ICICI Securities: Auto Sector 2021 Outlook - Strong Recovery Expectations Priced In
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ICICI Securities Report
It is fair to assume CY20 did not go as per plan (thanks to Covid-19) for most and the auto sector too was impacted as mobility needs got constrained in first half of the year due to lockdowns.
However, second half was a story of pent-up demand release and growing industry optimism.
As we move into CY21, we find ourselves forecasting strong double-digit industry growth (aided by base effect: H1 CY20) while assuming a continuation of more of the same trend (rural outperforming urban).
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