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June 2011 – Auto sales numbers
Maruti Suzuki (Maruti)
Maruti reported lower-than-expected volume numbers for June 2011 as the company’s
production was impacted due to the workers’ strike at the Manesar plant and maintenance
shutdown at Gurgaon and Manesar facilities. The impact of the workers’ strike was clearly
visible in the A3 segment’s sales, which declined by 60% yoy and 76% mom. Maruti
continues to see sluggish growth in the A2 segment, which grew marginally by 2.3% yoy
and declined by 13.8% mom in June 2011. While volumes in the C segment grew by
healthy 23% yoy, they declined by 21.6% on mom basis. Maruti continues to struggle on
the exports front as well; export growth declined by 32.7% yoy in June. As a result, total
sales declined by 8.8% yoy and 22.8% mom to 80,298 units.
Mahindra & Mahindra (M&M)
M&M reported better-than-expected volume growth of 32% yoy and 9.6% mom in total
sales to 58,314 units, aided by robust 29% and 37% yoy growth in automotive sales
(35,584 units) and tractor sales (22,730 units), respectively. In the tractors space, domestic
sales posted strong 40% yoy and 20% mom growth, whereas exports sales remained flat
on a yoy basis. Within the automotive segment, the four-wheeler pick-up segment
maintained its strong traction posting 65% yoy and 16% mom growth. Verito sales posted
impressive 168% yoy growth and passenger utility vehicles grew by 14% yoy. Automotive
exports also posted 37% yoy growth in June 2011.
Tata Motors (TML)
TML reported a mixed performance in June 2011, as commercial vehicle (CV) sales came
in-line with our estimates, while passenger vehicle (PV) sales were lower than estimated.
The CV segment reported in-line growth of 13.6% yoy and 2.6% mom to 43,661 units on
account of robust growth in the light commercial vehicle (LCV) segment, which registered
18.5% yoy and 1.8% mom growth to 26,096 units. The M&HCV segment posted 7.1% yoy
and 3.8% mom growth in June 2011. In the PV space, sales continued to disappoint as the
company registered a 23% yoy decline in volumes. However, on mom basis, PV volumes
increased by 15% on the back of mom improvement in Indigo and Indica sales. On a yoy
basis, Nano, Indica and Indigo volumes fell by 29%, 9% and 35%, respectively.
Hero Honda (HH)
HH reported above-expectation 20% yoy and 2.4% mom growth in monthly volumes to
512,244 units, led by robust performance across all product segments. HH continue to
report strong numbers in FY2012 till date on the back of refreshed product ranges and
new product launches.
TVS Motor (TVS)
TVS reported in-line 14.3% yoy growth in total volumes to 182,455 units, led by continued
growth in the scooter and three-wheeler segments. The scooter segment sustained the
growth momentum, reporting 21% yoy and 16% mom growth in sales to 44,281 units.
Motorcycle volumes increased slightly by 5% yoy (down 8% mom) to 69,859 units, lower
than expected; whereas, moped sales jumped by 21% yoy (down 5% mom). In the
three-wheeler segment, volumes increased by 27% yoy (down 5.4% mom) to 3,822 units.
Exports also registered robust 48% yoy growth (0.7% mom) to 26,359 units in June 2011.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
June 2011 – Auto sales numbers
Maruti Suzuki (Maruti)
Maruti reported lower-than-expected volume numbers for June 2011 as the company’s
production was impacted due to the workers’ strike at the Manesar plant and maintenance
shutdown at Gurgaon and Manesar facilities. The impact of the workers’ strike was clearly
visible in the A3 segment’s sales, which declined by 60% yoy and 76% mom. Maruti
continues to see sluggish growth in the A2 segment, which grew marginally by 2.3% yoy
and declined by 13.8% mom in June 2011. While volumes in the C segment grew by
healthy 23% yoy, they declined by 21.6% on mom basis. Maruti continues to struggle on
the exports front as well; export growth declined by 32.7% yoy in June. As a result, total
sales declined by 8.8% yoy and 22.8% mom to 80,298 units.
Mahindra & Mahindra (M&M)
M&M reported better-than-expected volume growth of 32% yoy and 9.6% mom in total
sales to 58,314 units, aided by robust 29% and 37% yoy growth in automotive sales
(35,584 units) and tractor sales (22,730 units), respectively. In the tractors space, domestic
sales posted strong 40% yoy and 20% mom growth, whereas exports sales remained flat
on a yoy basis. Within the automotive segment, the four-wheeler pick-up segment
maintained its strong traction posting 65% yoy and 16% mom growth. Verito sales posted
impressive 168% yoy growth and passenger utility vehicles grew by 14% yoy. Automotive
exports also posted 37% yoy growth in June 2011.
Tata Motors (TML)
TML reported a mixed performance in June 2011, as commercial vehicle (CV) sales came
in-line with our estimates, while passenger vehicle (PV) sales were lower than estimated.
The CV segment reported in-line growth of 13.6% yoy and 2.6% mom to 43,661 units on
account of robust growth in the light commercial vehicle (LCV) segment, which registered
18.5% yoy and 1.8% mom growth to 26,096 units. The M&HCV segment posted 7.1% yoy
and 3.8% mom growth in June 2011. In the PV space, sales continued to disappoint as the
company registered a 23% yoy decline in volumes. However, on mom basis, PV volumes
increased by 15% on the back of mom improvement in Indigo and Indica sales. On a yoy
basis, Nano, Indica and Indigo volumes fell by 29%, 9% and 35%, respectively.
Hero Honda (HH)
HH reported above-expectation 20% yoy and 2.4% mom growth in monthly volumes to
512,244 units, led by robust performance across all product segments. HH continue to
report strong numbers in FY2012 till date on the back of refreshed product ranges and
new product launches.
TVS Motor (TVS)
TVS reported in-line 14.3% yoy growth in total volumes to 182,455 units, led by continued
growth in the scooter and three-wheeler segments. The scooter segment sustained the
growth momentum, reporting 21% yoy and 16% mom growth in sales to 44,281 units.
Motorcycle volumes increased slightly by 5% yoy (down 8% mom) to 69,859 units, lower
than expected; whereas, moped sales jumped by 21% yoy (down 5% mom). In the
three-wheeler segment, volumes increased by 27% yoy (down 5.4% mom) to 3,822 units.
Exports also registered robust 48% yoy growth (0.7% mom) to 26,359 units in June 2011.
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