Commercial vehicle industry volumes to see 7-10 pc growth

15 Feb 2023 CW Team

However, it added, the growth will slow from 24-26% in the current fiscal year.

Icra stated that the macroeconomic environment has improved, replacement demand has increased by 16% year over year, and the underlying industries such as steel, cement, mining, automobiles, and e-commerce have shown strong traction. These growth trends were evident in the third quarter of the current fiscal, according to wholesale dispatches.

It was highlighted that freight rates were still holding steady and that this, along with good freight availability, was sustaining fleet operator viability.

Medium and heavy commercial vehicles (M&HCV), light commercial vehicles (LCV), and buses all had broad-based growth patterns in the third quarter and the nine months that concluded on December 31, 2022, according to Icra.

Icra Assistant Vice President & Sector Head - Corporate Ratings Sruthi Thomas stated that "sales in the domestic CV industry continue to be propelled by multiple tailwinds including replacement of ageing vehicles, pick-up in mining, infrastructure, and construction activities, improvement in the overall macroeconomic environment, and healthy fleet utilisation levels resulting in improved fleet operator viability.

The increased capex spending of Rs 10 trillion in the Union Budget for 2023–24, which is further proof of the government's continuous emphasis on infrastructure development, bodes well for sustainable growth, particularly in the heavy truck category over the short term, she noted.

Icra anticipates that the CV OEMs' financial performance will also improve, driven by lower operating costs and a reduction in commodity prices. As a result, the combined operating profit margin of CV OEMs is anticipated to increase to 6% in FY2023 and further in the following fiscal year.

According to rating agency Icra, the commercial vehicle market volume is anticipated to increase by 7 to 10% in the upcoming fiscal year. The expansion of e-commerce, back-to-school and office seasons, replacement demand, government infrastructure spending, and back-to-work scenarios would all contribute to the volume growth, it was underlined. However, it added, the growth will slow from 24-26% in the current fiscal year. Icra stated that the macroeconomic environment has improved, replacement demand has increased by 16% year over year, and the underlying industries such as steel, cement, mining, automobiles, and e-commerce have shown strong traction. These growth trends were evident in the third quarter of the current fiscal, according to wholesale dispatches. It was highlighted that freight rates were still holding steady and that this, along with good freight availability, was sustaining fleet operator viability. Medium and heavy commercial vehicles (M&HCV), light commercial vehicles (LCV), and buses all had broad-based growth patterns in the third quarter and the nine months that concluded on December 31, 2022, according to Icra. Icra Assistant Vice President & Sector Head - Corporate Ratings Sruthi Thomas stated that sales in the domestic CV industry continue to be propelled by multiple tailwinds including replacement of ageing vehicles, pick-up in mining, infrastructure, and construction activities, improvement in the overall macroeconomic environment, and healthy fleet utilisation levels resulting in improved fleet operator viability. The increased capex spending of Rs 10 trillion in the Union Budget for 2023–24, which is further proof of the government's continuous emphasis on infrastructure development, bodes well for sustainable growth, particularly in the heavy truck category over the short term, she noted. Icra anticipates that the CV OEMs' financial performance will also improve, driven by lower operating costs and a reduction in commodity prices. As a result, the combined operating profit margin of CV OEMs is anticipated to increase to 6% in FY2023 and further in the following fiscal year.

Infrastructure Urban

05 Nov 2025

TBO Tek Q2 Profit Climbs 12%, Revenue Surges 26% YoY

TBO Tek Limited one of the world’s largest travel distribution platforms, reported a solid performance for Q2 FY26 with a 26 per cent year-on-year increase in revenue to Rs 5.68 billion, reflecting broad-based growth and improving profitability.The company recorded a Gross Transaction Value (GTV) of Rs 8,901 crore, up 12 per cent YoY, driven by strong performance across Europe, MEA, and APAC regions. Adjusted EBITDA before acquisition-related costs stood at Rs 1.04 billion, up 16 per cent YoY, translating into an 18.32 per cent margin compared to 16.56 per cent in Q1 FY26. Profit after tax r..

Infrastructure Energy

05 Nov 2025

Northern Graphite, Rain Carbon Secure R&D Grant for Greener Battery Materials

Northern Graphite Corporation and Rain Carbon Canada Inc, a subsidiary of Rain Carbon Inc, have jointly received up to C$860,000 (€530,000) in funding under the Canada–Germany Collaborative Industrial Research and Development Programme to develop sustainable battery anode materials.The two-year, C$2.2 million project aims to transform natural graphite processing by-products into high-performance, battery-grade anode material (BAM). Supported by the National Research Council of Canada Industrial Research Assistance Programme (NRC IRAP) and Germany’s Federal Ministry for Economic Affairs a..

Infrastructure Urban

05 Nov 2025

Antony Waste Q2 Revenue Jumps 16%; Subsidiary Wins Rs 3,200 Cr WtE Projects

Antony Waste Handling Cell Limited (AWHCL), a leading player in India’s municipal solid waste management sector, announced a 16 per cent year-on-year increase in total operating revenue to Rs 2.33 billion for Q2 FY26. The growth was driven by higher waste volumes, escalated contracts, and strong operational execution.EBITDA rose 18 per cent to Rs 570 million, with margins steady at 21.6 per cent, while profit after tax stood at Rs 173 million, up 13 per cent YoY. Revenue from Municipal Solid Waste Collection and Transportation (MSW C&T) reached Rs 1.605 billion, and MSW Processing re..