Hi, good evening, sir. Congratulations on the strong performance. Just one clarification before I ask the question. So, this quarter's raw material to sales, does it include any element of reversal? Did I understand that correct? And what is the nature of that?
Okay. So sustainable margins, if one has to see, one has to adjust for that 60 basis points. Is that the right way to look at it?
Just one question on the raw material sales. This quarter, we saw almost 140 basis points of drop in discounts. And we also raised prices by 50 basis points or thereabouts. And I think forex would also be favourable or it is not negative. So in that context, if you could help us understand why the raw material to sales has actually increased slightly on a quarter-to-quarter basis?
I understand that sir, but your discount drop is quite significant, right? It's almost 140 basis points, and you took up price increase also by 50 basis points. I mean there was a tailwind of nearly 200 basis points.
Hi, sir. Could you talk about the various elements or how much was the benefit from each of the elements for the margin, like forex, commodity, and cost reduction, if you compared to Q1? 6 | P a g e
Sure, sir. Very helpful. And how should we think about the interplay between margins and the market share from here on? Also, if you could talk about the breakdown for the pending orders between some of the key models, how many pending orders are there, and what is the normalized level of pending orders that we used to carry pre- COVID? Did it used to be about one and a half months, one month? Are there models where you need to raise production, or the current supply is sufficient?
I just wanted to ask you r thought on growth rate that you expect or the output that you expect for both MHCV and LCV for this year. Now, some of the headwinds which were there, as you mentioned, are out of the way. So, has the demand environment improved? And also how is the pricing environment? So, that was the first question.
That’s great to hear. Second, I just wanted to also check on electric vehicles. You mentioned there is a strong response to the new launch. So, if you could elaborate a little bit like what is the viability of electric vehicles in LCVs that you are observing, what type of customers, what are the customers saying on adoption of electric vehicles in LCVs. Also, if you can talk of some roadmap of approval under PLI and what is the profitability of electric vehicles at this point of time.
Sir wanted to ask you regarding the industry outlook. One of the things is that the base in the first couple of months was also low last year. So, when you're talking of strong growth, are you talking for Ashok Leyland or you're talking for the industry as well where you think and any indication do you think we could be somewhere close to high single digit , double digit somewhere in that bank for the full year?
Thanks sir. That is very helpful and encouraging to hear. Also, if you could talk about the fact that we've achieved close to 14% margin this quarter and full year we are at 12%, do you think there is headroom here to keep improving margins over next couple of years as well through the same ways as we have been doing in last maybe one to two years, any broad perspective ? Do you think because we talked of mid-teens kind of margin as the aspiration. So, just your thoughts on how things are evolving. Any comments on commodity outlook and pricing environment and discounts as well please?
Thank you. Good evening and congratulations to the management for continued strong performance. I first had a question on electric 2-wheelers. I noticed that Chetak volumes have been ramping up quite fast. And one could say that pricing has become more affordable and that has helped, but competitors have also reduced pricing and some of them actually selling lower than your pricing. And yet, Chetak has been gaining share. So, if you could help us understand what has been going right? And do you think there is potential to further rise up in the leader board to potentially number two position sometime this year with the new affo rdable model or any volume aspirations by the end of the year that you would like to share?
Sure, sir. And if you could also comment on the profitability of electric vehicles, two-wheelers. I think we have already talked about three-wheelers. So, on two-wheelers because we have seen significant pricing change and maybe costs have also changed. And if you could also talk about how much PLI we are accruing? So, this is one part. The other part is we have also launched CNG technology here. So , do you think that in certain cases, CNG may be more viable, for example, in motorcycles than the electric vehicles or maybe you think CNG is viable in scooters as well ? What is the product pipeline on CNG? Will you gauge performance and then look at more products or there are already more products in the pipeline?
Hi, good evening. On Triumph, I wanted to check what are the volume targets here and the 100 cities that you're trying to reach by Q4, what percentage of the market would they cover?
And on the volume target, what is the aspiration to reach by end of the year or next year?
My apologies, could you please repeat the growth rates for 4-wheeler and 2-wheeler replacement and OEMs for this quarter?
