Maruti Suzuki Q2 net profit at Rs2.27bn
Maruti Suzuki Ltd has posted a net profit of Rs. 2274.50 mn for the quarter ended September 30, 2012 as compared to Rs. 2404.50 mn for the quarter ended September 30, 2011.
Total Income has increased from Rs. 78457.00 mn for the quarter ended September 30, 2011 to Rs. 84617.50 mn for the quarter ended September 30, 2012.
The growth in Net Sales was on account of sales of new model Ertiga and enhanced export realizations.
The market showed a marked preference for diesel cars, while demand for petrol vehicles dropped sharply. Despite scaling up production of diesel cars, the Company has a customer wait list of nearly 1.25 lakh for its diesel vehicles. To counter subdued demand for petrol cars, the Company enhanced sales promotion measures that also impacted profitability. Read more…
Suzuki Motorcycle sales jump 214% in October
Suzuki Motorcycle India Pvt. Ltd., a subsidiary of one of the world’s leading two-wheeler manufacturer Suzuki Motor Corporation, registered a 214.5% increase in their October 2012 sales figures as compared to October 2011.
Suzuki Motorcycle sold 36,206 units in October 2012 as opposed to 11,513 units in October 2011, recording a strong growth in its overall sales. Suzuki Motorcycles has maintained a consistent growth path over the last couple of years.
Speaking on this strong growth pattern, Atul Gupta, Vice President, Sales and Marketing, SMIPL, said “We have received a good response from the market for all our products. The festive campaign, Hai Hayate, Hai Happiness, has further consolidated our consumer connect and created more opportunities for celebrations this festive season. We will continue to give the best to our customers.”
Maruti Suzuki sales up 85% in October 2012
Car market leader Maruti Suzuki India Limited sold a total of 103,108 units in October 2012. This includes 7,106 units for export.
The Company had sold a total of 55,595 units in October 2011.
M&M clocks sales of 53,438 in Oct, up 29% yoy
Mahindra & Mahindra Ltd. (M&M Ltd.), India’s leading SUV manufacturer, announced an all time high monthly auto sales number of 53438 units, representing a 29% growth over October 2011 which stood at 41506 units.
The company’s passenger vehicles also registered all time high sales at 26932 units in October 2012, a growth of 44% over the corresponding period last year. Its domestic sales stood at 51316 units during October 2012, as against 39352 units during October 2011, an increase of 30%.
The 4 wheeler commercial segment which includes the passenger and load categories has registered a growth of 26% at 16561 units.
Exports for the month of October 2012 stood at 2122 units. The production of XUV500 has been increased to 5000 units per month starting October 2012, which will help in reducing the waiting period for one of the flagship products of the company.
Speaking on the performance, Pravin Shah, Chief Executive, Automotive Division, Mahindra & Mahindra Ltd. said, “The reduction of 25 basis points in CRR in the recently announced credit policy is a positive step.
This however is not likely to result in a decrease of interest rates for corporate or retail credits and hence the current financing rates will still remain high for auto industry customers which is a cause of concern.
We are thankful to our customers whose support and acceptance of all our newly launched products has been instrumental in achieving our all time high monthly sales during October 2012”.
Sona Koyo Steering Q2 cons net profit at Rs69mn
The Board of Directors of Sona Koyo Steering Systems Ltd. (SONA), India’s largest manufacturer and supplier of Steering Systems, in Technical and Financial Collaboration with global No. 1 Steering System manufacturer viz. ‘JTEKT Corporation’, Japan (formerly Koyo Seiko Co.Ltd.), in its meeting held on 1st November, 2012 has taken on record the Un-audited Financial Results for the Second Quarter and Half Year ended 30th September, 2012.
On Consolidated basis:
For the quarter ended 30th September 2012, Net Sales declined by 1.9% to Rs. 328.3 Crores from Rs. 334.6 Crores during the same quarter last year and Profit after Tax & Minority Interest is at Rs. 6.9 Crores against Rs. 3.9 Crores during the same quarter last year.
