E
CO
S
COPE
EAI – Monthly Dashboard: Economic activity slowed in Jan’25
Expect real GVA growth at 6.0-6.2% in 4QFY25
5 Ma rch 2025
The Economy Observer
Preliminary estimates indicate that India's EAI-GVA growth decelerated sharply to a 27-month low of 4.5%
YoY in Jan’25 vs. 5.4%/8.3% in Dec’24/Jan’24. The deceleration was primarily due to a 27-month low growth
in the services sector. Conversely, growth in the agriculture and industrial sectors remained robust.
EAI-GDP growth came down to 3.7% YoY in Jan’25 from 4.2% YoY in Dec’24 (vs. 3.3% YoY in Jan’24). The
deceleration was primarily attributed to negative contribution from external trade. External trade subtracted
2.2pp from EAI-GDP growth in Jan’25 vs. 1.2pp subtraction in Dec’24. On the other hand, consumption grew at
a three-month high pace of 6.8% in Jan’25 vs. 5.5% in Dec’24. Additionally, investment growth accelerated to
6.2% in Jan’25 from 5.9% in Dec’24. Excluding fiscal spending, EAI-GDP grew 2.6% YoY in Jan’25 vs. 4.1%
growth in Dec’24.
Selected high-frequency indicators (HFIs) portray a mixed picture for economic activity in Feb’25. Toll
collections surged at a 25-month high pace of 22.9% in Feb’25; PV sales rose in double digits, albeit lower than
Jan’25; power generation grew at an eight-month high pace of 6.7%; and PMIs remained resilient. On the
other hand, vahan registrations contracted 7.3% in Feb’25 and CV sales grew at a three -month low rate of
1.3%.
Real GDP growth improved in 3QFY25, printing at 6.2% (vs. our forecast of 5.7%) after dipping shockingly to a
seven-quarter low of 5.6% in 2QFY25. Our in-house models suggest that economic growth decelerated in
Jan’25, with EAI-GVA printing at 4.5% (lowest growth in 27 months). Additionally, HFIs portray a mixed picture
for economic activity in Feb’25. CSO projects a real GVA growth of 6.8% in 4QFY25 (with FY25 growth at 6.4%),
which is difficult to achieve considering a high base of 7.3% in 4QFY24. Therefore, we believe that India’s real
GVA could grow in the range of 6.0-6.2% YoY in 4QFY25 (with FY25 growth at ~6.0-6.2%), much lower than the
official forecast of 6.8%.
Preliminary estimates
indicate that India's EAI-
GVA grew 4.5% YoY in
Jan’25, the lowest in 27
months.
EAI-GVA growth at 27-month low in Jan’25:
Preliminary estimates indicate that
India's EAI-GVA growth decelerated sharply to a 27-month low of 4.5% YoY in
Jan’25 vs. 5.4%/8.3% in Dec’24/Jan’24. The deceleration was primarily due to a
27-month low growth in the services sector. Conversely, growth in the
agriculture and industrial sectors remained robust.
(Exhibits 1 and 2)
EAI-GDP growth decelerated to 3.7% in Jan’25:
EAI-GDP growth came down to
3.7% YoY in Jan’25 from 4.2%3.3% YoY in Dec’24 (vs. 3.3% YoY in Jan’24). The
deceleration was primarily attributed to negative contribution from external
trade. External trade subtracted 2.2pp from EAI-GDP growth in Jan’25 vs. 1.2pp
subtraction in Dec’24. On the other hand, consumption grew at a three -month
high rate of 6.8% in Jan’25 vs. 5.5% in Dec’24. Additionally, investment growth
accelerated to 6.2% in Jan’25 from 5.9% in Dec’24. Excluding fiscal spending,
EAI-GDP grew 2.6% YoY in Jan’25 vs. 4.1% growth in Dec’24.
(Exhibits 3 and 4)
Nikhil Gupta
– Research analyst
(Nikhil.Gupta@MotilalOswal.com)
Tanisha Ladha
– Research analyst
(Tanisha.Ladha@MotilalOswal.com)
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Motilal Oswal research is available on
www.motilaloswal.com/Institutional-Equities,
Bloomberg, Thomson Reuters, Factset and S&P Capital.
