Eicher Motors Limited · NSE:EICHERMOT
Eicher Motors — Investor Presentation (August 2020)
76 slides from Eicher Motors's investor presentation, Aug 13, 2020
Slide 1: Exchange disclosure cover letter
August 13, 2020 Online intimation/submission The Secretary The Secretary BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, 5th Floor, Plot No. C/1, Dalal Street, G Block, Bandra Kurla Complex, Bandra (E), Mumbai - 400 001 Mumbai - 400 051 Security Code:
Slide 2: Investors Presentation August 2020
5/20/2020 Investors Presentation a August 2020
Slide 3: Contents
Contents 1 EICHER MOTORS LIMITED – OVERVIEW 2 ROYAL ENFIELD 3 VE COMMERCIAL VEHICLES 4 FINANCIALS 5 APPENDIX Note: The Company followed “January-December” as its reporting year till December 2014. The Board of Directors in its meeting held on February 13, 2015 decided to align the reporting year of
Slide 4: Eicher Motors Limited Overview
Eicher Motors Limited OVERVIEW INVESTOR PRESENTATION August 2020 3
Slide 5: Key Milestones
Key Milestones India’s first Royal Enfield Enters heavy Forms JV* with AB Volvo Shutdown of tractor rolls out motorcycles duty trucks of Sweden; transfers operations of of Eicher factory acquired segment commercial vehicle Eicher Polaris in Faridabad business to the JV* 1959 1984 1991 1993 2002 2005
Slide 6: Shareholding Pattern (30th June 2020)
Shareholding Pattern (30th June 2020) Domestic Promoter Group Foreign Institutional Others Institutional Investors Investors 49.28% 26.95% 11.94% 11.83% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Eicher Motors Limited (EML) Volvo Group Business Unit 45.6% 54.4% Royal Enfield (RE) VE Commercial Vehi
Slide 7: Eicher Management Philosophy
Eicher Management Philosophy Break-through emerging Established Corporate Strong Values market business model Governance ▪ An evolved business model with ▪ Fully empowered management ▪ Corporate conduct rooted in 50+ years of experience in teams highest standards of ethics, automotive space in India
Slide 8: Board
Board Eicher Motors Limited VE Commercial Vehicles S Sandilya Siddhartha Lal Chairman- Non-Executive Chairman and Independent Director Vinod K. Aggarwal Siddhartha Lal Managing Director and Managing Director CEO Jan Gurander Vinod K. Dasari Director Whole Time Director and CEO - Royal Enfield Joachi
Slide 9: Business Highlights – FY 2019-20
Business Highlights – FY 2019-20^ Debt 0 698,216 26.6% 24.3% 29.5% EML continues Motorcycles sold Royal Enfield’s Royal Enfield’s VE Commercial to be Net debt in FY20, ~13x in market share in EBITDA margin Vehicles market freeand company last 9 years the mid-size in FY20, industry share in domestic
Slide 10: Royal Enfield
INVESTOR PRESENTATION August 2020 9
Slide 11: Our Vision is to be a Global Motorcycling Brand
Our Vision is to be a Global Motorcycling Brand Our goal continues to be to catalyse and lead the global mid-size motorcycle market by making amazing and aspirational motorcycles that are still accessible, and a world of deeply engaging and frictionless experiences delivered by us, our partners, and
Slide 12: Launch of Classic in 2009 was an Inflection Point
Launch of “Classic” in 2009 was an Inflection Point Launch of Launch of Launch of “650 Twins” “Himalayan” Launch of new “Thunderbird” and “Continental GT” “Apparel and Accessories” 900 820 824 Thousands Transition of all models to “UCE” 698 666 600 508 Launch of “Classic” 303 300 178 53 113 52 75 33
Slide 13: Financial Highlights – Eicher Motors Ltd. (Standalone)
Financial Highlights – Eicher Motors Ltd. (Standalone) All figures are for Eicher Motors Limited Standalone (in Rs. Crs unless specified) Sales Volume Market Share* (India) Total Revenue (in Thousands) Total revenue from operations (net of excise duty) 29.6% 27.0% 26.6% 24.0% 24.9% 22.3% 2,353 182 7
Slide 14: Product Portfolio – Motorcycles
