Sona BLW’s (SONA) Q1FY24 EBITDA margin came in at 27.8% (up 70bps QoQ) driven by mix improvement (150bps lower mix of domestic e2W BLDC motors). Revenue at INR 7.3bn was 2% lower QoQ, with ~INR 0.25bn impact from lower e2W volumes due to FAME subsidy reduction.