In line with 36% decline in the total volumes, the topline fell by 35%. Volumes at the auto segment fell by 47% driven by 56% fall in the SUV segment. FES segment fell by just 2% as tractor demand was still intact in Q4. Margins surprised the street as they came in 70 bps higher yoy at 12.4% on the back of better product mix which was tilted towards high margin tractors, cost saving initiatives and RM tailwinds. According to management, last 7 days of March (due to COVID related lockdown) resulted in a volume loss of ~15,000 vehicles, out of which ~13,000 was on the tractors side. Despite this, the company increased its market share in tractors by 1% to ~40% and in LCVs by 3%. During the quarter, M&M; revisited their capital allocation program in which they...