Bharat Dynamics’ (BDL) Q3FY23 EBITDA was down 69% YoY (5% QoQ) at Rs889mn. Key highlights: i) EBITDA margin expanded to 19.3% in Q3FY23 (Q2FY23: 17.5%) and gross margin too remained healthy at 69.8%. ii) Higher R&D expenses in light of future opportunities resulted in spurt in ‘other expenses’.