Mahindra CIE (MACA) has reported consolidated PAT of Rs2.2bn, up 34% YoY, in line with our estimate of Rs2.2bn, aided by revenue at Rs24.4bn, up 18% YoY, largely in line with our estimate of Rs24bn and EBITDAM at 15.6%, up 200bps YoY, 50bps ahead of our estimate in Q1CY23.