In the past three quarters, the revenue growth for listed tyre companies has moderated from low to mid-single-digit on account of factors such as lower demand in replacement segments, weak export markets and the decline in the average selling prices to car makers (OEMs).
Demand trends could remain muted in the near term, given the weak passenger vehicle replacement demand, assuming a typical replacement cycle of 3-5 years, and demand moderation in the OEM segment. Further, the sluggish demand trends in the commercial segment could also impact truck/bus radials (TBR) and TBB (truck/bus bias) replacement sales. This could be partly offset by export recovery. Among companies in the sector, Apollo Tyres has underperformed Ceat and MRF, due to the market share loss in the PCR (passenger car radial) replacement segment as it is focused on profitability.
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