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Motilal Oswal Report
Passenger vehicles/commercial vehicles/three-wheelers (excluding Bajaj Auto Ltd.) were in-line while tractor/two-wheeler (excluding Bajaj Auto) were below estimate.
While the demand for PV sustains, improving trend in wholesales reflect easing of supply chain issues though situation remains dynamic. CV demand recovery continues to ride on the push for infra activities and improving freight rates.
Among two-wheelers (excluding Bajaj Auto, Hero MotoCorp Ltd./Royal Enfield were below estimate while TVS Motor Company Ltd. was in-line.
Two-wheeler (excluding Bajaj Auto)/tractor volumes declined ~20%/33% YoY; whereas PV/CV/three wheeler (excluding Bajaj Auto) volumes grew by 17%/11%/15% YoY.
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