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Motilal Oswal Report
Volumes in Q2 FY23 recovered across segments on a low base of Q2 FY22, aided by some improvement in semiconductor supplies.
Wholesale volumes for passenger vehicles grew 25% YoY and 5% QoQ, commercial vehicles grew 37% YoY and 7% QoQ, two-wheelers grew 5% YoY and 12.5% QoQ, and tractors grew 7% YoY (but fell 15% QoQ).
For the second quarter in a row, we expect Ebitda margin to improve by 310 basis points YoY and 130 bps QoQ for our auto original equipment manufacturer universe, led by price hikes and operating leverage, despite the residual impact of an increase in raw material cost.
We expect a 12%/22%/7%/14%/19%/26% volume compound annual growth rate (FY22-24E) for two-wheelers/passenger vehicles/ tractors/three-wheelers/light commercial vehicles/medium and heavy commercial vehicles.
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