Automobiles Monthly Wholesale Volume Analysis - Domestic Dispatches Rise As Lockdowns Ease: ICICI Securities

An employee works on the assembly line at the Bajaj Auto Ltd. plant in India. (Photographer: Adeel Halim/Bloomberg)

Automobiles Monthly Wholesale Volume Analysis - Domestic Dispatches Rise As Lockdowns Ease: ICICI Securities

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Securities Report

Two-wheeler: Supply tilts towards domestic as exports remain steady.

Hero MotoCorp Ltd. has reported sales of ~470k units, up 156% month-on-month.

TVS Motor Company Ltd. has reported 51% month-on-month growth to ~252k units. Domestic sales rose 179% month-on-month to ~146k units while exports declined 7% month-on-month to ~106k units.

Bajaj Auto Ltd. has reported 27% month-on-month growth to ~346k units. Domestic sales surged 166% month-on-month to ~162k units, while exports declined 13% month-on-month to 184.3k units.

Royal Enfield has reported 15% year-on-year / 60% month-on-month growth to ~45.5k units with new product launches (e.g. Meteor) aiding volume growth.

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ICICI Securities Automobiles Monthly Wholesale Volume Analysis.pdf

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