ABB India (ABB) continued with its impressive performance in Q4CY22, ahead of our and street estimates. Revenue grew 16% YoY to ~Rs24.3bn (I-Sec: Rs23bn) led by growth across all segments due to higher peneteration in Tier-3 & 4 markets. EBITDA margin expanded by 620bps YoY to 15% led by 1) improved volumes, (2) better segmental product mix, (3) supply-chain improvements and 4) forex gain of Rs306mn.