Sure, growth rates varied across companies, but the path was led by the two-wheeler segment with Bajaj Auto Ltd, TVS Motor Co. Ltd, and Hero MotoCorp Ltd seeing revenue growth of 21-30%. This show was the result of superior volume performance in the segment. However, Eicher Motors Ltd, the listed parent of Royal Enfield, bucked the trend as weak exports took a toll on its volumes.
Next in line was the passenger vehicle segment, where companies with a significant portion of utility vehicles in their portfolio like Mahindra & Mahindra Ltd (M&M) benefitted given the rising preference for premium vehicles. M&M reported a 24% revenue growth in the auto segment, while Maruti Suzuki India Ltd, with a portfolio dominated by mini and compact cars, clocked a 15% revenue growth in Q3.
The commercial vehicle (CV) and tractor segments followed at the lower end of revenue growth band, as poor demand weighed on their Q3 earnings.
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