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India Equity Research Reports, IPO and Stock News
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During the festive month of October, automobile sales reported a muted
performance on account of weak demand environment across most segments.
The tractor and medium and heavy commercial vehicle (M&HCV) segments,
however, defied the general slowdown by posting strong growth. Hero MotoCorp
(HMCL), Bajaj Auto (BJAUT), Maruti Suzuki (MSIL) and Tata Motors (TTMT) posted
volume numbers that were not in tandem with expectations. Mahindra and
Mahindra (MM) was an exception as it managed to sustain its impressive volume
performance. Going ahead, we expect the two-wheeler segment to grow at a
healthy rate; however, demand in the passenger vehicle (PV) segment is likely to
remain subdued as rising loan rates and high fuel costs continue to dampen
consumer sentiments.
Tata Motors (TTMT) registered a modest 5% yoy increase (down 13.7% mom) in
its total sales as the commercial vehicle (CV) and passenger vehicle (PV) segments
reported a subdued performance. The CV segment grew by 6.3% yoy (down
substantially by 18.4% mom) as light commercial vehicle (LCV) sales witnessed
slowdown in growth during the month. M&HCV volumes, on the other hand, grew
by strong 14.6% yoy (down 8.6% mom). The PV segment registered marginal
2.9% yoy growth (down 4.6% mom), led largely by growth in Nano (up 26.2%
yoy) and utility vehicles (22.8% yoy) volumes.
Maruti Suzuki (MSIL) posted extremely poor volumes for October 2011, as
production during the month was impacted by the strike at Gurgaon and
Manesar plants. The strike at both the plants resulted in a production loss of
40,000 units, as a result of which total volumes declined by 53.2% yoy (35%
mom) to 55,595 units. Domestic volumes were down by 52.2% yoy (34.7% mom)
and exports volumes fell by 63.6% yoy (38.7% mom). All sub segments of the
company witnessed a steep mom and yoy decline in volumes.
Mahindra and Mahindra (MM) reported strong 24.8% yoy (6.6% mom) growth in
total volumes to 73,344 units, supported by robust 31.1% yoy (29% mom) and
20.3% yoy (down 6% mom) growth in tractor and automotive sales, respectively.
In the tractors space, domestic and exports sales recorded impressive growth of
30.5% (29.8% mom) and 46.1% yoy (13.2% mom), respectively. Within the
automotive segment, the four-wheeler pick-up segment continued its strong
growth traction and witnessed 41.2% yoy (down 2.4% mom) growth. LCV and
M&HCV sales grew by 42.4% yoy (20.1% mom), whereas Verito continued its
strong run during the month. Automotive exports, however, posted modest 7.5%
yoy (down 28.2% mom) growth.
Two-wheelers and three-wheelers: BJAUT reported moderate 6.6% yoy (down
5.4% mom) growth in total volumes, as civil unrest at Pantnagar affected
production leading to production loss of about 25,000 motorcycles. HMCL
reported marginal 1.3% yoy growth in total volumes to 512,238 units. On the
retail front, however, the company posted the highest-ever sales of over 650,000
units, thus registering strong double-digit yoy growth
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
During the festive month of October, automobile sales reported a muted
performance on account of weak demand environment across most segments.
The tractor and medium and heavy commercial vehicle (M&HCV) segments,
however, defied the general slowdown by posting strong growth. Hero MotoCorp
(HMCL), Bajaj Auto (BJAUT), Maruti Suzuki (MSIL) and Tata Motors (TTMT) posted
volume numbers that were not in tandem with expectations. Mahindra and
Mahindra (MM) was an exception as it managed to sustain its impressive volume
performance. Going ahead, we expect the two-wheeler segment to grow at a
healthy rate; however, demand in the passenger vehicle (PV) segment is likely to
remain subdued as rising loan rates and high fuel costs continue to dampen
consumer sentiments.
Tata Motors (TTMT) registered a modest 5% yoy increase (down 13.7% mom) in
its total sales as the commercial vehicle (CV) and passenger vehicle (PV) segments
reported a subdued performance. The CV segment grew by 6.3% yoy (down
substantially by 18.4% mom) as light commercial vehicle (LCV) sales witnessed
slowdown in growth during the month. M&HCV volumes, on the other hand, grew
by strong 14.6% yoy (down 8.6% mom). The PV segment registered marginal
2.9% yoy growth (down 4.6% mom), led largely by growth in Nano (up 26.2%
yoy) and utility vehicles (22.8% yoy) volumes.
Maruti Suzuki (MSIL) posted extremely poor volumes for October 2011, as
production during the month was impacted by the strike at Gurgaon and
Manesar plants. The strike at both the plants resulted in a production loss of
40,000 units, as a result of which total volumes declined by 53.2% yoy (35%
mom) to 55,595 units. Domestic volumes were down by 52.2% yoy (34.7% mom)
and exports volumes fell by 63.6% yoy (38.7% mom). All sub segments of the
company witnessed a steep mom and yoy decline in volumes.
Mahindra and Mahindra (MM) reported strong 24.8% yoy (6.6% mom) growth in
total volumes to 73,344 units, supported by robust 31.1% yoy (29% mom) and
20.3% yoy (down 6% mom) growth in tractor and automotive sales, respectively.
In the tractors space, domestic and exports sales recorded impressive growth of
30.5% (29.8% mom) and 46.1% yoy (13.2% mom), respectively. Within the
automotive segment, the four-wheeler pick-up segment continued its strong
growth traction and witnessed 41.2% yoy (down 2.4% mom) growth. LCV and
M&HCV sales grew by 42.4% yoy (20.1% mom), whereas Verito continued its
strong run during the month. Automotive exports, however, posted modest 7.5%
yoy (down 28.2% mom) growth.
Two-wheelers and three-wheelers: BJAUT reported moderate 6.6% yoy (down
5.4% mom) growth in total volumes, as civil unrest at Pantnagar affected
production leading to production loss of about 25,000 motorcycles. HMCL
reported marginal 1.3% yoy growth in total volumes to 512,238 units. On the
retail front, however, the company posted the highest-ever sales of over 650,000
units, thus registering strong double-digit yoy growth
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