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Nirmal Bang Report
Based on our channel checks, we expect December 2021 sales to be affected due to supply constraints (chip shortages which are more prevalent in passenger vehicles).
However, we are expecting a gradual improvement on month-on-month basis for PVs. For commercial vehicles, we expect a sustained uptick in volume, led by an improvement in freight availability (as economic activities gather pace) and stable demand from infrastructure and construction sectors.
We see two-wheeler dispatches to be slightly muted due to a high base and relatively subdued marriage season. We note that recent concerns about rising Covid-19 cases have delayed opening up of educational institutes, offices etc, which may affect demand further.
Tractors are expected to witness decline on a YoY basis due to a high base. However, we note that rural sentiments are relatively strong, which should augur well for the industry in the coming months.
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