Consumer behaviour changing: Chandra BAJAJ AUTO SALES DROP 33%
New Delhi, Aug 3: A tremendous transformation, stemming from Covid-19, is expected in the mobility segment over the next two years, as consumers’ move to "slow" travel—with personal versus public/ shared transport—is likely to shape the future demand for passenger vehicles, according to Tata Motors chairman N. Chandrasekaran.
The turnaround journey of the company’s domestic business has also been disrupted in 2019-20, as demand deteriorated sharply on the back of an abruptly slowing economy coupled with the spread of Covid-19.
Addressing shareholders at the company's annual report for 2019-20, Chandrasekaran said the global auto industry has grappled with multiple issues during the year.
"On one hand, we saw greater clarity emerge on Brexit; yet on the other hand, mounting trade tensions, muted global growth and enhanced regulatory norms have fundamentally changed the contours of the business environment in which we operate. Next came the onset of the Covid-19 pandemic in the final quarter of the year, which has ushered in a new reality for industries across the world," he said.
Chandrasekaran further said, "As we look ahead over the next two years, we anticipate a tremendous deal of transformation stemming from Covid-19. Consumer behaviour will change in numerous ways, from demanding more integrated digital experiences to prioritising health and safety features across purchasing decisions. The move to 'slow' travel and personal (versus public and/or shared) transport may shape future demand for passenger vehicles."
Greater scrutiny will be placed on building environmental sustainability and climate resilience into the very core of business models, he said adding the Tata Motor Group is "well placed to meet the demand opportunities that will arise from these important and fundamental shifts".
Referring to the performance of Tata Motors Ltd (TML), he said over the past two financial years, TML focused on refreshing its portfolio, improving structural efficiencies and streamlining internal processes. In doing so, TML turned a corner and delivered improved market shares, profitability, and positive free cash flows.
"In FY19, we delivered positive net income of Rs 2,021 crore, after making losses for five years. In both FY18 and FY19, TML produced positive free cash flows, following five years in negative territory. "However, in FY20, this turnaround journey has been interrupted.”
The pandemic pulled down Bajaj Auto’s total sales in July by 33 per cent on a year-onyear basis. The auto major's total sales during the month fell to
2,55,832 units from
3,81,530 units sold during the same month last year. Domestic sales of the Punebased company in July this year were at
1,58,976 units as against 2,05,470 units, down 23 per cent, Bajaj Auto said in a regulatory filing.
Bengaluru, Aug. 3: Wockhardt Ltd will supply millions of doses of multiple Covid-19 vaccines, including that being developed by Astra-Zeneca and Oxford University, under a deal with the UK government announced on Monday.
Shares of Wockhardt jumped 10 per cent after the news in a downcast Mumbai market.
The company has reserved fill-and-finish capacity—the final manufacturing step of putting vaccines into vials or syringes and packaging them—as part of the agreement, it said.
This is the latest step by the UK to secure supplies and production of Covid-19 vaccines after striking four deals with drugmakers to buy their potential shots.
“Fill finish is a critical step in the process to get the vaccine in a form to be given to patients. The agreement with Wockhardt will boost our capability to ensure that,” Kate Bingham, chair of UK Vaccines Task Force, said in a statement.
The UK government has also reserved one fill-and-finish production line at a Wockhardt subsidiary in Wrexham, Wales for its exclusive use for the next 18 months to secure supply. It is expected to start the Wexham line in September.
AstraZeneca has indicated it would need 30 million fill-and-finish doses of their vaccine candidate.