Business continues to shrink. 4Q consol. revenues and EBITDA were down ~4%/12% qoq, respectively, and came in 6%/13% below our estimates. 4Q EBIT crashed 47% qoq, driven by lower EBITDA and higher depreciation. Reported PAT of Rs12.2bn was up 10% qoq, but we estimate adjusted/normalized 4Q PAT of Rs4.8bn (Rs2.35 EPS, down 26% qoq). On full year basis, FY10 Rev/EBITDA was down 3.5%/15.8%..
