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: Aditya S. Makharia - HDFC Securities Limited, Research Division - Analyst
: Yes, sir, congratulations on entering the premium segment. I think it's almost been a decade since we've come out with such a good lineup. Is there
any market share targets we're looking at specifically for our bikes given that we have such a vast network on the premium side?
Question: Aditya S. Makharia - HDFC Securities Limited, Research Division - Analyst
: Okay. And sir, just one question on this whole debate around e-carb and FI for the entry bikes, so servicing of FI is supposed to be more expensive
Question: Gunjan Prithyani - JPMorgan Chase & Co, Research Division - Analyst
: Just shifting the discussion a bit to the margin. There is -- on a sequential basis, if I see, there's been a margin decline. Now I understand this is a
bit of an ad hoc quarter, but if you can just give some color on how much of this drag is due to inventory adjustment? How much is it because of
BS VI? Any color around how we should be thinking about gross margins given that it's seen BS VI transition already now?
Question: Gunjan Prithyani - JPMorgan Chase & Co, Research Division - Analyst
: So just to -- so that I'm clear on this, what you're implying is that if the EBITDA margin of this 12% is more a normalized margin under BS VI and
from here on, it is more going to be about the operating leverage. Is that understanding correct?
Question: Gunjan Prithyani - JPMorgan Chase & Co, Research Division - Analyst
: Okay. Got it. The second question is around the demand side. Now clearly, the momentum that you're talking about is quite encouraging. Is there
any sense that you can provide on this personal mobility and pent-up demand? What is really the key driver? I mean are you -- from the perspective,
when you're seeing the incremental demand in -- let's say, in the month of August, are you seeing demand tapering off or you seeing the momentum
sustain and personal mobility is a greater driver than what -- than the pent-up demand? I'm just trying to get more color on the demand, sir.
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