Samvardhana Motherson International’s (SAMIL) Q1FY24 EBITDAM at 8.6% (down 40bps QoQ) exceeded 8.5% for the second successive quarter. This was driven by improving operating leverage, price hikes coming with lag to pass on inflation, and commodity tailwinds seeping through. Consolidated revenue was up by an impressive 28% YoY driven by 25%+ growth across key segments, with the large-ticket M&As yet to reflect in the numbers.