News: Total topline came in at Rs819 crores up 36.9% QoQ. EBITDA came in at Rs60 crores up 79% QoQ with margins at 7.3% up 172 bps QoQ. Consequently, PAT stood at Rs 37.7 crores vs Rs17.4 crores in Q4FY22.
Views: Company begins the year on heathy note with sequential uptick in margins. Gross margin declined by 425 bps QoQ however the decline was mitigated by lower employee expense and other expense as a % of sales which were down 120 bps & 480 bps QoQ respectively. Outsized operating leverage gains was the key positive surprise from the quarterly results.
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