According to the Society of Indian Automobile Manufacturers (SIAM), auto sales for the first three months of FY2013/14 (April-March) contracted by 7.6% year-on-year (y-o-y), to 774,888 units. We expect the headwinds faced by the Indian autos market to persist over the next few months and have consequently revised our total vehicle sales growth forecast for FY2013/14 to 3.1%, from 4.7% previously, to 3.6mn units.
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