JLHL's Q1 consolidated EBITDA grew by 20% YoY (flat QoQ) to Rs781mn, in line with our estimates, aided by higher ARPOB. Its operational efficiency has been strong in the competitive markets of MMR. The company reported revenue/EBITDA CAGR of 20%/25% over FY22-25. Given its expansion plans, scale-up in occupancy and improving margins, growth momentum is expected to sustain over the medium term. We believe strategic greenfield expansions in densely populated micro-markets of western regions will drive sustainable...