Rural slate forms > 50% of HMCL volumes. The company is the undisputed leader in the domestic motorcycle segment (a predominantly rural product), commanding 52% market share in the space as of FY20. In a post-Covid-19 world, enhanced awareness around social distancing (pan India basis) and apprehension around usage of congested public transport (largely relevant to urban, metro areas) are seen acting as a tailwind for lower ticket priced means of private transport, including entry and mid-level motorcycles (75125 cc). Consequently, HMCL's leadership in 75-110 cc products (Splendor, HF Deluxe & Passion) and 110-125 cc products (Glamour, Splendor 125)...