Sona BLW’s (SONA) Q4FY23 EBITDA margin came in at 27.1% (flat QoQ) as the benefit of operating leverage led by 9% QoQ increase in revenue was offset by ~150bps QoQ decline in gross margin. Company recorded its highest quarterly revenue at Rs7.4bn driven by increase in EV orders, as BEV revenue grew 37% YoY to Rs2bn, resulting in revenue mix of 28%.