India Ratings and Research (Ind-Ra) has maintained an improving outlook for the auto sector for FY22 as the revival across segments is expected to continue in 2HFY22, aided by a recovery in consumer sentiments, increased preference for personal mobility and macroeconomic tailwinds. However, Ind-Ra has revised auto volumes growth forecast to 12%-16% yoy from the initial growth forecast of 16%-20% yoy. The downward revision is mainly on account of a revision in the growth forecasts for two-wheelers (2Ws) and passenger vehicles (PVs) to 10%-14% (initial estimate: 16%-20%) and to 15%-18% (initial estimated: 18%-22%), respectively. Growth forecast for commercial vehicles (CVs) is maintained at 20%-25% yoy for FY22.
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