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ICICI Direct Report
Healthy sequential growth momentum being witnessed in the auto space over the past few months halted in April 2021, as the resurgent pandemic took a toll on original equipment manufacturer sales.
With several states under lockdown and retail offtake outlook impacted for the near term, dispatches fell away by double digits across most players and segments.
Several OEMs have announced partial closure of manufacturing operations for May, thereby indicating that similar subdued performance will be in the offing this month as well.
Given that April 2020 was lost completely to the nationwide lockdown, YoY comparison is redundant.
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