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October Auto Wholesales - Mixed Bag: Motilal Oswal

October Auto Wholesales - Mixed Bag: Motilal Oswal



A view of the traffic during morning rush hour in Bangalore, India. (Photographer: Qilai Shen/Bloomberg News)
A view of the traffic during morning rush hour in Bangalore, India. (Photographer: Qilai Shen/Bloomberg News)

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.

Motilal Oswal Report

Passenger vehicle/tractor wholesales in October came in above our estimate, whereas the same for two-wheelers/commercial vehicles was below our expectation. Tractors were in line.

There were some signs of a sequential recovery in passenger vehicle wholesale dispatches in October, though it was still low on a YoY basis.

The semiconductor situation is expected to improve further in November 2021.

Commercial vehicle demand is picking up, while two-wheelers failed to pick up in spite of the festive season.

Among two-wheelers, Hero MotoCorp Ltd./Bajaj Auto Ltd./TVS Motor Company Ltd./Royal Enfield were below our estimate.

Two-wheeler/passenger vehicle volumes declined by ~23%/15% YoY, whereas the same for commercial vehicles/three-wheelers grew 19%/14% YoY.

Click on the attachment to read the full report:

Motilal Oswal Auto Sector Check.pdf

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