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ICICI Securities Reports
With part of festive season falling in November this year versus fully in October 2022, both private vehicle and two wheeler players have reported strong double-digit year on year domestic growth, although declined month on month, as expected.
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However, in medium and heavy commercial vehicles, volume dipped month-on-month by ~20% despite November being a seasonally strong month.
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Tractor wholesales grew ~5-6% YoY driven by the ongoing harvest season. In domestic two wheeler, barring Royal Enfield (down 5% month-on-month), volume of the rest was down ~15% or more to normalise inventory.
Maruti Suzuki India Ltd. wholesales were down 17% month-on-month at 164000 units due to production holidays on account of Diwali and inventory management.
We expect destocking-led lower wholesales to persist and impact absolute volume and growth for both passenger vehicles and two-wheelers until January 2024.
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