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Motilal Oswal Report
Passenger vehicle volumes were in-line, while two-wheeler (excluding Bajaj Auto Ltd.)/tractor/commercial vehicle volumes were above our estimate.
While the demand for passenger vehicles sustain, improving trend in wholesales reflect easing of supply chain issues, though the situation remains dynamic.
Improved freight rates and the government's infrastructure push are aiding commercial vehicle demand. Rising fuel costs may act as a dampener.
Among two-wheelers (excluding Bajaj Auto), volumes for Hero MotoCorp Ltd./Royal Enfield was above our estimate, while the same for TVS Motor Company Ltd. was in line.
Two-wheeler (excluding Bajaj Auto)/tractor/three-wheeler (excluding Bajaj Auto) volumes declined by ~15%/8%/2% YoY, whereas PV/CV volumes grew by 13%/17%.
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