During Q1CY25, VBL’s total revenue increased 28.9% YoY (+50.9% QoQ) to INR 55,669 Mn., which was above our estimates (+16.5%) driven by sharp beat of 20. 4% in CSD segment volumes. Consolidated sales volume grew by 30.0% YoY to 312 Mn cases from 240 Mn cases, driven by strong organic volume growth of 15.5% YoY in India and inorganic volume contributions from South Africa and DRC (Democratic Republic of the Congo).