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Overall February 2024 dispatches exceeded expectations for all segments, except tractors. Passenger vehicle wholesales grew 17% YoY, led by healthy demand in utility vehicles (up 39% YoY).

Two-wheeler domestic wholesales increased 21% YoY, while exports grew 36.5% YoY (+26% month-on-month), albeit on a low base for both categories. Commercial vehicle volumes remained flat YoY, with medium and heavy commercial vehicles down 6% YoY and light commercial vehicles up 5% YoY.

Tractor volumes declined 16% YoY due to weak sentiment in the agri sector. The recovery in the domestic two-wheeler segment should continue on the back of healthy demand and new launches focusing on premiumization.

Commercial vehicle demand is expected to pick up after elections as the government will continue to focus on infra related activities. Tractor demand would remain challenging in the near term.

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