Standalone revenues for the quarter stood at Rs 2,704 crore, up 2.2% QoQ amidst 5.1% QoQ de-growth in volumes at 78,872 tonne. EBITDA in Q2FY23 stood at Rs 444.5 crore with corresponding EBITDA margins at 16.4%, down 77 bps QoQ. Consequent PAT for the quarter came in at Rs 403.8 crore, up 26.3% QoQ (aided by forex gains led higher other income).
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Company posted dismal set of numbers with margin performance coming as the real damper and was lowest in the recent past. Gross margin erosion was sharp at ~266 bps QoQ a part of which was offset by lower other expenses which were down ~162 bps QoQ. Management commentary suggests H2FY23 to be weak amidst sluggish demand prospects in Europe. On margins front company expects margin recovery to occur from Q4FY23 onwards.
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