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BLUSPRING - Bluspring Enter.

📊 NSE: BLUSPRING 🏢 Diversified Commercial Services 📅 Last Updated: 11/13/2025 15:25

📢 Recent Corporate Announcements

Bluspring Shareholders Approve ESOP 2026 and Secondary Share Acquisition via Trust

🟢 POSITIVE ⭐ 7/10

MANAGEMENT 📅 24 Apr 2026, 08:08 PM

Bluspring Enterprises Limited has successfully passed five special resolutions via postal ballot, primarily focused on the implementation of the 'Employee Stock Option Scheme 2026'. Shareholders approved the scheme with a 99.57% majority, including provisions for secondary acquisition of shares through a Trust route. This means the company will provide funds to a Trust to purchase shares from the market for employee incentives, rather than issuing new equity. The resolutions also allow for grants exceeding 1% of issued capital to specific identified employees.

Approval of 'Employee Stock Option Scheme 2026' with 99.57% of votes in favor.
Scheme implementation via Trust route involving secondary acquisition of shares to avoid direct equity dilution.
Shareholders approved company funding for the Trust to purchase its own shares for the ESOP.
Total voter participation stood at 74.08% of the 14.91 crore total shares.
Approval granted for ESOP allocations of 1% or more of issued capital to specific employees with 98.64% majority.

💡 Investors should note that the use of a Trust for secondary share acquisition is shareholder-friendly as it prevents the dilution of earnings per share (EPS). This move indicates a strong focus on long-term talent retention and alignment of employee interests with company performance.

Bluspring Enterprises Allots 2.79 Lakh Equity Shares Under ESOP 2025

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 14 Apr 2026, 08:58 PM

Bluspring Enterprises Limited has approved the allotment of 2,79,703 equity shares of Rs. 10 each following the exercise of Restricted Stock Units (RSUs). This allotment is part of the company's Special Purpose Stock Ownership Plan 2025. As a result, the total paid-up share capital has increased from 14,91,32,458 to 14,94,12,161 equity shares. The new shares will rank pari-passu with the existing equity shares of the company.

Allotment of 2,79,703 equity shares of Rs. 10 each to eligible RSU holders.
Paid-up share capital increased from Rs. 1,49,13,24,580 to Rs. 1,49,41,21,610.
Total number of equity shares outstanding rose to 14,94,12,161.
The issuance was conducted under the Special Purpose Stock Ownership Plan 2025.

💡 This is a routine administrative update regarding employee compensation. No action is required as the equity dilution is minimal at approximately 0.19%.

Bluspring Acquires LSG India's Bengaluru Ops with INR 110 Cr+ Revenue for Aviation Entry

🟢 POSITIVE ⭐ 9/10

M&A 📅 13 Apr 2026, 11:32 PM

Bluspring Enterprises has entered into a definitive agreement to acquire 100% of LSG India's Bengaluru operations, marking its strategic entry into the high-barrier aviation catering sector. The acquired business generates over INR 110 crores in revenue with attractive mid-to-high-teens EBITDA margins and serves major airlines including IndiGo and Lufthansa. This acquisition includes a long-term concession at Bengaluru Airport until 2039, positioning Bluspring to benefit from projected passenger traffic growth from 45 million to 70 million by 2030. The transaction is expected to close within 60-90 days, excluding the Hyderabad operations which will be carved out.

Acquisition of 100% stake in LSG India's Bengaluru operations with annual revenue exceeding INR 110 crores.
Secures a strategic long-term concession agreement at Kempegowda International Airport until 2039.
Operates a 9,272 sq. mt. facility with a capacity of 15,000 meals per day and a workforce of 400+ employees.
Target business delivers healthy profitability with mid-to-high-teens EBITDA margins.
Established client base includes top-tier airlines such as IndiGo, Lufthansa, Etihad, and Qatar Airways.

💡 This is a value-accretive move into a high-margin niche segment that complements Bluspring's existing food services vertical. Investors should look for improved consolidated margins and potential expansion into other major Indian airports following this successful integration.

