Balkrishna Industries (BKT) adj EBITDA at Rs 2.7bn (4% YoY) was ahead of expectations, as gross margin expansion (740bps YoY to 60.5%) offset the 15% YoY net sales decline. BKT?s volumes/net ASP dropped 8/7% YoY. Gross profit/kg expanded (6% YoY) as RM prices remained soft.