ZFCVCS (ZFI)’s operational performance was in-line with our estimate, with EBITDA at INR1.46bn versus our estimate of INR 1.5bn (+35% YoY). OEM/export/aftermarket segments’ revenues came in at INR 4.5bn/INR 3.2bn/INR 1.2bn, up ~29%/~23%/~15% YoY, driving overall revenue by 25% YoY.