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ICRA Research Report
We expect the two-wheeler industry to witness a 12-14% YoY growth in FY2022.
While optically high, the growth is on a severely contracted base. Also, the growth is contingent upon no sharp resurgence in Covid-19 cases and acceleration in the vaccination programme.
Financial profile of most of the two-wheeler original equipment manufacturers expected to remain healthy barring transitory margin pressure due to rising commodity prices and lower sales; credit profiles are expected to remain strong backed by resilient balance sheets, healthy cash and liquid investments and negligible debt.
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