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News: In the 3-W space, market leader Bajaj Auto posted flat MoM at 44,870 units, while Atul Auto posted 3.6% MoM de-growth at 2,125 units. TVS posted a 12.3% MoM decline at 9,124 units. In the tractor segment, Escorts reported a growth of 27.8% YoY at 7,811 units; M&M posted 26.2% YoY growth at 25,791 units
Views: 3W space volume recovery came to a standstill in Feb 2023 with most of OEM’s reporting muted volume prints. In the Tractor space, growth came in healthy with both the players in the listed space reporting high double digit growth and was a surprise to us despite seasonally weak quarter signalling positive rural sentiments with industry well poised to clock all time high sales volume in FY23E (9lakh+ units, up 10%+ YoY)
Impact: Positive