Mumbai, June 6 -- Crisil Ratings stated that the rating continues to reflect the strong business and financial risk profiles of the group, with compound annual growth rate of 24% in revenue in the three fiscals through 2025, driven by continuous in-house research and development (R&D), new service offerings, penetration into new geographies and regular addition of customers as well as increase in order flow from existing customers.

Focus on larger customers with bigger orders, continuous development and innovation in products and increasing overseas sales in new geographies will lead to revenue growth over the medium term. Earnings before interest, tax, depreciation and amortisation (EBITDA) margin is expected to remain healthy at around...