Key takeaways of the call

Q2FY21 was challenging due to local lockdowns, however company expects market to recover in second half on back of improving consumer sentiment.

Company saw in 30% sales drop in month of May 2021 in India, due to regional lockdowns.

Company expects H2CY21 to be better compared to H1CY21.

Company witnessed, positive sales trend during the month of June 2021.

Semi conductor shortages impacted the operations in the month ofMay and Junehowever; it is expected to come close to normal from September onwards. Shortage will continue but at much lower base.

Sales declined sequentially however were still better compared to industry.

Capex- Company is adding capacities in India; capex is expected to be around 5-6% of sales.

Capex is mainly focused on India

Demand from customers remain strong, management expects market will continue recovering in Q3FY21.

India segment has grown faster which has been driven by improved quality and strong customer engagement.

Company's EBIDA aspiration is around 18%. Company expects to continue its costefficiency plan.

Company expects to come back to its FY2018 figures.FY2019 was slow year due to structural challenges and FY2020 was affected by covid 19 pandemic.

Company got big order from its new American customer.So management is confident that order book is healthy.

Company posted good performance in Europe despite Covid and Semiconductor shortage impacts.

Company expects its exports to Europe to continue to grow.

Company was able to pass on price increase of raw materials in Europe and India. It had impact of approx 6% in Q2FY21.

Company is open for inorganic growth.