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ICICI Direct Report
Solar Industries India Ltd. reported handsome numbers in Q1 FY23.
Revenue for the quarter came in at Rs 1615.9 crore, up 95.8% YoY and 22.7% QoQ. Volume growth can be seen in explosives YoY, volumes rose 12.8% YoY and dipped 3.9% QoQ, whereas realisations jumped 96.8% YoY and 4.6% QoQ.
Accessories segment registered an improvement of 19.8% YoY to Rs 115 crore. Defence segment revenue came in at Rs 64.3 crore, up 36.9% YoY and dipped 11.5% QoQ.
Overseas and exports segment revenue came in at Rs 593.2 crore, up 90.2% YoY and 74.7% QoQ.
Solar Industries' gross margins expanded~ 40 bps YoY and expanded 550 bps QoQ (gross margins expanded QoQ due to higher reliasation). Ebitda margins dipped QoQ and YoY and came in at 17.5% versus 20% in Q4 FY22 (Ebita margins dipped QoQ due higher other expenses).
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