Maruti Suzuki (MSIL) reported EBITDA margin of 12.9%, up 370bps QoQ in Q2FY24, higher than consensus estimate of ~11%, driven by gross margin improvement of ~220bps (due to superior product mix) and operating leverage. ASP was up 3% QoQ at ~INR 670k/unit with blended discount up ~INR 1.5k/unit QoQ (INR 17.7k/unit).