F A D A Journal - October 2020

Consumer Case Studies

observed the following: evidence the bare not have any manufacturing Hazoor Maharaj Baba Des
defects otherwise the Rajji Chela Baba Dewa
"17. Considering the conten on of complainant vehicle could not have run Singhji (Radha Swami) &
undisputed fact that a er that there is this much mileage. Anr. decided on
replacement of the manufacturing defect in 25.09.2013 that once
'Mechatronics with the car cannot be accepted. 8. Learned counsel for the vehicle is sold during
respondent No.1 further pendency of the
so ware' of the car in the 6. Learned counsel argued argued that the complaint, complainant
complainant has already does not remain consumer
month of July, 2010 the that from the above, it is sold the vehicle in the year for the purposes of
2017 during the pendency Consumer Protec on Act.
complainant received the clear that 'Mechatronics of this appeal and In that judgment, we have
therefore, the placed reliance on I (2008)
delivery of the car, and s ll with so ware' did not fail appellant/complainant is CPJ 249 (NC) Hoshiarpur
not a 'consumer' as the Improvement Trust Vs.
the car is in use of the due to any negligence of vehicle has been sold Major Amrit Lal Saini and
without no ce of this judgement dated
complainant, we find the opposite par es. Commission and without 23.4.2013 passed by this
any permission to sell. In Commission in Appeal No.
much force in the Learned counsel further support of his conten on, 466 of 2008 Mr. Rajiv
learned counsel referred Gula Vs. Authorised
submission of Mr. Bhavar, stated that a er the to following judgments:- Signatory M/s. Tata
Engineering & Locomo ve
learned counsel for the replacement of (1) Tata Motors Ltd. & Co. Ltd. & Ors. In this case,
anr. Vs. Hazoor Maharaj as vehicle has been sold by
opponent No.1. If really ''Mechatronics with Baba Des Rajji Chela Baba complainant during
Dewa Singhji (Radha pendency of appeal which
there was manufacturing so ware' with so ware' Swami), 2013 SCC ONLine was filed in the year 2007
NCDRC 883. It has been and decided in the year
defect in the car it would and other repairs, the held that: 2012, complainant ceases
to be a consumer under
not have possible for complainant has given a "15. In the light of above C.P. Act and complaint is
observa ons, we find that liable to be dismissed. Had
complainant to use the car cer ficate that he has as complainant did not Respondent No. 1 brought
remain consumer a er this fact to the no ce of
even a er replacement of tested the car on road and sale of vehicle and he has State Commission learned
sold the vehicle without State Commission would
its part i.e. "Mechatronics has found totally permission of the District not have directed
Forum and has suppressed pe oner to replace the
with so ware'. Even the sa sfactory. In this regard, this fact and has not steering wheel and gear
approached the courts box assembly and other
complainant has not learned counsel drew my with clean hands, connected parts because
complaint is liable to be Respondent no. 1 was not
assigned any reasons as to a en on to the following dismissed and revision possessing vehicle at the
pe on is to be allowed." .
why original observa on of the State me of passing the
(2) M/s. Honda Cars judgement.
'Machatronics with Commission:- India Ltd. Vs. Ja nder
Singh Manda, 2013 SCC (3) M/s. General Motros
so ware' of the car was “14...........Further it is also ONLIne NCDRC 934. It has India Pvt. Ltd. Vs. A.
damaged. On the an admi ed fact that on been held that:- Jayakrishnan @ Animon &
contrary, it is the 29.07.2012 i.e. a er 2 Ors. 2015 SCC OnLine
conten on of the expiry of warranty period "6. We have held in R.P. NCDRC 3286. It has been
opponent No.1 that it the vehicle was taken to No. 2562 of 2012 Tata held that:-
might have damaged due the service centre of Motors Ltd. & Anr. Vs.
to wrong handling of the opponent No.3 and
car. However, it has opponent No.3 rendered
replaced the same part as the service by repairing
it was required to be the vehicle and the
replaced during the complainant issued
warranty period. When it cer ficate to the effect
is the specific conten on that he taken the road test
of the opponent No.1 that of the car and now the car
it was due to wrong is in good condi on and
handling of the car by the performing to his en re
complainant, it was sa sfac on etc."
necessary for the

