Maruti Suzuki (MSIL) delivered slightly better than expected revenues ( 12% YoY to 168bn) in 3Q while the EBIDTA margin ( 47bps YoY, 14.8%) was in line with our est. EBITDA at Rs 24.9bn ( 16% YoY) was 3% above our estimates. APAT stood at Rs 17.4bn ( 48% YoY), boosted by margin expansion and higher other income (144% YoY, -27% QoQ) owing to revaluation of MF investment.