Balkrishna Industries’ (BIL) Q3FY23 EBITDAM, adjusted for forex losses, came in at ~16%, ~400bps lower QoQ. EBITDAM decline was due to GM decline of ~430bps QoQ on the back of removal of surcharge on ASP of CIF exports by ~6%. This coincided with the usage of higher cost raw material inventory and gradual transition towards falling container contracts.