We have navigated a dynamic operating environment in Q3 FY25, delivering resilient performance despite softer domestic market conditions. All business segments registered Y-o-Y volume growth during the quarter, with exports playing a pivotal role in driving overall performance amidst domestic challenges. During the quarter, HPPC grew by 10%, TSC by 15%, and AHN by 12% Y-o-Y, reflecting the dedicated efforts of our team in a challenging business environment. We have continued to target customers in both new and existing geographies, delivering strong performance in international markets. Our international business registered a Y-o-Y growth of 21% during the quarter and for the nine months, grew by 28%, providing support to overall performance amidst softer domestic growth. By targeting key markets, investing in technology, enhancing capacities, and introducing innovative products, we consistently strengthen our global footprint and position ourselves for sustained growth.

Our gross margins improved during the quarter, supported by a favorable product mix and operational efficiencies. However, EBITDA margins were slightly lower this quarter due to ongoing investments in future initiatives. Despite this, we remain confident that higher operating leverage will enable us to improve margins over time. New capacities are expected to be commissioned soon, with projects being rolled out in a phased manner over the coming quarters. These expansions will further strengthen our ability to serve high-growth segments effectively. Innovation and sustainability remain at the core of our strategy as we pioneer intelligent, eco-friendly solutions tailored to evolving customer needs. Supported by robust R&D capabilities and a strong focus on operational excellence, we are well-equipped to capitalize on emerging opportunities and drive long- term growth. Our agile manufacturing setup and diversified product portfolio provide a strong foundation for delivering sustainable value to all our stakeholders.