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Axis Securities Report
The domestic passenger vehicle industry sales grew by ~6% YoY (flat month-on-month) to fulfill the order backlogs, especially in the sports utility vehicle segment as the production constraints eased. Domestic commercial vehicle sales stood robust, up 12% YoY and 27% month-on-month led by strong infra push, higher replacement demand, and advanced buying in anticipation of price hikes post April 2023.
Domestic two-wheeler wholesales grew by ~20% YoY/month-on-month (excluding Hero MotoCorp Ltd. and Bajaj Auto Ltd.) on the low base of the last year and post the weak Jan-Feb 2023 dispatches.
Domestic tractor sales stood mixed with Mahindra and Mahindra Ltd. growing by 20% YoY and Escorts Kubota Ltd. sales flat YoY due to unseasonal rainfall and crop damage in certain regions.
Exports sales across two-wheeler original equipment manufacturers remained negative (TVS Motor Company Ltd./Hero MotoCorp down 32%/52% YoY; only Eicher Motors' exports stood up 34% YoY).
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