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Auto sales numbers – March 2011
Maruti Suzuki (Maruti)
Maruti reported better-than-expected 28.2% yoy (strong 9.2% mom) volume growth in
March 2011 to 121,952 units, backed by strong performance in domestic markets.
Domestic volumes increased by impressive 38.8% yoy (8.7% mom) to 110,424 units.
However, the company continued to witness sluggish growth in exports markets and posted
a 26.1% yoy decline to 11,528 units. This, according to the management, was due to the
removal of scrappage incentives in European markets. Growth in domestic markets came
on the back of robust volume growth in the A2, A3 and C segments, registering 43.3%
(8.8% mom), 33.1% (6.8% mom) and 32.6% yoy (6.5% mom) growth, respectively. Maruti
reported its highest-ever monthly sales during the month of March 2011.
Mahindra & Mahindra (M&M)
M&M reported in-line volume growth of 19.9% yoy (9.4% mom) in total sales to 57,370
units, aided by strong 22.8% yoy growth in tractor sales (19,848 units) and healthy 18.4%
yoy growth in automotive sales (37,522 units). In the tractors space, domestic sales
remained upbeat, posting a strong 24.5% yoy (3.3% mom) increase in volumes to 18,729
units, while exports volumes remained flat at 1,119 units. The tractor segment posted its
highest-ever domestic sales in March 2011. Within the automotive segment, the fourwheeler
pick-up segment grew by strong 15.4% yoy, Logan sales maintained its impressive
run posting growth of 190% yoy and three-wheelers registered 32% yoy growth.
Automotive exports registered 16% yoy growth during March 2011.
Tata Motors (TML)
TML reported 10.9% yoy (7.5% mom) growth in total volumes, led by better-than-expected
numbers in the commercial vehicles (CV) segment, while passenger vehicle (PV) sales were
lower than expected. Within the CV space, total volumes stood at 55,358 units, up 17.7%
yoy (22% mom) units, as the M&HCV and LCV segments registered strong growth of
11.8% (30.6% mom) and 23.1% yoy (15.7% mom), respectively. In the PV segment, the
company reported a 0.4% yoy (12.9% mom) decline in offtake, largely due to a 40.3% yoy
(30.9% mom) decline in Indica dispatches to 6,937 units. Nano volumes remained strong,
registering an 84.9% yoy (5.4% mom) jump in March 2011.
Hero Honda (HH)
HH reported above-expectation 24.4% yoy (9.3% mom) growth in monthly volumes to
515,852 units, led by robust performance across all product segments. Refreshed product
ranges, new product launches and innovative branding and marketing initiatives continued
to drive performance on the volume front. HH recorded its highest-ever monthly sales in
March 2011. In the scooter segment, Pleasure reported monthly run rate of ~30,000 units.
TVS Motor (TVS)
TVS reported better-than-expected 28.2% yoy (7.8% mom) growth in total volumes to
191,208 units, led by strong growth across all its segments and backed by sustained
momentum in domestic sales. While two-wheeler volumes increased by 27.3% yoy (7.8%
mom), three-wheeler sales jumped by 82.1% yoy (5.1% mom). Volume growth in the twowheeler
segment continued to be driven by impressive 49.6% yoy (5.8% mom) growth in
scooters to 42,655 units and 24.2% yoy (11.4% mom) growth in motorcycle sales to
79,642 units. Three-wheeler sales registered an 82.1% yoy jump in volumes to 4,427 units
in March 2011. Exports increased by 34.4% yoy (12.2% mom) to 26,979 units, registering
the highest-ever monthly exports.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Auto sales numbers – March 2011
Maruti Suzuki (Maruti)
Maruti reported better-than-expected 28.2% yoy (strong 9.2% mom) volume growth in
March 2011 to 121,952 units, backed by strong performance in domestic markets.
Domestic volumes increased by impressive 38.8% yoy (8.7% mom) to 110,424 units.
However, the company continued to witness sluggish growth in exports markets and posted
a 26.1% yoy decline to 11,528 units. This, according to the management, was due to the
removal of scrappage incentives in European markets. Growth in domestic markets came
on the back of robust volume growth in the A2, A3 and C segments, registering 43.3%
(8.8% mom), 33.1% (6.8% mom) and 32.6% yoy (6.5% mom) growth, respectively. Maruti
reported its highest-ever monthly sales during the month of March 2011.
Mahindra & Mahindra (M&M)
M&M reported in-line volume growth of 19.9% yoy (9.4% mom) in total sales to 57,370
units, aided by strong 22.8% yoy growth in tractor sales (19,848 units) and healthy 18.4%
yoy growth in automotive sales (37,522 units). In the tractors space, domestic sales
remained upbeat, posting a strong 24.5% yoy (3.3% mom) increase in volumes to 18,729
units, while exports volumes remained flat at 1,119 units. The tractor segment posted its
highest-ever domestic sales in March 2011. Within the automotive segment, the fourwheeler
pick-up segment grew by strong 15.4% yoy, Logan sales maintained its impressive
run posting growth of 190% yoy and three-wheelers registered 32% yoy growth.
Automotive exports registered 16% yoy growth during March 2011.
Tata Motors (TML)
TML reported 10.9% yoy (7.5% mom) growth in total volumes, led by better-than-expected
numbers in the commercial vehicles (CV) segment, while passenger vehicle (PV) sales were
lower than expected. Within the CV space, total volumes stood at 55,358 units, up 17.7%
yoy (22% mom) units, as the M&HCV and LCV segments registered strong growth of
11.8% (30.6% mom) and 23.1% yoy (15.7% mom), respectively. In the PV segment, the
company reported a 0.4% yoy (12.9% mom) decline in offtake, largely due to a 40.3% yoy
(30.9% mom) decline in Indica dispatches to 6,937 units. Nano volumes remained strong,
registering an 84.9% yoy (5.4% mom) jump in March 2011.
Hero Honda (HH)
HH reported above-expectation 24.4% yoy (9.3% mom) growth in monthly volumes to
515,852 units, led by robust performance across all product segments. Refreshed product
ranges, new product launches and innovative branding and marketing initiatives continued
to drive performance on the volume front. HH recorded its highest-ever monthly sales in
March 2011. In the scooter segment, Pleasure reported monthly run rate of ~30,000 units.
TVS Motor (TVS)
TVS reported better-than-expected 28.2% yoy (7.8% mom) growth in total volumes to
191,208 units, led by strong growth across all its segments and backed by sustained
momentum in domestic sales. While two-wheeler volumes increased by 27.3% yoy (7.8%
mom), three-wheeler sales jumped by 82.1% yoy (5.1% mom). Volume growth in the twowheeler
segment continued to be driven by impressive 49.6% yoy (5.8% mom) growth in
scooters to 42,655 units and 24.2% yoy (11.4% mom) growth in motorcycle sales to
79,642 units. Three-wheeler sales registered an 82.1% yoy jump in volumes to 4,427 units
in March 2011. Exports increased by 34.4% yoy (12.2% mom) to 26,979 units, registering
the highest-ever monthly exports.
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