Covid-19 Recovery Pulse - Daily Vahan Registrations Improve Week-On-Week: ICICI Direct
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ICICI Direct Report
Daily Vahan registrations improved week-on-week with current month-to-date December 2021 reading coming in at ~72,600 units i.e. ~91% of pre-Covid-19 levels versus ~70,250 units i.e. ~88% of pre-Covid levels as of last week. We believe this is largely tracking year end discounts and innovative financing options offered by original equipment manufacturers to clear inventory. With calendar year end approaching we expect registrations for December 2021 to end at ~90% of pre Covid levels.
E-Way bill generation for December (till December 26) ended on a strong note, reaching 5.8 crore. If we compare this to the average bill generation in the months prior to Covid-19 (October 2019-February 2020), it has reached ~126% levels of the average 5.5 crore bills.
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