See market share at 22% by end of March

Realizations per unit in the domestic business and export business: Realizations in domestic have improved because of the content of Avengers and of course the three-wheeler numbers have also been good in this quarter. Realizations have moved up by about 1,000 plus to about Rs 58,500. However, on the export, the company had the benefit of the exchange rate. For Q3FY16, average realization to dollar is about 66/USD and that has helped the company. So the mix getting queue towards healthier high priced models like Avengers which came in at good 13,000 per month average for the quarter that helped, the three-wheelers helped, the higher market share in Pulsars helped the domestic realization and that is why average revenue per user (ARPU) which was one-off the concerned points few quarters back. You will see that growing quarter after quarter.

EBIDTA margin guidance for Q4FY16: Avengers sales in Q3 averaged 13,000 a month. The company has already opened this quarter with 28,000 units in January and so Avenger component is going to do very well for the domestic because the full quarter average benefit will be sitting there in the domestic.

Three-wheelers are doing quite great and Pulsars are doing great in domestic. However, coming to export side, the average realization for Q3 was about 66/USD. So on both these counts, both in terms of healthier mix and export realization, we are going to see that the realizations are going to be heading, if at all northwards. The next item is cost structure; cost structure is very much in control. All the base metals and input costs are under control. So 20 percent plus EBITDA for Q4 is very much there.

 Export business and volume guidance: Everything that is in our control is hunky-dory; market share are great, products are great, customer demand is great. Now that said the dynamic situation on the ground is in terms of purely dollar availability in a couple of markets but our distributors are at it, they are meeting all the bank chairmen, meeting the people that are required to be met, for example in Egypt things have dramatically improved. In December it was not good. In January and February it was okay.

In the month of January we did 132,000 units in exports, in the month of February, I am already sitting on a 140,000-145,000 type of a number. We hope the dollar in February is very much in the pocket. Let's see how March happens and if that also returns about a 140,000 then we are 400,000 plus type of number in export and that is okay.

We should be doing marginally more cumulatively as compared to last full year because last Q4 was bad as far as export is concerned. Our hope is that we will be able to do something like 1.82-1.83 million types of units for the full year.