The operating margin before depreciation and amortisation (EBITDA margin) for the maker of Pulsar and Dominar bikes expanded by 132 basis points year-on-year to 20.2% in the first quarter of FY25. It was on account of lower raw material costs, a richer product mix that increased average selling prices, and the benefit of production-linked incentives. It was the third consecutive quarter where the company reported above 20% margin.
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