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ICICI Direct Report
Auto wholesale dispatches for February 2022 were a mixed bag, witnessing month-on-month growth in the passenger vehicle and commercial vehicles space amid improving macroeconomics while muted demand prospects persisted in the two-wheeler space. The three-wheelers space started to show some green shoots while tractor growth continues to be hampered by higher base.
In the two-wheelers pack, market leader Hero MotoCorp Ltd. reported a volume decline of 5.8% month-on-month at 3.58 lakh units. Bajaj Auto Ltd. reported volumes of 2.79 lakh units, down 13.6% month-on-month while TVS Motor Company Ltd. posted 5.3% volume growth month-on-month at 2.67 lakh units.
Royal Enfield brand at Eicher Motors Ltd. reported a flat month at 59,160 units and was muted against optimistic management commentary.
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