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Tata Motors Overweight
TAMO.BO, TTMT IN
Feb'11 Sales: While India sales grow +12% yoy; M/HCV growth moderates
• Feb India sales up +12% yoy: Tata Motors’ local sales (including
exports) came in at 77,543 vehicles. Growth was driven by the passenger
segment while CV sales moderated.
• Heavy Commercial Vehicle sales moderate (+1% yoy): The domestic
M&HCV sales at 17,632 units were sedate. Sales have been moderating
over the past few months, given a high base effect as well as lower sales
of passenger buses (sales last year were aided by the JNNURM scheme).
M&HCV sales stood at 168,790 units over the year (+26% YTD).
• LCV sales at 23,498 units - Growth rates have moderated in this
segment over the month at +5% yoy – (cumulative LCV sales are up
+16% YTD). The company is expanding capacities by setting up a new
plant at Dharwad in southern India, which will come onstream in
3QFY12.
• Domestic passenger vehicle sales reported offtake of 33,751 units
(31,909 Tata + 1,842 Fiat), up +15% yoy. Sales were driven by the Nano
- 8,262 units. (+101% yoy) while the Indica reported volumes of 10,044
units (-13% yoy). The Indigo range recorded sales of 8,966 units (+22%
yoy) while UV sales came in at 4,637 units (+16% yoy).
• Exports are up +39% yoy: The company reported export sales of 4,504
vehicles in February 2011. The cumulative sales from exports for the
fiscal are at 52,112 nos. (+73% yoy).
• Outlook: We believe that the sales outlook at JLR continues to be
healthy – while the OEM is ramping up its distribution network in China,
the launch of the Evoque this summer should drive volume growth in the
developed markets over FY12E. On the domestic segment, we believe
that growth rate for CVs will moderate, given a demanding base effect
and moderating IIP growth
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Tata Motors Overweight
TAMO.BO, TTMT IN
Feb'11 Sales: While India sales grow +12% yoy; M/HCV growth moderates
• Feb India sales up +12% yoy: Tata Motors’ local sales (including
exports) came in at 77,543 vehicles. Growth was driven by the passenger
segment while CV sales moderated.
• Heavy Commercial Vehicle sales moderate (+1% yoy): The domestic
M&HCV sales at 17,632 units were sedate. Sales have been moderating
over the past few months, given a high base effect as well as lower sales
of passenger buses (sales last year were aided by the JNNURM scheme).
M&HCV sales stood at 168,790 units over the year (+26% YTD).
• LCV sales at 23,498 units - Growth rates have moderated in this
segment over the month at +5% yoy – (cumulative LCV sales are up
+16% YTD). The company is expanding capacities by setting up a new
plant at Dharwad in southern India, which will come onstream in
3QFY12.
• Domestic passenger vehicle sales reported offtake of 33,751 units
(31,909 Tata + 1,842 Fiat), up +15% yoy. Sales were driven by the Nano
- 8,262 units. (+101% yoy) while the Indica reported volumes of 10,044
units (-13% yoy). The Indigo range recorded sales of 8,966 units (+22%
yoy) while UV sales came in at 4,637 units (+16% yoy).
• Exports are up +39% yoy: The company reported export sales of 4,504
vehicles in February 2011. The cumulative sales from exports for the
fiscal are at 52,112 nos. (+73% yoy).
• Outlook: We believe that the sales outlook at JLR continues to be
healthy – while the OEM is ramping up its distribution network in China,
the launch of the Evoque this summer should drive volume growth in the
developed markets over FY12E. On the domestic segment, we believe
that growth rate for CVs will moderate, given a demanding base effect
and moderating IIP growth
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