On the consolidated basis, total topline for Q2FY23 came in at Rs204 crore, up 2% QoQ. EBITDA for the quarter came in at Rs34.6 crore with corresponding EBITDA margins at 16.9%, down 50 bps QoQ. PAT for quarter came at Rs27.2 crore, flat QoQ.
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Company’s growth trajectory on the topline front has been steady however its margin profile recovery falls short of our expectations. Gross margins for the quarter declined by 110 bps QoQ with some savings realised in other expenses line item. Company continues to be a leader in synthetic leather space and is likely to benefit from strong underlying demand in auto & consumer space. Key monitorable going forward would be revival in margin profile post cooling of commodity prices.
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