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MHCVs, tractor sales in India to report better volumes post-festive period: Report
The medium and heavy commercial vehicles (MHCVs) and tractor sales are likely to report better volumes in India this month as the festive season buying rush gets over, a report said on Friday.
New Delhi: The medium and heavy commercial vehicles (MHCVs) and tractor sales are likely to report better volumes in India this month as the festive season buying rush gets over, a report said on Friday.
Retail sales post-festive have moderated across two-wheelers (2Ws) and passenger vehicles (PVs), as per the report by Emkay Global Financial Services, citing Vahan data.
“We forecast 21,000 and 8,000 units of wholesale dispatches for Mahindra & Mahindra and Eicher, respectively, amid strong uptick during festive (driving benign channel inventory) and the ongoing improvement due to positive farm sentiment and cash flows,” the report maintained.
MHCVs are likely to report better volumes, with sequential improvement and controlled discounts, it added.
“We expect domestic MCHV volumes at 16,000/10,000 units for Tata Motors Limited/ Ashok Leyland, respectively. Overall commercial vehicle (CV) volumes for Tata Motors are expected at 30,000, and at 16,200 for Ashok Leyland,” according to Emkay Global report.
In the 2W segment, overall volumes are expected at 360,000 units for Hero MotoCorp (HMCL), 339,000 units for TVS Motor Co Ltd (TVSL) and 310,000 units for Bajaj Auto.
In the passenger vehicle (PV) segment, we expect overall volumes for Maruti Suzuki India Limited (MSIL) at 151,000 units (up 9.7 per cent YoY,” said the report.
M&M is seen performing better, on newer launches and a relatively fresher product portfolio in the PV segment and “we expect 17 per cent YoY growth at M&M, though volumes are likely to moderate to 41,000 units sequentially”.
Blended discounts in PVs have seen an increasing trend and are now at record high levels post-festive period.
“Amid the broader growth moderation in the auto space, we prefer companies with bottom-up growth and margin expansion triggers,” said the report.
