Maruti Suzuki’s (MSIL) Q4FY23 EBITDA margin at 10.5% was in line with consensus estimate at 10.6%, up 138bps YoY, up 70bps QoQ. Despite volume increasing 11% QoQ, unfavourable mix (higher mix of Toyota and SMG) impacted GM by 60bps QoQ, partly negating the 130bps QoQ benefit from operating leverage.