Auto sales (Cars & LCVs) stood at 17,233 units during Apr-21, where a fair YoY comparison this time is not possible, due to the near-zero volumes in the same month last year owing to the halt of manufacturing activity in Apr-20.
On MoM basis, there was a 17% decline in volumes during April; however, this is typical as volumes are normally high in March and take somewhat of a breather in April months.
Volumetric decline was seen in all models of the Big-3 assemblers on MoM basis (barring a minor improvement for Wagon-R).
A noteworthy point is Hyundai’s latest sedan entry, aka the Elantra, which has begun to report healthy volumes, with 280 units sold in April compared to 46 in March.
For 10MFY21, auto volumes stood at ~152k units, reflecting growth of 54% YoY. For the Big-3, volumes stood at 147k units during the same period, which suggests that for FY21E, volumes of the major assemblers could cross 175k units, compared to our earlier estimate of ~173k.
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