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Yes Securities Report
Our interaction with leading channel partners reveals stable to mid/high-single positive retails for two-wheeler, passenger vehicle/commercial vehicle and 8-10% month-on-month decline in tractor retails.
In two-wheeler segment, demand trends show no major change, but for growing inquiries at Royal Enfield (10-15% month-on-month), a positive rub-off from its competitive launches in the premium segment.
Electric vehicle two-wheelers saw a sustained pick-up month-on-month, likely to grow 6-8% month-on-month, and normalcy expected over two-three months.
PVs had a good start to Onam; channel partners from South expect 15-20% YoY and mid-single digit growth vis-a-vis peak volumes of FY17/18 (festive to festive).
CV retails would likely show a double-digit month-on-month growth despite a lean month, thanks to a low base. Tractors retails would likely decline month-on-month due to seasonal factors; August 2023 have not seen any material farm subsidy related announcement.
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