Mumbai, Apr 3: Passenger vehicle discounts are likely to remain elevated in FY25, global brokerage Nomura said.Domestic PV industry wholesales were at 371K units in March-2024, while retails are likely to be lower at 360K, up 6 per cent y-y. We estimate industry inventory at 300-310K as of March-2024 end, Nomura said. PV discounts are likely to remain elevated, it added.
Maruti Suzuki’s domestic sale volumes (excluding LCV and OE) were at 153K, up 15 per cent yy. “We estimate MSIL’s retail growth to be in low-single-digit with channel filling of 8-10K. We estimate MSIL’s wholesale market share at 41 per cent. With commodity and forex tailwinds and higher wholesales than retails, we estimate MSIL’s margins can see strong expansion in 4QFY24F (link),” Nomura said.