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Auto makers to post higher profit, revenue
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Top Stories |
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IANS | 10 Jan, 2023
Even though vehicle makers would experience lower sales volume on a
sequential basis in Q3FY23, they would nevertheless log higher revenue
and profitability owing to the price hike, said Axis Securities in a
research report.
According to the report, the vehicle
makers are expected to post de-growth of revenue and net profit on a
sequential basis due to the reduction in wholesales sales in December
2022 post-festive season due to the normalization of channel
inventories.
On the demand scenario, Axis Securities said the
commercial vehicles growth would continue with the government
infrastructure push and replacement demand.
The passenger
vehicles volume growth is expected to beat the FY19 peak of 3.4 million
units owing to the launch of new models mainly in the utility vehicle
segment.
The two wheeler internal combustion engine (ICE) demand
growth will be contingent on the pick-up in the rural economy and export
demand.
The peak FY19 two wheeler ICE sales of 21.3 Mn units now
look difficult to surpass. On the other hand, the electric two wheeler
segment is likely to continue witnessing growth in the coming quarter as
it gains traction from urban and semi-urban consumers.
As per
Vahan Data, electric two wheeler retails in CY22 stood at 62 per cent of
total electric vehicle sales in India, followed by electric three
wheelers at 34 per cent.
On the other hand, the electric passenger vehicle sales account for four per cent of the total electric vehicle marker.
Axis
Securities said FY24 looks positive for the automobile sector though
the market will be challenging as the pent-up demand of FY23 over the
low base of FY22 subsides across segments.
Furthermore, real-time
driving emission norms (from April 2023) and safety regulations related
to six airbags from October 2023 and higher interest rates could pose
additional challenges for automobile makers across segments as it will
further increase the cost of acquisition of vehicles, Axis Securities
said.
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