Feb24 dispatches exceeded expectations for all segments, except tractors. PV wholesales grew 17% YoY, led by healthy demand in UVs. 2W domestic wholesales increased 21% YoY. CV volumes remained flat YoY. Tractor demand remains challenging. The PV and 2W segments are expected to perform well.
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Devang Mehta says: “I have never seen this type of manufacturing revolution. My sense is, for a lot of these ancillary power companies, earnings are still to come. A lot of these companies have rerated on the price to earnings (PE) basis. Otherwise, you will find a lot of companies at 40, 50, 60, 80 PE.”