For the half year ended 30th September 2012, Net Sales have grown by 3.4% to Rs. 695.2 Crores from Rs. 672.1 Crores during the same period last year and Profit after Tax & Minority Interest is at Rs. 15.2 Crores against Rs. 19.6 Crores during the same period last year.
On Standalone basis:
For the quarter ended 30th September 2012, Net Sales declined by 8.5% to reach Rs. 247.2 Crores from Rs. 270.3 Crores against the same period last year. EBITDA as percentage of sales at 10% in Q2FY13 remained at par with the same level achieved in Q2FY12. However, PAT declined to Rs. 4.7 Crores against Rs. 6.7 Crores during the same period last year mainly due to increase in depreciation on new investments.
For the half year ended 30th September 2012, Net Sales marginally declined by 0.5% to reach Rs. 536.4 Crores from Rs. 539.4 Crores against the same period last year. EBITDA as percentage of sales at 10% in H1FY13 remained at par with the same level achieved in H1FY12. However, PAT declined to Rs. 12.2 Crores against Rs. 15.9 Crores during the same period last year mainly due to increase in depreciation on new investments.
Nissan sales up 88%
Nissan announced that it registered a year-to-date sales growth of 88% with a cumulative number of 23642 units from April to October this year compared with the 12570 units it sold in the same period in 2011. The domestic sales for the month of October are 1862 units.
The locally produced hatchback Micra and spacious Sunny sedan contributed largely to the sales, while the X-TRAIL lifestyle SUV, Teana premium sedan and iconic 370Z sports car comprised the remaining sales. Orders are also underway for Nissan’s third home-grown model, the all-new urban-class utility vehicle Evalia.
Mr. Nitish Tipnis, Director-Marketing & Sales, Hover Automotive India (HAI), Nissan’s sole and exclusive distributor in India, said, “Our overall sales volume trend is extremely encouraging and we anticipate increased demand following our recently launched festive offers where in customer has a weekly opportunity to get refund on the purchase and winning 500 gms of gold.” Read more…
Hyundai sales up 21% in October
Hyundai Motor India Ltd (HMIL), the country’s second largest car manufacturer and the largest passenger car exporter recorded a 21% growth in aggregate sales in October. Domestic sales grew by 8%, exports witnessed a robust growth of 50%, domestic sales in October were 35778 units (33,001 units), exports were 23,007 units (15321 units) and aggregate sales were 58785 units (48,322 units).
Commenting on the October sales, Rakesh Srivastava, Vice President- Marketing and Sales, HMIL said, “The festivals brought in positive growth in domestic sales with resurgence in petrol variants. All models showed a growth especially with strong demand of Eon and Elantra. In the coming months the challenge would be to convert customer interest into sales as the general inflationary trend, high fuel prices and interest rates are still keeping the customer sentiment low. Speaking about the growth in exports, Mr Srivastava said, “We are witnessing good volumes in South Africa and Mexico along with many other countries. The i10 and i20 are being particularly well received in these countries.” Read more…
Yamaha sales rises 5% in October
India Yamaha Motor, the world’s leading two wheeler manufacturer, has registered a growth of 4.8% in overall sales during October 2012 as compared to the corresponding period last year. The company continues to maintain an upward trend in sales on the back of its superb product line-up, new launch in the scooter segment and innovative customer centric activities.
The company sold 39,368 units in October 2012 as against 38,229 units sold in October last year in the domestic markets. In the Export markets the company sold 10,154 units in October 2012 as compared to 9,011 units in the same month last year. The overall sales stood at 49,522 units in October 2012 while 47,240 units were sold in October 2011, thereby registering 5% overall growth. Read more…
Shriram Transport Q2 net profit up 16%
The Board Meeting of Shriram Transport Finance Company Limited (STFC), the largest asset financing NBFC in the country, was held today to consider the unaudited financial results for the second quarter ended 30th. September, 2012.
