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Axis Securities Report
August 2023 Wholesale Volumes:
Growth in passenger vehicle domestic sales was driven by strong SUV dispatches while entry-level car sales continued to remain under pressure. This trend was similar to the previous month's dispatch trend. Commercial vehicle sales held up well with all original equipment manufacturers registering encouraging growth on a YoY basis.
While medium and heavy commercial vehicle sales remained strong, light commercial vehicle sales continued to be weak during the month. Domestic two-wheeler sales grew by 24% month-on-month (up 1% YoY, and was dragged down by lower domestic two-wheeler sales by Bajaj Auto Ltd.) as OEMs started to fill the inventory ahead of the festive season.
Two-Wheeler exports continued to remain sluggish with Bajaj Auto's exports up 2% YoY but TVS Motor Company Ltd. down 1% YoY (with both the OEMs registering a 2% decline in sales on a month-on-month basis). Year-to-date in FY24, overall two-wheeler sales (domestic plus exports) stood flat YoY albeit on a low base, as the 5% recovery in domestic dispatches was offset by a 22% drop in exports.
PV domestic sales grew by a healthy ~7% YoY, led by SUVs and new launches even on a high base of the last year. CV domestic sales stood flat YoY, tractor sales grew by 1% YoY on a high base, while three-wheeler domestic sales grew significantly by 53% YoY led by Bajaj Auto. In August 2023, Bajaj Auto's three wheeler sales grew by 93% YoY (year-to-date up 125% YoY).
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