Product Portfolio – Motorcycles Royal Enfield range of motorcycles is able to address a unique mix of appeals – from its traditional customer base to urban, aspiration-driven youth Continental Interceptor Bullet Classic Thunderbird Himalayan GT 650 650 ▪ Longest ▪ Sense of ▪ Definitive ▪ Purpose-bui
Slide 15: More Choices with the launch of Variants of Bullet 350 and Classic 350
More Choices with the launch of Variants of Bullet 350 and Classic 350 New colour ways with contemporary Blacked out theme New Variant of Classic 350 New Variant of Bullet 350 ▪ Launched in two new colours - Pure Black ▪ Launched in six new colours - Silver, and Mercury Silver Sapphire Blue, Onyx Bl
Slide 16: Launch of BS VI Compliant Motorcycles
Launch of BS VI Compliant Motorcycles Lowered servicing cost by extending warranty and roadside assistance to 3 years Enhanced riding experience Classic 350 BS VI Himalayan BS VI ▪ First motorcycle under the Unit ▪ Himalayan BS VI comes with Switchable ABS Construction Engine (UCE) platform to that
Slide 17: Make Your Own - Personalization of Motorcycles
Make Your Own - Personalization of Motorcycles with Factory Fitted Accessories Customisation and personalisation at the “Make Your Own”, a first-of-its-kind initiative allowing a buyer core of a ‘Pure Motorcycling’ experience custom build a motorcycle with choice of accessories at the time of bookin
Slide 18: Make your own - Digital Configurator
Make your own - Digital Configurator Customer can customize his motorcycle on an in- store tablet and place the order directly to the manufacturing plant Real time updates via email notification sent to customer at each stage of enquiry, booking, dispatch and delivery INVESTOR PRESENTATION August 20
Slide 19: Integrated Product Development Capabilities across UK and India
Integrated Product Development Capabilities across UK and India UK New Product Chennai Introduction (NPI) framework in place to develop best-in-class products in a minimal timeframe Next five year product pipeline in place ▪ UK Tech Centre at Bruntingthorpe, a hub for the ▪ The Chennai facility has
Slide 20: Solutions Business - Opportunity
Solutions Business - Opportunity Provide frictionless experience for RE Riders Explore new revenue / profit pool from adjacencies In Store Opportunity In Use Opportunity Spares Annual Maintenance Contract Accessories Apparel Road Side Assistance Extended Warranty Solutions Business - Financial Perfo
Slide 21: Product Portfolio – Apparel
Product Portfolio – Apparel Product EXTENSION Portfolio OF – Apparel STRENGTHENING ONE’S PERSONALITY THE SERVICE NETWORK Royal Enfield Apparels aim to become an extension of the owners’ personality. Inspired by the motorcycling way of life, the range is In an effort to improve the customer experienc
Slide 22: Product Portfolio – Apparel
Product Portfolio – Apparel ONLINE PLATFORM ENHANCEMENT Product WOMEN’S APPAREL LAUNCH In an effort to improve the customer experience on the Guided by the spirit of being a pure motorcycling brand, it is only Company’s online store (store.royalenfield.com), it has natural for Royal Enfield to creat
Slide 23: Product Portfolio – Motorcycle Accessories
Product Portfolio – Motorcycle Accessories Be it aesthetic enhancement or functional protection, catering to every individual's need with over 125 products in the portfolio Complete peace of mind with 2 years of manufacturer's warranty The motorcycle accessory product range will grow rapidly over th
Slide 24: Royal Enfield Garage Café, Goa
Royal Enfield Garage Café, Goa A celebration of exploration - through motorcycling, food, entertainment and personal expression ▪ Royal Enfield has set up its first Royal Enfield Garage Cafe in Arpora - Baga, Goa. ▪ The cafe is an inclusive and engaging space that reflects Royal Enfield motorcycling
Slide 25: Royal Enfield Garage Café, Goa
Royal Enfield Garage Café, Goa A unique space that embodies the pure motorcycling culture and lifestyle INVESTOR PRESENTATION August 2020 24
Slide 26: India - Industry Overview
