We remain positive on Syrma as (1) there is strong growth in order book (Rs30bn at end of Mar’23 vs Rs21bn at end of Dec’22) which indicates strong revenue visibility in FY24, (2) margins have likely bottomed out in FY23. The company will likely benefit from lower input prices and operating leverage in FY24 and (3) we also model healthcare segment to report revival in H2FY24.