Bluspring to Acquire LSG Sky Chefs India’s Bengaluru Operations for INR 129 Crore

🟢 POSITIVE ⭐ 9/10

M&A 📅 13 Apr 2026, 11:28 PM

Bluspring Enterprises, through its subsidiary, has signed a Share Purchase Agreement to acquire 100% of LSG Sky Chefs India’s Bengaluru operations for an enterprise value of INR 129 crore. The target entity reported a revenue of INR 101 crore and a PAT of INR 10 crore for FY25, demonstrating strong growth from INR 56 crore in FY23. This acquisition marks Bluspring's strategic entry into the aviation catering sector, securing a long-term presence at Bengaluru Airport until 2039. The transaction is expected to be completed by August 31, 2026, and will be funded through cash consideration.

Acquisition of 100% stake in LSG Sky Chefs India (Bengaluru operations) at an Enterprise Value of INR 129 crore.
Target revenue grew 80% over two years, rising from INR 56 crore in FY23 to INR 101 crore in FY25.
Secures long-term in-flight catering facilities at Bengaluru International Airport (BIAL) with an agreement valid until 2039.
Target maintains healthy profitability with a PAT of INR 10 crore and a net worth of INR 75 crore as of March 2025.
Strategic expansion into the high-margin aviation catering sector to complement existing food service verticals.

💡 Investors should view this as a significant growth catalyst that diversifies Bluspring's portfolio into a high-barrier aviation service sector. Monitor the successful completion of the carve-out and integration by August 2026 for margin expansion cues.

Bluspring Subsidiary Terrier Security Receives Income Tax Refund of Rs 9.26 Crore

🟢 POSITIVE ⭐ 4/10

REGULATORY 📅 13 Apr 2026, 08:01 PM

Bluspring Enterprises Limited's subsidiary, Terrier Security Services (India) Private Limited, has received a substantial income tax refund of Rs 9.26 Crores. The refund pertains to the financial year 2024-25 (Assessment Year 2025-26) and was processed by the Centralized Processing Center (CPC) in Bengaluru. The funds were received on April 11, 2026, following an order under Section 154 of the Income Tax Act. This represents a positive one-time cash inflow for the subsidiary.

Subsidiary Terrier Security Services received a tax refund totaling Rs 9.26 Crores
The refund is for the financial year 2024-25 (Assessment Year 2025-26)
Payment was credited on April 11, 2026, following a March 20, 2026 order
Refund processed under Section 154 read with section 143(1) of the Income Tax Act, 1961

💡 Investors should note this as a positive liquidity event for the subsidiary, though it is a non-recurring item that does not change the core operational outlook.

Bluspring Enterprises Announces Trading Window Closure from April 1, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 26 Mar 2026, 12:08 PM

Bluspring Enterprises Limited has announced the closure of its trading window starting April 1, 2026, in compliance with SEBI Insider Trading regulations. This closure is ahead of the declaration of the company's standalone and consolidated financial results for the quarter and financial year ending March 31, 2026. The restriction applies to all designated persons, connected persons, and their immediate relatives. The window will remain closed until 48 hours after the financial results are officially declared to the exchanges.

Trading window closure effective from Wednesday, April 01, 2026.
Closure is for the purpose of finalizing financial results for the quarter and year ending March 31, 2026.
Restriction ends 48 hours after the announcement of standalone and consolidated financial results.
Applies to all Designated Persons and their immediate relatives as per SEBI regulations.

💡 This is a routine regulatory announcement and requires no immediate action from retail investors. Investors should monitor for the upcoming board meeting date when financial results will be discussed.

Bluspring Proposes ESOS 2026 for 54.34 Lakh Shares via Postal Ballot

🟡 NEUTRAL ⭐ 7/10

MANAGEMENT 📅 23 Mar 2026, 11:41 AM

Bluspring Enterprises is seeking shareholder approval for its new Employee Stock Option Scheme 2026 (ESOS 2026). The plan involves granting up to 54,34,300 options, which can be sourced through new share issuance or secondary market purchases via a dedicated trust. The company is also seeking specific approval to grant options representing 1% or more of the issued capital to certain identified employees. Voting is scheduled to run from March 25 to April 23, 2026.

Total pool of 54,34,300 equity shares with a face value of Rs. 10 each for ESOS 2026.
Implementation through 'Bluspring ESOP Trust' using both primary issuance and secondary market routes.
Special resolution proposed for grants exceeding 1% of issued capital to specific identified individuals.
Remote e-voting concludes on April 23, 2026, with results to be declared by April 27, 2026.