India - Industry Overview Motorcycle Volumes Growth rate of various (India) in mn motorcycle segments -16.0% -23.0% India - largest motorcycle Premiumisation theme in motorcycle market in world market to continue Source - SIAM INVESTOR PRESENTATION August 2020 25
Slide 27: Opportunity – Domestic Market
Opportunity – Domestic Market India to become a US$6.5 trillion economy by 2030 India’s favorable demographics Indian Economy: A shift to a high growth path In 2030, 77% of India’s population will comprise Millennials and Generation Z US$ 6.5 Tn US$ 2.6 Tn 2019 2030f GDP in USD trillion Rising incom
Slide 28: India Footprint
India Footprint 921 stores and 638 studio stores across 1,200 cities, plan to add another 600 stores by end of FY21 Dealer Network Store count Large Size Stores Studio Stores Large stores Total Studio stores 1,559 North 600 638 280 | 221 0 527 675 825 915 921 921 East FY16 FY17 FY18 FY19 FY20 Q1
Slide 29: Royal Enfield – Studio Stores
Royal Enfield – Studio Stores ▪ Over half of the studio stores are opened in UP, MP, Rajasthan, Odisha, Bihar, Andhra Pradesh, West Bengal where RE's market share is lower than its India average. ▪ Provide greater accessibility to sales and service in up-country markets ▪ 638 studio stores opened ti
Slide 30: Royal Enfield Vintage – Opportunity in Pre-owned Motorcycle Segment
Royal Enfield Vintage – Opportunity in Pre-owned Motorcycle Segment Vintage Store opened in Chennai, Bangalore, Delhi, Mumbai, Patna, Kanpur, Indore, Patiala, Hyderabad, Dehradun ▪ Pre-owned, refurbished and restored motorcycles - a first-of-its-kind in two- wheeler industry ▪ Accessible, hassle-fre
Slide 31: Opportunity – International Business
Opportunity – International Business The Oddity of the Motorcycle Industry Globally… is an opportunity CAGR:2012-18 Most Developing > 750cc Motorcycles Industries Markets -2% Industry 250-750cc 3% Premium -2% Mid Only Mid-sized motorcycle segment (250-750cc) has grown in the recent <250cc past in gl
Slide 32: International Footprint
International Footprint Plan to increase exclusive store count from 82 now to ~100 by end of FY21 Developed Markets Developing Markets Multi Multi Exclusive Exclusive Brand Brand Store Store Outlet Outlet North 1 120 APAC 25 77 America Countries with • Philippines – 1 Countries with exclusive stores
Slide 33: International Business - Key Priorities
International Business - Key Priorities Network Expansion and Touch Points International Business – New Retail formats - Studio Financial Performance over past 5 years stores, Shop-in-shop for Opportunity to double the revenue share of "INTERNATIONAL" apparel, and motorcycle business displays to inc
Slide 34: Awards and Achievements
Awards and Achievements Enfield Interceptor 650 won the Indian Motorcycle of The Year Interceptor won the “Best Modern Classic in Middle ("IMOTY") 2019 Weight category” second year in row, and Himalayan won in the “Best Touring Light Weight” category in Thailand by the Grand Prix Group Interceptor 6
Slide 35: Digital Engagement with Community
Digital Engagement with Community Found #TRIPSTORY #CUSTOMWORLD #MYBULLET Received 26.8K+ Stories Live Received 19.7K+ Stories 9M Engagement Over 637.5K Engagements 976K Views 25.8M Views 480.7K Live Views #DEEDSNOTWORDS #ROYALENFIELD x Women's Apparel Launch #STAYHOME GOPRO Masterclass 30K Engageme
Slide 36: Brand Health Report
Brand Health Report Top of Mind Awareness Top Two Box Consideration 50 43 42 44 43 90 77 77 40 41 41 42 75 75 75 75 73 76 45 38 39 80 72 72 40 70 35 60 30 50 25 (%) (%) 40 20 15 30 10 20 5 10 0 0 Average for the Period Average for the Period Royal Enfield brand remains strong in the minds of the c
Slide 37: Brand Building Activities and Initiatives
Brand Building Activities and Initiatives SLIDESCHOOL – India and US/Canada India ▪ Slideschool is a new initiative from Royal Enfield to bring in motorcycling enthusiasts from across the country to learn and enjoy flat tracking, one of the fastest growing forms of motorsports. ▪ The first ever Slid
