Atul Auto - Sequential Recovery In Volumes: Anand Rathi
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Anand Rathi Report
For the quarter, Atul Auto Ltd.'s volumes grew 10% YoY, 164% QoQ, to 4,592 units. Revenue grew 7% YoY, 154% QoQ, to Rs 798 million.
Demand is strong in domestic markets, and similarly for exports as passenger movement rises globally.
Volumes for October 2021 grew 14% month-on-month to 2,141 units and we believe retail momentum would improve further in subsequent months as the financing situation eases.
Three-wheeler financing was not easily available, a concern for the industry. As business activity and passenger traffic grows, we expect strong replacement demand for three-wheelers.
On the electric vehicle front, we expect Atul Auto to launch a new product in H1 CY22. Accordingly, we expect revenues to grow 26% in FY22, and 53% in FY23.
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