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Prabhudas Lilladher Report
Demand recovery across segments continued in Q3.
Continuing the trend of Q2, strong retail momentum witnessed for tractors and passenger vehicles (double digit YoY growth), whereas two-wheelers retails were marginally lower YoY.
On wholesale basis, we expect volumes to grow strongly for tractors (up 20-22% YoY), PVs (up 14-15% YoY) and two-wheelers (up 19-20% YoY).
Among commercial vehicles, light commercial vehicles saw a good recovery (up 1-2% YoY), while the decline is medium and heavy commercial vehicles was restricted at 8-9% YoY.
However, three-wheelers are yet to see any material recovery with decline of 28-30% YoY.
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