Slide 38: Marquee Rides
Marquee Rides Rider Mania 2019 Himalayan Odyssey 2019 ▪ Rider Mania is Royal Enfield’s most ▪ The 16th edition of Royal Enfield ‘Himalayan definitive motorcycle festival and largest Odyssey’ saw 60 motorcyclists ride for 15 days gathering of RE enthusiast in the world. over 2,200 Km from Chandigarh
Slide 39: Other Rides
Other Rides Royal Enfield Himalayan Royal Enfield Astral Ride 2019 Adventure Rongbuk 2019 ▪ Royal Enfield organised the first edition of Astral ▪ First-of-its-kind Indian manufacturer led Ride 2019 in September 2019, a first- of-its-kind expedition that is designed to take the riders ride that combi
Slide 40: Other Rides
Other Rides Bangkok to Kanchanaburi South Korea ▪ Royal Enfield customers participated in a 500 km ride ▪ A long format ride covering over 500 kms from Seoul to Namwon and tour around the Jirian was organized from Bangkok to mountain, the 2nd tallest mountain located in the Kanchanaburi province. So
Slide 41: Classic 500 Tribute Black – A Collector's Edition
Classic 500 Tribute Black – A Collector’s Edition Royal Enfield’s hallmark Unit Construction Engine (UCE) 500cc single-cylinder motorcycle was launched over a decade ago, in 2008 A commemorative end of production limited edition motorcycle “Classic 500 Tribute Black” was launched online in Febru
Slide 42: Royal Enfield Stores
Royal Enfield Stores Milan, Italy New Delhi, India Chiang Rai, Thailand Buenos Aires, Argentina INVESTOR PRESENTATION August 2020 41
Slide 43: Oldest Motorcycle Brand in Continuous Production
Oldest Motorcycle Brand in Continuous Production INVESTOR PRESENTATION August 2020 42
Slide 44: Themes for RE's Sustainability journey
Themes for RE’s Sustainability journey Environmental Social Governance ▪ Water Positive ▪ Strategy, Execution and Monitoring ▪ Ride for a cause ▪ Carbon Neutral ▪ Risk Management ▪ Disaster Relief ▪ Zero Liquid Discharge ▪ Transparency ▪ Village upgradation programmes ▪ Zero Single Use Plastic ▪ Boa
Slide 45: Passion with Responsibility
Passion with Responsibility Committed to drive an active agenda towards the sustainability and the environment at large ▪ Successfully organized Rider Mania and Himalayan Odyssey with zero single-use plastics. ▪ With a focus on ‘Leave every place better’, the team collected over 3,000 kgs of recycla
Slide 46: Passion with Responsibility
Passion with Responsibility Thailand Indonesia Australia Committed to support the affected communities during the pandemic ▪ Thailand: COVID support was offered to high-need-gap, underprivileged local communities in Wat Sangwet and Pakkret home for the children with disabilities situated in Bangkok
Slide 47: VE Commercial Vehicles
INVESTOR PRESENTATION August 2020 46
Slide 48: VECV was Established in 2008 with Strong Parentage
VECV was Established in 2008 with Strong Parentage EICHER VOLVO STRENGTHS STRENGTHS Strong player in LMD Global expertise segment VECV vision Leadership in product Specialist skills and experience in developing low cost, better performance products “ To be recognised as the industry leader d
Slide 49: Milestones
Milestones AUGUST 2008: Signing of definitive agreements 2009: Inauguration of the new gear 2009: Launch of CSI-1 quality component plant at Dewas improvement initiative Jul-Aug 2008: Commencement of JV 2012: VEPDC inauguration 2012: CED paint shop inauguration 2010: Launch of VE-series of Eicher HD
Slide 50: Milestones
Milestones 2015: Inauguration of ‘Customer 2014: Volvo Trucks launch of new range 2014: Inauguration of Eicher retail Experience Center’ and ‘Vehicle display of products comprising FH, FM and FMX excellence center (VECV academy) zone’ 2016: Launch of Eicher Pro 1049 (Sub 5 Ton mini truck) 2017: Inau
Slide 51: Volumes
Volumes Total CV* Volumes Eicher Light to Medium Duty Eicher Heavy Duty Trucks (in nos) Trucks (3.5-15 tonne) (in nos) (16 tonne +) (in nos) 13,331 6,911 2,267 11,109 12,372 13,281 58,604 65,932 72,969 48,721 26,027 33,010 37,706 26,707 2,129 7,279 252 994 FY17 FY18 FY19 FY20 Q1FY20 Q1FY21 FY17 FY18
