Auto Sales In May 2023 - Recovery In Domestic Market; Export Muted: IDBI Capital
M&M is well positioned to address turnaround in Indian PV market.
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IDBI Capital Report
In May 2023, overall Indian auto industry witnessed mixed set of numbers and export market remains weak. The passenger vehicle segment saw strong growth led by sports utility vehicles whereas sedans sales remain muted. The two-wheeler segment witnessed recovery on the back of improving demand on the back of wedding season.
The commercial vehicle segment reported mixed numbers, going forward expected to improve on the back of infra, ecommerce and construction sectors, and the tractor segment performance muted than last year as well as sequentially on the back of weak rural sentiments.
Our top picks in the sector are Mahindra and Mahindra Ltd., Maruti Suzuki India Ltd., Eicher Motors Ltd. and SJS Enterprises Ltd.
M&M is well positioned to address turnaround in Indian PV market, new launches of two-wheeler players are expected to performance in FY24. Sona Comstar to be beneficiary of growth momentum in electric vehicle Industry.
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