CIE Automotive India’s (CAIL) Q3CY23 consolidated PAT of INR 1.9bn was down 13% QoQ, and lower than our estimate of INR 2.2bn. This was driven by ~80bps QoQ decrease in EBITDAM, at 15.2%, higher interest expense and 200bps higher tax rate. EU revenue declined 15% QoQ to INR 7.3bn due to a slowdown in Metalcastello, and is expected to improve.