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: Raghav Garg - Ambit Capital Pvt Ltd - Analyst
: I just have a few questions. One, I think you've partly answered in your previous question that I think the October month has been pretty
good. I just wanted to get some more definite color whether the vehicle utilization has improved in the month of October or so far in
November? What are some of the trends that you're seeing on the ground? That's my first question.
Unidentified Company Representative_1
Yeah. Vehicle utilization has been improving for the last 30, 40 days from the festival season, it started improving. But the best result will
come only from December because still it is raining in some part of the country, especially in South this is Tamil Nadu, which is rains come
LSEG STREETEVENTS | www.lseg.com | Contact Us
consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies.
NOVEMBER 07, 2025 / 4:30AM, CHLA.NS - Q2 2026 Cholamandalam Investment and Finance Company
Ltd Earnings Call
to the winter season. So therefore, the capacity utilization improves some market and in some market in the month of November. But
December is a month from there up to say April and May, June, the capacity utilization picks up.
So we are expecting that the further improvement will happen.
Question: Raghav Garg - Ambit Capital Pvt Ltd - Analyst
: Understood. Sir, another related question is, I think last quarter, you had highlighted that in your conversations with vehicle OEMs, they
were saying that volumes were below expectations. This was obviously before the GST cut happened. But after the GST cut, when you
converse with the vehicle OEMs, what are they indicating? Is there a pickup?
Or do you expect a substantial pickup in 2H in volumes?
Unidentified Company Representative_1
No, it has not been so far put. So the pickup, they are expecting in the second half because the commercial vehicle, as I mentioned, is
actually grew up by 4%, wherein the changes in the passenger vehicle (inaudible) a little better. And that is why I'm saying that the quarter
two to quarter three. The improvement will start coming from light and small commercial vehicle. And then after that, heavy commercial
vehicle.
As of now, for the commercial vehicle industry, they -- every -- all manufacture together they are expecting higher single-digit growth in this
in this year. So as of now, we are at 4% at the industry level. That might go up to, say, 7%, 8% by the end of this year.
LSEG STREETEVENTS | www.lseg.com | Contact Us
consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies.
NOVEMBER 07, 2025 / 4:30AM, CHLA.NS - Q2 2026 Cholamandalam Investment and Finance Company
Ltd Earnings Call
|
