Stable replacement demand to mitigate muted OEM volumes ATL is a differentiated player in the tyre pack, with diversified presence across geographies and segments (as of FY19:- India 70%, Europe 29%; CV 50%, PV 37%, off highway 10%). While fresh vehicle sales remain muted in India and globally, consumable suppliers like ATL enjoy steady state support from replacement demand. Replacement segment for ATL (~66% of India sales mix) grew 6% in H1FY20 vs. 40% fall in OEM volumes (22% of India sales mix). We expect this trend to continue over the medium term given...