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
: Could you also speak about -- I mean you spoke about demand recovery in rural. Has moped also seen a reasonable pickup given the exposure is
largely rural, if you can talk on that? And also secondly, this whole argument of personal mobility, how strong is that in your view? I mean is there
any internal analysis that you guys would have done? And is this a very significant demand driver?
Question: Gunjan Prithyani - JPMorgan Chase & Co, Research Division - Analyst
: Okay. Got it. Just if you can also share the CapEx and any number around the subsidiary investment that we are anticipating for this year, particularly
Question: Kumar Rakesh - BNP Paribas, Research Division - Analyst
: This is Kumar Rakesh from BNP Paribas Securities. My first question is around the repayment part of MCD, which you talked about that whatever
was raised during the quarter have been repaid. Now we don't have the cash flow, but I would understand that your operating cash flow during
the quarter before working capital would have been close to 0. So that means a large part of the funding would have to come from squeezing the
working capital. A good part of it could be from inventory, but that also implies that you would have drawn a lot from the receivables part. Something
which ties up with talks with dealers as well that the credit terms of TVS has definitely gotten more stricter. Do you think that we could be creating
a competitive disadvantage here when the dealers already are struggling financially? This additional working capital requirement could push them
further at a time when demand is not that great. And also I assume that Norton payment would also coming up, and that implies this stricter credit
terms could continue?
Question: Kumar Rakesh - BNP Paribas, Research Division - Analyst
: Right. Yes. No, definitely point taken on the lean inventory, but I was just...
Question: Kumar Rakesh - BNP Paribas, Research Division - Analyst
: Got it. And last quarter, you talked about that you're building strategy around Norton acquisition. Have you made any progress on that? Any update
you could share with us?
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JULY 29, 2020 / 11:30AM, TVSM.NS - Q1 2021 TVS Motor Company Ltd Earnings Call
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