💡 Investors should evaluate the potential equity dilution and the impact on earnings per share (EPS) once the options are exercised. The use of a secondary market acquisition route via a trust is a positive feature as it can mitigate the dilution of existing shareholders.

Bluspring to Acquire STEAG Energy Services India; Adds INR 600 Cr Revenue & 7 GW Assets

🟢 POSITIVE ⭐ 9/10

M&A 📅 19 Mar 2026, 11:15 PM

Bluspring Enterprises has entered a definitive agreement to acquire 100% of STEAG Energy Services India from its German parent company. STEAG India generates over INR 600 crores in annual revenue and manages approximately 7 GW of power assets across India and international markets. The acquisition brings a specialized workforce of 2,000 professionals and advanced digital O&M capabilities to Bluspring's industrial vertical. The deal is expected to be EPS-accretive and is slated for completion within the next 60-90 days.

100% acquisition of STEAG India, adding over INR 600 crores to annual consolidated revenues.
Expansion of managed assets by 7 GW and process steam capacity by 2,200 TPH.
Integration of 2,000 specialist employees and advanced digital solutions for predictive analytics.
Management expects the transaction to be margin and EPS-accretive in the near to medium term.

💡 This acquisition significantly scales Bluspring's industrial services and provides entry into high-margin power O&M and digital advisory. Investors should monitor the execution of the 60-90 day closing timeline and the subsequent impact on return on equity.

Bluspring to Acquire STEAG Energy Services (India) for INR 180 Crores

🟢 POSITIVE ⭐ 9/10

M&A 📅 19 Mar 2026, 11:08 PM

Bluspring Enterprises, through its subsidiary, has signed an agreement to acquire 100% of STEAG Energy Services (India) (SESI) for a cash consideration of INR 180 crores. SESI is a leading provider of O&M and engineering services in the power sector, reporting a turnover of INR 481 crores and a PAT of INR 27 crores for FY25. The acquisition is strategically aimed at expanding Bluspring's industrial vertical and is expected to be margin and EPS accretive. This move also provides Bluspring with an established international platform across Botswana and the Middle East.

Acquisition of 100% stake in SESI for a total cash consideration of INR 180 crores
SESI reported a turnover of INR 481 crores and PAT of INR 27 crores for FY ended March 31, 2025
The target entity brings a workforce of nearly 2,000 professionals and a net worth of INR 201 crores
Transaction provides immediate international expansion into Botswana, Dubai, and Bangladesh
Expected completion within 120 days, subject to regulatory approval from Botswana authorities

💡 Investors should view this as a value-accretive acquisition that significantly scales Bluspring's industrial services and international footprint. Monitor the successful integration of SESI's 2,000-strong workforce and the impact on consolidated margins in the next fiscal year.

Bluspring Enterprises Incorporates Two New Subsidiaries for Asset and Facility Management

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 09 Feb 2026, 09:48 PM

Bluspring Enterprises Limited has incorporated two wholly-owned subsidiaries, Bluspring New Horizon One and Two, on February 9, 2026. Each subsidiary has an authorized and subscribed capital of Rs. 20 lakhs, representing a total initial commitment of Rs. 40 lakhs. These entities are designed to target specific growth areas: Industrial Asset Management and Facility Management Services, including food supply. This strategic move aims to capture both organic and inorganic business opportunities within these service-oriented domains.

Incorporation of two 100% wholly-owned subsidiaries on February 9, 2026
Total initial subscribed capital of Rs. 40 lakhs across both entities
New Horizon One focused on Industrial and Operating Asset Management
New Horizon Two focused on Facility Management and Food Supply Services
Entities established to pursue both organic and inorganic business opportunities

💡 Investors should monitor the operational progress and revenue contribution from these new verticals in future quarterly reports. No immediate action is required as the initial capital outlay is relatively small.

