Apollo Tyres’ (ATPY) Q4FY23 standalone EBITDA margin at 16% (up 300bps QoQ) was driven by 8% QoQ decline in raw material basket (RMB) costs, improved sales mix and cost controls. EU EBIDTA margin at ~18% was up 270bps QoQ driven by lower RM prices, decline in power/freight costs and further increase in mix of UHP/all-season tyres.