refrigerators and cold beverages too; thus affecting
Year-end sees restricted freight freight movement. However, overall demand for these
movement; freight index categories continues to show stability.
decreases over last month. December’s marriage season played a significant role in
driving freight movement, particularly for parcels/loose
Crisil pan-India freight index (CRISFrex)™ goods, market load, and FMCG, with notable activity in
northern states where weddings are celebrated
129.1
129.3
128.6
128.1
128.1
127.9
127.9
127.7
127.5
127.2
127.2
126.9
126.6
126.6
126.1
125.0
124.3
124.1
123.8
123.8
123.7
123.7
123.1
120.4
140.0 3.0% extensively on large scales.
130.0 2.0%
120.0 1.0% For commodities like Agri products, Containers,
110.0 0.0% Parcel/loose goods, Cement, Petroleum Tankers and
100.0 -1.0% Textiles; utilisation levels have remained stable over
90.0 -2.0% last month. Auto-carriers, FMCG/FMCD, Mining
80.0 -3.0% products and Steel witnessed dip in utilisation
Jul-23
Jul-24
Jan-23
Jun-23
Nov-23
Dec-23
Jan-24
Jun-24
Nov-24
Dec-24
Apr-23
Aug-23
Sep-23
Oct-23
Apr-24
Aug-24
Sep-24
Oct-24
Feb-23
Mar-23
Feb-24
Mar-24
May-23
May-24
levels. Whereas Market load witnessed slight uptick
in utilisation levels.
Freight Index (pan India) m-o-m growth rate (%)
Freight rates for different combinations
Source: Crisil Intelligence May Jun Jul Aug Sep Oct Nov Dec
No of combinations*
-24 -24 -24 -24 -24 -24 -24 -24
Agricultural sentiments have remained steady in >1% Increase in freight rates 47 23 3 34 51 59 10 7
December. Farmers are feeling optimistic about the >1% Decrease in freight rates 42 34 54 5 2 6 11 44
current season for a number of reasons, including a Within ±1% of last month’s freight
70 102 102 120 106 94 138 108
sufficient monsoon, on-time payments, and favorable rate
crop prices. November witnessed a considerable Total 159 159 159 159 159 159 159 159
movement of finished crops from farmlands to Mandis * Refers to route-commodity combinations
for procurement, whereas December, in comparison to Source: Crisil Intelligence
November, witnessed restricted movement which In December 2024, ~68% of the combinations saw
resulted in a marginal decrease in freight rates for freight rates increase/decrease within 1% of last
agricultural products. month’s freight rates.
The automotive sector faced moderated activity in
Transporter profitability margins
December due to demand-side limitations in passenger
vehicles (PV) and two-wheelers (2W). Although y-o-y Stability/decrease in freight rates for most commodities
growth remained either positive or steady for many have resulted in ~0.52% decrease in free cash flow
manufacturers, month-over-month declines limited (FCF; pre-equated monthly instalment, or EMI) for
vehicle transportation from production facilities to transporters.
dealerships. Elevated dealer inventories, particularly in 120%
the PV segment, further suppressed auto freight rates.
16.5%
18.4%
18.9%
18.9%
19.3%
19.9%
20.0%
20.4%
20.5%
20.7%
20.9%
21.1%
21.1%
21.2%
21.4%
21.4%
21.4%
21.7%
21.8%
21.9%
21.9%
100%
20%
20%
20%
80%
Freight transportation for steel and cement was 60%
83%
82%
81%
81%
81%
80%
80%
80%
80%
80%
80%
79%
79%
79%
79%
79%
79%
79%
79%
79%
78%
78%
78%
78%
restricted due to a slowdown in construction activities. 40%
Delays in project awarding, influenced by some state 20%
0%
elections, further dampened construction-related
Apr-23
Oct-23
Nov-23
Dec-23
Apr-24
Oct-24
Nov-24
Dec-24
Aug-23
Sep-23
Aug-24
Sep-24
Jan-23
May-23
Jun-23
Jan-24
May-24
Jun-24
Feb-23
Mar-23
Jul-23
Feb-24
Mar-24
Jul-24
demand.