Financials (Consolidated) :
Second quarter ended 30th. September, 2012 :
The Net interest Income for the second quarter ended 30th. September, 2012 increased by 6.15% to Rs. 913.60 crores as against Rs. 860.69 crores in the same period of the previous year. The profit after tax surged by 15.96% to Rs. 362.57 crores as against Rs. 312.69 crores recorded in the same period of the previous year. The earning per share (basic) also surged by 15.92% to Rs. 16.02 as against Rs. 13.82 recorded in the same period of the previous year.
Assets under Management :
Total Assets under Management as on 30th. September, 2012 surged by 18.04% to Rs. 46,465.90 crores as compared to Rs. 39,365.46 crores as on 30th. September, 2011.
Financials (Standlone) :
Second quarter ended 30th. September, 2012 :
The Net Interest Income for the second quarter ended 30th. September, 2012 increased by 3.96% to Rs. 867.77 crores as against Rs. 834.71 crores in the same period of the previous year. The profit after tax surged by 12.74% to Rs. 337.56 crores as against Rs. 299.41 crores recorded in the same period of the previous year. The earning per share (basic) for the second quarter ended 30th. September, 2012 surged by 12.69% from Rs.14.92 as against Rs. 13.24 recorded in the same period of the previous year.
Assets under Management :
Total Assets under Management as on 30th. September, 2012 surged by 15.78% to Rs. 44,085.01 crores as compared to Rs. 38,076.39 crores as on 30th. September, 2011.
Interim Dividend :-
The Board declared an Interim Dividend of Rs 3.00 (30%) per share, the Record Date for the entitlement thereof has been fixed as November 16, 2012. The dividend payout would absorb a sum of Rs. 79.10 crores (including dividend tax).
Hyundai Motor India hikes prices up to Rs.5,000
Hyundai Motor India Ltd. (HMIL), the country’s second largest car manufacturer, today announced the price increase in all its models starting from Eon to Santa Fe.
Commenting on the price hike Mr. Rakesh Srivastava, Vice President – National Sales and marketing, Hyundai Motor India Ltd., said, “The price increase has been necessitated by a variety of input costs. We have tried to minimize the price increase to cause less inconvenience to our valued customers.”
The price increase would be up to Rs.5,000 across models and would come into effect from Nov 01,2012.
Carnation launches insurance solutions business
Carnation Auto launched its insurance solutions vertical on the receipt of its insurance broking license. Carnation Insurance will now be able to sell not only general insurance products like car insurance but also life insurance products. The company will provide the best insurance plans along with comprehensive solutions to all current and prospective customers.
Auto insurance is the biggest contributor to the Insurance industry with a 40-45% revenue share. The Indian insurance sector is expected to grow at a CAGR of 15-20% over the next 2-3 years; making it the right time for Carnation; already an established leader in the organized multi brands marketplace, to enter this exciting space.
As a broker, Carnation’s expertise will lie in offering prospective customers the right products to match their individual needs at the best possible rates. The company will provide cashless claims facilities across its existing nationwide car service and repair network in cities like Bangalore, Delhi, Gurgaon, Hyderabad, Mumbai, and Pune to name a few. Carnation will also leverage its online presence to create awareness of insurance products and match customer requirements with suitable solutions.
Jagdish Khattar, Chairman & Managing Director, Carnation Auto, said, “The addition of the insurance license gives us the opportunity to provide comprehensive car care solutions to our customers. We now provide car service and repair, car spa, buying and selling of used cars, new cars sales, accessories, workshop on wheels and now best in class general and life insurance solutions all under one roof.”
He further added, “In the last 4-years we have served over 4+ lakh customers, and several thousands of them have availed of our cashless insurance claims facility through our 22 hubs spread across India.”
Mahindra First Choice Wheels reaches significant milestone of 200 outlets
Mahindra First Choice Wheels Ltd. (MFCWL), India’s No. 1 multi-brand certified used car company has reached a new milestone with its pan India network comprising of 200 outlets.
