2-W SPACE REPORTS MIXED VOLUME PRINTS FOR MAY 2024, EXPORTS STAGE A STRONG REBOUND
News: Volumes at market leader Hero MotoCorp came in at 4.98 lakh units, down 4% YoY while it stood at 3.42 lakh units at TVS Motors, up 19% YoY. Royal Enfield brand at Eicher Motors reported 8.3% YoY de-growth at 71,010 units, while Bajaj auto is yet to announce its numbers.
Views: TVS Motors outperformed its peers while volumes at Eicher Motors were disappointing. Notably, exports were healthy at both TVS Motors and Eicher Motors at 88,450 units (up 33% YoY, 21% MoM) and 7,479 units (up 12% YoY, 10% MoM) respectively. We expect 2-W space to report meaningful volume recovery in FY25E (lower double digit) and outperform rest of the automobile segments.
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