• Expect margins, too, to continue to be impacted by unfavourable, albeit improving, operating leverages, counterweighed by softer RMC.

• Expect heightened A&P spends to continue to weigh down margins.

• Expect revenue growth and margins across ancillaries, too, to be impacted by the aforesaid reasons. Expect revenue growth of battery and tyre manufacturers, on the other hand, to be relatively less impacted aided by meaningful aftermarket revenue.

Disclaimer: The above report is compiled from information available on public platforms. inChat team advises users to check with certified experts before taking any investment decisions.

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