Devyani International's Q2FY25 revenue grew 49.1% YoY to INR 12,222 Mn, in line with estimates, but EBITDA and adjusted PAT fell short due to higher operational expenses. The company's EBITDA margin declined by 202 bps YoY and 311 bps QoQ. Despite this, the outlook remains positive with expected demand pick-up in Q3FY25.