 Motilal Oswal Financial Services
Exhibit 1: EAI-GVA growth at 27-month low in Jan’25…
% YoY
10.0
Exhibit 2: …led by deceleration in services sector growth
(pp)
Agri
Industry
Services
3MMA
EAI-GVA
8.0
6.0
4.0
5.6
3.3
2.4
2.2
0.6
Nov-24
2.8
1.7
8.3
2.0
Jan-24
Apr-24
Jul-24
Oct-24
5.4 4.5
Jan-25
0.3
Jan-24
1.8
0.7
Dec-24
2.2
0.6
Jan-25
Pl ease refer to our earlier
report
for deta ils
Contri bution of va rious components to EAI-GVA
Source: Va rious national sources, CEIC, MOFSL
Exhibit 3: EAI-GDP growth decelerated to 3.7% in Jan’25…
EAI-GDP
12
9
6
3
4.2
Exhibit 4: …led by negative contribution from external trade
(pp)
% YoY
3-mma
Consumption
1.3
3.5
Investment
1.7
3.9
-1.2
Net exports
1.7
0.5
0.7
1.9
3.7
4.7
-2.2
-3.8
3.3
0
Jan-24 Mar-24 May-24
Jul-24
Sep-24 Nov-24 Jan-25
Jan-24
Nov-24
Dec-24
Jan-25
Pl ease refer to our earlier
report
for deta ils
Source: Va rious national sources, CEIC, MOFSL
The non-farm sector grew at
a 27-month slow pace of
4.4% in Jan’25, entirely led
by the services sector.
Total consumption growth accelerated to 6.8% YoY in Jan’25:
Total
consumption (private + government) grew at a three-month high pace of 6.8%
YoY in Jan’25 vs. +5.5%/2.7% in Dec’24/Jan’24, led by three-month high growth
in fiscal spending (up 19.4% in Jan’25 vs. 1.3% in Dec’24), three-month high
growth in auto sales, strong double-digit personal credit growth, and likely
higher growth in consumer non-durables output. Conversely, petrol sales grew
at a four-month low rate in Jan’25. Notably, private consumption grew 5.3% in
Jan’25 vs. +5.4%/3.8% in Dec’24/Jan’24. (Exhibit
11)
Investment growth accelerated to 6.2% in Jan’25:
According to our estimates,
investment grew 6.2% YoY in Jan’25 (highest in 15 months), following a growth
of 5.9% in Dec’24. The acceleration in investment growth is attributed to higher
capital goods production, improvement in construction activity, higher industrial
credit growth, and robust govt. capex growth. On the other hand, capital goods
production, CV sales, steel production, and electricity output witnessed
deceleration in Jan’25 as compared to Dec’24 (Exhibit
12).
Meanwhile, net
exports subtracted 2.2pp (vs. 1.2pp in Dec’24) from EAI-GDP growth in Jan’25 as
imports grew faster while exports contracted.
Agriculture and industrial sector growth remained robust; services growth
decelerated:
In terms of EAI-GVA, the non-farm sector’s growth decelerated to
4.4% in Jan’25, the slowest in 27 months, led by lower services sector growth.
The services sector grew at a 27-month slow pace of 3.0% YoY in Jan’25 vs.
4.8%/10.0% in Dec’24/Jan’24. This was mainly led by a contraction in services
5 Ma rch 2025
2
 Motilal Oswal Financial Services
We expect 4QFY25 real GVA
growth in the range of 6.0-
6.2%, lower than the CSO’s
projection of 6.8%.
PMI (-8.6% in Jan’25 vs. 0.5%/8.0% in Dec’24/Jan’24). In contrast, the industrial
sector grew decently, at a faster pace than last month, printing at 7.0% in Jan’25
vs. 6.3% in Dec’24. Within the industrial sector, growth decelerated in the
mining, electricity and construction sectors, while growth in the manufacturing
sector accelerated sharply. At the same time, the farm sector growth remained
robust at 4.8% in Jan’25 (5.1% in Dec’24 and 2.1% in Jan’24). (Exhibit
13)
HFIs portray a mixed picture for economic activity in Feb’25:
Selected HFIs
portray a mixed picture for economic activity in Feb’25. Toll collections surged
at a 25-month high pace of 22.9% in Feb’25; PV sales rose in double digits, albeit
lower than Jan’25; power generation grew at an eight-month high pace of 6.7%;
and PMIs remained resilient. On the other hand, vaahan registrations declined
7.3% in Feb’25 and CV sales grew at a three-month low rate of 1.3%
(Exhibit 14).
