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Automobile monthly volume update - June 2012

India Infoline Research Team / 16:00 , Jul 02, 2012

M&M – June 2012 Volume update

  • While M&M has not declared its tractor segment volumes, its auto segment volumes continued to show a robust trend.
  • Total automotive segment volumes were higher by 21.3% yoy with strong gains across most categories except 3-wheeler (de-growth of 6.1% yoy). Passenger UVs and Verito registered 35.1% yoy growth while LCV segment grew by 20.8% yoy. 
  • The total domestic volumes were higher by 20.7% yoy and export volumes were higher by 30.8% yoy.
  • On sequential basis, the total auto volumes dipped by 5.9%, led by 6% fall in passenger UVs + Verito segment and a sharp decline of 41.5% in exports.
  • For Q1 FY13, total volumes were higher by 23.6% yoy at 126,029 vehicles.
M&M June 2012 volume

 Jun-12 Jun-11 yoy (%) May-12 mom (%) YTD FY13 YTD FY12 yoy (%)
Passenger Uvs + Verito 21,012 15,553 35.1 22,364 (6.0) 60,003 44,407 35.1
4W pick ups 13,103 11,560 13.3 13,254 (1.1) 39,411 31,056 26.9
3W 4,836 5,149 (6.1) 4,320 11.9 13,815 14,058 (1.7)
Total M&M Auto 38,951 32,262 20.7 39,938 (2.5) 113,229 89,521 26.5
LCV 1,220 1,010 20.8 1,210 0.8 3,458 2,952 17.1
Total Auto (domestic) 40,171 33,272 20.7 41,148 (2.4) 116,687 92,473 26.2
Exports 2,371 1,812 30.8 4,050 (41.5) 7,841 5,717 37.2
Total Auto 42,542 35,084 21.3 45,198 (5.9) 124,528 98,190 26.8
Source: Company, India Infoline Research


Maruti Suzuki – June 2012 Volume update

  • Maruti Suzuki June 2012 volumes were slightly ahead of our estimates. Total volumes jumped 20.3% yoy owing to low base effect which was due to the labour strike at Manesar plant in June 2011 for 13 days.
  • Total domestic volumes were higher by 19.3% yoy. Yoy growth was driven by sharp jump in Swift and Dzire volumes as the production of these models were the most impacted during the strike. Also the new variants of both these models have been well accepted in the markets. Successful launch of Ertiga also helped the company gain traction in volumes with total UV sales at 5,638 units vis-à-vis 185 in June 2011. However, performance of vans segment was disappointing with a 43.2% yoy fall. Mini segment volumes were lower by 10.4% yoy.
  • On a sequential basis, Mini segment saw a jump of 14.4% on the back of increasing discounts the company has been offering recently. However, compact and super compact segment saw declines of 6.9% and 22.4% respectively as the weak consumer sentiment caught up with the demand for Swift and Dzire models. Total sales were down 2.3% on mom basis.
  • Export sales were at 13,066 (an increase of 27.1% yoy and 39% mom), which was ahead of our expectations.
Maruti Suzuki June 2012 volume
  Jun-12 Jun-11 yoy (%) May-12 mom (%) YTD FY13 YTD FY12 yoy (%)
A: Mini 34,198 38,183 (10.4) 29,895 14.4 94,813 122,052 (22.3)
A: Compact 22,624 16,239 39.3 24,290 (6.9) 72,986 55,651 31.1
A: Super Compact 13,741 2,486 452.7 17,707 (22.4) 46,958 25,095 87.1
A: Midsize 408 713 (42.8) 405 0.7 1,447 5,517 (73.8)
A: Executive 6 32 (81.3) 12 (50.0) 21 117 (82.1)
Total Pass cars 70,977 57,653 23.1 72,309 (1.8) 216,225 208,432 3.7
Uvs 5,638 185 2,947.6 7,734 (27.1) 18,965 1,502 -
Vans 6,916 12,182 (43.2) 9,435 (26.7) 28,074 40,749 (31.1)
Total Domestic 83,531 70,020 19.3 89,478 (6.6) 263,264 250,683 5.0
Exports 13,066 10,278 27.1 9,406 38.9 32,632 30,843 5.8
Total volumes 96,597 80,298 20.3 98,884 (2.3) 295,896 281,526 5.1
Source: Company, India Infoline Research


