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Total operating income for the quarter came in at Rs 501 crore, up 15.4% QoQ. EBITDA in Q2FY23 came in at Rs 62.5 crore with corresponding EBITDA margins at 12.1%, up 45 bps QoQ. Ensuing PAT for the quarter was at Rs 47.5 crore, ~2x QoQ, supported by exceptional gains and near nil tax rate for the quarter
The company's quarterly performance complements our annual estimates for FY23E (sales, EBITDA). Healthy margin performance in the quarter was due to operating leverage whereas gross margin declined 32 bps QoQ. However, with an uptick in premiumisation trend in domestic 2-W space amid technology tie-ups in the connected instrument cluster as well as BMS solutions in place, we believe the company is well positioned to record healthy & profitable growth, going forward
Positive