Despite festive season being from October this year as against September last year, PV players continued to increase systemic inventory by reporting yet another month of wholesales being ahead of retails, with inventory levels already being on the higher side in Jul’23-end. 2W companies in general, post managing inventory efficiently since Apr’23, reported volumes largely in sync with retails and in pockets increased inventory post keeping it under control till Jul’23 (example HMCL).