Muted OEM dispatches to limit volume growth! Demand prospects for automobile purchases were muted both domestically as well as globally. Domestically, the situation is grimmer given high channel inventory with key OEMs reporting a volume decline in the range of 15-35% for July 2019. This is over and above the 12.4% volume decline witnessed by the industry in Q1FY20. This will limit the volume growth for ATL, which realises ~30% of its sales from auto OEMs. The replacement market, on the other hand (constitute ~60% sales) is healthy and growing healthily in...