TVS Motor’s (TVSL) Q3FY23 EBITDA margin at 10.1%, largely flat QoQ, was in line with our estimate. EBITDA per vehicle rose 5% QoQ to ~Rs7.5k led by: i) ~6% higher ASP QoQ due to ~1% blended price hike + favourable currency, and ii) higher mix (~200bps increase) of EV model iQube.