The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Gunjan Prithyani - JPMorgan Chase & Co, Research Division - Analyst
: Your working capital seems to have moved up. Looking at the debtor days, it has moved up meaningfully. From what we understand last time,
also you had mentioned you didn't have much channel inventory. Can you all just explain why has the working capital moved up so meaningfully
within the quarter?
Question: Gunjan Prithyani - JPMorgan Chase & Co, Research Division - Analyst
: Okay. And is there -- I mean this is -- because if I look at the break up of inventory, the view hasn't moved that much, it's more to do with the
receivable days. So is there anything to read with the inventory that's with the dealers that's higher than normal? Or you've extended the normal
credit or...
Question: Gunjan Prithyani - JPMorgan Chase & Co, Research Division - Analyst
: But sir, for this quarter, domestic market, we had a marginal growth, a marginal de-growth. On the retail side, would the number be very significantly
different? If you can give any sense on how the retail growth would have panned for the quarter?
Question: Gunjan Prithyani - JPMorgan Chase & Co, Research Division - Analyst
: Okay. And second question I had on the margin and now, of course, you've -- so we've delivered slight margin improvement this year, but we really
had a good year in terms of volume growth, in terms of market share gain. Now looking at next year, your guidance itself, it says that you're looking
at very marginal growth for the industry for full year. There is going to be fairly high competitive pressure for inventory correction, even in second
half ahead of BS VI. Is it fair to assume that the margin improvement gets deferred more because next year is likely to be even more challenging
than what we saw this year?
Question: Gunjan Prithyani - JPMorgan Chase & Co, Research Division - Analyst
: Okay. And last, just one more question on the...
Question: Gunjan Prithyani - JPMorgan Chase & Co, Research Division - Analyst
: Okay. And this export is not dilutive to margin in terms of mix right?
Question: Bharat Gianani - Sharekhan Limited, Research Division - Analyst
: Just a follow-up on the previous question asked about the moped transmission to -- from BS IV to BS VI. So if we understand the cost increase for
the moped would be...
Question: Bharat Gianani - Sharekhan Limited, Research Division - Analyst
: So is it better now?
Question: Bharat Gianani - Sharekhan Limited, Research Division - Analyst
: So sir, just on the transmission for the moped from BS IV to BS VI, so the cost increase is expected to be very steep if you compare to the other
two-wheelers, given the smaller sizes, ticket sizes, of how moped. So how do you see the impact of that on the moped volumes? Because since
you are the only -- clear Indian moped segment, so if you can just elaborate and throw some light what kind of volume is expected post that
transition from BS IV to BS VI?
Question: Abhishek Kumar Jain - Dolat Capital Market Private Limited, Research Division - Analyst
: Just I wanted to check the rural versus urban mix in total volume. And I just wanted to understand that how much dealership have you added in
the last one year?
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APRIL 30, 2019 / 11:00AM, TVSM.NS - Full Year 2019 TVS Motor Company Ltd Earnings Call
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