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Nirmal Bang Report
Suprajit Engineering Ltd.’s revenue was 3% lower than our estimate due to continued underperformance in the non-automotive segment. Ebitda came in 15.8% higher versus our estimate mainly on the back of higher gross margin, lower employee and other expenses.
Ebitda margin was 200 basis points higher than our estimate. Profit after tax was 10% lower versus our estimate despite higher Ebitda due to higher interest expense (2.5 times versus our estimate) and lower other income.
We maintain 'Accumulate' on Suprajit Engineering with a slightly higher target price of Rs 405, valuing it at 21 times September-25E earnings per share.
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