Covid Recovery Pulse - May 2021 - Auto retail continues to struggle - ICICI Direct

Vahan daily registrations have averaged ~22,600 units, ~28% of pre-Covid levels, thus far, in May 2021 vs. ~68% clocked in April 2021. The ongoing Covid-19 second wave has resulted in a near washout month for the industry. However, we expect registrations to improve in June 2021 amid enhanced pace of vaccination and state specific unlocking.

E-Way bill generation for May (till May 23) saw a dip, reaching mere 2.8 crore. If we compare this to the average bill generation in the months prior to Covid-19 (October 2019-February 2020), it has reached ~63% of the average 5.5 crore bills. E-Way bill generation for May, July, August, September, October, November, December, January, February, March and April hovered at 16%, 46%, 79%, 88%, 90%, 104%, 116%, 105%, 116%, 114%, 116%, 129% and 107% levels, respectively.

For details, click on the link below: Link to the report

Source : Equity Bulls

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