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: Gaurav Khandelwal - Mirae Assets Global Investments LLC - Analyst
: Sir, just 1 question from my side to begin with. How much was creditors' unwinding in the quarter that has happened?
Question: Gaurav Khandelwal - Mirae Assets Global Investments LLC - Analyst
: And ideally, this -- as the production ramps up, let's say, if you are expecting by Q4, if the production ramps up, this amount should reverse in the
next 3 quarters. I mean, ideally, this is the right way to look at, right?
Question: Gaurav Khandelwal - Mirae Assets Global Investments LLC - Analyst
: So the debt to our -- to that extent will also reduce by INR 1,400 crores?
Question: Gaurav Khandelwal - Mirae Assets Global Investments LLC - Analyst
: So debt, to that extent, just because of creditor unwinding will also reduce by INR 1,400 crores, right?
Question: Gaurav Khandelwal - Mirae Assets Global Investments LLC - Analyst
: Okay. That's...
Question: Gaurav Khandelwal - Mirae Assets Global Investments LLC - Analyst
: Okay. Okay. And sir, any movement in ICD account during the quarter?
Question: Gaurav Khandelwal - Mirae Assets Global Investments LLC - Analyst
: So the ICD on Q1 -- in the quarter has reduced by INR 600 crores? I mean from INR 1,000-odd crores to...
Question: Gaurav Khandelwal - Mirae Assets Global Investments LLC - Analyst
: Okay. Yes, yes. That's helpful, sir. And sir, just last question...
Question: Gaurav Khandelwal - Mirae Assets Global Investments LLC - Analyst
: Okay. Okay. And sir, just last question for my side...
Question: Gunjan Prithyani - JPMorgan Chase & Co, Research Division - Analyst
: I just had 2 follow-ups. Sir, if you can just clarify on the Leyland Finance that you mentioned that incrementally there has been no commitment,
but this Everstone stake conclusion has happened in this quarter?
Question: Gunjan Prithyani - JPMorgan Chase & Co, Research Division - Analyst
: Yes, sir. That's -- now that transaction is fully complete, right?
Question: Gunjan Prithyani - JPMorgan Chase & Co, Research Division - Analyst
: Okay. Got it. Now secondly, on the -- for this quarter, I'm just trying to understand this gross margin change that has come full quarter-on-quarter.
Is there you can share how much was the spares revenue? Or there is a mix change that we should be looking at in terms of modeling the rest of
the year, because it just seems a very steep move on the margins at the gross margin level?
Question: Gunjan Prithyani - JPMorgan Chase & Co, Research Division - Analyst
: Sir, I'm just looking at the RM to sales ratio. Of course, this is a slightly ad hoc quarter to look at, but I'm just wondering if we project out RM to sales
versus the Q4 exit of last year, how should we be thinking about it because there is BS-VI, of course, which will not -- which may not be incrementally
additive on the gross margin. You will see some impact of that in terms of gross margins coming down. So any insights you can give in understanding
how should we project this gross margin...
Question: Gunjan Prithyani - JPMorgan Chase & Co, Research Division - Analyst
: Okay. But it's not in entirety.
Question: Gunjan Prithyani - JPMorgan Chase & Co, Research Division - Analyst
: There is still some cost absorption which has happened?
Question: Gunjan Prithyani - JPMorgan Chase & Co, Research Division - Analyst
: Sir, can you share the mix or the revenues that gives us a better perspective? If you can share spares revenue and the non-CV business revenue?
Question: Gunjan Prithyani - JPMorgan Chase & Co, Research Division - Analyst
: Okay. Got it. And just last question on this...
Question: Gunjan Prithyani - JPMorgan Chase & Co, Research Division - Analyst
: Just very quick, on the LCV expansion, is there a timeline that you've shared, if I missed it? When do we see that portfolio being rolled out?
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AUGUST 13, 2020 / 5:30AM, ASOK.NS - Q1 2021 Ashok Leyland Ltd Earnings Call
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