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HDFC Securities Report
The demand for automobiles has been resilient even post the traditional festive season.
Sales for passenger vehicles and tractors continue to grow in healthy double digits and we expect this trend to sustain.
As the country emerges from Covid-19 (with vaccine rollout expected shortly), the economic recovery will further benefit auto sales, in our view. We expect margins to be range-bound (versus Q2 FY21).
While the utilisation levels are elevated (car, tractor utilisation is upwards of 80%) and discounts are lower, commodity prices have risen sharply over the past quarter.
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