Automobiles
India
2QFY13 results preview. We expect a weak quarter for auto companies despite strong
revenue growth due to pressure on EBITDA margins, largely because of currency
headwinds and weaker product mix. Revenues are expected to rise by 18% yoy for the
companies under our coverage universe driven by M&M and Tata Motors. We expect
M&M to outperform peers while Hero and Maruti will have a tough quarter.
http://www.kotaksecurities.com/pdf/indiadaily/indiadaily05102012oo.pdf
http://www.kotaksecurities.com/pdf/indiadaily/indiadaily05102012oo.pdf
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