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ICICI Securities Report
Our recent interactions with investors on demand recovery in India left us concluding that consensus buy side has factored-in continued growth for the remainder of fiscal 2021 after approximately 75% decline in Q1FY21.
In this report, we have tried to take a deeper look at global mobility trends with the premise that if people buy vehicles they would tend to use them, and this would reflect in rise in traffic data. The mobility trends analysis uses TomTom traffic data and Google Community mobility data.
In summary, the key insights are: a) post reopening from lockdown, most regions witnessed a release of pent-up demand; b) other than a few nations (e.g. Korea, China) not all mobility rebounds have sustained; the same is visible in subsequent demand slack; c) higher workplace in regards to transit station mobility signals continued preference towards personal over public mobility.
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