Covid Recovery Pulse - Vehicle registrations in June 2021 witness turnaround - ICICI Direct

Daily Vahan registrations continued to climb strongly in June 2021 - climbing 103% MoM as state-specific unlocking gathers pace. They are averaging ~49,500 units, ~62% of pre-Covid levels on MTD basis vs. ~49% of pre-Covid levels clocked in the previous week. We expect continued improvement in registrations in coming weeks.

E-Way bill generation for June (till June 20) began on a strong note, reaching 3.4 crore. If we compare this to the average bill generation in the months prior to Covid-19 (October 2019-February 2020), it has reached ~93% of the average 5.5 crore bills. E-Way bill generation for January, February, March, April and May hovered at 114%, 116%, 129%, 107% and 73% levels, respectively.

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Source : Equity Bulls

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