M&M's automotive segment volumes grew by 31.8% to 95k units. The growth is mainly attributed to the robust demand in SCV and three wheeler segments. Pick-ups and SCVs witnessed a volume growth of 46.8% to 27k units. New launches Maximmo and Gio contributed to this growth in volumes. Three wheelers dispatches also continued its surge, growing by 41.7% during the quarter to 16k units. Passenger utility vehicles grew by 17.7% to 42k units. We expect average realisation for automotive division to remain flat on sequential basis at Rs363k.

.. Tractor volumes reported a stellar growth of 34% to 59k units on the back of healthy monsoons and higher crop prices. We expect realisations to remain flat at Rs457k.

.. Revenues are expected to rise by 35.3% to Rs61bn.

.. Despite an increase in raw material cost, higher operating leverage to aid in a 110bps YoY and 50bps QoQ increase in margins to 16.4%.

.. Reported profits for the company to surge by 69.5% to Rs7.0bn.