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Automobiles
Earnings of auto companies will come under pressure in 1QFY12 due to
moderating volume growth and rising cost pressures
4W stocks – Maruti, Tata Motors, M&M – will report flat to low-single digit YoY
profit growth in 1Q.
2W stocks – Hero Honda & Bajaj Auto – will outperform in 1Q with doubledigit
YoY earnings growth due to better volume growth and lesser margin
pressures than 4Ws.
We believe that Bajaj will deliver the best earnings growth in 1Q at 30% while
Ashok Leyland will disappoint with a 33% YoY drop in earnings
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