Auto volumes to be impacted by BS-VI, slowdown in FY21E In Q4Y20, GCL's engine volume (3-W) fell 49% YoY to 37516 units while 4W volumes fell 87% YoY to 529 units. They are likely to be impacted by strict BS-VI norms in FY21E and auto slowdown. Other engines segment de-grew 7% YoY to 8739 units. Overall engine volumes de-grew 46% YoY. On nonauto side, power genset volumes declined 35% YoY to 736 units. Overall agriculture (pumpset, power tiller, other) volumes declined 68% YoY to 11928 units. GCL may have to take a price hike of 35-50% for BS-VI compliant engines leading to significant volume reduction and margin stress as it is difficult to completely pass on the price increase amid economic...