The operating margin before depreciation and amortisation (EBITDA margin) of the maker of Baleno and Brezza rose by 70 basis points sequentially to an 28-quarter high of 10.5% in the March quarter. This is the fourth quarter in a row when the margin has expanded sequentially. A mix of improved realization due to price increase, lower discount per car, better economies of scale on higher production, and cost control supported margin expansion for the company.
