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ICICI Direct Report
Festive fervour continues to get reflected in retail figures with daily Vahan registrations now averaging at ~76,500 units i.e. ~76% of pre-Covid levels, largely unchanged on week-on-week basis.
Going forward, as the lag effect in recording registrations fades away, we expect the registration run rate to taper off and revert back to its normalised run rate of ~80% of pre-Covid levels.
Federation of Automobile Dealers Associations' press release suggested ~18% YoY decline in retail sales for the 42-day festive period.
E-Way bill generation for November began on a weak note, reaching four crore. If we compare this to the average bill generation in the months prior to Covid-19 (October 2019-February 2020), it has reached mere ~102% levels of the average 5.5 crore bills.
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