- 02 Feb 2024
- ICICI Securities
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2-W & PV SEGMENT OUTSHINES, CV & TRACTORS DISAPPOINT
News: Auto OEM sales volume for the month of January 2024 came in as a mixed bag with volumes growing healthy double digit on YoY basis across the 2-W (20%+) and PV (15%+) segments while declined across the CV (low single digit) & Tractor (double digit) segments. In PV space, Maruti Suzuki sales volume were up 16.3% YoY at 1,95,952 units. Tata Motors volumes were up by 11.9% at 54,033 units, while volumes at M&M were up healthy 30.4% YoY at 43,068 units. In 2-W pack, Market leader Hero MotoCorp reported healthy volume growth of 21.6% YoY at 4.3 lakh units, whereas volumes at TVS Motors were at 3.29 lakh units up 24.6% YoY. Royal Enfield brand at Eicher Motors reported flattish volumes at 76,187 units, while Bajaj auto volumes were up 26.8% YoY at 3.08 lakh units.
Views: In CV segment, Market leader Tata Motors reported volumes of 32,092 units down 2.1% YoY. VECV volumes at Eicher Motors were down 1.6% YoY to 7,066 units, while Ashok Leyland reported a volume decline of 7.3% YoY at 15,939 units. In the tractor segment, M&M reported a volume decline of 17.2% YoY at 23,948 units while Escorts reported volumes decline of 7% YoY at 6,185 units. M&M and Bajaj Auto have outperformed their peers while volumes at Eicher Motors remained flattish. In the CV space the major decline was witnessed in the M&HCV truck segment. Exports volumes too were lacklustre across OEM’s.
Impact: Neutral