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News: In the 3-W space, market leader Bajaj Auto volumes are still awaited, while Atul Auto posted 48.4% MoM growth at 3,154 units. TVS posted a 5.1% MoM growth at 9,593 units. In the tractor segment, Escorts reported a growth of 2.3% YoY at 10,305 units; M&M numbers are still awaited
Views: 3W space volume recovery continued with most of OEM’s reporting healthy volume prints. In the Tractor space, growth came in at low single digit in a seasonally weak month, however tractor industry has attained a new peak of ~9.44 lakh units in FY23E amidst positive rural sentiment. Key monitorable for the tractor space would be IMD forecast on upcoming monsoon season which is expected in next fortnight.
Impact: Neutral