Favorable mix drives realization growth of ~4% QoQ: Net sales increased25.7% YoY (-3.2% QoQ) to INR63.7b (est. of INR62.1b), as volume grew 17.6%YoY (-6.5% QoQ). Realization improved by 3.6% QoQ (+6.9% YoY) to INR63.6k(est. of INR62k) due to a favorable mix (higher share of 3W, exports). EBITDA margin miss led by higher CSR, one-time expense: EBITDA grew 18%YoY to INR12.3b (in-line), implying an EBITDA margin of 19.3% (-130bp YoY, -40bp QoQ; est. of 20%). Higher CSR spend (INR280m) and one-time expense related to new SAP licenses (INR200m) resulted in higher-than-estimate do the rexpense, driving an operating performance miss. Lower other income (due to MTM loss of INR800m) and consequently a higher tax rate (31% v/s est. of29%) restricted PAT to INR9.5b (+3% YoY, -14% QoQ; est. of INR10.5b)