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Tata Motors (TELCO)
• Tata Motors’ sales volumes presented a mixed bag with the
commercial vehicles segment performing well while the
passenger car segment acted as a dampener due to reduced
Nano sales while JLR has continued to perform well
• On a segmental level in the domestic market, M&HCV performed
commendably as sales jumped 7.8% MoM and 17.6% YoY as
freight demand has continued to increase with the increasing
however, was the strongest volumes contributor for the month at
~37.3% with volumes of 20,376 units, a 20.6% YoY increase and
a marginal 1.5% decline on the back of a strong up-tick of the Ace
family, which has faced stiff competition from Mahindra’s
products
• Passenger vehicle (inclusive of UVs) sales witnessed a slowdown
mainly driven by the drastic slowdown in Nano volumes with a
25.9% YoY and a steep 37.3% MoM decline at 15,340 units. Nano
has been disappointing in terms of volume growth. The company
saw volumes of only 509 units mainly due to a slowdown in
production at 1320 units (61.5% YoY) due to safety concerns
arising in the previous months along with lack of proper
penetration in the target market. The management has reiterated
that volumes are expected to increase as the issues stated above
are resolved. The Indica family volumes declined MoM by 41.3%
to 5,716 units. The Indigo e-CS and Manza, which have been well
received in the market, have seen volumes of 6,009 units
• Exports becoming sedate have been in line with the industry as a
whole. There was a marginal 5.2% YoY jump and a 29.4% MoM
decline with volumes at 4,203 units leading to a decline of 150 bps
on the contribution of exports to the volumes front
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