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Revenue beat; margins expand but below expectations

Performance highlights

4QFY25

* Revenue came in at INR5.4b, up 22%/1% YoY/QoQ (21% above the estimate).

* EBITDA was at INR1.4b, up 36%/7% YoY/QoQ (36% below the estimate), due to a higher total expenditure of INR4b vs estimated INR2.2b. EBITDA margin stood at 26.3%, up 2.8% YoY but ~24% below the estimate.

* Adj PAT was at INR1.2b, up 38%/7% YoY/QoQ (16% below the estimate). PAT margin was at 22%, up 2.5% YoY but ~10% below the estimate.

FY25

* Revenue came in at INR20.6b, up 39% YoY (5% above the estimate).

* EBITDA was at INR4.9b, up 47% YoY (14% below the estimate). EBITDA margin was at 24%, up 1.4% YoY (5% below estimate).

* Adj PAT was at INR4.3b, up 60% YoY (5% below the estimate). PAT margin was at 21%, up 3% YoY (2% below estimate).

* The company has a proposed final dividend of INR0.73/share on shares having a face value of INR2/share.

* Net cash was at INR1.9b in FY25 vs net debt of INR37m in FY24.

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