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India Autos
June 2011: Some Hits, Some Misses
2Ws: Strong vol growth for HH, moderate for TVS — HH's June sales volume rose a
strong 20% YoY, aided partially by 1) new variant launches and 2) no price hike by the
company (TVS and BJAUT both increased prices in 1Q). TVS motor reported a healthy
14% YoY growth for 2w volumes, but motorcycle volumes rose a more moderate 5%.
Maruti Suzuki: 9% YoY volume decline reflects labor strike — June dispatches
were marred by the 10.5 day labor strike at the Manesar facility (resulting in ~12,000
units lost). The impact was more evident in the A3 segment models, SX4 and D'zire
(manufactured at Manesar), reflected in the negative product mix shift. Per mgmt,
discounts in June were higher than those in May.
Tata Motors: June volumes decline 1% YoY — 21%YoY decline in domestic
passenger vehicles sales volumes, coupled with moderate MHCV growth (+6% Y/Y)
resulted in a 1% Y/Y decline in TTMT's overall volumes. LCVs, on the positive side,
reported a robust 18% YoY growth, reflecting continued demand for the Ace (and two
new models launched in May). Mgmt noted that dealer inventory is still low and there is
no immediate impact of interest rate hikes and fuel price increase on vehicle demand.
M&M: Strong volume growth across segments — Strong volume growth across
segments — M&M reported a strong 32% growth in overall sales volume. The domestic
tractor segment volumes rose a robust 40% YoY, reflecting high agri demand, aided by
the increase in MSPs (Minimum Support Prices). Passenger UV segment also reported
a healthy 14% YoY growth in volumes, with no reported negative mix shift. The 4w pickup segment, partly aided by the new Genio and Maxximo mini van, reported a very
strong 65% YoY volume growth
New model launches — 1) Toyota launched the Etios Liva, its first hatchback model
(https://www.citigroupgeo.com/pdf/SAP48344.pdf) and new variant of the Corolla Altis
(Rs 1.05mn-Rs 1.48mn ex-showroom Delhi). 2) Hero Honda launched new variants of
Glamour (Rs 50,500 – Rs 52,500) and Glamour F1 (Rs 59,500).
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
India Autos
June 2011: Some Hits, Some Misses
2Ws: Strong vol growth for HH, moderate for TVS — HH's June sales volume rose a
strong 20% YoY, aided partially by 1) new variant launches and 2) no price hike by the
company (TVS and BJAUT both increased prices in 1Q). TVS motor reported a healthy
14% YoY growth for 2w volumes, but motorcycle volumes rose a more moderate 5%.
Maruti Suzuki: 9% YoY volume decline reflects labor strike — June dispatches
were marred by the 10.5 day labor strike at the Manesar facility (resulting in ~12,000
units lost). The impact was more evident in the A3 segment models, SX4 and D'zire
(manufactured at Manesar), reflected in the negative product mix shift. Per mgmt,
discounts in June were higher than those in May.
Tata Motors: June volumes decline 1% YoY — 21%YoY decline in domestic
passenger vehicles sales volumes, coupled with moderate MHCV growth (+6% Y/Y)
resulted in a 1% Y/Y decline in TTMT's overall volumes. LCVs, on the positive side,
reported a robust 18% YoY growth, reflecting continued demand for the Ace (and two
new models launched in May). Mgmt noted that dealer inventory is still low and there is
no immediate impact of interest rate hikes and fuel price increase on vehicle demand.
M&M: Strong volume growth across segments — Strong volume growth across
segments — M&M reported a strong 32% growth in overall sales volume. The domestic
tractor segment volumes rose a robust 40% YoY, reflecting high agri demand, aided by
the increase in MSPs (Minimum Support Prices). Passenger UV segment also reported
a healthy 14% YoY growth in volumes, with no reported negative mix shift. The 4w pickup segment, partly aided by the new Genio and Maxximo mini van, reported a very
strong 65% YoY volume growth
New model launches — 1) Toyota launched the Etios Liva, its first hatchback model
(https://www.citigroupgeo.com/pdf/SAP48344.pdf) and new variant of the Corolla Altis
(Rs 1.05mn-Rs 1.48mn ex-showroom Delhi). 2) Hero Honda launched new variants of
Glamour (Rs 50,500 – Rs 52,500) and Glamour F1 (Rs 59,500).
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