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Maruti Suzuki India Ltd Neutral
MRTI.BO, MSIL IN
Feb '11 - Sales grow at +16% yoy (vs. +24% YTD)
• February sales at 111,645 units: Sales growth was driven by the
domestic segment (+20% yoy) while exports declined (-15% yoy).
Growth rates +16% yoy (vs.+24% YTD) are now moderating, given a
base effect.
• Domestic segment sales at 101,543 units (+20% yoy) : was driven by
healthy sales - the Eeco (+27% y/y), mass market A2 segment (+19%
y/y) and A3 segment (+27% y/y) reported strong growth, while the
entry level M800 sales declined -15% y/y. Sales was aided by prebuying
- as consumers were expecting product prices to rise post the
budget.
• Export sales moderate: Maruti’s export shipments at 10,102 units
(-15% yoy) declined, given sedate demand in Europe. The company is
broad basing its export mix and is focusing on non European countries.
• Over the month, Maruti launched the ‘Kizashi’ – its first offering in the
upper end of the Indian car market – the product is manufactured at
Suzuki Motor Corporation's Sagara plant in Japan and will be imported
into India as a Completely Built-up Unit (CBU). The Kizashi is powered
by a 2.4 litre DOHC J–Series engine that gives a maximum output of
178 PS @ 6,500rpm. The model is priced at Rs. 1.65m upwards (ex
showroom Delhi).
• The company also launched a diesel variant of the SX4 – powered by the
1.3Litre super turbo DDiS engine which delivers 90PS of peak power at
4,000rpm. The product is priced at upwards of Rs.0.75m
• Over the month, the stock (flat mom) performed inline with broad BSE
Sensex (+1% mom) as the budget left excise duty rates unchanged. We
re-iterate our Neutral stance on the stock given that while industry
growth will likely aide Maruti’s volumes, growth rates will moderate on
a base effect as well as rising competitive intensity.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Maruti Suzuki India Ltd Neutral
MRTI.BO, MSIL IN
Feb '11 - Sales grow at +16% yoy (vs. +24% YTD)
• February sales at 111,645 units: Sales growth was driven by the
domestic segment (+20% yoy) while exports declined (-15% yoy).
Growth rates +16% yoy (vs.+24% YTD) are now moderating, given a
base effect.
• Domestic segment sales at 101,543 units (+20% yoy) : was driven by
healthy sales - the Eeco (+27% y/y), mass market A2 segment (+19%
y/y) and A3 segment (+27% y/y) reported strong growth, while the
entry level M800 sales declined -15% y/y. Sales was aided by prebuying
- as consumers were expecting product prices to rise post the
budget.
• Export sales moderate: Maruti’s export shipments at 10,102 units
(-15% yoy) declined, given sedate demand in Europe. The company is
broad basing its export mix and is focusing on non European countries.
• Over the month, Maruti launched the ‘Kizashi’ – its first offering in the
upper end of the Indian car market – the product is manufactured at
Suzuki Motor Corporation's Sagara plant in Japan and will be imported
into India as a Completely Built-up Unit (CBU). The Kizashi is powered
by a 2.4 litre DOHC J–Series engine that gives a maximum output of
178 PS @ 6,500rpm. The model is priced at Rs. 1.65m upwards (ex
showroom Delhi).
• The company also launched a diesel variant of the SX4 – powered by the
1.3Litre super turbo DDiS engine which delivers 90PS of peak power at
4,000rpm. The product is priced at upwards of Rs.0.75m
• Over the month, the stock (flat mom) performed inline with broad BSE
Sensex (+1% mom) as the budget left excise duty rates unchanged. We
re-iterate our Neutral stance on the stock given that while industry
growth will likely aide Maruti’s volumes, growth rates will moderate on
a base effect as well as rising competitive intensity.
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