India’s automobile industry likely to register 17% revenue growth in June quarter: Report

New Delhi, July 12 (KNN) The domestic automobile industry is expected to register 17 per cent year-on-year revenue growth in the June quarter of FY24, brokerage firm Emkay Global said in its report on Tuesday.

This estimated growth will be led by healthy growth across segments, barring muted growth in battery companies, the report said.

As per the report, the domestic two-wheeler industry's volumes are expected to improve around 10 per cent Year-on-Year (YoY) in Q1, primarily on account of continued and healthy demand from the urban/premium segment.

However, the two-wheeler exports remained weak on a year-on-year basis while sequential improvement was recorded for larger volume players, it said.

The overall revenue is expected to grow at 24 per cent, 19 per cent and 16 per cent amid volume growth of 10 per cent, 5 per cent and 21 per cent for Bajaj Auto, TVS Motors and Eicher Motor-Royal Enfield, respectively, Emkay Global said.

The domestic passenger vehicle industry's volumes is expected to have grown by around 8 per cent year-on-year in the June quarter amid a ramp-up in production and continuing interest in SUVs, as per the report.

The domestic commercial vehicle industry's volumes declined by around 5 per cent YoY, the report said.

But the sequential decline was placed much higher at around 23 per cent due to usual seasonality and some preponement of demand in the last quarter of the previous fiscal because of real driving emission/on-board diagnostic-2 norms coming into effect from April this year.

According to the report, the domestic tractor industry's volumes fell by around 2 per cent YoY on a high base and delayed monsoon in certain regions.  (KNN Bureau)