Net sales for the quarter came in at Rs 1147 crore, up 13.5% QoQ. EBITDA in Q2FY23 came in at Rs 123.8 crore with corresponding EBITDA margins at 10.8%, up 20 bps QoQ. Ensuing PAT for the quarter came in at Rs 57.8 crore (lower due to high share of loss from associate vs in Q1FY23)
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The company continues to outperform its user industries (2-W: 45%, CV: 29%, PV: 14%, aftermarket: 12%) with quarterly sales coming at an all-time high. Margin performance however is still below our full year margin estimates pegged at 11.3%. EV orderbook now comprises of ~17% of total orders received in H1FY23. We remain positive on stock amidst companys ability to grow ahead of industry, steadily moving up the operating margin ladder & lean b/s
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