1QFY23F revenue/EBITDA/APAT miss our estimates by 8%/17%/27%. Non-Covid revenue (ex-Suburban) grew 15% yoy (patient volume: +12.5-13% yoy). Investment in advertising and digital to stay elevated to maintain top-of-the-mind brand recall. Company expects EBITDA margin to be at pre-Covid level. Subdued revenue/margin growth is a cause of concern. Retain Reduce rating.