Expect real GVA growth at 6.0-6.2% YoY in 4QFY25, lower than the CSO’s
forecast of 6.8%:
Real GDP growth improved in 3QFY25, printing at 6.2% (vs.
our forecast of 5.7%) after dipping shockingly to a seven-quarter low of 5.6% in
2QFY25. Our in-house models suggest that economic growth decelerated in
Jan’25, with EAI-GVA printing at 4.5% (lowest growth in 27 months).
Additionally, HFIs portray a mixed picture for economic activity in Feb’25. CSO
projects a real GVA growth of 6.8% in 4QFY25 (with FY25 growth at 6.4%), which
is difficult to achieve considering a high base of 7.3% in 4QFY24. Therefore, we
believe that India’s real GVA could grow in the range of 6.0-6.2% YoY in 4QFY25
(with FY25 growth at ~6.0-6.2%), much lower than the official forecast of 6.8%.
(Exhibits 9, 10).
Exhibit 6: …though investment growth accelerated to 6.2% in
Jan’25 from 5.9% in Dec’24
9.0
Exhibit 5: Total consumption accelerated to a three-month
high of 6.8% YoY in Jan’25…
10.0
MOLI: Consumption
% YoY
3mma
MOLI: Investment
% YoY
3mma
5.4
5.9
6.2
7.5
5.0
2.5
0.0
Jan-24
Apr-24
Jul-24
Oct-24
2.7
5.5
6.8
6.5
4.0
2.8
1.5
-1.0
Jan-25
Jan-24
Apr-24
Jul-24
Oct-24
Jan-25
Exhibit 7: Industrial sector growth accelerated to 7.0% YoY in
Jan’25 vs. 6.3% in Dec’24
% YoY
3MMA
Industry#
Exhibit 8: Services sector grew 3.0% YoY in Jan’25, the
slowest in 27 months
12.0
% YoY
10.0
3MMA
Services
10.0
7.5
5.0
2.5
0.0
Jan-24
Apr-24
Jul-24
Oct-24
Jan-25
# including construction
7.1
8.0
6.3
7.0
9.0
5.6
6.0
3.0
0.0
Jan-24
Apr-24
Jul-24
Oct-24
Jan-25
4.8
3.0
5 Ma rch 2025
3
 Motilal Oswal Financial Services
Exhibit 9: EAI-GVA moves in line with the official real GVA
Official real GVA
Composite EAI-GVA
Exhibit 10: EAI-GDP moves in line with official real GDP*
30
Composite EAI-GDP
(%, YoY)
9.0
Official real GDP*
30
(% YoY)
16
16
6.2
5.8
2
(12)
2
(12)
5.0
(26)
3QFY20
3QFY21
3QFY22
3QFY23
3QFY24
3QFY25
(26)
Q3FY20
Q3FY21
Q3FY22
Q3FY23
Q3FY24
Q3FY25
Source: CEIC, Va rious official sources, MOFSL
*Excl uding discrepancies
Exhibit 11: Key leading indicators for consumption -
On monthly basis
% YoY
Jan-24
Feb-24
Mar-24
Apr-24
May-24
Jun-24
Jul-24
Aug-24
Sep-24
Oct-24
Nov-24
Dec-24
Jan-25
1
3
Passenger
traffic
1
8.6
11.6
11.3
17.1
15.0
17.6
17.2
18.0
18.0
16.5
16.0
16.1
15.9
Revenue
spending
2
(13.7)
10.0
(9.3)
15.7
(10.7)
(10.7)
(16.7)
47.3
3.3
47.1
(12.2)
1.3
19.4
Petrol
sales
9.7
8.9
7.0
14.2
3.4
4.6
10.4
8.6
3.0
8.7
9.6
11.1
6.7
Rural
wages
3
(1.2)
(1.0)
(1.6)
(1.1)
(1.2)
(0.4)
(0.3)
0.1
0.9
1.5
1.8
2.2
2.2
6
Consumer
Currency
durable: IIP
0.3
(3.2)
5.2
(2.5)
2.8
(1.0)
(4.2)
(4.4)
2.2
2.6
0.4
(7.6)
8.2
6
Auto
sales
4
27.4
33.1
17.3
25.0
9.0
17.7
9.3
7.2
12.8
11.9
(0.3)
(5.2)
2.0
Imports
(3.5)
9.0
21.2
8.6
2.8
8.5
6.5
6.5
1.9
8.9
16.5
9.6
11.1
5
Foreign
tourists
arrival
6
7.6
12.3
4.2
4.0
(2.8)
5.7
(1.3)
(4.2)
0.4
(1.4)
(0.1)
(6.6)
4.3
6
Personal
credit
18.3
