Friday, Aug 12 2022 | Time 23:29 Hrs(IST)
image
Business Economy


June retail sales show signs of recovery in auto sector: FADA

New Delhi, July 4 (UNI) With semi-conductor availability improving, the passenger vehicle registrations witnessed year-on-year growth of 40.15 per cent to 2,60,683 units in June 2022, as per data shared by Federation of Automobile Dealers Association (FADA) on Tuesday.

Retail sales of two wheelers also registered an year-on-year growth of 20.23 per cent to 11,19,096 units in June as compared to 9,30,825 units in the same month last year.

As per the data, the total vehicle sales saw a growth of 27.16 per cent to 15,50,855 units in June 2022 as against 12,19,657 units in June last year.

Commenting on the performance, FADA President Vinkesh Gulati said auto retail for the month of June’22 continued to show its positive run when compared YoY with June’21, a month which continued to face the brunt of covid.

''When compared to June’19, a pre-covid month, overall sales were down by -9%. Apart from PV and Tractors which were already above pre-covid level for the last few months and grew by 27% and 40%, CV for the first time showed a growth of 4% thus indicating recovery slowly creeping in for this segment. While 3W narrowed its de-growth and was at down by -6%, it’s the 2W segment which still remains the biggest cause of concern and is not picking as per expectation. The same was down by -16%,'' he said.

Gulati said poor market sentiment especially in rural India, high cost of ownership, inflationary pressure and June generally being a lean month due to rains kept 2W sales at low speed.

In the 3W category, a major shift has happened in the electric category. Apart from this, permit issues and frequent price increase remained the biggest dampeners, he said.

''The PV segment continued to see robust growth. An increase in wholesale sales clearly shows that semiconductor availability is now getting easier. Waiting period, especially in the compact SUV and SUV segment continued to remain high.
"New vehicle launches are seeing robust booking thus reflecting a healthy demand pipeline.
"The CV segment showed strength for the first time as it grew by 4% when compared to June’19, a pre-covid month. Bus segments along with LCVs are showing good traction,” the FADA President said.
UNI AKM
More News

Bajaj Group joins hands with Pune Municipal Corporation to commemorate ‘Azadi Ka Amrit Mahotsav’

12 Aug 2022 | 10:42 PM

Pune, Aug 12 (UNI) On the occasion of Amrit Mahotsav of India’s Independence, various activities are being implemented by the Government.

see more..

Nexus Seawoods to host 70 percent OFF from today till 15th August

12 Aug 2022 | 10:27 PM

Mumbai Aug 12 (UNI) As a part of the Independence Day celebrations, Nexus Seawoods will be hosting a 50 percent OFF on over 100 prominent national and international brands. The deal will be available on select merchandise across Fashion, Beauty, Entertainment and F&B categories, on select brands.

see more..

Nihar Info Global eyes Rs 100 cr biz by 2025

12 Aug 2022 | 8:48 PM

Hyderabad, Aug 12 (UNI) Nihar Info Global Ltd, a 28-year-old public limited company listed on Bombay Stock Exchange, is targeting to clock a turnover of Rs 100-crore by 2025.

see more..

SJVN posts Q1 PAT at Rs 607 79 Cr

12 Aug 2022 | 8:21 PM

Shimla, August 12 (UNI) Public sector power producer SJVN Ltd on Friday reported 79 per cent rise in the profit after tax (PAT) at Rs 607.79 crore for the quarter ended June 30, 2022, as against PAT of Rs 339.54 crore reported during the corresponding quarter last year.

see more..

Matrimony Q1 net profit declines 13 5 pc at Rs 12 cr

12 Aug 2022 | 8:02 PM

Hyderabad, Aug 12 (UNI) Matrimony.com Limited, the leading online matrimony company, on Friday report a 13.5 per cent declined in consolidated net profit at 12 crore for the first quarter ended June 30, 2022 even as the consolidated billing grew by 10.8 per cent y-o-y.

see more..
image