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ICICI Securities Report
In continuation to our monthly series, we are monitoring mobility and retail demand trends as we believe both these data sets have a lead-lag effect.
For April-May 2021, the data makes more sense on month-on-month basis due to negligible base in FY20.
Key takeaways for April 2021:
1. global mobility data trends remain on the upward trajectory across regions post Covid-19 (e.g. UK, Italy, U.S.); however, India mobility data nosedived due to Covid-induced lockdowns in states (e.g. Karnataka, Delhi, West Bengal);
2. overall, Eastern and Southern states were most impacted (~50% decline in mobility data), while drop in Western and Northern states were relatively better ~35-40% ; and
3. in domestic retails, passenger vehicle segment declined 59% month-on-month while two-wheeler fell 53% month-on-month impacted due to lockdowns.
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