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Bajaj Auto, Hero MotoCorp, TVS Motor progress in April amid improved demand for two-wheeled cars; brokerages list positive, headwind for sector

Two-wheeled companies including Bajaj Auto, Hero MotoCorp, TVS Motor Company, achieved from improved demand in April 2022 due to the festive and ongoing marriage season, Motilal Oswal said in his report. Eicher Motors, which manufactures their flagship Royal Enfield bikes, was also among the winners. This is in contrast to the other car segments, this report noted.

According to the Motilal Oswal report, demand improved in April 2022 amid the festive (Navratri) and ongoing marriage season, which started around 20 April 20. 22). In addition, the improvement in cash flow in the rural economy due to the harvest of the Rabi Corps is supporting the revival of demand. “

In addition, recent fire incidents related to some electric scooters also benefit ICE scooters, the brokerage firm said in its report on the sector, adding that inventory in the system is normalized to 30-45 days compared to an average of 40-60 days within the last few months.

Improvements in RE’s supply chain are helping to improve sales, Motilal said. “Classic 350 and Meteor still have a waiting period due to an improvement in demand.”

Mæglerhuset expects wholesale sales for Bajaj Auto 2Ws to fall by around 11 percent year on year, but to grow by around 37/30/32 percent for TVS Motors 2W / Hero MotoCorp / RE, respectively.

However, the total volumes of all four of these car companies fell during the quarter on an annual basis, according to Centrum Broking.

Bajaj Auto announced on Wednesday that its consolidated net profit for the fourth quarter, ending March 31, 2022, fell by 2% to Rs 1,526 crs compared to Rs 1,551 crore in a year ago quarter. And its total operating income fell to Rs 7,975 crore in Q4FY22 against Rs 8,596 crore YoY.

While revenue / profit for Hero Moto and TVS Motors is also expected to fall / flatten sequentially, Centrum Broking said in its preview expectations. While the EBITDA margin is expected to improve sequentially with a better mix, it added.

It said: “The car sector is still affected by higher input costs and a slowdown in rural demand. Input costs such as aluminum, crude oil and precious metals have risen sharply in the quarter thanks to the war between Russia and Ukraine, whereas steel and rubber prices have fallen slightly.”

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