complainant to verify the 7. It was contended by the

same by ge ng the car learned counsel for the

inspected through respondent No.1 that the

authorized mechanical vehicle had run about

engineer. But no such 84000 km. when the order

pains are taken by the of the State Commission

complainant. Therefore in was passed. It clearly

the absence of any expert means that the vehicle did

fada.in | October 2020 F A D A Journal 51

Consumer Case Studies

"Learned counsel for the appellant/complainant is "A. Allow the complaint. cards do not reveal any
par es present. a 'consumer' when he has major defect in the car.
Arguments heard. sold his vehicle during the B. To direct the The vehicle cannot be got
pendency of the appeal in respondents to place on inspected now by any
It has now transpired that the year 2017. It is all the record the job cards expert as the vehicle has
the consumer/ pe oner/ more surprising that the pertaining the repairs/ already been sold to a
A. Jayakrishnan @ complainant has not taken works carried out by them third party.
Animon has sold the car in any permission from this on the disputed vehicle,
the year 2014. Commission before selling up-to-date as also no ces 12. B a s e d o n t h e a b o v e
Consequently, he is no the vehicle, neither he and emails sent to it. discussion, I find that the
more a consumer. The informed this Commission appellant/complainant
case of the pe oner is a er the sale. The C. To hold and declare that now does not come under
not maintainable. learned counsel for the the above car sold by the the defini on of
complainant was asked respondents to the 'consumer' as given in the
Therefore, we set aside the during the arguments complainant is having CPA, 1986. In concluding
orders passed by fora whether he has to file any inherent manufacturing this, I have relied on the
below and dismiss the judgments of this defects in it and it is not judgments of this
complaint. However, Commission or of Hon'ble suitable to go on road and Commission in Tata
liberty is given to the Supreme Court, which will they be directed to Motors Ltd. & anr. Vs.
pe oner to approach the prove that the provide replacement of Hazoor Maharaj Baba Des
civil court for redressal of complainant is s ll a the same." Rajji Chela Baba Dewa
his grievances, as per law. 'consumer'. Singhji (Radha Swami)
11. O bv i o u s l y, t h e S tate (supra), M/s. Honda Cars
The revision pe on Learned counsel clearly Commission has not India Ltd. Vs. Ja nder
stands disposed of." replied that he does not found any manufacturing Singh Manda (supra) and
have any judgment to file defect in the car and M/s. General Motros India
9. L e a r n e d c o u n s e l f o r in this regard and he has moreover the job cards Pvt. Ltd. Vs. A.
respondent No.3 stated nothing to submit which men oned mostly the Jayakrishnan @ Animon &
that the learned counsel can run counter to the replacement of various 2 Ors. (supra).
for the complainant has judgments filed by the lights, bulbs, brake pads
wrongly men oned that leaned counsel for the and different oils except 13. Even on merits, it is found
the vehicle remained with respondent No.1. for one replacement that there were no major
respondent No.3, M/s. Learned counsel for the which is of defects in the vehicle
Sara Motors Pvt. Ltd. for complainant stated that ''Mechatronics with except for the
90 days. In fact, the the judgments filed by the so ware'. As different 'Mechatronics with
vehicle remained with respondent No.1 relate to parts, which were found so ware', which was
Europa Auto Pune for 90 complaint cases, whereas defec ve have been ul mately replaced by the
days and they are not the present ma er is of replaced under warranty opposite par es under
represented in the appeal and therefore, the by the opposite par es, warranty. Even this defect
present case. Hence, this judgments are not directly there seems to be no cannot be considered as a
fact cannot be taken into applicable in the present deficiency in service on manufacturing defect
considera on. He further case. Original complaint the part of the opposite because it was not there
stated that no deficiency was already dismissed by par es. It is true that since the purchase of the
has been alleged against the State Commission vide there were certain car, rather it developed
respondent No.3 its order dated 04.04.2014 defects in the car but the a er the vehicle was
and the present appeal same were rec fied when driven for about six
10. I have given a though ul has been filed against that the defects were brought months.
considera on to the order. Obviously, the to the no ce of the
arguments advanced by appellant wanted that his opposite par es. The 14. O n t h e b a s i s o f t h e
the learned counsel for complaint may be allowed vehicle was repaired and aforesaid discussion, I do
the par es and have in the appeal. The main defec ve parts were not find any merit in the
examined the material on prayers made in the changed as per the appeal No.390 of 2014
record. The first ques on complaint are that: condi ons of the and the same is
is to be considered warranty and the job dismissed.
whether the