“This is truly a Rise moment for the Company. Several years ago we had taken a bet on the fact that the used car market was bound to explode and took a conscious decision of setting up an independent multi-brand company, rather than linking our foray into the used car business to the OE business.
This conviction in the business model has resulted in the company today achieving a significant milestone of 200 outlets,” said Anand Mahindra, Chairman and Managing Director, Mahindra Group. Read more…
Meru Cabs completes 25 million trips
Meru Cabs, India’s favourite and largest radio cab service provider, today announced the launch of “Meru Select,” the company’s exclusive loyalty program to reward and recognize its valued customers. Through Meru Select, the company will provide its customers with a 100% assured cab service, a dedicated relationship manager to look into their queries and added benefits through discounts and select offers at various shopping and food outlets. The loyalty program will be launched across the 4 cities that Meru is currently present in - Mumbai, Delhi, Hyderabad & Bengaluru. If a Meru Select member does not get a cab after the booking has been accepted, they will be recompensed with a Meru Privilege Voucher,
worth Rs. 500.
Meru Cabs recently celebrated the completion of 5 successful years in the industry and is celebrating the completion of 25 million trips across the country. The company has also been recently recognized by The Limca Book of Records as the largest fleet taxi service in the country.
Siddhartha Pahwa, CEO, Meru Cabs commented, “ We at Meru are very proud of our customers with whose continued support we have established a landmark of 25 million trips as we complete 5 years of service. We thank them for their continuous support and for choosing Meru Cabs as their preferred cab service. As a token of our gratitude we have launched “Meru Select” for our valuable customers, who have contributed in a major way to our success.” Read more…
Ford brings 1st “Quick Lane” service to India; debuts with Metro Ford, Bangalore
Taking its commitment to provide a world-class service experience to its customers, Ford India today launched its first Quick Lane service centre in India at Metro Ford in Yeshwantpur, Bangalore. With the launch of India’s first Quick Lane service, Ford India will have 11 sales and service centres in Bangalore.
Featuring many customer-friendly benefits like extended operating hours during weekdays and Saturdays, Quick Lane is designed to enhance the service experience for Ford customers who are short on time.
Ushering in ‘No Appointment Necessary’ and ‘While you Wait’ Service, the Metro Ford Quick Lane service centre in Bangalore is equipped to take care of customers' routine vehicle maintenance and light-repair needs quickly — including oil and filter changes, brake systems, tires, suspension systems, exhaust systems, tune-ups and alignments. Equipped with state of the art infrastructure, the 10,000 sq. ft service centre can service 35 cars per day. Read more…
Ashok Leyland and John Deere launches first product 435 Backhoe Loader in Maharashtra
Ashok Leyland John Deere Construction Equipment Company Pvt. Ltd., a joint venture between the Hinduja Group flagship, Ashok Leyland and John Deere, commercially launched its first product, the 435 Backhoe Loader (BHL), in Maharashtra. Automotive Manufacturers Private Limited (AMPL) will be their channel partners who will market the machine under the brand ‘Leyland Deere’ through an exclusive dealer network in the State.
Speaking at the occasion, Dr. V. Sumantran, Chairman, Ashok Leyland John Deere Construction Equipment Company Pvt. Ltd., said, “The joint venture marks a marriage of experience with expertise, global vision with local relevance, technological leadership with market presence. Cognizant of India’s huge appetite for infrastructure development, we are well-equipped, with a pipeline of products led by the 435 BHL, to tap the huge potential that exists. Maharashtra, in particular, has been a state known to be at the forefront for development and is abounding with opportunities. With AML, we have the right partner to address this market.”
Telit achievement ISO/TS16949 automotive standard certification
Telit Wireless Solutions, a leading global vendor of high-quality machine-to-machine (M2M) modules and value-added services, today announced the achievement of ISO/TS16949 automotive industry certification beyond manufacturing, now including R&D and support functions worldwide, rare among m2m module manufacturers.
