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News: Revenues grew 3.9% YoY to Rs 4322 crore. India business grew 3.3% YoY to Rs 1521 crore .US de-grew 3.2% YoY at Rs 1527 crore. South Africa grew 16% YoY at Rs 180 crore. RoW grew 22% YoY to Rs 534.5 crore. API increased 9.8% YoY to Rs 281 crore. EBITDA margins improved 303 bps YoY to 11.9%. Adjusted PAT came in at Rs 143 crore
Views: Key takeaway from the numbers was ~15% QoQ growth in the US even as other geographies performed below-par. However, recovery in margins was not up to the mark. At ~12%, margins were well below the historical trend of +20% and even the recent trend of +15%. The company’s recovery path hinges on the margins recovery and would continue to weigh on the sentiments
Impact: Neutral