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Prabhudas Lilladher Report
In Q2 FY22, demand momentum remained strong for passenger vehicles on the back of customers’ preferences for personal mobility and improving sentiments.
However, chip shortages weighed down demand and led to ~3% YoY decline in dispatches.
Further, commercial vehicles fleet utilisation level improved with economy opening up and resulted in strong ~25% plus YoY growth.
Two-wheeler sales over the quarter remained sluggish.
We expect Ebitda margin contraction across original equipment manufacturers, except for Ashok Leyland Ltd. and Tata Motors Ltd. due to their strong commercial vehicle volumes and price hikes.
Across the pack, we have seen sequential price hikes which should offset raw material inflation to some extent.
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