Since 2010, Telit has incorporated ISO/TS16949 assembly lines and processes and now joins a small group of top-tier M2M module manufacturers to achieve the stringent certification at a corporate level for its key R&D and corporate offices. Broad corporate ISO/TS16949 certification is not uncommon in the automotive electronics industry, yet most industry players holding this level of certification manufacture their automotive products from company-owned and operated manufacturing facilities.
By achieving this degree of certification with partnered manufacturing, Telit joins a very small group of automotive electronics suppliers which have been able to demonstrate certification-compliant quality control and process management despite the daunting complexities inherent to contracted manufacturing.
M&M comments on monetary policy
In the run up to this Policy, markets were building hopes for a Repo Rate cut as a complementary measure in line with the recent Govt actions to support growth dynamics. In the event, the Policy disappointed the market with no such cut. Consequently Equities, GoI yields and Rupee all gave up gains built up on these expectations. Markets also understood the neutral impact of the CRR cut of 25 bps which will most probably be off set by absence of OMO.
The Governor has cut the GDP growth and upped the inflation outlook for FY 13, , thereby highlighting the growth-inflation dynamics. The ray of hope from the Policy today is the promise of a rate cut in 4th Quarter, in case inflation – growth dynamics play the way the RBI estimates them to be. After the initial negative reaction settles, the impact of today’s action ( or inaction!) will be neutral for wholesale or retail credit , though one would have certainly liked a positive and anticipatory action on rate front, as was in case of CRR which was, in RBI’s words, done in anticipation of liquidity strain.
One welcome administrative measure , lost in the headlines, is the decision to harmonise definition of “infrastructure” with the Govt ‘s so that difficulties in bank lending would be obviated. Read more…
Ford to shut plants in Europe: reports
Ford is planning to slash production in Europe, announcing another plant closure and 1,500 more job cuts, according to reports.
Ford also reported that it also will close its Transit van plant in Southampton, Britain, and the stamping and tooling facility at its plant in Dagenham, east London.
New look for upgraded Kia Cadenza in 2013
Kia’s popular Cadenza large luxury sedan will receive a significant upgrade and a new look for 2013. Based closely on the 2009 model’s styling by Chief Design Officer, Peter Schreyer, and his global design teams, the new-look Cadenza features fresh elements that
incorporate Kia’s evolving design DNA.
Echoing some of the visual innovations of Kia’s flagship Quoris sedan (‘K9’ in Korea), the 2013 Cadenza (‘K7’ in Korea) will have a more distinctive appearance with new hood, trunk lid, light clusters (front and rear) and new bumpers, plus side air vents in the front wings and a new interpretation of the brand’s ‘tiger nose’ grille.
Made in Korea, the new-look Cadenza will also feature a host of new comfort, convenience and safety technologies when it goes on sale in different regions of the world during the first half of 2013.
Atul Auto to enter Sri Lankan market
Atul Auto Ltd, a leading three-wheeler manufacturer is entering Sri Lankan Market to set up an auto manufacturing plant. The company proposes to manufacture 3 – wheelers powered by Diesel engines for intra city passengers and cargo application.
Atul Auto Ltd has already made an application to the board of investment of Sri Lanka for approval of its investment in Sri Lanka. The company at an appropriate time will introduce 3-wheelers powered by spark-ignition engines running on Gasoline, CNG and LPG.
Commenting on the foray, Mr. Niraj Chandra, Director, Atul Auto Ltd, said that “The three-wheeler market in Sri Lanka is vibrant and there is a growing domestic segment too, we can see potential for development in three wheeler sector and we have confidence on our products and the performance. Moreover, we aim to set up a manufacturing plant here where the experts from technical team of the Company will supervise the manufacturing work of the vehicles at the plant. Setting up the plant there will help us to combat the import duty hike”