Auto Sales Preview - Strong Growth In Two-Wheelers In March: Anand Rathi

Anand Rathi Report

Strong double-digit YoY growth is likely for two-wheeler wholesale volumes in March 2024 due to good demand (retails up high-single digit) and a favorable base (supply constraints).

Passenger vehicles volumes are likely to have grown at a healthy pace led by inventory build. Cpmmercial vehicles, though, are likely to have slid in single digits due to the high base (early buying last year due to OBD-2 norms).

Tractors are likely to have declined by lowdouble digits due to the festival (Navratri) timing and challenges in west/south.

In the near term, the high base would lead to muted CV and tractor growth. Nevertheless, we are positive on the auto sector. Our preferred original equipment manufacturer picks are Hero MotoCorp Ltd. and Escorts Kubota Ltd.

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