External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>Given that the festive season this time has been pushed by a month into November, Q2 volume growth appears lower YoY.</li><li>In PVs, while UV demand has held up extremely well, car demand has further decelerated, driving a rich mix for most OEMs.</li><li>CV demand momentum continues to be healthy in Q2. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Given that the festive season this time has been pushed by a month into November, Q2 volume growth appears lower YoY.In PVs, while UV demand has held up extremely well, car demand has further decelerated, driving a rich mix for most OEMs.CV demand momentum continues to be healthy in Q2. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Autos (Q2FY24 Results Preview) - 4Ws to See Margin Boost QoQ

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Auto OEMs: We expect Revenue/EBITDA/PAT of Auto OEMs under our coverage to grow at 17%/41%/50% YoY in Q2FY24.</li><li>This will be led by YoY growth in 1) The PV segment (up ~5% YoY in domestic sales), 7% growth in CV domestic sales, 59% growth in domestic 3W sales being partly offset by a 2% marginal drop in overall 2W sales volumes (domestic + exports),</li><li>2) Higher average selling price (ASP) on a YoY basis, led by price hikes taken by OEMs and improved product mix,</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Auto OEMs: We expect Revenue/EBITDA/PAT of Auto OEMs under our coverage to grow at 17%/41%/50% YoY in Q2FY24.This will be led by YoY growth in 1) The PV segment (up ~5% YoY in domestic sales), 7% growth in CV domestic sales, 59% growth in domestic 3W sales being partly offset by a 2% marginal drop in overall 2W sales volumes (domestic + exports),2) Higher average selling price (ASP) on a YoY basis, led by price hikes taken by OEMs and improved product mix,Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>Channel Check ahead of festive season: We interacted with the dealers across the country of Hero Moto Corp, TVS, Bajaj Auto, Eicher, Maruti Suzuki and Ashok Leyland.</li><li>We see more optimism by the dealers in the PV segment with robust demand for UVs.</li><li>In the 2W segment dealers are witnessing good demand for 125cc+ segment, while the entry level bikes continue to remain weak due to uneven and deficient monsoon in the key end markets.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Channel Check ahead of festive season: We interacted with the dealers across the country of Hero Moto Corp, TVS, Bajaj Auto, Eicher, Maruti Suzuki and Ashok Leyland.We see more optimism by the dealers in the PV segment with robust demand for UVs.In the 2W segment dealers are witnessing good demand for 125cc+ segment, while the entry level bikes continue to remain weak due to uneven and deficient monsoon in the key end markets.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>The companies under our coverage reported Revenue/EBITDA/PAT growth of +19%/+50%/+88% YoY against expectation of +18%/+49%/+69% driven by higher ASPs, sales volumes, and operating leverage.</li><li>On a QoQ basis, the aggregate Revenue/EBITDA/PAT growth/de-growth stood at -0.6%/-2.3%/+5%, against expectation of -1.3%/-2.6%/-6%.</li><li>The QoQ drag was largely led by Maruti and Ashok Leyland on account of lower sales volumes QoQ. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The companies under our coverage reported Revenue/EBITDA/PAT growth of +19%/+50%/+88% YoY against expectation of +18%/+49%/+69% driven by higher ASPs, sales volumes, and operating leverage.On a QoQ basis, the aggregate Revenue/EBITDA/PAT growth/de-growth stood at -0.6%/-2.3%/+5%, against expectation of -1.3%/-2.6%/-6%.The QoQ drag was largely led by Maruti and Ashok Leyland on account of lower sales volumes QoQ. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>The companies under our coverage reported Revenue/EBITDA/PAT growth of +19%/+50%/+88% YoY against expectation of +18%/+49%/+69% driven by higher ASPs, sales volumes, and operating leverage.</li><li>On a QoQ basis, the aggregate Revenue/EBITDA/PAT growth/de-growth stood at -0.6%/-2.3%/+5%, against expectation of -1.3%/-2.6%/-6%.</li><li>The QoQ drag was largely led by Maruti and Ashok Leyland on account of lower sales volumes QoQ.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The companies under our coverage reported Revenue/EBITDA/PAT growth of +19%/+50%/+88% YoY against expectation of +18%/+49%/+69% driven by higher ASPs, sales volumes, and operating leverage.On a QoQ basis, the aggregate Revenue/EBITDA/PAT growth/de-growth stood at -0.6%/-2.3%/+5%, against expectation of -1.3%/-2.6%/-6%.The QoQ drag was largely led by Maruti and Ashok Leyland on account of lower sales volumes QoQ.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Top Sector Ideas - Auto and Auto Ancillaries

India

TVS Motor Company Limited manufactures motorcycles, mopeds, and scooters. The Company provides spark ignition operated outboard motors, combustion spark ignition engines, critical engines, and transmission parts. TVS Motor Company serves customers in India.

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TVS Motor (TVSL IN)

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Auto Sector: Q1FY24 Review

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Top Sector Ideas - Auto and Auto Ancillaries

The companies under our coverage reported Revenue/EBITDA/PAT growth of +19%/+50%/+88% YoY against expectation of +18%/+49%/+69% driven by higher...

Axis Direct

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