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Indian 2-wheeler sales decline by 70-83 pct in May as COVID-19 bites

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Mirroring the performance in the four-wheeler auto space, Indian two-wheeler companies too replicated a similar performance reporting 70-83 percent decline in the May month sales from the same month a year ago.

During the month under review, Bajaj Auto, TVS Motors and Hero MotoCorp reported 70 percent, 82 percent and 83 percent decline to 127,128 units, 41,067 units and 112,682 units, respectively from the same month last year, as per updates filed with the Bombay Stock Exchange.

In the preceding month of April, all two-wheeler companies in India had reported nil sales with a few units of exports during the initial period of nation-wide lockdown due to COVID-19.

Asia’s third largest economy had been under nation-wide lock down for over two months and had recently extended the lock-down with few relaxations till June 30.

India, which now ranks seventh among all countries in terms of number of confirmed cases, has 97,581 active cases and 5,598 deaths reported so far as per the official update on Tuesday.

“The automobile industry volumes are impacted for the period due to low demand sentiment, increased prices on account of BS VI and worsened by the recent COVID-19 outbreak. However, pickup in demand is expected from second half of 2020-21 ((Apr-Mar) considering the improvement in rural demand scenario, better monsoons and government’s thrust on the revival of the overall economy,” said Naveen Dubey, auto analyst with Narnolia Financial Advisors, a domestic stock brokerage house.

Going ahead, margins are expected to remain on the lower side due to higher BS-VI cost and weaker operating leverage despite reduction in commodity prices, Dubey said.

In 2019-20 (Apr-Mar), Indian two-wheeler industry reported sales of 17.4 million units, down 17.8 percent over the previous year, according to industry body SIAM (Society of Indian Automobile Manufacturers).

(XINHUA)

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