Apollo's standalone net sales slowed down to 6% yoy while falling by 3.1% qoq to 29.6bn. The yoy growth came on the back of a strong India replacement volume growth, out of which the Truck segment volumes grew at 8% and car segment volumes grew 7%. OEM segment sales remained in negative territory. On a sequential basis, volumes declined as OE segment declined much steeper. The company did not take any price change in Q4 though RM prices started to move down and they had rolled back a price hike last quarter. RM prices saw a drop of 3.7% qoq as the RM price basket showed a benign growth. Hence, at the EBITDA levels, margins improved to 11.8% marginally by 60 bps, while on a yoy basis they still saw a drop of 260 bps. Depreciation moved up by 26% yoy as AP...