ICICI Direct - Monthly Auto Volumes - April 2021: Strong end to FY21, MoM improvement across segments

The auto sector ended the year on a strong note amid generally healthy sequential increase in volumes across segments for most OEMs in March (YoY comparison for the month is rendered redundant by Covid impact in the base period). Further resilience on display in the CV space was the key highlight for the month.

CV space continued on its recent path of positivity, with all players reporting 20% or higher MoM growth overall. Ashok Leyland's M&HCV volumes rose 42% (trucks up 32%, buses up 206%) while Tata Motors total CV sales rose 19.6%. M&M outperformed with 86% jump in volumes driven by 89% rise in 4-W pickup i.e., <3.5T LCV segment. VECV sales rose by 29% MoM. Broad based health in tractor numbers persisted during the month, with M&M and Escorts posting ~10% sequential rise each. On full year FY21 basis, the space remains the only one within overall automotive sector to record positive YoY growth.

For details, click on the link below: https://www.icicidirect.com/mailimages/IDirect_Monthly_AutoVolumes_Apr21.pdf

Source : Equity Bulls

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