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Anand Rathi Report
March 2024 two-wheeler wholesale volumes grew by strong double digits but less than our expectations due to less channel filling for the upcoming festival season.
Passenger vehicles grew in high single digit, in line with our expectations. commercial vehicle volumes fell by high single digit, below our expectations due to lower light commercial vehicle volumes owing to less inventory filling.
Also, tractor volumes fell in double digits, below our expectations. Ahead, we expect good volume trajectories for two-wheelers/passenger vehicles due to the wedding/festival seasons and rise in government's pre-election spending.
Commercial vehicles and tractors would be muted in the near term due to the high base. We retain our optimistic view on the auto sector. Our preferred original equipment manufacturer picks are Hero MotoCorp Ltd. and Escorts Kubota Ltd.
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