Eicher Motors’ (EIM) Q3FY23 EBITDA margin at 23.9% was up 20bps QoQ, with gross margin (GM) expanding 20bps QoQ despite this being the first full quarter witnessing sales of the newly-launched, lower-priced, model Hunter. 7% QoQ higher volumes with 1% contraction in ASP helped RE deliver 6% QoQ revenue growth and support EBITDAM in terms of operating leverage.