News: Standalone revenues grew 32% YoY to Rs 807 crore. Seaways and SCM segment reported strong growth YoY (up 33% YoY), followed by the freight division (up 31% YoY). EBITDA margins expanded 65 bps YoY to 12.3% mainly due to lower employee expense to sales ratio. Resultant EBITDA grew 40% YoY to Rs 99 crore. Further, PAT grew 58% to Rs 77 crore supported by lower tax rate.
Views: The numbers were largely in line with I-direct operational estimates. PAT was higher due to lower tax rate. On the margins front, the company faced higher fuel prices, general inflation and volatile demand in certain sectors. Rebound in SCM segment, bodes well for the company, as it provides sticky higher margin business.
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