52 F A D A Journal October 2020 | fada.in

Industry Track

Auto Retail Continued To Head South

October retails though retailed a total of 124,261 Post Unlock 1.0 in May, our volumes have
looking promising with units in October 2020, been growing month-on-month. We had
robust customer inquiry both reduc on by 8.5% per cent y- recovered fully at the end of H1. The revenue
online & off line, did not o-y. According to statement from passenger vehicle sales was up by 86.3
translate to a year ago sales from Maru Suzuki, “The per cent y-o-y and the business achieved
figure. Slow economic Company remains EBITDA breakeven on the back of significantly
growth and loss of jobs, the commi ed to the health, improved range of products, volume scale up
a er affects of the pandemic safety and well-being of all and strong savings programme to reduce
a ributed to lacklustre sale members across the value indirect costs.Addi onally, this growing
during the month. While PV chain. All manufacturing, performance was sustained in October as well
dealers faced supply sales and service opera ons when we posted a healthy growth of 22 per
constraints both for vehicle & con nue to take place fully cent (YTD) vis-a-vis last year (April-October).
spare parts, 2W dealers consistent with all safety
suffered from inventory requirements for employees Shailesh Chandra
build-up at dealerships and and customers.”
CV dealers by restricted President, PVBU, Tata Motor
cargo movement caused due Hyundai Motor India Ltd
to freight and pricing (HMIL) the country's second We are happy to achieve a growth of 4% in
challenges. largest car manufacturer U lity Vehicles, despite certain supply
having a market share of constraints. Our brands Scorpio, Bolero and
Retails in October 2020 stood 17.1% registered domes c XUV 300 con nue to do well, while the
at 1,413,549 units against retails of 42,757 units de- bookings for the All-New Thar has set new
1,859,709 units retailed in growing by 10.4% over records within just a month of its launch. For
October 2019 de-growth by 47,711 units sold in October Mahindra, the fes ve season has started on a
24.0%. During the month, last year. posi ve note with deliveries and bookings
while PV segment reported being higher than last year. Going forward, this
decline in vehicle registra on However, another augurs well for a robust fes ve demand which
by 8.8% at 249,860 units homegrown player, Tata in turn will help the industry in the short
against 273,980 units a year Motors whose market share term.”
ago; 2W segment registered during the month stood at
a total sale of 1,041,682 units 7.3% achieved a whopping veejay nakra
against 1,423,394 units sold growth of 41.4% in passenger
in October 2019, loss of vehicles sales at 18,340 units CEO, Automotive Division, M&M Ltd
26.8%; 3W segment reported compared to 12,972 units
retail of 22,381 units against retailed in October 2019. We have seen posi ve sales momentum in line
63,042 units retailed in with market sen ment and our October
October 2019; CV segment Kia Motors India con nued results have been as per our plan. The fes ve
on the other hand reported to report posi ve numbers buying picked up from Navratra in mid-
sale of 44,480 units against during the month. The October and we are focusing on maximizing
63,837 units sold a year ago, company achieved a market deliveries during this period. Thanks to our
repor ng loss of 30.3%. share at 6.4% with 81.7% strong and refreshed product line-up
Bucking the trend, Tractor growth y-o-y to 16,096 units introduced right before the fes ve season and
segment grew by 55.5% at in October 2020 against ongoing mul ple consumer offers, we expect
55,146 units against 35,456 October 2019 retails at 8,859 this demand to con nue through Diwali which
units sold in October 2019. units. will further accentuate growth for us and the
industry at large.”
Car market leader Maru Mahindra & Mahindra with
Suzuki India Limited, having market share at 5.0% Rajesh Goel
a market share of 49.7% reported passenger vehicle
retails, including UVs, Cars SVP and Director - Mktg & Sales, Honda Cars

