RE Mar-18 wholesales in line at 76.1k units
RE volume grew 26.6% YoY in Mar-18
* RE Mar-18 volume was in-line at 76,087 units; +26.6% YoY.
* RE exports at 1.9k units grew 20% YoY.
* RE volumes grew 23.1% in FY18 to ~820k.
* As per media reports, VECV volumes grew 30% to ~9245 units (v/s est 8,063 units).
* Domestic volumes for VECV grew ~24.5% to ~7,980 units (v/s est 7,011 units).
* Exports grew ~87% to ~1,265 units (v/s est ~1,053 units).
* Detailed volume break-up for VECV is awaited.
* The stock trades at 27.4x/21.5x FY19E/20E consol. EPS. Maintain Buy.
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