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* Overall demand remains strong for M&HCV and it is seeing some improvement in demand from the small fleet operators. Fleet utilizations improving and rising freight rates is easing pressures on cash flows of fleet operators.

*  LCVs: It is yet to go on pan-India business in a big way due to capacity constraints.

* CNG ICVs has seen some shift away to diesel due to increase in CNG prices. It has 1 CNG ICV and plans to launch more products in next 2-3 quarters.

* Switch Mobility: India business is operational with dedicated team. It is in discussion to raise fund in Switch Mobility (OEM) and Ohm Mobility (MaaS company). It is looking for closure of fund raise in coming weeks. For e-buses, it has order book of 600 buses order, with most of these are on Mobility as a Service basis. It plans to launch e-LCVs in 4QFY23.

* Capex for 1QFY23 was at INR1.15b and expects INR7.5b for FY23E. * RM cost: Benefit of steel price hikes haven't yet come. 1QFY23 had steel price inflation impact of ~2pp QoQ (or INR4-5/Kg). It expects 2QFY23 to see reduction, which may sust ain if export duties are not removed.

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