'
CIE
Automotive India hosted a conference call on May 3,
2024. In the conference call, company was represented by Mr. Ander Arenaza
Alvarez- CEO, Mr. K. Jayaprakash- CFO and Mr. Vikas Sinha- Sr. VP strategy.
Key
takeaways of the call
In India,
tractors sales during Q1 CY24 decreased by 15.1%, two wheelers sales increased
26.4%, MHCV sales decreased 15.8% and <6T vehicles (include Passenger
Vehicles, Utility Vehicles, Vans and Light Commercial Vehicles) went up by 6.6%
compared to Q1 CY23.
All
businesses in India are performing well especially light vehicles and two
wheelers. Management expect two-wheelers and light vehicle demand momentum to
continue in coming quarters. Tractor demand should recover from Q3 CY24.
In Q1 CY24,
the company reported positive one off from extra subsidy in CACIL of Rs 22
crore, approx. 1.5% points of non-recurrent EBITDA.
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