Monthly snapshot on Auto sector from IIFL for August 2011:
• Maruti reported 12.7% yoy fall in total volumes as the volumes fell across all categories except for UVs and exports. Total domestic passenger car volumes fell by 19.2% yoy owing to sharp 26.9% and 18.3% yoy slump in A: Compact and A: Mini segments respectively. The fall was owing to a disruption in production at the Manesar plant, which produces Swift, SX4 and A-Star models. UV sales were strong at 1,290 vehicles in comparison to 166 vehicles in August 2010. Export volumes were at 14,356 vehicles (highest since June 2010), up 18.5% yoy.
• M&M’s automotive segment registered 30.4% yoy surge in volumes aided by 67% and 26% yoy growth in 4W pick ups and three-wheelers respectively. Passenger UV sales were higher by 7.4% yoy. Verito (former Logan) sales remained strong at 1,710 vehicles in August 2011. LCV volumes were higher by 30% yoy. Volumes in the farm equipment segment (Exports and domestic combined) grew 19.1% yoy but fell 4.3% sequentially.
• Total volume for Tata Motors declined by 2.8% yoy but remained flat on sequential basis. Decline on yoy basis was on account of 40% yoy fall in passenger car volumes. Indica, Indigo and Nano sales plummeted 4%, 24% and 85% on yoy basis respectively. Nano volumes were impacted on account of a 15 day shutdown at the Sanand plant. UV volumes were higher by 15.2% yoy. Total CV volumes were higher by 21% yoy lead by 27.1% yoy jump in LCV volumes. Exports fell 18.5% yoy.
• Amongst two-wheeler players, Hero Honda reported 18.6% yoy growth in volumes. Bajaj Auto volumes jumped 16.2% yoy lead by 40..2% yoy surge in export volumes. While motorcycle volumes surge 16.9% yoy, three wheeler volumes rose 11.2% yoy. Domestic volumes for Bajaj Auto rose 5.9% yoy. TVS Motors registered 14.1% yoy growth in total volumes led by surge of 16.8% and 11.9% in motorcycles and scooters and mopeds segment respectively. Exports for TVS motors jumped by 57.6% yoy.
August 2011 sales performance:
| 11-Aug | 10-Aug | yoy (%) | 11-Jul | mom (%) | YTD FY11 | YTD FY10 | yoy (%) | |
| Hero Honda | ||||||||
| Total | 503,654 | 424,617 | 18.6 | 491,036 | 2.6 | 2,524,267 | 2,086,342 | 21 |
| Bajaj Auto | ||||||||
| Motorcycles | 338,054 | 289,176 | 16.9 | 318,095 | 6.3 | 1,619,200 | 1,397,348 | 15.9 |
| 3-wheeler | 44,685 | 40,188 | 11.2 | 45,617 | -2 | 220,066 | 178,740 | 23.1 |
| Total | 382,739 | 329,364 | 16.2 | 363,712 | 5.2 | 1,839,266 | 1,576,763 | 16.6 |
| of which exports | 138,225 | 98,578 | 40.2 | 143,986 | -4 | 709,575 | 529,271 | 34.1 |
| Domestic | 244,514 | 230,786 | 5.9 | 219,726 | 11.3 | 1,129,691 | 1,047,492 | 7.8 |
| TVS Motors | ||||||||
| Motorcycles | 77,726 | 66,574 | 16.8 | 72,500 | 7.2 | 365,277 | 328,073 | 11.3 |
| Scooters & mopeds | 112,458 | 100,535 | 11.9 | 116,000 | -3.1 | 538,114 | 458,183 | 17.4 |
| 3-wheeler | 4,714 | 3,636 | 29.6 | 3,500 | 34.7 | 19,636 | 14,713 | 33.5 |
