Maruti Suzuki's (MSIL) Q2FY16 performance was broadly in line with our estimates. Company delivered strong performance with second highest operating margins - EBIDTA margin at 16.3%, up 385 bps YoY and flat QoQ. Its Revenue/EBIDTA/PAT grew 13.1%/48.1%/42.1% YoY and 3.8%/3.7%/2.7% QoQ as against our estimate of Rs 139.1bn/22.6bn/12.5bn in Q2FY16. Company's performance was broadly benefitted by favorable currency lowering raw material cost coupled with better product mix.