Impressive growth was driven by Hero Honda dealer dispatches (+27% Y/Y). Bajaj Auto’s domestic sales declined 7% Y/Y, whilst TVS’ domestic sales rose a modest 6% Y/Y. Hero Honda continues to build inventory levels ahead of the festive season. Sequentially, both motorcycle and 2 wheeler sales were up ~6% and 5% respectively.
Maruti Suzuki’s sales fell by 10% Y/Y due to a sharp decline in A2 (compact segment) sales. Retail offtake continues to be weak, given the adverse macro environment – higher interest rates and an erosion of wealth (in both property and financial markets)
Mahindra & Mahindra’s August sales rose 8% YoY; driven by strong tractor sales (+16% YoY). UV sales were muted (+2% Y/Y) as strong growth in non Scorpio sales (+12% Y/Y) was offset by weak Scorpio sales (-21% YoY).