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How auto companies fared in November?

India Infoline News Service | Mumbai | December 03, 2012 10:08 IST

While Maruti sold a total of 103,200 vehicles, Hero Motocorp sold 502,305 units.

Maruti 

  • Maruti sold a total of 103,200 vehicles in the month, a growth of 12.5% yoy. Total domestic volumes were at 90,882 units (+9.7% yoy) and the exports were recorded at 12,318 units (+38.4% yoy). On a sequential basis, de-growth of 5.3% was seen in domestic market (on back of a higher base owing to festive sales in October), but total growth was flat on back of robust growth in exports (+73.3% mom).
  • The robust growth in the domestic market continued to be led by the UV category which clocked healthy volumes of 7,439 units in the bygone month. In the passenger car category, a moderate growth of 2.3% yoy was observed wherein declines in Mini category (-5.8% yoy) was offset by the growth observed in the Compact and Super Compact segments.
  • YTD, MSIL volumes were seen higher by 7.5% led by growth in the domestic market. The domestic volumes at 660,102 units have grown by 8.7% led by healthy Ertiga sales, whereas the exports volumes have recorded a slight contraction (-1.8%) for the period.  
Maruti November 2012 volumes

Nov-12 Nov-11 yoy (%) Oct-12 mom (%) YTD FY13 YTD FY12 yoy (%)
A: Mini 36,679 38,921 (5.8) 42,233 (13.2) 263,935 298,830 (11.7)
A: Compact 23,849 22,159 7.6 22,459 6.2 158,925 133,533 19.0
A: Super Compact 13,502 10,403 29.8 14,389 (6.2) 101,041 60,787 66.2
A: Midsize 692 1,433 (51.7) 695 (0.4) 4,248 11,662 (63.6)
A: Executive 71 162 (56.2) 35 102.9 141 336 (58.0)
Total Pass cars 74,793 73,078 2.3 79,811 (6.3) 528,290 505,148 4.6
Uvs 7,439 180 - 7,400 0.5 55,205 4,296 -
Vans 8,650 9,612 (10.0) 8,791 (1.6) 76,607 97,973 (21.8)
Total Domestic 90,882 82,870 9.7 96,002 (5.3) 660,102 607,417 8.7
Exports 12,318 8,902 38.4 7,106 73.3 72,478 73,783 (1.8)
Total volumes 103,200 91,772 12.5 103,108 0.1 732,580 681,200 7.5
Source: Company, India Infoline Research

M&M  

  • M&M reported another strong month of sales wherein its total auto volumes (including MNAL) grew by a healthy 18.2% yoy. However, the volumes were down 9.9% mom in light of moderation of dealer inventories post the festive season. The relative outperformance to the market continued to be led by the M&M auto volumes in domestic market which recorded a healthy growth of 23.6% yoy.
  • In M&M auto segment, all categories posted yoy surge, wherein the UV category led the pack. In the passenger UV’s + Verito category, M&M sold 24,604 units implying a growth of 38.1% yoy. Notably YTD this segment has managed to grow 31.7% on back of sustained consumer interest owing to successful new product launches. Meanwhile, 3W’s sales maintained the momentum and at 6,867 units were up by 16.6% yoy. The 4W pick up category did not disappoint either and managed to grow by a healthy 7.4% over November 2011.  
  • In FY13 so far, M&M has continually outperformed the weak auto market and grown its domestic auto volumes by a hearty 20.5%.  While the UV and 4W pick up segments have provided the fillip in sales, LCV segment has experienced some weakness.  Going ahead we expect continued momentum in the UV category and management indicated that the newly launched Quanto had garnered 12,000 bookings within two months of its launch. 
M&M November 2012 volumes

Nov-12 Nov-11 yoy (%) Oct-12 mom (%) YTD FY13 YTD FY12 yoy (%)
M&M







Passenger Uvs + Verito 24,604 17,813 38.1 26,932 (8.6) 180,690 137,206 31.7
4W pick ups 14,353 13,362 7.4 16,561 (13.3) 113,697 96,973 17.2
3W 6,867 5,889 16.6 6,973 (1.5) 44,856 45,370 (1.1)
Total M&M Auto 45,824 37,064 23.6 50,466 (9.2) 339,243 279,549 21.4
LCV 931 1,095 (15.0) 850 9.5 7,904 8,457 (6.5)
Total Auto (domestic) 46,755 38,159 22.5 51,316 (8.9) 347,147 288,006 20.5
Exports 1,388 2,563 (45.8) 2,122 (34.6) 21,700 17,673 22.8
Total Auto segment 48,143 40,722 18.2 53,438 (9.9) 368,847 305,679 20.7
Source: Company, India Infoline Research

Tata Motors  

  • Total commercial vehicle sales in the domestic market for Tata Motors were almost flattish (-0.9%  yoy), wherein the growth recorded in LCV segment was completely negated by the decline in MHCV volumes. The MHCV volumes at 9,495 units (lowest since May 2009) recorded a sharp fall of 40.9% yoy vis-a-vis a growth of 21.5% yoy noted in the LCV category. The sequential pick in volumes of M&HCV observed in September 2012 did not sustain and the volumes continued to skid mom.
  • Car segment sales volumes did not bring any positive surprise and continued the weak performance with a contraction of 39.8% yoy. The volumes for Nano contracted by 45.3% yoy, and declines of 40.3% and 36.3% yoy were seen in Indigo and Indica sales volumes respectively. Substantial contraction across the company’s car portfolio indicated of weakened interest owing to lack of new product launches.
  • With total domestic volumes contracting by 13.1% yoy and exports declining by 4.7% yoy the total units sold were seen down by a disappointing 12.6% yoy.
Tata Motors November 2012 volumes

