Demand for Passenger Vehicles was stronger than expected once COVID-related lockdown restrictions were lifted due to shift in preference towards personal mobility. This was reflected in strong demand with first-time buyer (FTB) share increasing to 50% in FY21 YTD (from 45% in FY20) of domestic volumes. Domestic volumes for the industry have been higher than FY19 levels (previous peak) since Sep'20 onwards. Recovery in the PV demand would have been better, but for a sharp rise in fuel prices (~30% increase in the last eight months). This, resulted in an increase in sales of CNG vehicles....