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Operating performance above estimates

* 3QFY25 consolidated revenue grew 31% YoY to INR2.8b (in line), aided by 39% YoY growth in US business (to INR1.6b).

* Industrial segment grew by 4.1x YoY, followed by 32%/29% growth in Mobility/Clean Energy segments. Communication/Medical segments were down 63%/15% YoY.

* EBITDA margin expanded by 460bp to 12.3% (est. 11.5%), largely led by lower employee costs as a percentage of sales (down 370bp to 17.6% vs. 21.3% in 3QFY24). Gross margin expanded by 30bp YoY to 37.3%.

* EBITDA jumped 2.1x YoY to INR346m (est. INR322m).

* Adj. PAT surged 3.6x YoY to INR240m (est. INR202m).

* The order book grew 25% YoY to INR16b.

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