Full Year 2020 TVS Motor Company Ltd Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Gunjan Prithyani - JPMorgan Chase & Co, Research Division - Analyst : Just 2 questions. A couple of times you alluded that rural is clearly showing some signs of improvement. Have you seen anything in terms of inquiries for mopeds or the entry level bikes that are seeing some better uptick since the dealerships are now open? And secondly, there's also been lot of discussion around private ownership of vehicles gaining traction over shared or public. Is that an early feedback that you're getting from the dealerships, if you can share some thoughts around that?

Question: Gunjan Prithyani - JPMorgan Chase & Co, Research Division - Analyst : Okay. And second question on CapEx, which you shared, this INR 300 crores. In addition to this, what is going to be the subsidiary investment that you foresee, including, of course, the TVS Credit and some of the other stuff, what kind of outflow can be around those?

Question: Gunjan Prithyani - JPMorgan Chase & Co, Research Division - Analyst : Okay. One more question, if I can add on the margin front. I mean, if I look at this quarter, despite the low operating leverage, and I clearly understand that the impact of BS VI is largely reflected in terms of margins in this quarter. Is it fair to assume that given the cost initiatives that you're taking right now, the margin trajectory should improve in F '21 versus F '20?