BQ Blue's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer BloombergQuint's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
The volume evolution in Q3 FY22 was a mixed bag, partly impacted by weak demand and partly by supply-side issues.
Wholesale volumes grew for commercial vehicles (up 7% YoY, up 18% QoQ) and three-wheelers (up 15% YoY/QoQ), while volumes declined for passenger vehicles (down 4.5% YoY, up 10% QoQ), two-wheelers (down 20% YoY, down 11% QoQ), and tractors (down 12% YoY, up 4% QoQ).
The Ebitda margin for our original equipment manufacturer universe (excluding Jaguar Land Rover) is likely to recover by 40 basis points QoQ to 8.6% in Q3 FY22 (down 350 bps over Q3 FY21), led by operating leverage and price increases offsetting higher QoQ commodity costs.
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