18.0
17.7
17.4
17.8
16.6
20.8
19.8
19.3
16.0
16.5
14.9
14.1
Services
PMI
61.8
60.6
61.2
60.8
60.2
60.5
60.3
60.9
57.7
58.5
58.4
59.3
56.5
3.9
3.7
3.9
3.2
2.7
6.0
6.4
6.1
5.7
6.5
5.7
5.9
Ra i lways and a viation
2
Revenue spending less interest payments of central government
4
Rea l rural wages, deflated by CPI for rural workers
Incl udes passenger vehicles and two-wheelers
5
Import of agricultural i tems, leather products, newsprint a nd electronic goods, textiles (excluding gold, silver, precious me tals)
6
Our foreca sts
Wors e than previous month and a year a go
Wors e than the previous month but better than a year a go
Better tha n the previous month but worse than a year a go
Better tha n previous month and a year a go
5 Ma rch 2025
4
 Motilal Oswal Financial Services
Exhibit 12: Key leading indicators for investments - On monthly basis
% YoY
Jan-24
Feb-24
Mar-24
Apr-24
May-24
Jun-24
Jul-24
Aug-24
Sep-24
Oct-24
Nov-24
Dec-24
Jan-25
Cargo
traffic
1
5.3
7.3
7.0
1.4
3.7
8.9
5.1
2.3
4.2
(0.2)
(1.0)
2.1
3.2
Electricity
5.7
7.6
8.6
10.2
13.7
8.6
7.9
(3.7)
0.5
2.0
4.4
6.2
1.3
Auto
sales
2
2.5
1.6
(2.9)
14.3
7.3
2.1
(1.5)
(3.3)
(4.0)
0.2
(0.8)
4.2
6.7
Diesel
sales
3.5
6.2
3.2
1.4
2.4
1.0
4.4
(2.5)
(1.9)
0.1
8.5
5.9
4.2
Capital
goods’
imports
3
(5.5)
(1.1)
(0.9)
(1.0)
11.3
6.7
(0.8)
8.4
12.5
1.1
6.0
7.6
15.8
Cement
Production
4.1
7.8
10.6
0.2
(0.6)
1.8
5.1
(2.5)
7.6
3.1
13.5
4.6
14.5
IIP: Non-
metallic
products
3.0
8.0
8.2
1.4
0.5
3.1
1.7
(1.9)
3.6
3.1
8.0
2.8
3.1
5
IIP:
Capital
goods
3.2
1.7
7.0
2.8
2.6
3.6
11.7
0.0
3.5
3.1
8.8
10.3
5.3
2
5
Industrial
credit
9.5
9.9
8.9
6.9
8.9
7.7
10.7
10.4
9.7
5.8
6.0
5.3
6.2
Govt
capex
4
(40.5)
315.2
(4.3)
26.5
(50.3)
(66.2)
107.8
(30.0)
(2.4)
(8.4)
21.3
95.3
51.4
Manufacturing
PMI
56.5
56.9
59.1
58.8
57.5
58.3
58.1
57.5
56.5
57.5
56.5
56.4
57.7
1
3
4
Ra i lways and waterways
Incl udes commercial vehicles and three-wheelers
Ma chi nery a nd equipment, tra nsport equipment, machine tools a nd project goods
5
Ca pi tal spending of the central government
Our foreca sts
** - Da ta for total CV s ales starting Apr’20 derived using CV s ales of Ashok Leyland, Ei cher Motors ltd., Mahindra & Ma hindra Ltd.; a nd Tata
Motors ; the three a ccount for 95-98% of all CV s ales
Wors e than previous month and a year a go
Wors e than the previous month but better than a year a go
Better tha n the previous month but worse than a year a go
Better tha n previous month and a year a go
5 Ma rch 2025
5
 Motilal Oswal Financial Services
Exhibit 13: Key indicators used in the creation of EAI-GVA on a monthly basis
% YoY
Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24
Agriculture and allied activities
IIP: Fertiliser
(0.6) (9.5)
(1.3)
(0.8)
(1.7)
2.4
Domestic tra ctor sales (14.5) (25.7) (19.5)
(2.9)
0.5
3.5
1
Rea l rural wages
(1.3) (1.2)
(1.7)
(1.1)
(1.1)
(1.2)
Res ervoir levels
