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Motilal Oswal Report
Retail sales during the festive season in October 2022 (part of Navratras and Diwali) indicate a healthy uptick for all categories, especially for two-wheelers. This festive season was the first normal season after two years (Covid-affected period).
Our interaction with leading industry channel partners indicates a positive sentiment for all categories this festive season. Two-wheeler demand, which was lagging, has improved YoY, while the easing of semiconductor shortages is leading to a decline in the waiting period for passenger vehicles.
Commercial vehicle demand has been stable, while tractor retails grew in mid-single digits. The entry level segment in two-wheelers and passenger vehicles, which was the worst impacted, has seen a recovery, but volumes were substantially below pre-Covid levels.
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