Consol. revenue grew 27% YoY to INR20b (est. of INR16.6b), driven by strong volume growth in India/Europe and INR depreciation. EBITDA increased ~37% YoY to INR2.6b (est. of INR2.3b), with the margin of 13% missing our estimate of 13.7% due to absorption of higher RM costs in the EU (to be passed on subsequently). PBT grew ~62% YoY to INR1.9b (est. of INR1.4b). India business revenue grew ~26% YoY (17% QoQ) to INR8.3b, driven by strong growth in the BFL, castings, forgings and gears divisions. EBITDA increased ~50% YoY (+41% QoQ) to INR1.1b, with the margin expanding 220bp YoY (+240bp QoQ) to 13.9%, led by a favourable mix and operating leverage. PBT grew 88% YoY (+138% QoQ) to INR967m, also benefiting from ~INR107m of FX gain at BFL Mexico.