Covid-19 Recovery Pulse - Auto Retail Continues To Struggle In May: ICICI Direct

A person stands in the window of a car company's showroom in the Ambattur district in Chennai, India. (Photographer: Dhiraj Singh/Bloomberg).

Covid-19 Recovery Pulse - Auto Retail Continues To Struggle In May: ICICI Direct

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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 Direct Report

Vahan daily registrations averaged ~24,400 units, ~30% of pre-Covid-19 levels in May 2021 and down 55% on an month-month basis.

Initial daily registration readings for June 2021 are also soft at ~22,000 units on month-to-date basis.

Going forward, however, with the peak of the Covid-19 resurgence behind us and state specific unlocking underway, we expect registrations to improve meaningfully in June 2021.

E-Way bill generation for May (till May 30) ended on a weak note, reaching mere 3.8 crore.

If we compare this to the average bill generation in the months prior to Covid-19 (October 2019-February 2020), it has reached ~69% of the average 5.5 crore bills.

Click on the attachment to read the full report:

ICICI Direct Covid Recovery Pulse 4 June.pdf

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