Rakesh Sharma, ED at Bajaj Auto, gives an in-depth look at the quarterly numbers. Sharma says the first quarter of FY20 was worse than FY19 Q4, and adds that the first 2 weeks of July indicated the same trend. He says the situation is not as worse as retail segment, but still overall sentiment negative. He expects retail sales to improve as festive season nears. Sharma expects some pre-buying due to implementation of BS-6 norms in April.