PPAP Automotive posts steady performance in Q1FY23PPAP - 237 Change: -1.05 (-0.44 %)
News: On standalone basis, total topline for Q1FY23 came in at Rs116 crores flat QoQ. EBITDA came in at Rs12.5 crores, up 3.3% QoQ, with consequent EBITDA margins at 10.7% up 26 bps QoQ. PAT for quarter came in at Rs2.8 crores, broadly flat QoQ.
View: Company begins the year on steady note with flat margins on QoQ basis. Gross margin expanded 20 bps QoQ while other expense were down 51 bps QoQ. Key monitorable going forward would be volume ramup at its anchor client Maruti Suzuki along with management commentary on margin profile recovery given recent correction in crude prices (crude derivatives are the major raw material for the company).