News: Consolidated sales for the quarter came in at Rs548 crores down 12% QoQ, EBITDA came in at Rs60 crores down 31% QoQ with corresponding margins at 11% down 290 bps QoQ. Consequently, PAT came in at Rs37.4 crores down 34% QoQ.
Views: Company begins the year on a softer note with margin performance coming as a real damper. Muted margin performance was due to higher other expense which were up 425 bps QoQ however was partially mitigated by gross margin expansion of 270 bps QoQ. Decline in topline was lower than decline in volumes at its key clients (i.e. Tata Motors & Ashok Leyland).
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