee expense and depreciation.