For Q3FY23, BIL reported revenue of INR 21,656 mn (+5.9% YoY/ -18.5% QoQ). For 9MFY23, revenue was INR 74,425 mn (+25.7% YoY). Sales volumes for Q3FY23 declined by 5.5% YoY/ 15.7% QoQ to 66,480 units. Volumes were impacted due to channel inventory correction in end markets. This has led to lower sales for BIL even as the end user demand has remained intact.