(14.2) (11.4) (15.1) (16.8) (20.0) (24.2)
Agriculture sector
2.1
1.9
1.9
2.6
2.7
2.5
Industrial sector
Coa l
10.6
11.6
8.7
7.5
10.2
14.8
Crude oi l
0.6
7.9
2.1
1.7
(1.1)
(2.6)
Na tura l gas
5.5
11.2
6.3
8.6
7.5
3.3
IIP: Mi ning
6.0
8.1
1.3
6.8
6.6
10.3
Mining
7.5
15.0
5.6
8.1
5.9
7.9
Electricity
5.7
7.6
8.6
10.2
13.7
8.6
IIP: Ma nufacturing
3.6
4.9
5.9
4.2
5.1
3.5
2
Rea l credit growth
7.1
9.7
7.7
5.7
6.0
4.1
Fuel consumption
3.7
5.3
0.7
2.5
2.8
2.1
Manufacturing
7.5
9.1
9.3
7.7
8.5
6.9
Steel production
9.2
9.4
7.5
9.8
8.9
6.3
Cement output
4.1
7.8
10.6
0.2
(0.6)
1.8
3
IIP: NMMP
3.0
8.0
8.2
1.4
0.5
3.1
IIP: Cons truction
5.5
8.3
7.4
8.5
7.6
8.2
Construction
5.5
8.3
7.4
8.5
7.6
8.2
Industry
7.1
9.4
8.8
8.0
8.5
7.5
Services sector
Auto s ales
25.3
30.3
15.4
24.3
8.9
16.5
4
Tra de credit
18.5
18.5
17.3
13.5
14.6
11.0
Forei gn tourist arrivals …
…
…
…
…
…
5
Frei ght tra ffic
5.3
7.3
7.0
1.4
3.7
8.9
5
Pa s sengers tra ffic
…
…
…
…
…
…
MFs AUMs
32.7
37.9
35.1
36.0
32.7
33.2
6
Rea l CG s pending
(22.8) 39.9
(8.1)
18.0
(28.1) (36.5)
7
Rea l deposits
12.8
12.9
13.2
11.2
11.0
7.4
Tel ecom s ubscribers
1.9
2.4
2.3
2.4
2.7
2.7
PMI: Servi ces
8.0
2.0
5.9
(1.9)
(1.6)
3.4
Services sector
10.0
8.3
8.8
6.9
6.2
8.2
Aggregates
EAI-GVA
8.3
8.0
8.0
6.7
6.7
7.5
Non-farm EAI-GVA
8.9
8.6
8.7
7.5
7.0
7.9
1
Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25
5.3
1.4
(0.5)
6.5
3.7
6.8
(2.9)
(1.3)
3.8
2.9
7.9
4.7
8.4
3.8
8.6
7.0
5.1
1.7
5.5
5.5
7.4
8.4
13.1
…
5.1
…
37.2
2.9
8.3
2.4
(3.2)
5.0
5.7
5.9
3.2
(5.5)
0.5
27.3
4.4
(8.1)
(3.4)
(3.6)
(4.3)
(4.7)
(3.7)
1.2
9.0
(2.5)
5.2
4.1
(2.5)
(1.9)
2.7
2.7
3.3
6.5
14.1
…
2.3
…
41.3
21.9
11.3
1.8
1.3
6.1
5.3
5.3
2
1.9
2.4
0.5
20.8
4.5
2.6
(3.9)
(1.3)
0.2
(0.8)
0.5
4.0
7.6
(0.8)
7.6
1.8
7.6
3.6
3.5
3.5
5.4
11.6
12.2
…
4.2
…
41.3
(0.8)
8.3
0.8
(5.4)
4.3
4.8
4.8
0.4
21.0
0.9
24.4
5.8
7.8
(4.8)
(1.2)
0.9
(0.4)
2.0
4.4
2.9
1.2
7.4
5.7
3.1
3.1
4.8
4.8
5.8
11.2
9.4
…
(0.2)
…
40.1
27.1
8.5
0.5
0.2
5.7
5.9
5.8
2.0
(0.9)
1.4
27.7
4.6
7.5
(2.1)
(1.9)
1.9
2.7
4.4
5.5
3.8
7.4
8.9
4.4
13.5
8.0
8.1
8.1
8.0
(0.2)
12.1
…
(1.0)
…
35.9
(7.1)
8.9
0.1
2.6
5.6
6.2
6.5
1.7
13.3
1.8
23.7
5.1
5.3
0.6
(1.8)
2.6
5.2
6.2
3.0
4.9
1.5
6.5
7.3
4.6
2.8
6.3
6.3
6.3
(4.2)
11.4
…
2.1
…
28.8
34.5
7.3
0.8
0.5
4.8
5.4
5.4
8
3.0
11.1
1.6
20.5
4.8
4.6
(1.1)
(1.5)
4.5
4.6
1.3
8
5.1
5.8
2.3
8.5
3.7
14.5
8
3.1
5.5
5.5
7.0
2.3
11.9
…
3.2
…
24.6
24.6
7.8
0.6
(8.6)
3.0
4.5
4.4
8
8
8
Rural wages; deflated by CPI for rural workers
3
Non-metallic minerals products (NMMP)
5
6
Banks’ industrial credit growth; deflated by WPI
4
Bank’s non-food trade credit; deflated by WPI
Railways and aviation
Total spending of the central government excluding interest and subsidies; deflated by WPI
7
8
Deflated by WPI
Our forecasts
# Sale of commercial vehicles within total auto Sales starting Apr’20 has been derived using CV sales of Ashok Leyland, Eicher Motors ltd., Mahindra &
Mahindra Ltd.; and Tata Motors; the three account for ~98% of all CV sales
