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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
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
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
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