In the FMCG/FMCD sector, cooler temperatures have Operating costs (ex EMI) Free cash flow (pre EMI)
led to a slowdown in demand for appliances like ACs,
Source: Crisil Intelligence
1
Freight rates and utilisation trend
121
121
121
119
119
119
135 140
118
118
118
118
118
118
118
118
118
118
117
117
117
117
116
116
116
113
130 120
125 100
120 80
115 60
110 40
105 20
117
117
117
117
117
116
111
115
116
117
116
113
113
114
114
115
116
115
113
114
115
117
118
117
100 0
Jul-23
Jul-24
Jul-23
Jul-24
Jan-23
Jun-23
Jan-24
Jun-24
Jan-23
Jun-23
Jan-24
Jun-24
Aug-23
Sep-23
Aug-24
Sep-24
Aug-23
Sep-23
Aug-24
Sep-24
Feb-23
Mar-23
Apr-23
Oct-23
Nov-23
Dec-23
Feb-24
Mar-24
Nov-24
Dec-24
Apr-24
Oct-24
Feb-23
Mar-23
Apr-23
Oct-23
Nov-23
Dec-23
Feb-24
Mar-24
Apr-24
Oct-24
Nov-24
Dec-24
May-23
May-24
May-23
May-24
Freight Index (Oct 2020=100) Average No. of Trips per truck (Oct 2020 = 100)
Fuel cost per tkm (Oct 2020=100) Utilization levels (Indexed to Oct 2020 = 100)
Source: Crisil Intelligence
Freight rates have either decreased or remained stable for most commodities in December’24 month (October 2020
pan-India average =100)
Commodity Oct-20 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24
Agri-products 106 126 126 124 125 125 123 124 124 124 125 123
Auto-carriers 83 112 112 112 113 113 112 113 114 115 115 114
Cement 105 139 140 141 141 140 138 139 139 141 141 140
Container 83 98 98 98 98 99 98 99 99 99 99 99
FMCG/FMCD 135 167 167 169 171 172 170 171 174 175 176 174
Market load 101 129 130 130 129 128 127 127 128 129 129 128
Mining products 88 134 135 135 135 134 132 133 132 133 133 132
Parcel/loose goods 116 138 138 139 139 139 138 139 141 142 142 142
Petroleum tankers 86 111 111 111 111 112 111 112 112 113 113 112
Steel 85 110 111 111 112 111 110 111 112 113 113 112
Textiles 84 119 119 120 120 119 119 119 120 121 121 120
Notes:
1) The freight analysis is based on Crisil’s assessment of 159 unique application combinations across 32 routes and 11 commodity types.
2) Operating costs include fuel, driver, toll, maintenance, and tyre costs.
Source: Crisil Intelligence
2
CRISFrex™ and FCF signals
Freight rates have decreased either marginally or significantly for commodities like Agri products, Auto-carriers, Cement,
FMCG/FMCD, Market Load, Mining products, Petroleum Tankers, Steel and Textiles and FMCG/FMCD. Whereas rates
have remained stable for Containers and Parcel/loose goods.
As a result, overall CRISFrex have shown decline in December’24 month.
Methodology
Crisil incorporates the views of 100-150 transporters to understand freight dynamics and operational aspects such as
number of trips undertaken and key cost heads (fuel, driver, toll, tyre, and maintenance).
This exercise is conducted on a closed sample of 159 route-commodity combinations, spanning 32 routes, 11 commodity
types, and five truck platforms with differing load bodies, depending on the commodity carried.
Crisil’s analysis provides an aggregated view of the data collected to arrive at a holistic picture of the overall trucking
scenario in India.
3
CRISIL Intelligence analytical contacts
Hemal N Thakkar Mihir S Patil Vishal H Gori
Director Associate Director Manager
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