ICICI Direct - Covid Recovery Pulse - E-Way bill generation ends March 2021 on strong note...

Vahan daily registrations have averaged ~52500 units, ~66% of pre-Covid levels on an MTD basis in April 2021, down from ~70% as of last week. This is amid rising Covid concerns domestically and related restrictions over mobility & businesses. With state specific lockdown hiccups in the near term, we expect industry level retails to be soft for the next few weeks.

In March 2021, E-Way bill generation had ended at an all-time high reaching 7.1 crore. However, April 2021, which had begun on a subdued note (first week of April was 98% of average of pre-pandemic levels) due to Covid restrictions/lockdowns in some regions, has gained traction and is trending at ~109% of pre-Covid average levels. If we compare the average bill generation in months prior to Covid-19 (October 2019-February 2020), it reached ~129% levels (in March 2021) of the average 5.5 crore bills. E-Way bill generation for April, May, July, August, September, October, November, December, January and February hovered at 16%, 46%, 79%, 88%, 90%, 104%, 116%, 105%, 116%, 114% and 116% levels, respectively.

For details, click on the link below: https://www.icicidirect.com/mailimages/IDirect_CovidRecoveryPulse_16April21.pdf

Source : Equity Bulls

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