There has been a significant jump in revenue share of CMS segment from 33% in Q2 FY23 to 55% IN Q2 FY24. The company has attributed to surge in profits to shift from low margin Prime segment to high margin Speciality and CMS segments. Sustainability of margin will depend on speed of progress from P-3 & Pre-Reg./Reg. to Commercial production.
On the valuation side, the stock still looks cheap at PE of 24.8. However the big operators may cause the price to dip in short or medium term.
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