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- 02 Nov 2023
- ICICI Securities
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FESTIVITY GALORE, REPORTS HEALTHY WHOLESALE VOLUME PRINTS IN OCTOBER 2023
News: Auto OEM’s reported healthy wholesale volume prints for the month of October 2023. All the categories expect Tractors witnessed a double-digit growth on YoY basis. Growth in the 2-W space was led by market leader i.e., Hero MotoCorp with company reporting its highest monthly volume print over the past 2 years at 5.75 lakh units (up 27% YoY). In the PV space, the growth was led by M&M with its monthly volume prints at 43,708 units (up 35% YoY). Growth at Maruti Suzuki was also healthy at 19% YoY at 1.95 lakh units with UV prints largely flat on MoM basis.
Views: In the CV space the performance was mixed with Ashok Leyland reporting 14% volume growth on YoY basis at ~17k units while the same stood muted at industry leader i.e., Tata Motors at 4% YoY at ~34k units. In the tractor space on account of shift of Diwali from October last year to November this year, volumes declined for both the OEM’s. Volumes at Eicher Motors stood steady at ~84k units (albeit on a high base). On the OEM front out-performance was witnessed by all 2-W OEM’s (most of them reporting ~25% domestic growth), M&M and Maruti in the PV space, Ashok Leyland and VECV-Eicher Motors in the CV space. Overall volume prints at Tata Motors and Escorts Kubota came in muted.
Impact: Positive