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News: Revenue increased by 21.2% YoY to Rs 365.6 crore. Metering & Systems segment revenue (59% of total) grew by 28% YoY to Rs 215.9 crore while Consumer & Industrial segment revenue increased by 13% YoY to Rs 149.65 crore. EBITDA was up 35.2% YoY to Rs 49.7 crore with EBIDTA margin improved to 13.6% (+140 bps YoY). PAT stood at Rs 11.9 crore (+87.1% YoY). For 9MFY24, revenue is up 15.3% YoY to Rs 1036.8 crore with EBITDA margin at 13.2% (+72 bps). PAT for 9MFY24 stands at Rs 29.9 crore (+57.6% YoY).
Views: Operational performance in both the segments during the quarter remains healthy and came largely in-line with expectations. Order backlog stands at ~Rs 2400 crore (77% of this are smart meter orders), ensures medium term revenue growth visibility. Moreover, tendering activities have been at a healthy level in the smart meters segment, given the govt's strong thrust on the same. This ensures constant flow of orders in this segment in the coming period and gives robust growth visibility for the company.
Impact: Positive