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Motilal Oswal Report
Volume recovery seen in Q2 continued in Q3 FY21.
Strong momentum was witnessed in retail sales of tractors and passenger vehicles (YoY growth in retails), whereas the same for two-wheelers was marginally lower than last year.
On a wholesale basis, we estimate volumes to grow strongly for tractors, passenger vehicles and two-wheelers.
Among commercial vehicles, light commercial vehicles saw a good recovery, while the decline is getting smaller for medium and heavy commercial vehicles.
We expect the recovery in Ebitda margins to continue for the second straight quarter despite the initial impact of commodity cost inflation.
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