| Exports | 29,984 | 19,028 | 57.6 | 27,500 | 9 | 135,286 | 93,139 | 45.3 |
| Total | 194,898 | 170,745 | 14.1 | 192,000 | 1.5 | 923,027 | 800,969 | 15.2 |
| Maruti | ||||||||
| A: Mini | 37,496 | 45,917 | -18.3 | 38,028 | -1.4 | 197,576 | 204,214 | -3.3 |
| A: Compact | 16,043 | 21,955 | -26.9 | 9,099 | 76.3 | 80,793 | 106,836 | -24.4 |
| A: Super Compact | 7,856 | 8,431 | -6.8 | 3,021 | 160 | 35,972 | 41,795 | -13.9 |
| A: Midsize | 1,893 | 2,048 | -7.6 | 2,303 | -17.8 | 9,713 | 7,994 | 21.5 |
| A: Executive | 8 | – | – | 32 | -75 | 157 | – | – |
| Total Pass cars | 63,296 | 78,351 | -19.2 | 52,483 | 20.6 | 324,211 | 360,839 | -10.2 |
| Uvs | 1,290 | 166 | 677.1 | 642 | 100.9 | 3,434 | 3,541 | -3 |
| Vans | 12,500 | 14,157 | -11.7 | 13,379 | -6.6 | 66,628 | 61,295 | 8.7 |
| Total Domestic | 77,086 | 92,674 | -16.8 | 66,504 | 15.9 | 394,273 | 425,675 | -7.4 |
| Exports | 14,356 | 12,117 | 18.5 | 8,796 | 63.2 | 53,995 | 63,297 | -14.7 |
| Total volumes | 91,442 | 104,791 | -12.7 | 75,300 | 21.4 | 448,268 | 488,972 | -8.3 |
| Mahindra & Mahindra | ||||||||
| Passenger UVs | 13,954 | 12,994 | 7.4 | 15,682 | -11 | 74,043 | 63,929 | 15.8 |
| 4W pick ups | 12,563 | 7,533 | 66.8 | 13,472 | -6.7 | 57,091 | 37,580 | 51.9 |
| 3W | 6,394 | 5,074 | 26 | 5,395 | 18.5 | 25,847 | 22,660 | 14.1 |
| Total M&M Auto | 32,911 | 25,601 | 28.6 | 34,549 | -4.7 | 156,981 | 124,169 | 26.4 |
| Verito | 1,710 | 801 | 113.5 | 1,630 | 4.9 | 7,147 | 2,869 | 149.1 |
| LCV | 1,135 | 873 | 30 | 1,144 | -0.8 | 5,231 | 4,858 | 7.7 |
| Total Auto (domestic) | 35,756 | 27,275 | 31.1 | 37,323 | -4.2 | 169,359 | 131,896 | 28.4 |
| Exports | 1,928 | 1,628 | 18.4 | 2,310 | -16.5 | 9,955 | 7,553 | 31.8 |
| Total Auto (A) | 37,684 | 28,903 | 30.4 | 39,633 | -4.9 | 179,314 | 139,449 | 28.6 |
| Tractors | ||||||||
| Domestic | 15,059 | 12,453 | 20.9 | 15,699 | -4.1 | 88,002 | 73,703 | 19.4 |
| Exports | 944 | 982 | -3.9 | 1,019 | -7.4 | 4,871 | 4,472 | 8.9 |
| Total (B) | 16,003 | 13,435 | 19.1 | 16,718 | -4.3 | 92,873 | 78,175 | 18.8 |
| Total (A+B) | 53,687 | 42,338 | 26.8 | 56,351 | -4.7 | 272,187 | 217,624 | 25.1 |
| Tata Motors | ||||||||
| M&HCV | 16,701 | 14,851 | 12.5 | 15,838 | 5.4 | 78,080 | 72,262 | 8.1 |
| LCV | 26,344 | 20,734 | 27.1 | 24,960 | 5.5 | 119,133 | 96,246 | 23.8 |
| Utility | 3,321 | 2,884 | 15.2 | 3,195 | 3.9 | 16,952 | 15,785 | 7.4 |
| Cars | 13,508 | 22,312 | -39.5 | 13,997 | -3.5 | 81,850 | 109,514 | -25.3 |
| Nano | 1,202 | 8,103 | -85.2 | 3,260 | -63.1 | 26,440 | 31,882 | -17.1 |
| Indica | 7,206 | 7,531 | -4.3 | 5,860 | 23 | 31,001 | 42,644 | -27.3 |
| Indigo | 5,100 | 6,678 | -23.6 | 4,877 | 4.6 | 24,409 | 34,988 | -30.2 |
| Total domestic | 59,874 | 60,781 | -1.5 | 57,990 | 3.2 | 296,015 | 293,807 | 0.8 |
| Total exports | 4,204 | 5,157 | -18.5 | 5,583 | -24.7 | 24,673 | 21,641 | 14 |
| Total | 64,078 | 65,938 | -2.8 | 63,573 | 0.8 | 320,688 | 315,448 | 1.7 |
