• For Q4CY24, VBL’s total revenue increased 39.8% YoY (-22.6% QoQ) to INR 38,176 Mn, beating our estimates.• The consolidated sales volume grew by 38.1% to 215 Mn cases from 155 Mn cases on a YoY basis. This includes 43.0 Mn cases from South Africa and 7.8 Mn cases from DRC during the current quarter.