Sharekhan wrote a research report on a company.
The Q1FY23 performance was better than expected. Revenue went up by 15% y-o-y to Rs 782 crore, compared to our estimate of Rs 743 crore. Despite decline in staff cost and other expenses, OPM declined by 157 bps to 15.5% due to high input cost. Net profit went up by a tad over 10% to Rs. Our estimate was Rs 87 crores. Semi-conductor chip and electronics component supply chain disruptions are easing out. Going forward, we think this will boost revenue and earnings.
The outlook is positive.
We maintain a Buy rating on the stock with a revised price target. Improving growth prospects across end user industries, asset light business model, strong parentage, healthy balance sheet with cash and bank balance justify stock's premium valuation.
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