Questions across 2 calls

Amyn Pirani

JPMorgan Chase

Ashok Leyland Limited

Ashok Leyland Limited CC-Mar25.pdf · 2025-05-23

My first question was actually on your margin expansion that you've been able to achieve over the last 2 years. So like even Balaji, was mentioning, over the last 2 years, specifically, if I look at your raw material, on an absolute basis, your raw material per vehicle, p er unit has actually come down. So is there any specific measures that you have taken to reduce that? Or is it just a function of mix? Because obviously, other expenses have moved up because of lack of operating leverage. But in raw material, you seem to have actually brought it down on an absolute basis also? So if you can highlight something there, that will be really helpful.

Okay. That's helpful. And secondly, this year, we've also seen a very sharp reduction in working capital. So again, if you can shed some light, is there some temporary one-offs which are helping us? Or is this the new normal for working capital? Because from a slight positive working capital days, we've gone to a significantly negative working capital days? So some help there would be helpful?

Bajaj Auto Limited

Bajaj Auto Limited CC-Dec24.pdf · 2025-01-28

Thanks for the opportunity. My question is on the domestic 2-wheeler volumes and market share. Now if we look at the VAHAN share and since that is the focus, it appears that if I look at your ICE volumes, it's broadly been flattish vis -a-vis a growth in the industry. And because in VAHAN, we can't look at segments, so you obviously have a better idea than we do. Is that mostly on account of say some voluntary decline in volumes on the entry level motorcycle side? And going forward now that is out of the way we should get to this 5%, 6%, 7% kind of a growth rate in your ICE motorcycle retail growth. Is that how we should look at it?

Sure. That's very helpful. And just second question on the OBD 2B point that you mentioned. Broadly speaking, the price rise required would be quite substantial because we've seen one of the large global competitors in this space, having increased prices quite substantially across a lot of their models. Now part of it is OBD 2B . But on an average basis, how much of a price hike would one need to take model to model like-to-like?