fada.in | October 2020 F A D A Journal 53

Industry Track and Vans, in domes c market were at 15,316 units,
were down 27.05% to 12,414 contrac on by 41.3% over
Ending October, nearly 100% of our network is units in October 2020 from October 2019 retails.
opened and charged up post recording YOY 17,017 units in October
increase in retails during the first 2D’s of 2019. Mahindra & Mahindra
fes val (Durga Puja and Dussehra). Riding into securing 2nd posi on with
the fes ve season on a high note, our newly Honda Cars India Ltd (HCIL) market share of 33.7%,
launched H’ness-CB350 has garnered great achieving market share of reported sale of 14,982 units
response in a short span of me. In less than 1 3.2% during the month, in October 2020, as against
month of start of sales of our debut 350ccc registered a reduc on by 17,457 units retailed in the
mid-size motorcycle, our produc on is booked 33.0% y-o-y with monthly same month last year, down
domes c retails of 7,995 14.18 % y-o-y.
ll November, even as new bookings con nue units in October 2020 against
to rise. 11,899 units sold in the Ashok Leyland securing
corresponding month last market share of 11.8% for its
Y S guleria year. month’s performance, saw
its domes c sales decline
Director - Sales & Mktg, HMSI Renault India repor ng 45.5% to 5,259 units over
market share of 2.9% in October 2019 retail of 9,649
With the advent of the fes ve season, October 2020, retailed a total units.
Hyundai shares the spirit of happiness and of 7,319 vehicles against
celebra on with our customers through our 8,433 vehicles retailed in Maru Suzuki India retailed
Super Performer Brands – all new CRETA, year last. commercial vehicles to the
VERNA, VENUE, AURA, and NIOS, achieving tune of 2,286 units during
landmark sales of 56, 605units in the month Toyota Kirloskar Motor the month against 2,291
of October 2020 with a growth of 13.2% over (TKM) sold 6,888 units in the units retailed in October last,
Oct’19. domes c market in October down 0.2%. With this, the
2020 when compared to company secured 5.1%
Tarun Garg 11,023 units sold in October market share in CV retails.
2019.
Director - Sales, Mktg & Service, HMIL Volvo Eicher Commercial
Ford India, domes c retails Vehicles (VECV) sold 2,176
The month of October has been our best in October stood at 4,663 units in October 2020 against
month so far since March 2020. The fes ve vehicles, as against 6,686 3,153 units registered in
season has proved to be bullish as we units a year ago helping the October 2019 recording loss
witness demand surging, month on month. company to secure market of sale by 31.0%%. This
This has been true of our retails too as order share of 1.9%. helped company to project
flow has been smooth, from the very market share of 4.9%.
beginning. Skoda Auto Volkswagen
India registered 2,467 units Slowdown in urban and rural
Rajesh Goel in October 2020 helping the economy reflected in the
company to secure market dampened Two-Wheeler
SVP and Director, Mktg & Sales, Honda Cars share of 0.99%. sales with all two wheeler
majors showcasing retails in
We have sold 45,588 tractors between both The Commercial Vehicle the red.
our Mahindra & Swaraj brands in the domes c segment cruised in slow lane
market during October 2020, a growth of 2% ba ling a er affects of Numero Uno Hero MotoCorp
over last year. We con nue to witness pandemic resul ng in (HMCL) sold 333,563 units,
unprecedented retail demand which is likely to subdued freight availability slide of 31.6% against
be higher than wholesale numbers on back of and financing constraints. 487,701 units retailed a year
expecta ons of a higher Kharif output and ago. The company market
good cash flow in the market. Auspicious Tata Motors Commercial share during the month was
fes val days ahead, coupled with Vehicle sales securing 32.0%.
mechaniza on requirements for ongoing market share of 34.4%,
Kharif harves ng and impending Rabi sowing con nued to decline and Honda Motorcycle & Scooter
season augurs well for the industry.

