New Delhi, Oct 16 (IANS) Two-wheelers saw strong double-digit growth (year-on-year) in the second quarter of this fiscal, while three-wheelers grew by high single-digits, as wholesale volume trends were mixed across segments, a report showed on Wednesday.
The original equipment manufacturers (OEMs) reporting mixed revenue growth and margins in the July-September period, with 2Ws outperforming other segments.
“But we are still long-term positive on passenger vehicles (PVs) given the sectoral tailwinds and see the weakness in commercial vehicles (CVs) as a temporary hiccup as we find the sector entering a new upcycle phase,” according to the report by BNP Paribas India.
PV volume marginally declined and CV volume was also weak, likely hurt by the prolonged monsoon and slowdown in infrastructure activities, with low fleet utilisation.
HMSI (Honda Motorcycle) gained the most market share (retail) in 2Ws, while HMCL (Hero MotoCorp Ltd) lost the most in Q2 FY25. In PVs, Mahindra and Mahindra gained the most market share, while Maruti Suzuki India Ltd and Hyundai lost.
“We expect high single-digit to strong double-digit YoY revenue growth for 2Ws, and flat to high single-digit revenue decline for PVs (except for Mahindra) in Q2 FY25,” the report mentioned.
Management commentary on high levels of PV inventory, rising discounts and festive demand outlook would be key to watch out for.
“That said, given the weakening auto demand globally (and recent guidance cut by global peers), we now see a risk of Jaguar Land Rover (JLR) cutting its FY25 guidance, eventually pushing next-year’s guidance by a year,” the report noted.
According to the latest SIAM data, domestic sales of passenger vehicles stood at 3,15,689 in September, compared to 3,16,908 units in September last year.
--IANS
na/
You may also like
Zoya Akhtar and Reema Kagti's Documentary 'Turtle Walker' to Premiere Internationally
The best luxury gifts to give this Christmas from cashmere and perfume to homeware
Luke Littler backed to eclipse David Beckham as teenagers net worth continues to soar
Clint Eastwood's 'final film' dealt massive blow ahead of release 'What a dumpster fire'
BREAKING: Yellow weather warnings blanket UK as powerful winds trigger 'danger to life' alert
Boozers beware: Maharashtra orders sophisticated surveillance of 'watering holes'
GMDA to install smart traffic signals at 32 junctions in Gurugram
Indian airlines receive 10 bomb threats in 48 hours, all hoaxes
Amanda Staveley Tottenham takeover truth explained as investment turbocharges Daniel Levy plan
Sunny Deol finds tranquility in the mountains, shares the breathtaking view
IMD issues 'orange alert' in two districts in Kerala
Latest OTT Releases This Weekend: What To Watch On Netflix, Jio Cinema, Amazon Prime Video, Disney+ Hotstar
'My high-protein Aldi food shop helped me lose 20lbs – here's what I bought'
Chennai Couple Earns Rs 1.5 Lakh Per Month, Still Dreams of Buying a House; Internet Calls It a 'Sad Reality
First picture of Brit, 26, who plunged to his death after climbing highest bridge in Spain
Pakistan PM Shehbaz Sharif Highlights Importance of BRI at SCO Meeting in Islamabad
Court grants two days custody of Deepak Boxer to Delhi police
Nayab Singh Saini retained as Haryana CM
PMQs LIVE: Keir Starmer faces grilling from Rishi Sunak as Labour rows rage
"We are here to serve people...": Omar Abdullah asks police to minimise inconvenience during his road movements