M&HCV Growth In March Led By Good Demand, Easing Finance; PV, Tractor Demand Sustains: Motilal Oswal
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Motilal Oswal Report
Tractor, passenger vehicle, three-wheeler, and two-wheeler wholesales were in line with our estimates, whereas commercial vehicles were above our expectation.
Strong demand and long waiting periods are seen for passenger vehicle original equipment manufacturers.
Among two-wheelers, TVS Motor Company Ltd. and Bajaj Auto Ltd. were in line, Hero MotoCorp Ltd. was above our estimates, and Royal Enfield was below our estimates.
Passenger vehicle/two-wheeler volumes were flat (versus March 2019).
Commercial vehicle/medium and heavy commercial vehicle volumes declined at a 12.8%/15.3% compound annual growth rate (versus Mar-19).
Light commercial vehicle volumes declined 10%, and three-wheeler volumes declined at an 18.6% CAGR (versus Mar-19).
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