Nov-12 Nov-11 yoy (%) Oct-12 mom (%) YTD FY13 YTD FY12 yoy (%)
Tata Motors







M&HCV 9,495 16,064 (40.9) 12,120 (21.7) 99,312 129,122 (23.1)
LCV 34,828 28,673 21.5 34,905 (0.2) 243,543 197,599 23.3
Utility 4,493 4,197 7.1 4,675 (3.9) 34,187 30,633 11.6
Cars 14,168 23,540 (39.8) 16,444 (13.8) 136,201 147,349 (7.6)
Nano 3,503 6,401 (45.3) 4,004 (12.5) 47,130 39,645 18.9
Indica 6,956 10,926 (36.3) 6,692 3.9 55,739 63,021 (11.6)
Indigo 3,709 6,213 (40.3) 5,748 (35.5) 33,332 44,683 (25.4)
Total domestic 62,984 72,474 (13.1) 68,144 (7.6) 513,243 504,703 1.7
Total exports 4,146 4,349 (4.7) 3,626 14.3 35,521 39,598 (10.3)
Total 67,130 76,823 (12.6) 71,770 (6.5) 548,764 544,301 0.8
Source: Company, India Infoline Research

Hero Motocorp

  • Hero Motocorp sold 502,305 units in the month, indicating 6.4% yoy decline in sales. The sales were lower by 5.1% mom owing to slightly higher base in October 2012 (festive sales). YTD, Hero Motocorp witnessed a contraction of 2.8% in its two wheeler volumes. 
November 2012 auto volumes

Nov-12 Nov-11 yoy (%) Oct-12 mom (%) YTD FY13 YTD FY12 yoy (%)
Hero Motocorp 502,305 536,772 (6.4) 529,215 (5.1) 4,006,617 4,122,902 (2.8)
Source: Company, India Infoline Research

TVS Motors

  • TVS motors sold 171,837 units in November 2012, implying declines of 2.1% yoy and 9.8% mom. While the domestic sales were seen flat (+0.3% yoy), export volumes sharply declined by 17.3% yoy. Notably the sharp mom declines in all two wheeler categories partly came in on back of moderation in dealer inventories post the festive season. 
  • In the two wheeler segment, scooters at 37,470 units implied sharp decline of 15.4% yoy. The mopeds saw contraction of 3.2% yoy, but motorcycles were up by 4.6% yoy. 3-wheeler category continued to perform well, and at 5,054 units the sales were highest till date.
  • YTD, the company has seen its total volumes decline by 8.8%. Motorcycle and scooter segments have led the declines contracting by 15.1% and 14.5% respectively. Meanwhile, Mopeds and 3-wheelers have managed to stand ground and grown by 1.9% and 3% respectively.
TVS Motors November 2012 volume

Nov-12 Nov-11 yoy (%) Oct-12 mom (%) YTD FY13 YTD FY12 yoy (%)
Motorcycles 65,494 62,608 4.6 72,687 (9.9) 502,415 592,055 (15.1)
Scooters 37,470 44,301 (15.4) 43,973 (14.8) 313,418 366,734 (14.5)
Mopeds 63,819 65,920 (3.2) 69,716 (8.5) 521,193 511,299 1.9
3-wheeler 5,054 2,706 86.8 4,062 24.4 30,408 29,523 3.0
Exports 20,080 24,271 (17.3) 18,563 8.2 1,59,416 206,691 (22.9)
Total 171,837 175,535 (2.1) 190,438 (9.8) 1,367,434 1,499,611 (8.8)
Domestic 151,757 151,264 0.3 171,875 (11.7) 1,208,018 1,292,920 (6.6)
Source: Company, India Infoline Research

Bajaj Auto
 
Bajaj Auto reported its total sales at 372,293 units which were flat yoy (-0.6% yoy) but meant a sharp decline of 9.5% mom (on a higher base in October 2012 owing to festive sales). While the motorcycle segment witnessed slight declines (-1.6% yoy), 3W’s continued the recent momentum and grew by 7.2% yoy. BAL managed to grow its domestic sales by 1.2% yoy, but the growth was completely negated by the 4% yoy decline observed in export sales for the month. YTD, the total volumes for BAL have contracted by 3.8%.
 

November 2012 auto volumes
  Nov-12 Nov-11 yoy (%) Oct-12 mom (%) YTD FY13 YTD FY12 yoy (%)
Bajaj Auto







Motorcycles 326,727 331,967 (1.6) 361,186 (9.5) 2,599,060 2,673,458 (2.8)
3-wheeler 45,566 42,510 7.2 50,316 (9.4) 312,914 353,245 (11.4)
Total 372,293 374,477 (0.6) 411,502 (9.5) 2,911,974 3,026,703 (3.8)
of which exports 124,115 129,256 (4.0) 126,091 (1.6) 1,056,136 1,112,692 (5.1)
Domestic 248,178 245,221 1.2 285,411 (13.0) 1,855,838 1,914,011 (3.0)
Source: Company, India Infoline Research








 

 
 
 
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