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Prabhudas Lilladher Report
In Q2 FY23, passenger vehicle segment outperformed other segments with ~15% QoQ volume growth supported by easing chip supplies and pent up festive season demand.
With semiconductor supply now normalizing, PV original equipment manufacturers are serving their already healthy order book, mitigating longer waiting periods.
Two-wheeler segment has also witnessed a healthy ~10% QoQ growth, largely supported by festive season and premiumisation trend.
Commercial vehicle segment continues to witness stable growth, up 4% QoQ. On ground situation is steady as fleet utilisation levels are healthy, led by increased economic and infrastructural activities.
For our OEM coverage universe, we expect-
aggregate revenue growth of ~9% QoQ,
gross margin improvement (~50 bps), led by lag impact of commodity prices stabilising in the previous quarter and
Ebitda margin expansion of ~100 bps QoQ.
From Q3 FY23 onwards, we expect margin expansion for auto OEMs driven by softening of commodity prices, price hikes and new model launches.
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