Domestic 3-W space still not out of woods, tractor space reports double digit YoY de-growth
News: In the 3-W space, market leader Bajaj Auto posted volume growth of 17.8% MoM (primarily led by exports). M&M reported 10% sequential increase in sales volume at 4,008 units while Atul Auto posted flat MoM growth at 1,818 units. TVS posted 7.1% MoM de-growth at 14,786 units. M&M's tractor sales de-grew 13.2% YoY to 41,848 units, with Escorts decline at 19.8% YoY to 10,051 units
Views: The 3-W segment volumes are yet to recover meaningfully and signal a consistent uptrend. Tractor space, contrary to expectations, witnessed double digit YoY decline amd muted farm sentiments post wheat export ban & high channel inventory amidst high double digit YoY growth for first two months of the fiscal year.
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