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Dolat Capital Report
Our interaction with dealers and financers suggests a mixed picture for automobile sector with recovery in volume as lockdown restriction eases out but many customers are postponing their purchasing decision due to job losses, several challenges in micro small and medium enterprises sector and fear of Covid-19 third wave.
Demand recovery and dispatches in passenger vehicles are better than other segments due to healthy order backlog and low inventory.
Tractor is also showing strong recovery due to increasing food-grain prices and good monsoon.
However, two-wheelers and commercial vehicles are still under stress due to high inventory and increasing delinquencies (especially in captive finance arm of original equipment manufacturers) along with lower loan-to-value offerings.
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