Key Highlights:

  • Revenue: Up 8.5% YoY to Rs 3,249 crore (in line with estimates)
  • EBITDA: Up 49% YoY to Rs 758 crore (slightly below estimates)
  • EBITDA margin: Expanded by 500 bps to 23.3% (above guidance)
  • Net profit margin: Improved to 15.8% from 10.2%
  • Domestic business: Grew at 9% driven by festive season demand and real estate growth
  • International business: Grew at 4% led by strong performance in Middle East and Africa

Market Reaction:

  • The stock initially fell over 6% ahead of the results but ended the day down 2.5%.
  • Analysts remain positive on the long-term growth prospects of the company.