TVS Motor’s (TVSL) Q4FY23 EBITDA margin at 10.3% (up 22bps QoQ) was in line with consensus estimates. EBITDA per vehicle rose 4% QoQ to Rs7.8k led by: i) ~2% higher ASP due to 1% blended price hike taken, and ii) better mix due to higher share of premium models and iQube.