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Volumes at Bajaj Auto were down 23.3% MoM at 2.62 lakh units, while TVS Motors posted 23.5% volume de-growth MoM at 2.64 lakh units. Royal Enfield brand at Eicher Motors reported 13.9% MoM de-growth at 70,766 units, while market leader Hero MotoCorp reported volume de-growth of 14% MoM at 3.9 lakh units.
In the 2-W space, volume prints came in much lower than our expectations amidst healthy retails for the month of November 2022. Royal Enfield volume prints for the month came in muted and fell below 80k mark. TVS motors took a breather from its MoM secular growth trend & witnessed double digit de-growth for the first time in FY23. For TVS Motors, its electric offering i.e. TVS iQube crossed the 10k monthly mark for the first time. Bajaj Auto posted muted performance amidst double digit sequential decline in domestic sales with exports witnessing a marginal sequential uptick.
Negative