Automobiles Q4 Results Preview - Growth Rates Set To Normalise: HDFC Securities

HDFC Securities Institutional Equities

Two-wheelers continued their weak trend even for Q4 with two-wheeler industry production declining by 5% QoQ in Q4.

While domestic two-wheeler sales declined 7% QoQ, two-wheeler exports further declined by 17% QoQ in Q4. On the other hand, while passenger vehicle production was up 12% QoQ, commercial vehicle industry production was up 23% on a QoQ basis in Q4.

PV production in the quarter was limited by supply constraints, especially in the higher-end segments. Also, the strong CV growth in Q4 is likely to be driven by pre-buy ahead of BS-VI-phase II implementation.

The tractor industry has ended FY23 at a new high having grown 12% YoY and by 19% for Q4.

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