Slide 52: Market Share
Market Share Eicher Heavy Duty Trucks Eicher Light and Medium Duty Trucks (In %) (excluding exports) (In %) 7.0 40.7 31.5 31.3 29.4 29.5 4.9 5.1 4.6 4.5 4.5 25.9 FY17 FY18 FY19 FY20 Q1FY20 Q1FY21 FY17 FY18 FY19 FY20 Q1FY20 Q1FY21 Buses (excluding exports) (In %) VECV market share (including exports)
Slide 53: Financial Highlights – VE Commercial Vehicles
Financial Highlights – VE Commercial Vehicles All figures are for VE Commercial Vehicles (in Rs. Crore unless specified) Total Revenue Total revenue from operations (net of excise duty) 2,255 8,553 10,049 11,600 8,524 641 FY17 FY18 FY19 FY20 Q1FY20 Q1FY21 EBITDA and Margin* Profit After Tax 1200 20%
Slide 54: India Facilities – Manufacturing and Operations
India Facilities – Manufacturing and Operations *Abbreviation: EEC - Eicher Engineering Components VEPT - VE Power Train SEZ - Special Economic Zone HQ - Head Quarter INVESTOR PRESENTATION August 2020 53
Slide 55: VECV Trucks and Buses Distribution network
VECV Trucks and Buses Distribution network Eicher Truck and Bus Volvo Truck and Bus Network Network ▪ Dealer network 294 nos. including 25 COCO* outlets ▪ Hub and spoke network model ▪ 26 distributors, 96 Eicher Genuine Parts Shoppe and ▪ Sets benchmarks in the industry for vehicle uptime 2,110 mult
Slide 56: Opportunities / Discontinuities VECV Edge
Opportunities / Discontinuities VECV EDGE Stricter emission and Safety Investing early in fully-built vehicles and emission norms Stronger regulations for overloading Building products apt for right-load and mild overload conditions Better infrastructure leading Building more reliable to higher spee
Slide 57: Opportunities / Discontinuities VECV Edge
Opportunities / Discontinuities VECV EDGE Availability of trained drivers Driver training and regional academy Higher dependence on logistics Developing products aligned with evolving customer needs – Pro series Increased pressure on initial Institutionalization of cost acquisition cost VECV Edge re
Slide 58: Eicher LMD Trucks: A Significant Player
Eicher LMD Trucks: A Significant Player Eicher Pro 2000 series (3.5-16 Ton GVW) Volumes (including exports) (in nos) Eicher Pro 3000 series 9,965 (12-16 Ton GVW) 2,822 4MFY20 4MFY21 Note: In April 2020, the company's manufacturing facilities and dealerships in India remained closed, in compliance IN
Slide 59: Eicher LMD Trucks: Launch of Pro 2000 Series
Eicher LMD Trucks: Launch of Pro 2000 Series Unveiled India’s first BS VI compliant CV range in Designed to deliver significantly higher profitability, June 2020 enhanced reliability, safety, comfort and efficiency Introduction of many industry-first features such as Additional features like low tur
Slide 60: Eicher HD Trucks: To Leverage Full Potential
Eicher HD Trucks: To Leverage Full Potential….. Achieved market share of 5.1% in 2019-20, highest in 10 years Volumes Pro 8000 series (in nos) 3,062 Steadily growing market share With over 20,000 trucks on road, the ‘Pro’ series is gaining more traction with increased interest in 821 technologically
Slide 61: Volvo Trucks: Market leader in Premium Truck segment
Volvo Trucks: Market leader in Premium Truck segment Volumes (in nos) 244 FMX 460 8X4 117 (Coal Tipper) Leadership in niche segments 4MFY20 4MFY21 Note: In April 2020, the company's manufacturing facilities and dealerships in India remained closed, in compliance with the Government directives. FM 42
Slide 62: Eicher Buses: Steady Market Share in a Challenging Environment
Eicher Buses: Steady Market Share in a Challenging Environment Volumes (including exports) (in nos) 4,108 553 4MFY20 4MFY21 Note: In April 2020, the company's manufacturing facilities and dealerships in India remained closed, in compliance with the Government directives. Electric Pro E INVESTOR PRES
