Voltamp Transformers (Voltamp) reported strong numbers in Q2FY24 with EBITDA growth of 48% YoY to INR 688mn led by 20% YoY revenue growth and a healthy EBITDA margin of 18% (+343bps YoY). PAT grew 49% YoY to INR 684mn. We believe strong growth in service business (+122% YoY at INR 228mn), EBITDA margin, net-cash status is likely to sustain in the future.