News: Revenues grew ~22% YoY to ₹ 525 crore driven by probably by strong recovery in ATBS sales (details are still awaited). EBIDA grew 14% YoY to ₹ 125 crore and margins stood at 23.8% (down 150 bps). Lower EBITDA growth was attributable to lower GPM (down 270 bps). Higher depreciation and lower other income led to flat PAT of ₹ 84.2 crore.
View: The management has guided for ~20% revenue CAGR over the next 2-3 years with margins in the range of 25-30%. The guidance is based on new launches with incremental chemistry and market share gains in legacy products. We will get some more insights from the management commentary.
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