Bajaj Auto – June 2012 Volume update

  • Bajaj Auto reported June 2012 volumes in line with our expectations with export volumes continuing to decline. The fall in exports (18.3% de-growth yoy) was on the back of increase in import duties on motorcycles and three wheelers. Notably, the domestic volumes grew by 2% yoy and 3.4% sequentially. 
  • In terms of product mix, while the 3-wheelers continued to decline (11.6% de-growth on mom basis; 38.9% de-growth on yoy basis) and the motorcycle segment also registered a fall of 1.4% yoy.
  • Q1 FY13 total volumes fell by 1.3% yoy, led by 2.7% de-growth in exports and a marginal 0.3% fall in the domestic volumes. At product level, the motorcycle sales were up 2% yoy, while the 3-wheelers slumped by 25.8% yoy.
June 2012 volume
  Jun-12 Jun-11 yoy (%) May-12 mom (%) YTD FY13 YTD FY12 yoy (%)
Bajaj Auto                
Motorcycles 318,377 322,827 (1.4) 321,922 (1.1) 982,623 963,051 2.0
3-wheeler 26,785 43,830 (38.9) 30,297 (11.6) 96,348 129,764 (25.8)
Total 345,162 366,657 (5.9) 352,219 (2.0) 1,078,971 1,092,815 (1.3)
of which exports 116,062 142,124 (18.3) 130,573 (11.1) 415,645 427,364 (2.7)
Domestic 229,100 224,533 2.0 221,646 3.4 663,326 665,451 (0.3)
Source: Company, India Infoline Research


TVS Motors – June 2012 Volume update

  • TVS Motors reported a below estimate performance in June 2012 by registering a yoy fall of 7.5% in its total volumes. While domestic volume declined by 4.6% yoy, export volume fall was steeper at 25.1% yoy. The fall in exports was mainly due to the increase in import duties in Sri Lanka.
  • In terms of products, as compared to mopeds volume growth of 2.3% yoy, both motorcycle and scooter volumes declined 12.3% yoy and 13.8% yoy respectively. 3-W volumes were lower by 14.8% on yoy basis.
  • On a sequential basis, except three-wheelers all segments witnessed a decline mainly on account of sharp fall in exports.
  • For Q1 FY13, the total volumes were lower by 3.2% yoy, wherein the fall was mainly driven by a 16.7% yoy decline in exports. At the segment level, motorcycles volumes slumped by 10.1% yoy and scooters volumes de-grew by 4% yoy. The mopeds segment volumes grew by 6.1% yoy.
TVS Motors June 2012 volume

 Jun-12 Jun-11 yoy (%) May-12 mom (%) YTD FY13 YTD FY12 yoy (%)
Motorcycles 61,274 69,859 (12.3) 64,134 (4.5) 193,374 215,051 (10.1)
Scooters 38,166 44,281 (13.8) 38,833 (1.7) 112,832 117,523 (4.0)
Mopeds 65,998 64,493 2.3 70,125 (5.9) 203,875 192,133 6.1
3-wheeler 3,255 3,822 (14.8) 2,920 11.5 9,079 11,422 (20.5)
Exports 19,750 26,359 (25.1) 22,817 (13.4) 64,839 77,802 (16.7)
Total 168,693 182,455 (7.5) 176,012 (4.2) 519,160 536,129 (3.2)
Domestic 148,943 156,096 (4.6) 153,195 (2.8) 454,321 458,327 (0.9)
Source: Company, India Infoline Research


Tata Motors – June 2012 volume update

  • Tata Motors reported a disappointing set of volume numbers with a 3% yoy decline.
  • M&HCV segment reported a 21.2% yoy fall. LCV volumes continued to fare well with a 22.3% yoy growth.
  • With only a 5.1% yoy growth in UV sales, Tata Motors continues to lose market share to M&M in the segment.
  • Total passenger car volumes were down 26.6% yoy driven by 45.6% yoy fall in Indigo volumes and 34.9% decline in Indica volumes. Nano volumes were higher by a modest 2.8% yoy. The decline in domestic volumes was partially offset by exports which grew by 19.2%.
  • Notably, on a sequential basis, the volumes remained flat.
Tata Motors June 2012 volume

 Jun-12 Jun-11 yoy (%) May-12 mom (%) YTD FY13 YTD FY12 yoy (%)
M&HCV 12,663 16,074 (21.2) 12,451 1.7 34,943 45,541 (23.3)
LCV 28,363 23,197 22.3 27,174 4.4 80,355 67,829 18.5
Utility 3,649 3,472 5.1 3,132 16.5 10,829 10,436 3.8
Cars 13,595 18,521 (26.6) 17,371 (21.7) 49,576 54,345 (8.8)
Nano 5,605 5,451 2.8 8,507 (34.1) 22,140 21,978 0.7
Indica 5,332 8,188 (34.9) 5,467 (2.5) 17,712 17,935 (1.2)
Indigo 2,658 4,882 (45.6) 3,397 (21.8) 9,724 14,432 (32.6)
Total domestic 58,270 61,264 (4.9) 60,128 (3.1) 175,703 178,151 (1.4)
Total exports 6,071 5,094 19.2 4,219 43.9 13,071 14,886 (12.2)
Total 64,341 66,358 (3.0) 64,347 (0.0) 188,774 193,037 (2.2)
Source: Company, India Infoline Research