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Dolat Capital Report
Our channel checks indicate two-wheelers and passenger vehicles (PV) are seeing gradual improvement in enquiries to pre-Covid-19 levels by August end, supply/production side issues are also being resolved gradually.
We expect two-wheeler/commercial vehicle dispatches are likely to fall by 4/39% YoY while PV/Tractor sales to grow by 2/23% YoY for August 2020.
In the PV segment, sales are being driven by necessity-based demand, with the major portion of sales coming from first-time buyers while replacement demand is still low.
Most of the demand is coming for low end cars and Maruti Suzuki India Ltd. is much ahead of its peers. Realization of old vehicles is also inching up due to traction in the used car market.
Two-wheeler retail sales are comparatively better led by pent up demand and preference for personal vehicles.
Rural demand is sustaining well, a trend which is unlikely to change materially. Tractor demand continues to hold up led by strong Rabi output and good monsoon till date.
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