• For Q3FY25, APNT recorded revenue of INR 85,494 Mn, declined by 6.1% YoY (+6.5% QoQ), missing our estimates by 4.2%.• In Q3FY25, EBITDA declined by 20.4% YoY (+32.0% QoQ) to INR 16,367 Mn, beating our estimate due to lower than estimated operating expenses.