(a) Improvement in goods movement, steady pace of road construction, and pickup in mining activity amid government focus on infrastructure spend has helped M&HCV truck segment record substantial upturn in performance post-September 2020.
(b) Volume prints have sustained positivity in Q3FY21 with overall quarterly volumes (M&HCV + LCV) for major players like Ashok Leyland, Tata Motors, and Eicher Motors (CV business) pegged at +7% YoY, -4% YoY, and +3% YoY respectively.
With respect to the time horizon, we have currently surpassed ~23 months of the usual CV downcycles that lasts ~2 years. With recent OEM volume prints (positive YoY growth), we believe that we have
turned the corner i.e. gone past the bottom of the cycle and build sharp volume upmove over FY21E-23E. Improvement in the bus segment and affirmative scrappage policy will further support sales volume growth going forward.
turned the corner i.e. gone past the bottom of the cycle and build sharp volume upmove over FY21E-23E. Improvement in the bus segment and affirmative scrappage policy will further support sales volume growth going forward.
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