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ICICI Securities Report
Two-wheeler: Supply tilts towards domestic as exports remain steady.
Hero MotoCorp Ltd. has reported sales of ~470k units, up 156% month-on-month.
TVS Motor Company Ltd. has reported 51% month-on-month growth to ~252k units. Domestic sales rose 179% month-on-month to ~146k units while exports declined 7% month-on-month to ~106k units.
Bajaj Auto Ltd. has reported 27% month-on-month growth to ~346k units. Domestic sales surged 166% month-on-month to ~162k units, while exports declined 13% month-on-month to 184.3k units.
Royal Enfield has reported 15% year-on-year / 60% month-on-month growth to ~45.5k units with new product launches (e.g. Meteor) aiding volume growth.
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