Automobiles Q4 Results Preview - Signs Of Growth Moderation Visible In Some Segments: Motilal Oswal

BQ Prime’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 BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. .Motilal Oswal Report.Q4 FY23 witnessed a stable demand environment, though there were signs of volume growth moderation in some segments. Demand largely remained intact for medium and heavy commercial vehicels, tractors and domestic two-wheelers, whereas growth moderated for passenger vehicles and light commercial vehicles. Two-wheeler exports remained weak.In terms of wholesale volumes, we estimate Q4 FY23 volumes to grow by 11% YoY for PVs, ~17% for M&HCVs, ~21% for tractors and ~9% for three-wheelers. Two-wheeler volumes were flat YoY due to a 32% decline in exports; however, domestic volumes grew 13%. LCV volumes are estimated to grow by 1%.We estimate Ebitda margins to improve for the fourth quarter in a row, with a 120 basis points YoY gain (up 20 bps QoQ) for our auto original equipment manufacturer universe (excluding Tata Motors Ltd.), led by full benefits of raw material cost moderation, favorable forex and operating leverage benefits. Except for Bajaj Auto Ltd. and Mahindra and Mahindra Ltd., all OEMs are likely to report margin expansion QoQ. We revise our FY24E earnings per share for select companies to account for demand evolution in the domestic market, weakness in exports, and commodity price/FX changes. .Click on the attachment to read the full report:.Capital Goods, Consumer Durables Q4 Preview - Strong Orders, High Mercury Levels To Drive Growth: Nirmal Bang.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Automobiles Q4 Results Preview - Signs Of Growth Moderation Visible In Some Segments: Motilal Oswal

Margin expansion to continue in Q4, fully reflecting raw material savings.

NDTV Profit

NDTV Profit

Follow Us

DISCOVER US FASTER

DOWNLOAD THE APP