Honeywell Automation India’s (HAIL) Q4FY23 revenues at Rs8.5bn (up 27% YoY, down 16% QoQ) marginally exceeded our estimate of Rs8.1bn. EBITDA was up 59% YoY to Rs1.4bn. EBITDA margin, at 16.3% (up 327bps YoY), was higher than our estimate due to 91bps YoY improvement in gross margin and positive operating leverage.