Very strong numbers posted by HBL.
Very strong growth in revenue. And the bigger highlight is the EBITDA margins improving from 11% to 16%. Management beating their own expectations 
A segmental view of the results of HBL power:
Sharp improvement in the margins of Industrial Battery division along with rev growth.
Electronics division growing rapidly on a smaller base.
Degrowth in rev of Defence and aviation battery. However the margin improved here as well.
Overall it was indeed a very strong quarter. The aggressive guidance published by the management earlier this year now looks like might be achievable.
Another update is ” The change in role is from Executive to Non-Executive Director. Mrs. Kavita Prasad Aluru (Daughter of MR AJ Prasad) expressed her intention to take a temporary break from executive role of the Company on completion of her current tenure on close of business hours on August 09, 2023.However, she continues to be a Non-Executive Director and member of various committees of the Board of Directors.” —-
The biggest challenge is no concalls done by the management. A better insight of the top management would have given a lot more confidence. This makes it very difficult to hold on the to the existing positions at these valuations.
DISC: Invested from very low levels. Have trimmed my positions recently.
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