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121	121	[[image:bharat forge1.png]]
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123		-== Indian Automotive Industry ==
	123	+=== Indian Automotive Industry ===
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125	125	India ranks as the fourth largest automobile market globally. The large working-age population, the expanding middle class, increasing urbanization, and significant infrastructure development have supported the industry’s growth. Apart from the massive structural demand, the industry’s progress in recent years can be attributed to its investment in new technologies and focus on aligning with the rapidly changing global automotive landscape.
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135	135	The automobile industry is cyclical in nature. However, current down cycle is expected to last a little longer due to several factors – implementation of BS-VI norms, after which automobile purchase cost will increase, a slow recovery in the macro-economy, and decline in infrastructure development. Covid-19 and the lockdown had a particularly disruptive impact on the automobile industry. Against this backdrop, the Indian PV and CV segments are likely to experience a subdued demand and production in FY 2021.
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138		-=== Indian Auto Industry ===
	138	+==== Indian Auto Industry ====
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140		-==== Commercial Vehicles ====
	140	+===== Commercial Vehicles =====
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142	142	In line with the broad-based slowdown in the industry, the Company’s revenue from the commercial vehicles segment declined 52.7% to Rs 5,182 Million in FY 2020 as against Rs 10,948 Million in FY 2019.
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146	146	With the industry transitioning from BS-IV to BS-VI standards from April 1, 2020, the Company is fully prepared to capture this opportunity and to maintain its leading position in the domestic market.
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148		-==== Passenger Vehicles ====
	148	+===== Passenger Vehicles =====
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150	150	The passenger vehicles segment was in a slump during the year. However, its structural trend remains extremely positive as India prepares for BS-VI transition. The Company, during the year, added new customers and increased its presence in the segment. This enabled it to perform better than the underlying market as the segment’s revenues in FY 2020 declined by 4.6% as against an industry decline of 14.8%
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262	262	The fining decisions are not yet final and can be appealed to the Düsseldorf Higher Regional Court.
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265		-= References       =
	265	+= References      =
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267	267	{{putFootnotes/}}