GPL’s pre-sales volume for 4QFY25 declined 8% YoY (+85% QoQ) to 7.5msf, resulting in the highest-ever quarterly pre-sales value of INR101.6b (+7% YoY/87% QoQ, 32% above estimates). In FY25, pre-sales were up 31% YoY to INR294b (9% above estimates and 9% above guidance).