• Maintain Outperform; Cut target price to Rs 1,100 from Rs 1,230
• Q4 revenue beat estimate by 10%, but EBITDA and PAT were meaningfully below
• Management to issue consolidated FY25 guidance post-Q1 results
• Expects 12-14% domestic revenue growth and a 36% EBITDA margin
• Cut target price to reflect earnings dilution from recent acquisitions
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