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Auto – December 2010 volume update
Mahindra & Mahindra (M&M)
n Total sales increased by 37.3% YoY to 48,644 units
n Total automotive sales increase by 40.5%% YoY to 32,310 units
n Passenger UV sales increased 23.5% YoY to 14,705 units
n 4-Wheelers Pick Ups (Incl Gio and Maximmo) sales increased by 46.6% YoY to 10,161 units
n 3-Wheelers sales increased 103.8% YoY to 5,928 units
n Total tractors sales increased by 31.3% YoY to 16, 334 units
Tata Motors Ltd (TML)
n Total sales increased by 30.6% YoY to 67,441 units
n M&HCVs sales increased by 13.5% YoY to 17,368 units
n LCVs sales increased by 34.8% YoY to 24,558 units
n Total passenger vehicles sales increased by 34.5% YoY to 19,706 units (including 5,784 units of Nano)
n Total domestic sales increased by 27.9% YoY to 61,632 units
n Export sales increased by 68.2% YoY to 5,809 units
Current account deficit widenes to $15.8 bn.; Capital account surplus keep the BoP in the green
The contraction in trade deficit and in invisibles together has contributed to a widening of the current account deficit (CAD). Increase in portfolio investments, external commercial borrowings (ECB) and short term credit have seen a boost in the capital account balance. This brings the overall balance of payments (BoP) in the green, leading to a net accretion of foreign exchange by $ 3.3 bn.
n The trade deficit for Q2FY11 widened to $ 35.4 bn from $ 29.6 bn for the same period last year.
n Services saw an increase to $ 10.5 bn for the quarter from $ 7.7 bn last year. Software services stood at $ 12.2 bn from $ 10.8 for the same quarter last year. Invisibles saw contraction to $ 19.6 bn in Q2FY11 from $ 20.4 b last year.
n Foreign investment during Q2FY11 increased by $ 4.5 bn to $ 21.7. Of this, portfolio investment has seen a drastic jump to $ 19.2 bn from $ 9.7 bn in Q2FY10.
n Loans have seen an uptick this quarter to $ 6.8 bn from $ 3.1 bn, of which external commercial borrowings (ECB) stand at $ 3.7.
IRB Infrastructure Developers Event Update; Positives round the corner; Accumulate; Target: Rs304
n After a lull of 6 months, NHAI’s awarding activity is expected to pick up - Govt planning award of at least 25 road projects worth Rs360 in Q4FY11
n 10 projects have average ticket, size of Rs20 bn+ v/s Rs9.9 bn for projects awarded in Q1FY11. Expect large developers like IRB with scale and strong balance sheet to be key beneficiary
n IRB management confident of bagging projects worth Rs45 bn over next 1 year. Execution in E&C segment to pick in H2FY11, Q1FY12 to see 18% Toll hike for ‘Mumbai–Pune Expessway’
n Recent stock underperformance provides attractive entry point to play positive triggers over next 2-3 quarters. Maintain ACCUMULATE - Target Price of Rs304
Kajaria Ceramics Company Update; Upgrade in price target; BUY; Target Price: Rs 100
n Our recent interaction with the management suggests that industry demand remains encouraging helping it to boost revenues from higher trading, +75% in H1FY11
n Capacity in high end segment to increase from 10% in FY10 to 30% by FY12E
n Capex plans are on schedule 1) New vitrified plant to commission by Jan’11; 2) Conversion of ceramic floor tiles into vitrified tiles by Feb’11
n Upgrade FY11E EPS by 12% to Rs 7.5 and FY12E by 10% to Rs 10, and price target by 10% to Rs 100 and maintain BUY
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