Syrma maintained strong revenue growth of 52.4% YoY led by robust growth in Auto, Consumer and Industrial segments. However, Healthcare segment continued to disappoint with 37.5% YoY revenue decline. While the EBITDA margin contracted 305bps YoY, we note there are margin tailwinds in H2FY24-25 such as (1) acquisition of Johari, (2) simplification of group structure and synergy benefits, (3) operating leverage and (4) revival of Healthcare segment in FY25.