hemant sikka

President, Farm Equipment Sector, M&M Ltd

54 F A D A Journal October 2020 | fada.in

Industry Track

India (HMSI) notched market Bajaj Auto had the leading Mahindra & Mahindra Ltd
share of 28.1% during market share of 37.3 % in (Swaraj Division) retailed
October 2020 with its sales in the three-wheeler segment 9,461 units in October 2020
domes c market down by across India in October as against 5,826 units,
26.4% y-o-y, selling 292,267 2020. The company retailed clinching 62.4% growth.
two-wheelers against 8,339units during the month Market share of the
396,996 units retailed a year against 29,263 units sold in company during the month
ago. October 2019, drop of was 17.2%.
71.5%.
TVS Motor market share of Tractor and Farm Equipment
15% for the month was Piaggio Vehicles retail during (TAFE) Ltd registered 7,010
achieved with retail of the month stood at 4,395 tractors during the month
156,063 two wheelers units against 10, 842 units against 4,573 tractors
compared to 190,991 two sold in the year gone by. The registered in October last.
wheelers sold in October market share of the company This helped the company to
2019. This translated to was 19.6%. notch up sales growth of
18.3% slide y-o-y. 53.3%. The market share of
Atul Auto registered a total the company during the
Bajaj Auto registered of 876 vehicles in October month was 12.71%.
118,486 units during the 2020. The month's
month, a decline of 32.3% registra ons were down by a Interna onal Tractors Ltd
against 175,022 units whopping 74.35% compared achieved 57.30% retail sales
registered a year ago. The to sale of 3,415 vehicles in growth at 6,451 units against
company’s market share October 2019. The market 4,101 retailed in same month
during the month was 11.4%. share of the company in 3W in 2019. The company’s
segment was 3.9%. market share of 11.7%
Royal Enfield retailed 46,593 helped the company to
units in October 2020 against TVS Motor company’s sales secure the 4th posi on in
59,242 units sold a year ago. contracted by 26.9% at 728 monthly retails.
The company’s market share units as against 996 units
stood at 4.5%. retailed in October 2019. Escorts Limited (Agri
TVS Motor’s market share Machinery Group) reaped
Suzuki Motorcycle India during the month was retail growth of 36.7% at
achieved market share of 3.25%. 5,496 units compared to
4.2% during the month, 4,021 units registered in
selling 43,361 units against Tractor sales momentum October 2019; projec ng the
54,280 units sold in the same con nued in strong posi ve company’s market share of
month last year. trajectory during the month 10%.
on back of good monsoons,
India Yamaha Motor posted favourable Kharif season, With fes vi es round the
11.05% de-growth in increased disposal income in corner, dealer community is
domes c sale of two- the rural areas and posi ve op mis c of good sales
wheelers at 41,961 units in measures taken by the aided by improving
October 2020 from 47,174 government. inquiries, higher demand
units a year earlier. The with sleuth of new launches
market share of the company Mahindra & Mahindra Ltd and lower interest cost
was 4%. (Tractor) registered 12,466 along with lucra ve
units during the month financing offer. However,
The Three Wheeler segment against 7,881 units sold in since the pandemic
also affected by the October 2019, increase by onslaught is far from being
onslaught of the corona virus 58.2%. The company’s share over, one must exercise
(COVID-19) witnessed a drop during the month was cau on while planning for
of 65 % in growth during 22.6%. fes ve sales.
October 2020.

fada.in | October 2020 F A D A Journal 55

Statistics

Domestic Passenger Vehicle - October 2020 (Wholesale)

Domestic Sales Comparison Segment wise Growth

(Units in Hundreds)

69.2 1,636.56
1,391.21
61.3 29.24 3,10,294
2,71,737
20.45
14.19
13.2 17.6 1,82,692
8.3 1,66,568 Total
6.1 3.1 4.3
-2.6 1.0 1.0 -4.4 9.68

566.05 Cars 1,13,990

94,637

500.10 -30.1
15.81
206.21 186.21 -36.1
11.05 20.5432.13
8.328.54 3.301.95 70.84 108.36 127.88 184.44 37.50 110.05 14.21 123.73 13,612 10,532
70.17 100.10 35.36 115.16 13.78 118.66

FCA Uvs Vans
Force
Ford
Honda
Hyundai

Kia
Mahindra

Maru
MG Motor

Nissan
Renault

Skoda
Toyota
Volkswagen

Oct'20 Oct'19 Growth (%) Oct'20 Oct'19 Growth (%)

Market Share (%)

100.0 11.0 16.1 19.0 18.3 16.0 15.8 18.6 18.2 22.3 16.6 16.6 17.9 19.5
90.0 7.7 3.7
80.0 6.4 5.0 3.5 2.4 3.6 2.0 2.9 2.6 2.9 3.5 3.7
70.0 8.2 6.7 4.7 4.0 5.6 5.5 5.1 4.1 1.3 6.0 3.5
60.0 19.8 17.5 6.5 5.5 4.3 2.4 7.6
50.0 6.7 7.5 6.3 5.5 6.0
40.0 46.9 51.0 20.9
30.0 18.7 21.2 18.5
20.0 FY’18 FY’19 16.9 16.0 15.9 18.2
10.0 17.5 16.1 20.2
0.0
Source: F A D A Research 48.8 52.7 52.1 53.2 53.2 54.1 48.5 53.5 52.4 54.4 52.7

Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20

Maru Suzuki Hyundai Motor Mahindra Tata Motors Honda Cars Others

56 F A D A Journal October 2020 | fada.in

Statistics

Domestic Two-Wheeler - October 2020 (Wholesale)

Domestic Sales Comparison Segment wise Growth

7,911.37 (Units in Hundreds)

10.8 84.0
34.8
30.8

1.4

5,869.88 -6.9 1.5 19.3

4,944.59
4,878.19

18.0 33.39 20,53,814
17,57,180
-95.0 23.80
16.88
3,013.80 13,82,749
2,526.84 11,16,886

2,686.31 - 66.0
2,425.26

5,90,507 5,80,120

60.1.76 - 70.6 628.58 672.25662.15
459.98 675.38
1.79 0.00
0.12 2.40 1.38 4.06 0.77 2.62 76.29 64.64 0.92 0.50 80,268 60,174 290 0
Scooter
Motorcycles Mopeds Electric 2W Total

Oct'20 Oct'19 Growth (%) Oct'20 Oct'19 Growth (%)

Market Share (%)

100.0 6.9 8.1 8.0 8.8 9.2 9.1 9.6 7.9 5.9 5.7 6.8 6.9 6.7
90.0 3.9 3.3 2.6 2.8 2.8 2.7 4.5 5.0 3.4 2.9
80.0 14.2 13.8 14.4 13.6 15.0 12.2 13.1 10.9 2.9 3.9 13.1 14.7
70.0 9.8 11.9 12.5 11.8 11.8 11.3 11.4 11.9 13.1
60.0 28.3 14.3 14.8 3.9 27.1 24.1
50.0 13.8 26.5 21.9 27.9 24.4
40.0 36.5 14.0 37.7 38.5
30.0 28.6 27.0 27.8
20.0 Mar-20 14.5 11.9 Sep-20 Oct-20
10.0 11.4
0.0 TVS Others
Source: F A D A Research 20.0 24.1

27.5

36.6 35.8 33.4 35.9 39.2 36.4 37.1 42.4 39.6 36.5

FY’18 FY’19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Jun-20 Jul-20 Aug-20

Hero MotoCorp HMSI Bajaj Auto India Yamaha

fada.in | October 2020 F A D A Journal 57

Statistics

Domestic Three-Wheeler - October 2020 (Wholesale)

Domestic Sales Comparison Segment wise Growth

(Units in Hundreds)

66,362

361.73 56,465

-27.85

-38.7

-55.5

-55.2 -65.4
125.29
168.68 18,640
-56.4 75.11 -100.0 11,499 7,141 9,897 -71.91
71.51 -79.64
49.24 Piaggio 0.05 5.24
31.18 Passenger Carrier
22.05 Scooters India 8.24 13.45
Mahindra
Atul Auto Bajaj TVS Motor Goods Carrier Total

Oct'20 Oct'19 Growth (%) Oct'20 Oct'19 Growth (%)

Market Share (%)

100.0 0.4 2.5 0.8 0.7 0.7 0.8 1.1 1.1 0.2
90.0 2.6 1.8 2.0 2.3 1.5 1.9 1.7 1.6 4.3 5.6 4.9 4.1 3.1
80.0 6.2 6.1 9.9 8.7 8.4 8.3 8.4
10.3 7.4 7.0 7.3 5.6 6.9 3.5 0.1 0.7 2.1 3.1
8.6 1.5
11.9
10.7 11.8 10.1 13.4 9.3 26.1

70.0 24.0 22.1 34.0 31.9 34.9 28.7
41.9
25.2 21.8 25.9 21.0 28.2
60.0

50.0

Source: F A D A Research 40.0

30.0 58.1 66.1
20.0
57.2 54.0 56.3 54.4 57.5 52.8 43.6 51.1 52.7 49.5 47.8

10.0

- FY’19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20

FY’18 Piaggio Mahindra

Bajaj Auto Atul Auto TVS Others

58 F A D A Journal September 2020 | fada.in



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