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Axis Securities Report
The auto volumes reported during the quarter stood patchy with certain segments such as the passenger vehicle and premium motorcycle exhibiting strong traction, supported by improvement in the supply-chain situation.
Commercial vehicle segment, too, reported a robust recovery in demand, aided by improving fleet operators’ profitability and higher fleet utilisation levels.
However, this was offset by weakness in the domestic two-wheeler segment, led by the rising cost of ownership.
At this juncture, management commentaries are critical as raw material headwinds are likely to impact the profitability from Q1 FY23E onwards. In this retrospect, demand dynamics with price hikes remain key watchful factors for the sector.
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