Sept. Auto Sales Preview - Double-Digit Growth In Two-Wheelers, Tractors: Anand Rathi

Anand Rathi Report

Double-digit two-wheeler wholesale volume YoY growth in September 2024 is likely to have endured on stocks built up (strong festival expectations), an early festival season and favorable base (Honda). Excluding Honda, growth is still a robust ~11%.

Tractors are likely to have been positive with good ~10% growth, led by retails (~up double digit) on a good monsoon and favorable base.

Passenger vehicle volumes are likely to have grown a little, due to an early festival season and stocks built up despite muted demand. Meanwhile, commercial vehicles would have slid on only a gradual pick-up in capex.

We are positive on the auto sector. our preferred original equipment manufacturer picks being Bajaj Auto Ltd., Hero MotoCorp Ltd., Escorts Kubota Ltd. and Mahindra and Mahindra Ltd.

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