Covid Recovery Pulse - Auto retail continues to struggle in May 2021 - ICICI Direct

Vahan daily registrations slipped further in May 2021 on an MTD basis, averaging ~23,600 units, mere ~29% of pre-Covid levels vs. ~68% clocked in April 2021, hurt by the ongoing Covid-19 second wave. With May 2021 a near washout, we expect registrations to improve in June 2021 amid enhanced pace of vaccination and state specific unlocking.

E-Way bill generation for May (till May 16) saw a dip, reaching mere 2 crore. If we compare this to the average bill generation in the months prior to Covid-19 (October 2019-February 2020), it has reached ~68% of the average 5.5 crore bills. E-Way bill generation for May, July, August, September, October, November, December, January, February, March and April hovered at 16%, 46%, 79%, 88%, 90%, 104%, 116%, 105%, 116%, 114%, 116%, 129% and 107% levels, respectively.

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Source : Equity Bulls

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