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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.
Key takeaways from September 2021:
India mobility data witnessed month-on-month improvement as transit and workplace mobility remain flat YoY and lockdowns ease (e.g. Maharashtra, Gujarat, Karnataka); Global mobility data witnessed improvement in trends across regions post Covid-19 (e.g. France, Spain, Germany)
In domestic retail, passenger vehicles/two-wheelers witnessed a disappointing month-on-month drop of ~8%/6% respectively even with the onset of festive season (e.g. Ganpati); however, lack of inventory for popular models (due to semiconductor shortage) is also hurting sales; and
On commercial side three wheeler/commercial vehicle segment rose at ~20%/7% month-on-month, respectively.
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