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Auto sales numbers – January 2011
Maruti Suzuki (Maruti)
Maruti reported robust sales volumes for January 2011, slightly ahead of our estimates with
overall volume growth of 14.7% yoy to 109,743 units (95,649). On a sequential basis,
volumes grew by strong 10.6%. Volume growth during January was led by strong
performance in the domestic market, which grew by 23.8% yoy (12.2% mom), selling
100,422 units. Exports posted a decline of 36% yoy to 9,321 units (14,562). Maruti
maintained its strong volume momentum in the A2, A3 and C segments, posting 23.8%,
32.6% and 27.7% yoy growth, respectively, in January 2011.
Mahindra & Mahindra (M&M)
M&M reported strong volume growth of 21.7% yoy and 13.5% mom in total sales to 57,217
units (47,028) in January 2011, aided by 21.8% yoy growth in automotive sales (36,718
units) and 21.4% yoy growth in tractor sales (20,499 units). Within the automotive segment,
the four-wheeler pick-up segment grew by 17.5% yoy on the back of strong performance
from GIO and Maxximo vehicles. Logan sales continued the strong momentum, registering
growth of 101.8% yoy. The three-wheelers segment registered 27.7% yoy growth. Exports
during the month posted strong 82.3% yoy growth. In the tractors space, domestic sales
reported a strong 22% yoy and 28.4% mom increase in volumes to 19,430 units (15,925),
while exports volumes increased by 12.1% yoy.
Tata Motors (TML)
TML reported 15% yoy growth in total volumes in January 2011, led by a robust 14% yoy
growth in the passenger vehicles (PV) and 12% yoy growth in the commercial vehicles (CV)
segments. In the PV segment, the company reported total offtake of 32,386 units (28,460),
largely due to a 67.5% yoy increase in Nano volumes to 6,703 units. Indica volumes posted
a 7.5% yoy decline (up 78.8% mom), while Indigo range of vehicles reported 16.5% yoy (up
61.6% mom) growth during the month. Within the CV space, total volumes stood at 40,263
units (35,957), with the M&HCV and LCV segments registering growth of 5% and 17% yoy,
respectively.
Hero Honda (HH)
HH reported robust 19.7% yoy growth in sales volume, selling 466,524 units (389,802), led
by strong momentum across all the segments. On a sequential basis, however, volumes were
down 6.9%. Refreshed product ranges, new product launches and innovative branding and
marketing initiatives continued to drive the company’s performance on the volume front.
TVS Motor (TVS)
TVS reported marginally lower-than-expected 29.7% yoy growth to 165,152 units (127,288),
led by 28.8% yoy growth in two-wheelers and a 100.4% yoy jump in three-wheelers.
Motorcycle sales grew by 23.8% yoy to 67,721 units (54,698), while the scooter segment
registered strong 59.7% yoy growth to 40,736 units (25,509). Three-wheeler sales
momentum continued to remain strong, selling 3,427 units (1,710) in January. Exports
volume registered 21.3% yoy growth to 19,498 units (16,074).
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Auto sales numbers – January 2011
Maruti Suzuki (Maruti)
Maruti reported robust sales volumes for January 2011, slightly ahead of our estimates with
overall volume growth of 14.7% yoy to 109,743 units (95,649). On a sequential basis,
volumes grew by strong 10.6%. Volume growth during January was led by strong
performance in the domestic market, which grew by 23.8% yoy (12.2% mom), selling
100,422 units. Exports posted a decline of 36% yoy to 9,321 units (14,562). Maruti
maintained its strong volume momentum in the A2, A3 and C segments, posting 23.8%,
32.6% and 27.7% yoy growth, respectively, in January 2011.
Mahindra & Mahindra (M&M)
M&M reported strong volume growth of 21.7% yoy and 13.5% mom in total sales to 57,217
units (47,028) in January 2011, aided by 21.8% yoy growth in automotive sales (36,718
units) and 21.4% yoy growth in tractor sales (20,499 units). Within the automotive segment,
the four-wheeler pick-up segment grew by 17.5% yoy on the back of strong performance
from GIO and Maxximo vehicles. Logan sales continued the strong momentum, registering
growth of 101.8% yoy. The three-wheelers segment registered 27.7% yoy growth. Exports
during the month posted strong 82.3% yoy growth. In the tractors space, domestic sales
reported a strong 22% yoy and 28.4% mom increase in volumes to 19,430 units (15,925),
while exports volumes increased by 12.1% yoy.
Tata Motors (TML)
TML reported 15% yoy growth in total volumes in January 2011, led by a robust 14% yoy
growth in the passenger vehicles (PV) and 12% yoy growth in the commercial vehicles (CV)
segments. In the PV segment, the company reported total offtake of 32,386 units (28,460),
largely due to a 67.5% yoy increase in Nano volumes to 6,703 units. Indica volumes posted
a 7.5% yoy decline (up 78.8% mom), while Indigo range of vehicles reported 16.5% yoy (up
61.6% mom) growth during the month. Within the CV space, total volumes stood at 40,263
units (35,957), with the M&HCV and LCV segments registering growth of 5% and 17% yoy,
respectively.
Hero Honda (HH)
HH reported robust 19.7% yoy growth in sales volume, selling 466,524 units (389,802), led
by strong momentum across all the segments. On a sequential basis, however, volumes were
down 6.9%. Refreshed product ranges, new product launches and innovative branding and
marketing initiatives continued to drive the company’s performance on the volume front.
TVS Motor (TVS)
TVS reported marginally lower-than-expected 29.7% yoy growth to 165,152 units (127,288),
led by 28.8% yoy growth in two-wheelers and a 100.4% yoy jump in three-wheelers.
Motorcycle sales grew by 23.8% yoy to 67,721 units (54,698), while the scooter segment
registered strong 59.7% yoy growth to 40,736 units (25,509). Three-wheeler sales
momentum continued to remain strong, selling 3,427 units (1,710) in January. Exports
volume registered 21.3% yoy growth to 19,498 units (16,074).
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