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ICICI Direct Report
A healthy festive period and elements of pent-up demand, channel restocking led the auto industry to remain firmly on the recovery path in Q3 FY21.
Passenger vehicle, motorcycle and tractor segments continued to be buoyant, with a pick-up in truck and scooter sales a welcome development.
While topline performance is consequently expected to be strong across our coverage universe, margins are seen contracting sequentially on the back of a sharp rise in key raw materials like metals, rubber and other crude derivatives.
Original equipment manufacturer pack is seen leading the recovery.
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