Auto Sector Check – Gradual Improvement But Challenging Situation Continues: Reliance Securities


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Reliance Securities Report

We expect the industry volume to improve gradually every month over the next three-four months backed festival season kicking in now. We expect retail demand to remain strong in FY23, though ongoing global geopolitical issues continue to keep pressure on economies and elevating inflation level across countries. This has been limiting industry wide recovery at the moment.

However, softening commodity prices and stable fuel prices would support industry ahead. We expect automobile industry to witness double digit growth in FY23, while we expect medium and heavy commercial vehicle and three-wheeler segments to outperform with 30% plus volume growth in FY23.

Nonetheless, long-term fundamentals continue to remain intact for automobile sector, in our view.

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