Bluspring Q3 FY26: Revenue Grows 10% to ₹844 Cr; Adjusted PAT Surges 54% YoY

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 09 Feb 2026, 05:38 PM

Bluspring Enterprises reported a 10% YoY revenue growth to ₹844 crore in Q3 FY26, led by its Facility Management and Security segments. The company recorded a one-time exceptional charge of ₹29.8 crore due to the implementation of new Labour Codes, but adjusted PAT still rose 54% YoY to ₹19 crore. Operational efficiency improved with EBITDA margins expanding to 3.8% and net debt reducing by ₹29 crore to ₹107 crore. Management remains optimistic as the sales pipeline remains strong with ₹278 crore in new contracts won during the first nine months.

Q3 Revenue (ex-investments) rose 10% YoY to ₹844 crore; 9M Revenue up 12% to ₹2,458 crore.
Adjusted PAT grew 54% YoY to ₹19 crore, supported by a 12% YoY increase in EBITDA to ₹32 crore.
Exceptional one-time hit of ₹29.8 crore taken for gratuity and leave encashment under new Labour Codes.
Net debt decreased by ₹29 crore to ₹107 crore, while DSO improved to 98 days from 105 days.
Facility and Food services segment grew 11% YoY, contributing 60% of total revenue.

💡 The one-time regulatory hit is non-recurring and masks strong underlying operational growth and debt reduction. Investors should focus on the margin expansion and the company's ability to pass on costs to clients under the new labour framework.

Bluspring Enterprises Shares Audio Recording of Analyst Call Held on February 4, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 04 Feb 2026, 05:03 PM

Bluspring Enterprises Limited has officially released the audio recording of its analyst call conducted on February 4, 2026. This filing follows the requirements of Regulation 30 of the SEBI (LODR) Regulations, 2015, ensuring transparency for all shareholders. The recording provides a direct account of the discussions held between management and institutional investors regarding the company's performance. Shareholders can access the full audio via the company's investor relations portal to evaluate management commentary and future outlook.

Analyst call conducted via digital means on February 4, 2026
Audio recording link (10039838.mp3) successfully uploaded to the company's website
Compliance with SEBI Listing Obligations and Disclosure Requirements (LODR) 2015
Official communication sent to both BSE and NSE regarding the availability of the recording

💡 Investors should listen to the audio recording to identify any specific forward-looking statements or clarifications on financial performance provided by the management during the session.

Bluspring Q3 FY26: Adjusted PAT Jumps 54% YoY to ₹19 Cr; Revenue Up 10% to ₹844 Cr

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 03 Feb 2026, 10:14 PM

Bluspring Enterprises Limited reported a steady Q3 FY26 with core revenue (excluding foundit) growing 10% YoY to ₹844 Cr. The company's adjusted PAT saw a significant surge of 54% YoY, reaching ₹19 Cr, supported by a 37 bps QoQ expansion in EBITDA margins to 3.8%. While the Facility & Food segment remains the primary driver with ₹521 Cr in revenue, the Telecom & Industrial segment showed strong operational efficiency with a 36% YoY EBITDA growth. However, consolidated bottom-line performance remains weighed down by exceptional items of ₹30 Cr and ongoing losses in the foundit investment platform.

Adjusted PAT (excluding foundit) grew 54% YoY to ₹19 Cr with an improved margin of 2.2%.
Core business revenue increased 10% YoY to ₹844 Cr, led by 15% growth in the Security services segment.
Telecom & Industrials EBITDA grew 36% YoY to ₹15 Cr due to cost optimization and ECL improvements.
Facility & Food services segment secured new contracts with an Annual Contract Value (ACV) of ₹79 Cr during the quarter.
Total workforce headcount reached 91,000+, representing a 4% YoY increase in operational scale.

💡 Investors should take note of the consistent margin improvement in the core services business and the successful mobilization of new high-value contracts. Monitor the 'foundit' segment's path to break-even and the impact of one-time exceptional items on consolidated profitability.

Bluspring Q3 FY26: Adj. PAT Jumps 54% YoY to ₹19 Cr; EBITDA Margins Expand 37 bps QoQ

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 03 Feb 2026, 10:10 PM

Bluspring Enterprises reported a steady Q3 FY26 with revenue growing 10% YoY to ₹844 crore, led by strong performance in Facility and Security services. Adjusted PAT saw a significant 54% YoY increase to ₹19 crore, while EBITDA margins improved sequentially by 37 bps to 3.8% due to better-margin contract onboarding. Despite the operational growth, the company reported a PBT loss of ₹12 crore, primarily impacted by a ₹28 crore one-time charge related to labour code changes. The 'foundit' investment remains a drag on profitability with an EBITDA loss of ₹8 crore for the quarter.

