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HDFC Securities Institutional Equities
In Q2, retail demand has remained healthy in passenger vehicles, steady in commercial vehicles and lacklustre in two-wheelers. However, all the segments have seen QoQ growth in volumes as all original equipment manufacturers prepare for a pick-up in demand during the festive season.
Overall, wholesales have been better in PVs more than two-wheelers more than CVs in Q2. In most segments, exports have been impacted on the back of global headwinds.
Also, input costs have been on a declining trend since Q2. The extent of benefit from decline in input cost could be capped on account of Indian rupee depreciation relative to U.S. dollar.
However, benefits of the same are expected to be visible in most OEMs from Q3 onwards. Overall, we expect margins to bottom out in Q2 for the auto sector.
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