News: On consolidated basis, topline for Q1FY23 came in at Rs2114 crores, up 1.7% QoQ. EBITDA came in at Rs240 crores, down 6.8% QoQ with consequent EBITDA margin at 11.3% down 110 bps QoQ. PAT for the quarter came at Rs103.4 crores, down 24% QoQ.
View: Company begins the year on muted note with margins dented due to higher employee cost & other expense which rose 75 bps & 24 bps QoQ. Operating performance at the company is under pressure due to higher input costs as well as energy costs for its European operations. We would await management's comment on wallet share gains, margin recovery profile and ramp up at its new acquisition of Maxwell for BMS.
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