BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
Automobiles sector volume recovery in Q2 FY21 was stronger than anticipated, with the continued benefit of demand recovery, improvement in supply chain, and inventory buildup for the festive season.
While volumes for tractors are growing on a YoY basis, two-wheeler and passenger vehicle volumes are at 90– 110% of last year’s levels.
Light commercial vehicle category has also recovered to 70–80% of last year’s levels, whereas medium and heavy commercial vehicles stands 40–50% lower YoY.
The Ebitda margin for our original equipment manufacturers (ex-JLR) universe is likely to expand 60 basis points YoY to 10.9% (versus - 4% in Q1), led by good recovery in margins for mainstream two-wheeler, tractors, and Maruti Suzuki India Ltd.
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