Motherson Sumi Wiring India’s (MSWIL) Q4FY23 EBITDAM at 11.2% was up 62bps QoQ, driven by operating leverage with revenues rising 11% QoQ. Gross margin surprised negatively with ~260bps QoQ decline (lowest since MSWIL got demerged) due to a combination of change in mix, copper price fluctuations, adverse currency hedges, etc.