News: Total operating income for the quarter came in at Rs 445 crore, up 7% QoQ. EBITDA in Q1FY23 came in at Rs 52 crore with corresponding EBITDA margins at 11.7%, down 63 bps QoQ. Ensuing PAT for the quarter stood at Rs 20.6 crore, up 20% QoQ.
View: Company's performance came largely in line with our annual estimates with margin falling short of expectation (12.5% for FY23E). Muted margin performance was due to rise in RM and employee cost which were up 170 bps & 140 bps QoQ respectively. However, with technology tie-ups in the connected instrument cluster as well as BMS solutions in place, the company is well footed to record healthy & profitable growth going forward.
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