HAPPSTMN Q3FY25 earnings fell short of our estimates. In Q3FY25, HAPPSTMN reported a revenue of INR 5,308 Mn, up 29.5% YoY (+1.8% QoQ), missing our estimates. EBIT miss our projections and stood at INR 729 Mn, up 10.3% YoY (+6.2% QoQ). EBIT margin stood at 13.7% (-239bps YoY/+57bps QoQ).