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Nirmal Bang Report
Based on our channel checks, we expect November 2021 sales to be affected due to the ongoing supply constraints (chip shortages which are more prevalent in passenger vehicles).
However, we have built in gradual improvement on month-on-month basis for passenger vehicles.
For commercial vehicles, we expect a sustained uptick in volume, led by an improvement in freight availability (as economic activities gather pace) and stable demand from infrastructure and construction sectors.
For two-wheelers, we see dispatches to be slightly muted due to a high base and relatively subdued festival demand. We also note that initial trends suggest relatively muted start to the marriage season, which should further impact dispatches, in our view.
Tractors are expected to witness decline on a YoY basis due to a high base.
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