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Yes Securities Report
Our interaction with leading channel partners reveals high-single to double digit positive retails for two-wheeler, passenger vehicle and commercial vehicle. We expect 6-8% month-on-month increase in tractor retails.
In two-wheeler segment, although festive demand is improving in western markets, pre-festive inventory, which is already at the higher end of normalized levels, will limit the scope for higher push. PVs had a good start to Onam with more than 20% YoY growth (festive to festive); there has been a sharp decline in waiting periods across major brands owing to improved supply (both in manual transmission and automated manual transmission trims).
CV segment inventory is likely to increase to more than one month given the stock-up ahead of the anticipated ~3% price hike from October 2023, as also the festive off-take.
Tractors retails would likely grow month-on-month to mid single digit given that key states have made farm subsidy-related announcements in September.
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