Revenue grew 10% YoY to ₹844 Cr, while Adjusted PAT surged 54% YoY to ₹19 Cr.
EBITDA margins expanded by 37 bps QoQ to 3.8%, driven by volume uptick and efficiency measures.
Facility and Food Services segment revenue grew 11% YoY to ₹521 Cr with 20 new contracts added.
Security Services revenue increased 15% YoY to ₹173 Cr with a 12% growth in man-guarding headcount.
Reported PBT was a loss of ₹12 Cr after accounting for a ₹28 Cr impact from new labour code changes.

💡 Investors should focus on the improving margin profile and the company's ability to pass on labour cost increases to clients. The successful pivot to outcome-based contracts in the industrial segment and the eventual breakeven of the 'foundit' business are critical catalysts to watch.

Bluspring Enterprises Allots 1.83 Lakh Equity Shares Under Special Purpose SOP 2025

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 03 Feb 2026, 09:58 PM

Bluspring Enterprises Limited has allotted 1,83,045 equity shares of face value Rs. 10 each following the exercise of Restricted Stock Units (RSUs). This allotment was approved by the Nomination and Remuneration Committee under the company's Special Purpose Stock Ownership Plan 2025. Consequently, the total paid-up share capital has increased from 148,949,413 to 149,132,458 equity shares. The new shares will rank pari passu with existing equity shares in all respects.

Allotment of 1,83,045 equity shares of Rs. 10 each to eligible RSU holders
Paid-up share capital increased to Rs. 1,49,13,24,580 from Rs. 1,48,94,94,130
Total number of equity shares outstanding rose to 14,91,32,458
The allotment was approved by the Nomination and Remuneration Committee on February 3, 2026
The equity shares issued will rank pari passu with existing shares

💡 This is a routine administrative update involving a marginal equity dilution of approximately 0.12%. No immediate action is required as this is a standard procedure for employee stock ownership plans.

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💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue grew 14% YoY to INR 837 Cr in Q2 FY26. Segment-wise: Facility & Food grew 14% YoY to INR 514 Cr; Telecom & Industrial grew 11% YoY to INR 155 Cr; Security grew 19% YoY to INR 168 Cr. For FY25, total revenue was INR 3,483.57 Cr, a 13% increase from INR 2,728.4 Cr in FY24.

Geographic Revenue Split

Not explicitly disclosed in available documents, though the company mentions operating across multiple geographies and is exploring geographical diversification for the telecom business into international markets.

Profitability Margins

Reported PAT for FY25 was a loss of INR 179.3 Cr (-5.8% margin) compared to a loss of INR 20.7 Cr (-0.8% margin) in FY24. Adjusted PAT for FY25 was a loss of INR 17.5 Cr (-0.6% margin). Q2 FY26 PAT margin improved to 1.9%, up 43 bps QoQ.

EBITDA Margin

Consolidated EBITDA margin for FY25 was 2.2% (INR 67.2 Cr), down 16 bps YoY. Ex-investments EBITDA margin was 3.7% (INR 109.8 Cr). Q2 FY26 EBITDA margin stood at 3.5%, showing a trajectory toward the year-end target of 4% and a long-term 2030 goal of 6%.

Capital Expenditure

Operational capital expenditure led to a 3% YoY increase in depreciation to INR 28.7 Cr in FY25. Total consolidated depreciation for FY25 was INR 50.5 Cr. Specific future CapEx in INR Cr is not disclosed, but the company is investing in digitalization and sales leadership.

Credit Rating & Borrowing

Borrowing costs decreased 39% YoY from INR 33.7 Cr to INR 20.7 Cr in FY25, driven by a reduction in debt from INR 108.6 Cr to INR 78.9 Cr. The company aims to maintain a Debt/EBITDA ratio of less than 1.5x.

⚙️ Operational Drivers

Raw Materials

Cost of materials and stores (primarily food ingredients for catering and consumables for facility management) represented INR 231.19 Cr in FY25, approximately 6.6% of total revenue.