And sir, what would be the mix of auto and industrial revenues now?
Congratulations on a very strong quarter. Just one clarification on -- there is some onetime items here that are mentioned for Q4 EBITDA. If you could just help us understand, there is INR197 crores contributed by customers towards forex and also INR69 crores of forex gain. So, I just want to understand these are accounted for in which line item and which business division it represents? And this is for which period? And also, if you can give some colour, is there is -- is this for the full year FY'24? Or there can be more such claims which we may realize...
Can I just ask, for the -- this is for the Q4 FY'24, is this reflecting in the profit after tax? I believe you're referring to the full year.
I just wanted your thoughts on EVs in terms of the operating environment and also profitability. On one side, we are seeing a drop in costs. At the other side, we are also seeing market pressures. So how is your profitability evolved through the year? Is it on an improving trend? Is it steady? If you could give some colour?
Understood. Sir, you are also observing the customer behaviour very closely. Just wanted your view like over the next, let's say, 5 years, do you see a point where ICE scooters as the market starts to decline, and it starts shifting to EVs? Or do you think even in 5 years, both EVs and ICE scooters will continue to grow.
I’ll just start with the performance for festive season. You mentioned that in the Dussehra season you have grown ahead of the industry. Can you just tell us what would be the industry growth in your estimate and how much has TVS grown during the Dussehra season?
Just on the cost side, we have seen a good improvement in raw material to sales, but at the same time we have seen strong growth in other expenses as well. So, if you could just call out what’s going on there, and what is the cost outlook as we look forward or any pricing changes?
Just wanted to confirm the reach for Harley, Karizma and Mavrick, what is it currently in terms of number of stores and where will it get to?
So, Karizma and Mavrick are being sold through Hero 2.0 and Harley is being sold through Premia and exclusive Harley dealerships, is that correct?
Hi, good morning sir. My first question is on, you talked about the fact that we will now be using the margin shape to fuel our growth in future. So, if you could just elaborate how you are thinking about this, what is going to be the strategy? Should we expect 100 to 200 basis points kind of investments to fuel growth and particularly for EVs, what we noticed is that there has been some discounting in the industry recently , so just to industry specific comment, is that you are noticing that demand for EVs have softened or is it that the profitability with these discounting is coming under pressure? So, just some color on that.
Yeah, hi Sir. Just a follow up. You had talked about launching products in the affordable and mid segments, just curious to understand how do you define these segments in terms of price points?
Good morning sir and festive greetings to you and the team. I just wanted your thoughts on the evolution of industry in the 100cc and 125cc segments. Are you thinking structurally the growth for 125cc will continue to remain higher, and how are you planning for your product cycle or do you think 100 cc segment which is shrunk quite a bit could make a strong comeback, and we can talk about next two to three-year kind of outlook here.
Sure, thanks for the detailed answer. Second, I just wanted to check on margins. Now last quarter, we mentioned that there was kind of 70 b ps drag and ICE margins were higher at about 14.5%. I just wanted color if you could you give us an update where are the ICE margins right now and what I am trying to understand is as we move forward and we ramp up EVs, how would the margin evolution look like . Do you think that can cause some drag on the margins or you have enough levers in terms of operating leverage and cost reduction for EVs where this drag will not be there? Just some direction over there would be helpful.
Good evening, sir. Congratulations on a strong performance. Firstly, I wanted to check, when you look at the new orders that are coming for the next one or two years, there will be good visibility. Is the content for vehicles still continuing to rise at the same pace? More of a qualitative kind of view you can give and some of the features, etcetera, which you are seeing, could build upon where we are today?
Sure, sir. The question was from a wiring harness perspective only, you know, in terms of feature addition, that, if you are seeing continuous, when you look at the model cycles for the next one or two years. That is what I was actually asking?
Congratulations on a strong performance for the quarter. My first question is on EV orders. This INR 300 crores orders, which you could talk about what is the profile of customers here? Are these leading 2 -wheeler or 3-wheeler companies? And what is also the type of products mainly where these orders have come from?
Sir, is it possible to share some details like which segments they ar e in this? Which...