TVS Motor Company’s (TVSL) Q1FY24 EBITDA margin at 10.6% (up 60bps QoQ) was in line with consensus and our estimate. EBITDA per vehicle and ASP per vehicle rose to new highs of INR 8k / INR 75.7k respectively. TVSL is confident of reaching sales of ~25k units of iQube per month starting next month with increase in the number of customer touch points and adding new export markets.