Ashok
Leyland
Ashok Leyland (AL)
reported slightly lower-than-expected volumes led by continued weakness in the
medium and heavy commercial vehicle (MHCV) segment, which declined by 26% yoy
(up 2.6% mom) to 7,045 units. Consequently, total volumes declined 9.5% yoy (4.9%
mom) to 10,046 units. Dost, however, maintained its steady performance and
recorded sales of 3,001 units. Source: AngelBroking
Tata Motors
Tata Motors (TTMT) reported in-line volumes
for February 2013 with total volumes registering a decline of 32.7% yoy to
61,998 units led by 33.1% and 26.2% yoy decline in domestic and export volumes
respectively. The domestic performance was severely impacted on account of
deteriorating sales performance in the MHCV and passenger vehicle segments
which witnessed a significant decline of 45% and 69.5% yoy respectively.
The light commercial vehicle sales however maintained momentum, posting a
strong growth of 13% yoy. Source: AngelBroking
Mahindra and Mahindra
Mahindra and Mahindra (MM) reported an
in-line volume growth of 7.3% yoy (down 6.4% mom) in February 2013 as the farm
equipment segment continued to post decline in sales. However, the automotive
segment registered a healthy growth of 11% yoy (down 3.4% mom) driven by
continued traction in the passenger vehicle segment (up 13.8% yoy) on the back
of the new launches XUV5OO, Quanto and Rexton. The three-wheeler segment
however registered a sluggish growth with volumes declining by 6% yoy (17.3%
mom). The export volumes staged a recovery during the month and posted a strong
30.4% yoy growth (106.1% mom) to 3,425 units. In the farm-equipment segment, MM
posted a decline of 3% yoy led by weakness in domestic markets, which posted a
decline of 3% yoy during the month. Source: AngelBroking
Maruti Suzuki
Maruti Suzuki (MSIL) reported in-line
volumes for February 2013, primarily driven by growth in the Super Compact (up
21.6% yoy and 7.4% mom) and Utility Vehicle segments led by Dzire and Ertiga
respectively. Total volumes for the month registered a decline of 7.9% yoy (4.1%
mom) to 109,567 units largely due to the slowdown in demand for entry levels
cars and vans. As a result, the Mini and Vans segments witnessed a steep
decline of 15.9% yoy (11.1% mom) and 38.9% yoy (2.9% mom) respectively. The
Compact segment too registered a decline of 13.9% yoy during the month. Export
volumes on the other hand registered a modest growth of 2.8% yoy (3.9% mom) as
demand in key export markets continues to remain weak. We believe that MSIL
will miss out on its volume growth guidance of 5.5-6% for FY2013; though by a
small amount. MSIL has registered a total volume growth of 4.3% YTD in
FY2013. Source:
AngelBroking
Hero MotoCorp
Hero MotoCorp (HMCL) registered a
lower-than-expected performance in February 2013 with total sales posting a decline
of 4.2% yoy (10.1% mom) to 501,271 units led by slowdown in the industry
volumes. Meanwhile, the workers at the company’s Gurgaon plant have resorted to
indefinite hunger strike as announced earlier to pressurize the Management to
reach a wage settlement. This is following an inconclusive meeting with the
Management on February 22, 2013. However, as per the reports, the production at
the plant has not been impacted. Source: AngelBroking
TVS Motor
TVS Motor (TVSL) reported
lower-than-expected volumes in February 2013 with total volumes posting a
decline of 3.7% yoy (5.8% mom) to 165,696 units. The weakness was primarily on
account of slowdown in two-wheeler volumes (down 4.8% yoy) led by motorcycle
and scooter sales which registered a decline of 3.2% and 16.6% yoy during the
month. The three-wheeler sales however, maintained momentum and posted an
impressive growth of 56.6% yoy. Source: AngelBroking
