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Auto Report
Early start of festive season drives auto volumes in September
· This year festive season has started early by 10 days vis-à-vis last year as first day of Navratri fell in the month of September this year as against October in 2010. As consumer demand starts to pick up from Navratri, September month volumes have been boosted by build up of dealer level inventory.
· Passenger vehicle segment has reported positive growth in September, as against decline witnessed in the past couple of months. While passenger vehicle portfolio of our coverage universe (MSIL, TTMT, MM) has declined by 8.8% (impacted by strike at Maruti’s Manesar plant), MNC passenger vehicle companies have cumulatively reported 17% growth in September (15% in August)
· Low base for Hero MotoCorp, exports for Bajaj Auto and TVS Motors and capacity enhancement by HMSI drives 2-wheeler category growth. While 2-wheeler portfolio of our coverage companies is up 22% cumulatively, MNC 2-wheeler companies have collectively grown by 39%
· Within the commercial vehicle segments, LCV sales continue to remain extremely strong with Tata Motors’s LCV portfolio reporting 47% growth and M&M’s LCV (including 4 Wheel pick up) sales up by 45%.
· MHCV growth has moderated from the levels of August with Tata Motors MHCV sales up 9% in September (12% in August) and Eicher sales up 20% (30% in August).
· Tractor volume growth for M&M stood at 44% in the domestic market, largely led by early festive season. With Dassera being one of the biggest occasions of tractor purchase, dealer network inventory filling has helped drive September volume growth
Auto volumes for Sep 2011
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For the Month
|
YTD
| |||||||
Company
|
Sep-11
|
Sep-10
|
%y-o-y
|
Aug-11
|
%m-o-m
|
Sep-11
|
Sep-10
|
%y-o-y
|
Maruti Suzuki
|
85,565
|
108,006
|
(20.8)
|
91,422
|
(6.4)
|
533,833
|
596,978
|
(10.6)
|
Domestic
|
78,816
|
95,148
|
(17.2)
|
77,066
|
2.3
|
473,089
|
520,823
|
(9.2)
|
Exports
|
6,749
|
12,858
|
(47.5)
|
14,356
|
(53.0)
|
60,744
|
76,155
|
(20.2)
|
Tata Motors
|
78,786
|
64,668
|
21.8
|
64,078
|
23.0
|
399,663
|
380,116
|
5.1
|
CV
|
46,247
|
35,734
|
29.4
|
43,045
|
7.4
|
243,134
|
204,242
|
19.0
|
PV
|
26,319
|
23,877
|
10.2
|
16,829
|
56.4
|
125,448
|
149,176
|
(15.9
|
Exports
|
6,220
|
5,057
|
23.0
|
4,204
|
48.0
|
31,081
|
26,698
|
16.4
|
M&M
|
68,810
|
52,658
|
30.7
|
53,687
|
28.2
|
340,971
|
269,909
|
26.3
|
UV - Domestic
|
17,887
|
16,537
|
8.2
|
13,954
|
28.2
|
91,930
|
80,467
|
14.2
|
Tractors - Domestic
|
23,508
|
16,300
|
44.2
|
15,059
|
56.1
|
111,510
|
90,004
|
23.9
|
Hero Honda
|
549,625
|
433,641
|
26.7
|
503,654
|
9.1
|
3,073,892
|
2,519,983
|
22.0
|
Bajaj Auto
|
417,686
|
352,769
|
18.4
|
382,739
|
9.1
|
2,256,952
|
1,928,857
|
17.0
|
TVS Motors
|
219,369
|
188,005
|
16.7
|
195,528
|
12.2
|
1,140,988
|
988,794
|
15.4
|
Total
|
1,419,841
|
1,199,747
|
18.3
|
1,291,108
|
10.0
|
7,746,299
|
6,684,637
|
15.9
|
Source: IDFC Securities Research
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