Auto volume update - February 2013

Auto volume update - February 2013

Jan 01, 1970 12:01 IST India Infoline News Service

Hero Motocorp & Bajaj Auto
  • Hero Motocorp (HMCL) and Bajaj Auto (BAL) reported slightly weak volumes in February 2013 wherein HMCL saw a total volume decline of 4.2% yoy and BAL saw its total volumes contracting by 3.3% yoy.
  • For BAL, disappointment came in total domestic volumes which saw a sharp contraction of 10.8% yoy. However, exports did well and recorded a growth of 10.1% yoy enabling BAL to partly offset the decline observed in domestic volumes. While the motorcycle segment contracted by 3.5% yoy, 3W’s de-grew by 1.7% yoy.
  • YTD, while Hero Motocorp has witnessed its volumes de-growing by 1.7%, BAL has recorded a total volume decline by 1.9%. For BAL, Motorcycles have declined by 1.2% and 3W’s have de-grown by 7.2%. 
Hero Motocorp and Bajaj Auto February 2013 volumes
  Feb-13 Feb-12 yoy (%) Jan-13 mom (%) YTD FY13 YTD FY12 yoy (%)
Hero Motocorp 501,271 523,465 (4.2) 557,797 (10.1) 5,607,300 5,706,915 (1.7)









Bajaj Auto







Motorcycles 291,297 301,961 (3.5) 301,361 (3.3) 3,490,068 3,533,557 (1.2)
3-wheeler 41,090 41,816 (1.7) 46,263 (11.2) 445,863 480,488 (7.2)
Total 332,387 343,777 (3.3) 347,624 (4.4) 3,935,931 4,014,045 (1.9)
of which exports 135,149 122,727 10.1 128,482 5.2 1,445,783 1,472,123 (1.8)
Domestic 197,238 221,050 (10.8) 219,142 (10.0) 2,490,148 2,541,922 (2.0)
Source: Company, India Infoline Research

Tata Motors
  • Tata Motors reported a disappointing 32.7% yoy decline in its total volumes sold in the month of February 2013. While total domestic volumes shrunk by 33.1% yoy, exports fell 26.2% yoy. LCV’s continued to remain the only category witnessing growth and domestic LCV volumes recorded an increase of 13% yoy.
  • Total commercial vehicle sales in the domestic market for Tata Motors declined (-8.6% yoy) led by a sharp 45% yoy fall in the domestic M&HCV’s sales. The Utility + passenger car category remained the biggest disappointment and declined by a steep 69.5% yoy.  Substantial contraction in this category continues to indicate weakened interest owing to lack of new product launches.
  • YTD, declines in total volumes increased to 8.5%, led by 7.8% fall in domestic volumes and 18.1% decline in exported volumes.  In domestic market, while LCV volumes have grown by 22.6% all other categories have contracted sharply. Domestic M&HCV’s have declined by 30.5% and Utility + passenger car category has contracted by 24.1% YTD.
Tata Motors February 2013 volumes

Feb-13 Feb-12 yoy (%) Jan-13 mom (%) YTD FY13 YTD FY12 yoy (%)
Tata Motors







M&HCV 10,629 19,332 (45.0) 8,722 21.9 128,529 185,042 (30.5)
LCV 36,760 32,540 13.0 33,849 8.6 351,801 287,014 22.6
Utility 2,844 6,596 (56.9) 4,017 (29.2) 43,976 48,624 (9.6)
Cars 7,769 28,236 (72.5) 11,192 (30.6) 165,789 227,775 (27.2)
Total domestic 58,002 86,704 (33.1) 57,780 0.4 690,095 748,455 (7.8)
Total exports 3,996 5,415 (26.2) 3,880 3.0 47,279 57,711 (18.1)
Total 61,998 92,119 (32.7) 61,660 0.5 737,374 806,166 (8.5)
Source: Company, India Infoline Research

Ashok Leyland
Ashok Leyland (ALL) posted 26% decline in its CV (excl Dost) volumes, increasing the YTD decline in the segment to 15%. SCV (DOST) continued the good performance and sales of 3,001 units were recorded in the bygone month. The Dost sales looked lower mom mainly on back of an exceptional January 2013 (festive second half) wherein some deferred buying was witnessed. ALL has managed to report a robust growth of 14.7% on back of success of Dost, however the M&HCV category has seen a contraction of 15% owing to a general slowdown in infrastructure and mining activity. 
 

Ashok Leyland February 2013 volumes
  Feb-13 Feb-12 yoy (%) Jan-13 mom (%) YTD FY13 YTD FY12 yoy (%)
Ashok Leyland







CV (excl Dost) 7,045 9,521 (26.0) 6,863 2.7 70,003 82,342 (15.0)
SCV (DOST) 3,001 1,582 89.7 3,698 (18.8) 30,597 5,382 468.5
Total 10,046 11,103 (9.5) 10,561 (4.9) 100,600 87,724 14.7
Source: Company, India Infoline Research

M&M
  • In February 2013, M&M reported its domestic auto volumes at 44,399 units implying a growth of 9.7% yoy. While passenger UVs + Verito and 4W pick-up category drove growth by cumulatively expanding 13.2% yoy, 3W volumes looked down by 6% yoy. Going ahead, the growth in the volumes will continue to moderate as a higher base starts catching up in the Passenger UV segment.
  • In the tractor segment the volume growth was seen to be weak with domestic volumes declining by 2.8% yoy and export volumes declining by 5.9% yoy. Post a strong January month, total tractor sales in February 2013 indicated steep decline of 14.9% mom.
  • YTD, M&M has done well by growing its domestic auto volumes by 17.6% buoyed by the robust growth in Passenger UV and 4W pick-up segment. Moreover in a weak global auto market, it has managed to grow its exports by 12.3% to clock a total auto volumes growth of 17.2% YTD. It has been able to do so because of its consistent new product launches/refreshes in the high growth category of Utility vehicles. In the farm equipment segment, tractor volumes have seen weakness and recorded declines of 5.2%. 
M&M February 2013 volumes

Feb-13 Feb-12 yoy (%) Jan-13 mom (%) YTD FY13

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