BQ Blue’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 BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Direct Report
Near normal economic activity, extended monsoons, muted festive retails (down 18% YoY, at ~80% of pre-Covid-19 levels) and gradual improvement in chip supplies were key highlights for Q3 FY22. Resultantly, total industry volumes are expected to decline ~5% QoQ with two-wheeler space playing spoilsport with volume decline pegged at ~10% QoQ.
All remaining categories saw healthy double digit QoQ growth with the commercial vehicle space outperforming the pack and is firmly placed in its path of cyclical recovery.
As guided by managements, gross margins are expected to further decline in Q3 FY22E but sequential volume recovery is expected to subsume the decline and largely offset the same.
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