Import Sources

Not disclosed in available documents; sourcing is likely domestic given the nature of service-led operations in facility and food management.

Capacity Expansion

Current capacity is defined by a workforce of 90,000+ associates. Security business added a record 1,374 man-guards in Q2 FY26. The company added 37 new contracts in Q2 FY26 with an Annual Contract Value (ACV) of INR 96 Cr.

Raw Material Costs

Material costs stood at INR 231.19 Cr in FY25. Procurement strategies focus on digitalization of the supply chain and leveraging scale across 90,000+ managed personnel to optimize costs.

Manufacturing Efficiency

Not applicable as a manufacturing metric; however, operational efficiency is tracked via headcount additions (6k+ net additions in FY25, 8% YoY growth) and 13,000+ health and safety training hours in H1 FY26.

📈 Strategic Growth

Expected Growth Rate

21%

Growth Strategy

The company targets 3x GDP growth (approx. 21% CAGR) through a combination of organic growth and strategic value-based acquisitions. Key strategies include transitioning from a manpower provider to a strategic operations partner (Hofincons model), cross-selling across 8 sectors, and expanding the high-margin food and industrial verticals.

Products & Services

Integrated facility management, industrial catering (food services), manned guarding (security), telecom infrastructure maintenance, and digital recruitment services (foundit).

Brand Portfolio

Bluspring, Hofincons, foundit.

New Products/Services

Expansion into solar maintenance for telecom towers and strategic operations partnering in the industrial sub-vertical. foundit is undergoing a product-led turnaround with a target to break even by Q4 FY26.

Market Expansion

Geographical diversification for the telecom business and targeting 8 different sectors (Education, Healthcare, BFSI, etc.) where each contributes >5% of revenue.

🌍 External Factors

Industry Trends

The industry is shifting toward digitalized workforce management and integrated service models. The telecom sector is transitioning through 5G rollout completion toward 6G and renewable energy (solar) integration for towers.

Competitive Landscape

High competitive intensity in core facility management and security businesses, which the company counters by moving toward higher-margin 'strategic partnership' roles.

Competitive Moat

Moat is built on scale (90,000+ associates), sector diversification (no single sector dominance), and a digitalized 'people supply chain' which creates high switching costs for large enterprise clients.

Macro Economic Sensitivity

Revenue growth is pegged at 3x of GDP growth, making the company highly sensitive to national economic expansion and industrial activity.

Consumer Behavior

Increased demand for outsourced facility and food management in commercial and industrial sectors as companies focus on core competencies.

Geopolitical Risks

Exposure to international laws as it scales; however, primary risks currently relate to domestic labor law compliance.

⚖️ Regulatory & Governance

Industry Regulations

Strict adherence required for central and state labor laws, POSH (Prevention of Sexual Harassment), and anti-bribery policies. Compliance is managed via a Board-approved Risk Management Policy.

Environmental Compliance

Zero fatalities and lost time injuries reported in Q2 FY26; 13,000+ health and safety training hours logged in H1 FY26.

Taxation Policy Impact

Tax expense for FY25 was INR 9.46 Cr (Consolidated) on a loss before tax of INR 169.66 Cr.

Legal Contingencies

Exceptional items of INR 168.03 Cr were reported in FY25, primarily related to demerger costs and strategic investments. Specific pending court case values are not disclosed.

⚠️ Risk Analysis

Key Uncertainties

Workforce management risk (high attrition), working capital risk (negative cash flows), and cyclicality in the telecom sector (network rollout pauses).

Geographic Concentration Risk

Not disclosed, but the company is actively seeking to diversify geographically to mitigate regional risks.

Third Party Dependencies

Dependency on telecom majors for infrastructure projects; muted CapEx by these majors directly impacts the Telecom & Industrial segment growth.

Technology Obsolescence Risk

Risk of failed internal processes or systems; mitigated by the digitalization of attendance and investment in the 'foundit' platform to stay competitive in recruitment tech.

Credit & Counterparty Risk

Credit control processes are 'tightly managed' to mitigate cash flow risks; Q2 FY25 benefited from an Estimated Credit Loss (ECL) reversal due to strong collections.