M+S Hydraulic reported Mar’23 sales of BGN 22m (+22.5% YoY), in line with management's expectations. Pre-tax earnings for the month increased 47.5% YoY to BGN 4.7m, where monthly EBT margin gained 3.6 p.p. YoY to 21.3%. Q1’23 sales were BGN 63.6m, up 28.5% YoY, while pre-tax earnings for the period surged 59.1% YoY and reached BGN 13.3m on a margin of 20.9% (+4 p.p. YoY). Management forecasts Apr’23 revenue of BGN 19.6m (+19.3% YoY), which would result in 26.2% YoY growth of the YTD sales to BGN 83.2m.