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Motilal Oswal Report
Overall dispatches were in line for two-wheelers/passenger vehicles while they were below estimate for commercial vehicles/tractors. Dispatches for commercial vehicles were weak due to channel inventory filling that happened in March 2023 ahead of the BS6-II transition.
However, fleet utilisation continued to remain healthy led by stable demand from most of the underlying industries.
Tractor wholesales were hit by festival mismatch (Navratri was in April last year versus March this year) and unseasonal rains.
Despite Hero MotoCorp Ltd. reporting disappointing numbers, two-wheeler wholesales remained in line driven by domestic dispatches (up 20% YoY) with exports (-42% YoY) remaining weak.
Overall dispatches for passenger vehicles/three-wheelers grew 13.5%/27.0% YoY during the month; two-wheelers remained flat YoY while commercial vehicles/tractors declined 15%/11% YoY.
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