February Auto Sales - Strong Growth Across The Board; Export Under Pressure: IDBI Capital

IDBI Capital Report

In February 2023, overall Indian auto industry witnessed strong volume growth in domestic market, whereas export market remains weak. The passenger vehicle sales are clearly on the growth path on the back of easing of semiconductor supplies and robust demand.

The two-wheeler segment has been facing challenges in the entry-level space due to weak demand from rural and international markets. The commercial vehicle segment reported growth on the back of higher Infra spending and increased freight movement across India.

The tractor segment performance was better than last year and sequentially on the back of rural sentiment. Our top picks in the sector are Mahindra and Mahindra Ltd., Maruti Suzuki India Ltd., Eicher Motors Ltd. and SJS Enterprises Ltd.

M&M is well positioned to address turnaround in Indian PV market, new launches of two-wheeler players are expected to performance in 2023. Sona Comstar to be beneficiary of growth momentum in electric vehicle industry.

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