Engineering Excellence in Metal Forming and High-Quality CDW Tubes

- Cycles Industry Standard Bicycles In trade sales, the share of standard bicycles is coming down over the years Government orders for standard cycles has increased with more and more rural welfare schemes Trade Sales - FY 16-17 54% murugappa 66% 46% 34% Industry ■Standards TII ■Specials Speciality Bicycles In the speciality market, growth is seen in kids, premium and performance cycle segments Overall Indian bicycles market has seen a drop of 11% in FY 2016-17 over FY 2015-16 Trade Market Share - FY 16-17 14% 17% 27% 31% 10% ATLAS AVON HERO TICI Others Based on volumes of 8 players (Source: AICMA Data) 32

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