Company Update : Syrma SGS Technology Ltd By Motilal Oswal Financial Services Ltd
Operating performance above our estimates
* Consolidated revenue grew 23% YoY to INR8.7b (est. INR10b) for the quarter.
* EBITDA margins expanded 360bp YoY to 9.1% (est.7%), led by gross margin expansion of 410bp YoY to 26.7%.
* EBITDA grew 2x YoY to INR791m (est. INR704m).
* Adjusted PAT grew 3.3x YoY to INR509m (est. INR367m).
* Auto/Consumer/Healthcare/Industrial/IT & Railways segments accounted for ~24%/31%/8%/31%/6% of total sales during 3QFY25.
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