Maruti Suzuki (MSIL) delivered yet another solid quarter with better than expected operational performance. Adj EBITDA margin expanded by 100bps QoQ to 16.9% (our est 16.2%) on the back of continued fx tailwinds, softening commodity prices and lower A&P; spends. Despite ~200bps QoQ increase in its market share to 46.8%, MSIL?s discount levels were relatively steady for the quarter.