SML posted revenue of Rs. 3181 Mn in Q4FY16 up by 63.8% QoQ and (1.1)% YoY driven by volume movement of 49.5% QoQ and (0.6)% YoY. During FY16, revenue grew by 5.3% driven by volume growth of 8.0% from 11759 vehicles in FY15 to 12700 vehicles in FY16. However, owing to severe competition from players like Eicher and TATA motors in the commercial passenger vehicle segment, there had been pricing cuts to keep their market share afloat. Also, during last fiscal, the company followed the new bus code standard which led to increase in costs.