In March 2017, CV maker Ashok Leyland and M&M (FES) reported better than expected numbers. The CV business of Tata Motors posted a muted performance. The overall CV picture, according to a report from Emkay Research, did not see a strong pre-buying impact in the fourth quarter of FY2016-17. CV sales increased marginally Year-on-Year (YoY). CVs, the report mentioned, saw a moderate increase in the M&HCV segment sans any major pre-buying in the last quarter of FY2016-17, and ahead of the implementation of new emission norms. As per the report, Tata Motors’ total CV sales declined (-) 6 per cent YoY to 35,876 units (M&HCV) (-)5 per cent; LCV (-)8 per cent. Ashok Leyland and VECV reported 12 per cent and 9 per cent increase in sales respectively on a YoY basis. Ashok Leyland’s M&HCV sales increased 15 per cent YoY to 15,258 units whereas LCV sales declined (-) 1 per cent YoY to 3,424 units.