• SSOF’s Q3FY25 result missed our expectations. The company reported revenue of INR 28,428 Mn, up 14.0% YoY (+31.0% QoQ).• EBIT stood at INR 1,313 Mn, down 24.5% YoY (-9.0% QoQ). EBIT margin stood at 4.6%, down 236bps YoY (-203bps QoQ).