On a consolidated basis, topline for Q2FY23 came in at Rs2360 crore, up 11.7% QoQ. EBITDA came in at Rs 272 crore, up 13.3% QoQ with consequent EBITDA margin at 11.5% up 20 bps QoQ. PAT for the quarter came in at Rs 131.5 crore, up 27.2% QoQ
The company reported a sequential uptick in performance with margins supported by lower employee cost & other expense, which declined 146 bps & 56 bps QoQ, respectively, whereas gross margin declined 186 bps QoQ. Cumulative H1FY23 performance run rate, however, fell short of our FY23E estimates. We would await the management's comment on wallet share gains, margin recovery profile and ramp up at its new acquisition of Maxwell for BMS
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