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Motilal Oswal Report
June 2023 overall dispatches remain a mixed bag as volumes for commercial vehicles/tractors were better than expectations. Two-wheelers disappointed, while passenger vehicles were largely inline. Though domestic two-wheeler wholesales grew 8% YoY, export wholesales declined 33% YoY.
Export wholesales posted a 11% month-on-month growth as markets, including Nigeria showed recovery and companies focused on newer geographies.
The PV industry volume growth was driven by healthy demand in the utility vehicle segment, while the entry level segment continued to remain under check. Dispatches for CVs were higher than expectation, largely driven by volume beat by Tata Motors Ltd./Ashok Leyland, while VE Commercial Vehicle was in line.
Despite the pre-buying effect in CVs in Q4 FY23, June wholesales improved 15.5% month-on-month, indicating stronger demand environment. Tractor volumes grew ~5% YoY.
Overall dispatches for PVs/three-wheelers/tractors grew 4.5%/32%/5% YoY during the month, while two-wheelers/CV volumes declined 4%/2% YoY.
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