Jefferies has highlighted strong momentum in India’s auto industry, noting that the sector witnessed double-digit growth in both wholesales and registrations across segments in February.
The brokerage estimates that industry wholesales rose 31–38 per cent year-on-year for two-wheelers, trucks and tractors, while passenger vehicle wholesales grew around 10 per cent year-on-year during the month. Vehicle registrations also expanded sharply, rising 25–41 per cent year-on-year across segments.
Among individual companies, Jefferies estimates February wholesales growth of 44 per cent year-on-year for Hero MotoCorp. Volumes for TVS Motor, Tata Motors Passenger Vehicles and Tata Motors Commercial Vehicles were estimated to have grown in the range of 31–35 per cent, while Bajaj Auto, Ashok Leyland and Mahindra & Mahindra posted growth of around 22–27 per cent.
Hyundai, Eicher Motors (Royal Enfield) and Maruti Suzuki recorded more moderate growth in the range of 7–13 per cent year-on-year. Compared with Jefferies’ estimates, February volumes were higher for TVS Motor, lower for Tata Motors Passenger Vehicles and broadly in line for the rest of the companies.
Disclaimer: The views and investment tips expressed above are those of the brokerage and do not represent the views of this publication. This article is for informational purposes only and does not constitute investment advice.