Wors e than previous month and a year a go
Wors e than the previous month but better than a year a go
Better tha n the previous month but worse than a year a go
Better tha n previous month and a year a go
5 Ma rch 2025
6
 Motilal Oswal Financial Services
Exhibit 14: Economic activity portrays a mixed picture for economic activity in Feb’25
% YoY
% YoY
Water reservoir levels
Index
PMI: Manufacturing
Index
PMI: Services
% YoY
Toll collection (Units)
USD b
FX reserves
2
2
1
Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25
-11.4
56.9
60.6
8.3
3.7
14.0
15.1
-2.8
4.5
-15.1
59.1
61.2
10.6
4.1
3.8
14.4
-9.1
8.3
-16.8
58.8
60.8
7.6
640.2
3.2
27.5
3.6
12.8
10.4
-20.0
57.5
60.2
3.6
651.5
3.8
3.3
0.5
1.9
15.2
-24.2
58.3
60.5
5.8
652.0
6.0
1.4
3.7
-4.9
9.0
6.5
58.1
60.3
9.4
6.4
14.7
-5.1
-8.5
8.3
27.2
57.5
60.9
6.8
5.5
3.7
-3.5
-14.3
-4.7
20.5
56.5
57.7
6.5
705.8
5.9
-8.6
0.1
-14.7
0.4
24.4
57.5
58.5
7.9
682.1
7.0
33.4
0.8
1.4
0.8
27.7
56.5
58.4
11.9
659.4
5.7
11.9
28.3
-0.2
3.8
2
26.5
56.4
59.3
9.8
635.7
5.9
-11.9
40.6
4.9
5.2
20.5
57.7
56.8
14.8
5.3
7.4
23.8
5.5
2.3
15.4
56.3
61.1
22.9
2.3
-7.3
20.3
1.3
6.7
625.2 646.4
670.6 682.2
630.6 640.5
% YoY
Currency in circulation
% YoY
Vahan registrations
% YoY
PVs sales
% YoY
CVs sales
3
4
% YoY
Power Generation
1
3
4
In terms of daily data
PV s a l es based on data for Ma ruti, Tata Motors, Mahindra & Ma hindra a nd Hyundai
CV s a les derived from Ashok Leyland, Ei cher Motors Ltd., M&M; Ta ta motors
Da ta a s of 21
st
Feb, 2025
Source: Va rious national sources, CEIC, MOFSL
Wors e than previous month and a year a go
Wors e than the previous month but better than a year a go
Better tha n the previous month but worse than a year a go
Better tha n previous month and a year a go
Investment in securities market are subject to market risks. Read all the related documents carefully before investing
5 Ma rch 2025
7
 Motilal Oswal Financial Services
NOTE S
5 Ma rch 2025
8
 Motilal Oswal Financial Services
Ex planation of Inv estment Rating
Investment Rating
BUY
SELL
NEUTRAL
UNDER REVIEW
NOT RATED
Expected return (over 12-month)
>=15%
< - 10%
< - 10 % to 15%
Rating may undergo a change
We hav e forw ard looking estimates for the stock but w e refrain from assigning recommendation
*In case the recommendation given by the Research Analyst is inconsistent with the investment rating legend for a continuous period of 30 days, the Research Analyst shall be within follo wing 30 days take
appropriate measures to make the recommendation consistent with the investment rating legend.
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 Motilal Oswal Financial Services
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5 Ma rch 2025
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