Slide 63: Tapping Global Potential
Tapping Global Potential Retails build up as lock down eases Competence build up with full force Exports 1,195 ▪ Market share gained in Bangladesh and Africa despite decline in overall (in nos) 978 industry volumes ▪ After-market network expansion from 541 touch points to 660 ▪ Competence building -
Slide 64: World Class Manufacturing set up
World Class Manufacturing set up... ▪ Capacity to produce up to 90,000 trucks from single plant; new plant set-up under progress to take capacity to 130,000 per annum ▪ Production of 44,969 vehicles in FY20 ▪ Highly flexible vehicle assembly lines with right blend of technology to control critical p
Slide 65: VE Powertrain
VE Powertrain ▪ First engine plant in India producing Euro-6 compliant base engine ▪ Exclusive manufacturing hub for medium duty engine requirements of Volvo Group ▪ Current capacity of 50,000 engines, scalable up to 100,000 engines ▪ Best executed project with Volvo Group technology with frugal app
Slide 66: Uptime Centre
Uptime Centre Image- Image- 1 2 ▪ Uptime Center is an industry First Co-Located Sphere ensuring maximum vehicle uptime by providing 24x7 proactive support to dealerships and customers for part availability and issue resolution. It also provides customers with predictive health alerts on telematics c
Slide 67: Proposed New Plant in Bhopal
Proposed New Plant in Bhopal Master Layout Engine line building Current Status Proposed ▪ ETB plant capacity ▪ Project commenced in October 2018 with proposed capacity of 40,000 per annum 90,000, ▪ Overall project on track for 2020-21 start deliverable 80,000 ▪ Planned capital outlay of around Rs. 4
Slide 68: Other VECV Business Areas
Other VECV Business Areas Eicher Engineering Components (EEC) ▪ Strategic supplier of drive line components and aggregates for VECV, The Volvo group, exports and strategic domestic OEM customers ▪ Production facilities at: Thane, Dewas and SEZ, Pithampur ▪ Annual turnover of Rs.757 Crores in FY20 IN
Slide 69: Other VECV Business Areas
Other VECV Business Areas Eicher Non - Automotive Engines ▪ Presence in 10 countries, Genset Assembly in UAE and South Africa, pan India presence in Genset segment ▪ Reputed as most reliable and lowest operating cost engines, established in material handling segment ▪ Engines and drivelines for powe
Slide 70: Financials
Financials INVESTOR PRESENTATION August 2020 69
Slide 71: Quarterly Financial Highlights (Standalone)
Quarterly Financial Highlights (Standalone) Eicher Motors – Standalone* performance in last 5 years… (in Rs. Cr) 900 35.0% 31.9% 31.7% 32.3%32.3% 30.8% 31.3% 31.8% 31.4%31.4% 30.6% 800 29.6% 29.5% 28.6% 30.0% 27.7% 27.8% 700 26.1% 26.4% 25.9% 25.0% 25.0% 25.2% 23.6% 25.0% 600 20.8% 500 20.0% 400 15.
Slide 72: Thank You
Thank You Get Social Royal Enfield Royal Enfield VE Commercial Vehicles INVESTOR PRESENTATION 71 August 2020
Slide 73: Appendix
Appendix INVESTOR PRESENTATION August 2020 72
Slide 74: Balance Sheet (Consolidated)
Balance Sheet (Consolidated) (In Rs. Cr.) Particulars Mar’18 Mar’19 Mar’20 Net Fixed Assets (including CWIP and Pre-operative Expenditure) 1,835 2, 324 2,690 Investments 5,581 4,923 5,749 Other Non Current Assets 186 180 102 Current Assets Inventories 395 633 572 Debtors 68 90 87 Cash and Bank Balan
Slide 75: Profit and Loss Statement (Consolidated)
Profit and Loss Statement (Consolidated) (In Rs. Cr.) Profit and Loss Account FY2018 FY2019 FY2020 Q1 FY21 Sales Volume: Two Wheelers (Nos.) 820,121 822,724 697,582 58,383 Total revenue from operations (net of excise) 8,965 9,797 9,154 818 Manufacturing and other expenses 6,157 6,894 6,973 814 Earni
Slide 76: Glossary
Glossary ▪ 7M – 7 months starting April to October ▪ JV – Joint Venture ▪ 9M – 9 Months starting April to December ▪ LCV – Light Commercial Vehicles ▪ 10M – 10 Months starting April to January ▪ LMD – Light to Medium Duty ▪ 15M – 15 months ended on 31st March 2016 ▪ MandHCV – Medium and Heavy Commer