Automotives - Post-Festive Inventory Destocking Impacts Wholesales Across Segments: ICICI Securities

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..ICICI Securities Report.With the piling up of inventory in August-October 2023 period along with lower production days in December 2023, auto wholesale numbers were subdued and largely in line with expectations in passenger vehicle, two-wheeler segments. In medium and heavy commercial vehicles, volume continued to surprise negatively, both in retail and wholesale terms, despite this being a seasonally strong period, with Ashok Leyland Ltd. plus Tata Motors Ltd. combined volume being flat YoY. Tractor wholesales declined ~17% YoY for both Mahindra and Mahindra Ltd. and ESC. In domestic two-wheelers, volumes of Bajaj Auto Ltd. / TVS Motors Ltd. were up 15% / 27% YoY, respectively, whereas Royal Enfield volume was down 7%. Maruti Suzuki India Ltd.’s wholesale was down 1% YoY at ~138,000 units, with PC segment down ~30% YoY and utility vehicle segment up ~40% YoY. We expect de-stocking led lower wholesales to persist and impact absolute volume and growth for both PVs and two-wheelers until January 2024..Click on the attachment to read the full report:.Bank's Sectoral Credit Deployment - Growth Sustains Momentum Across Verticals In November: ICICI Securities.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Automotives - Post-Festive Inventory Destocking Impacts Wholesales Across Segments: ICICI Securities

Two-wheelers' wholesales remain subdued; base effect drives growth; passenger vehicles- absolute flattish volume to persist in near term

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Automotives - Post-Festive Inventory Destocking Impacts Wholesales Across Segments: ICICI Securities

Two-wheelers' wholesales remain subdued; base effect drives growth; passenger vehicles- absolute flattish volume to persist in near term

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