M&M Q4 Preview: Profit likely to rise up to 38% YoY; EBITDA margins may contract

Auto segment revenues increased 32% year-on-year, led by volumes and ASP. FES revenues to increase 24% YoY on 23% YoY increase in volumes and flat ASPs. Overall EBITDA margin to improve 20 bps QoQ to 13.2% on price hikes, offset by weak mix.