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Motilal Oswal Report
Tractor, passenger vehicle, three-wheeler, and two-wheeler wholesales were in line with our estimates, whereas the same for commercial vehicles were below our expectation.
PV, original equipment manufacturers are seeing strong demand and long waiting periods.
Among two-wheelers, TVS Motor Company Ltd. and Royal Enfield were in line, whereas Hero MotoCorp Ltd. and Bajaj Auto Ltd. were below our estimates.
PV/two-wheelers volumes grew ~15%/7.6% YoY (inline).
CV/light commercial vehicle volumes grew by 24%/31.9% YoY (below our expectation), while the same for medium and heavy commercial vehicles grew by 16.7% (inline).
Three-wheeler volumes declined 12% YoY (inline).
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