Bajaj Auto’s (BJAUT) Q3FY23 EBITDAM came in at 19.1% (up 180bps QoQ) vs our estimate of 18%. Combined effects of favourable currency rates (3% impact of QoQ USD/INR rate movement), higher spare sales, higher domestic 3W mix and falling input commodity prices drove gross margin (GM) expansion of 280bps QoQ with ASP increasing 7% QoQ.