Tractor Space reports mixed set of numbers, Domestic 3-W space witnessed healthy prints
News: In the 3-W space, market leader Bajaj Auto volumes were up 9.6% MoM at 47,452 units, while Atul Auto posted 54% MoM growth at 1,101 units (on a very low base). TVS posted a 1.1% MoM de-growth at 11,314 units (largely due to degrowth in domestic market). In the tractor segment, Escorts reported a growth of 8.9% YoY at 9,167 units; M&M reported 4.5% YoY degrowth at 34,126 units.
Views: 3W space volume recovery continued with most of OEM’s reporting healthy volume prints. In the Tractor space, surprise came in form of high single digit growth on Escorts Front vs earlier guidance of flattish YoY performance during Q1FY24, whereas M&M performance was on expected line. Going forward tractor industry is expected to grow low single digit tracking high base achieved during FY23.
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