Q. In terms of M&HCVs, how was the market in FY2020-21?
A. The M&HCV segment registered a 58 per cent decline in the Total Industry Volume (TIV) in April-November period of the financial year 2020-21 as compared to the corresponding period in the last financial year. The government mandated lockdowns provided limited business opportunity in the first quarter of FY2020-21. An amount of recovery was visible in the second quarter of FY2020-21. The month of November 2020 saw the M&HCV TIV register a positive growth in comparison to the volumes in the corresponding month last fiscal. This was largely due to the return of traction in construction trucks. The overall TIV growth in construction truck business (led by the announcement of new road construction and mining projects) reached 43 per cent by November 2020. Rapid expansion of e-commerce logistics too helped. It also contributed to the return of traction in Q2. Haulage requirements for white goods, FMCG, etc., were the factors as well.
Q. Any rub-off of the last financial year that led to consequences in the current financial year?
A. With the pre-buying of BSIV CVs in the period between December 2019 and February 2020, a sluggish demand in the Q1 of FY2020-21 was expected. A clear road map concerning the transition from BSIV to BSVI led to a sequential reduction in BSIV vehicle production in late 2019 and early 2020. This was followed by a de-stocking plan and the transition to BSVI inventory at the dealership level. The Covid induced lockdown and uncertainties further impacted volumes in Q1 of FY2020-21. With the deployment of the business continuity plan and rampup of BSVI vehicle production since June 2020, a steady recovery in volumes and market share is underway.
Q. Covid-19 was a big factor and continues to be even today. How did it affect the M&HCV market this year?
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