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ICICI Direct Report
Revenue for the quarter increased 5.4% YoY (+1.6% QoQ) to 1094.7 crore (in line with our estimate of 1106.5 crore). FY23 revenue was up 17.4% YoY to 4304.9 crore. Gross margin improved 122 bps YoY to 38.7% (vs. our estimate of 42%); mainly on account of lower raw material cost. FY23 gross margin was at 40.4% against 38.8% in FY22. EBIDTA margin at 15.3% was largely flattish YoY as other cost remained higher YoY. We had built in EBITDA margin of 17.2% for the quarter. FY23 EBITDA margin was at 17.4% against 15.2% in FY22.
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