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Motilal Oswal Report
June 2022 sales of two-wheelers and passenger vehicles were in line, while commercial vehicles were above and tractors were below our estimate.
The sequential Improvement in PV wholesales reflects the easing of semiconductor shortages. Price hikes announced by original equipment manufacturers from July 2022 and the recent repo rate hikes may affect retail demand.
Among two-wheelers, volumes for Hero MotoCorp Ltd. and TVS Motor Company Ltd. in June-22 were in line, while Bajaj Auto Ltd. was above, and Royal Enfield was below our estimate.
Two-wheeler/PV/CV volumes grew 9%/23%/86% YoY in June-22; while the same for tractors fell 15% YoY. Three-wheeler volumes remained flat YoY in June 2022.
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