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Dispatches for passenger vehicles and commercial vehicles for November were in line, while two-wheelers were below estimates. On the other hand, tractors were above estimates. Miss in two-wheelers was largely attributed to weak exports and inventory correction post festive season.
Easing of chip shortages, coupled with healthy demand sentiments, is driving PV volumes. Despite inventory correction, tractor wholesales grew 11% YoY. We expect tractor demand outlook for H2 FY23 to remain positive, led by a healthy rabi season outlook, though the high base of Q4 will taper growth.
PV/tractors/three-wheeler volumes grew 26%/11%/8% YoY, respectively, while two-wheelers remained flat YoY. In CVs, medium and heavy commercial vehicle grew 25% YoY, but light commercial vehicle declined 14%.
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