*Linde India Ltd 3QFY25 Results First Cut – PAT inline, Gas business revenue flat; Multiple capacities to commission in 2025 incl. Tata Steel coming online from 4QFY25* *3QFY25 Highlights* • Gross Revenue de-grew by 4.3% YoY to Rs7,714mn as PED revenue de-grew by 8.4% YoY and Gases revenue de-grew by 2%. • Revenue from sales of gases de-grew by 2% YoY to Rs5,085mn. Revenue from PED (pre intersegment) de-grew by 8.4% YoY to Rs2,630mn. However, internal sale was high at Rs1,656mn which led to net sales of Rs974mn. • Absolute EBITDA grew by 3.2% YoY to Rs1,922mn. EBITDA margins expanded by 535bps YoY to 31.7% as EBIT margins in PED expanded. • Segment wise – EBIT margin of sale of gas was lower by 13bps YoY to 25.1% while PED EBIT margins was higher by 1944bps to 37.2% YoY (generally it is 12-14%). • Adjusted PAT de-grew by 3.1% YoY to Rs1,163mn inline with our expectations.