Tatva Chintan’s Q4FY22 revenue declined 9.3% YoY and was 11% below our estimates on higher dip in SDA revenue. However, gross margin expansion of 280bps QoQ, despite inferior revenue mix, was a positive surprise. It anticipates SDA revival only in H2FY23, and has guided for flattish revenue for FY23. However, we expect an upside risk if auto production normalises, and benefits from pent-up demand and large inventory get liquidated.