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The Monthly Auto Update
Data Track: April 2013 volume update of auto majors
April 2013 relative performance
Sector overview and outlook ........................................................... 2 Hero MotoCorp .................................................................................3 Bajaj Auto .......................................................................................... 4 Maruti Suzuki .................................................................................... 6 Mahindra & Mahindra .......................................................................8 Tata Motors ...................................................................................... 10 Ashok Leyland ................................................................................. 12 Eicher Motors .................................................................................. 13 TVS Motor ........................................................................................ 14
MARUTI SUZUKI: Internal target to grow volumes by 10-12% ....... 16 HMSI launches its cheapest motorcycle Dream Neo ..................... 19 Two-wheelers ................................................................................. 21 Three-wheelers .............................................................................. 23 Cars and UVs .................................................................................... 25 Commercial vehicles....................................................................... 27
12-month relative performance
Sector Gauge: March update
News and Events ............................................................................... 30
Honda launches Amaze, to roll out UVs over two-three years Royal Enfield starts new plant, targets to sell 175,000 units in CY13
Aggregate Volumes For April 2013*
Segment Apr-13 Apr-12 YoY (%) Mar-13 MoM (%) FY13 FY12 Chg (%) 2-Wheelers 973,230 1,074,439 -9.4 909,966 7.0 1,007,966 1,098,338 -8.2 Motorcycl e 880,577 970,854 ‐ 9.3 809,267 8.8 915,313 994,753 ‐ 8.0 3‐ Whe el e rs 52,100 46,829 11.3 39,018 33.5 52,100 46,829 11.3 Cars 102,252 115,405 ‐ 11.4 124,106 ‐ 17.6 102,252 115,405 ‐ 11.4 UVs 43,812 43,265 1.3 54,609 ‐ 19.8 43,812 43,265 1.3 Commercial Vehicles 51,198 50,787 0.8 79,989 -36.0 63,586 64,982 -2.1 LCV 31,628 29,768 6.2 49,916 ‐ 36.6 31,628 29,768 6.2 M&HCV 19,570 21,019 ‐ 6.9 30,073 ‐ 34.9 31,958 35,214 ‐ 9.2 Tractors 23,202 16,797 38.1 17,330 33.9 23,202 16,797 38.1 Total Volumes 1,245,794 1,347,522 -7.5 1,225,018 1.7 1,292,918 1,385,616 -6.7 * Aggre ga te of Baja j, He ro, TVS Motor, Ma ruti , M&M, Tata Motors , As hok Leyl a nd & Ei cher Motors S ource: Compa ny, MOSL
P/E (x) CMP * Rating (INR) FY13E FY14E FY15E Ba jaj Auto 1,860 Buy 18.0 15.1 13.0 Hero MotoCorp 1,613 Buy 15.2 14.3 10.5 M&M 955 Buy 15.3 12.2 9.8 Maruti Suzuki 1,680 Buy 21.0 14.6 12.1 Tata Motors 296 Buy 10.8 8.6 7.4 As hok Leyl and 23 Buy 22.0 13.4 9.3 Ei che r Motors # 3,046 Buy 25.3 26.6 18.7 * Pri ce a s on 2nd Ma y 2013. # Nos . are on CY bas i s EV/EBITDA (x) FY13E FY14E FY15E 12.5 9.9 8.2 9.3 8.2 6.8 9.5 7.7 6.1 10.5 7.2 5.6 4.7 4.2 3.7 10.2 7.7 6.6 20.7 18.5 11.3 RoE (%) RoCE (%) FY13E FY14E FY15E FY13E FY14E FY15E 44.7 44.0 41.8 61.8 61.5 57.0 45.6 41.9 48.0 43.6 50.8 60.6 22.0 20.5 20.1 24.2 24.5 24.1 12.9 15.9 16.5 15.5 19.5 20.3 21.8 22.3 21.2 22.1 23.1 23.5 6.6 10.5 14.6 8.0 10.3 12.6 20.3 17.1 21.4 22.9 17.5 23.7 Source: Compa ny, MOSL
Jinesh Gandhi (Jinesh@MotilalOswal.com); +91 22 3982 5416 Chirag Jain (Chirag.Jain@MotilalOswal.com); + 91 22 3982 5418
Investors are advised to refer through disclosures made at the end of the Research Report.
Sector overview and outlook
Inventory correction restrict 2W dispatches; PV demand bottoming-out
While retail sales have improved due to festivals in April this year against March last year, the underlying demand trends remain weak: Two-wheelers: Retail demand has been strong in Apr-13 considering the festivals in this month (v/s March last year). Our channel interaction indicates retail demand to have grown at a healthy rate YoY, though inventory correction restricted dispatches. Passenger vehicles: PV demand seems to be bottoming-out. Petrol segment is showing signs of recovery, though correspondingly diesel segment is moderating. MHCVs: The segment continues to witness pressure reflecting tough macroeconomic conditions. This coupled with higher competitive intensity has resulted in high level of discounting. Tractors: Strong growth in dispatches for M&M reflecting inventory correction undertaken in 4QFY13 and high retails due to festivals in April this year. Expected softening in interest rates, and reform-led revival in business and consumer sentiment are key medium-term drivers for auto volumes.
4QFY13 margins to improve QoQ on favorable currency, stable RM cost
EBITDA margins for our Auto universe is expected to improve 70bp QoQ (-110 YoY) on favorable currency (JPY/INR) together with stable RM cost. Discount levels remain high across segments particularly for CVs and PVs. In two-wheelers, there is no widespread cash discount, but OEMs are aggressively pushing finance schemes to spur demand.
Lower rates, price hikes, soft commodities cushion slowdown impact
Over the last few months, major auto financiers have cut lending rates. This augurs well for auto demand, particularly for PVs and CVs. Besides, on the back of further monetary easing, economic activity and consumer sentiment should improve. At the company level, price increases and softening commodity prices are positive to cushion the impact of slowdown on profitability.
Prefer Maruti Suzuki & Tata Motors, in mid-caps we like Eicher Motors
With a positive view on interest rates and stable commodity prices, we believe that 4-Ws & CVs could see revival of performance. We prefer Maruti Suzuki and Tata Motors. In mid-caps, we like Eicher Motors.
Key Financial Indicators Volume Chg (%) ^ EBITDA Margins (%) EPS (INR) * EPS Growth (%) * FY13 FY14E FY15E FY13E FY14E FY15E FY13E FY14E FY15E FY13E FY14E FY15E Ba jaj Auto -2.6 8.6 14.4 18.3 19.5 19.3 103.4 123.5 142.7 -2.5 26.4 15.5 Hero MotoCorp -2.6 6.1 13.6 9.5 10.1 12.4 106.1 112.5 153.7 -10.9 6.1 36.6 M&M 24.2 10.0 10.6 13.5 14.0 14.1 62.6 78.6 97.7 22.2 25.6 24.2 Maruti Suzuki 3.3 6.8 14.0 9.7 12.2 12.4 80.2 114.8 138.9 37.8 43.2 21.0 Tata Motors * -12.3 8.7 14.0 13.3 13.9 14.0 27.4 34.3 40.2 -27.5 25.1 17.2 As hok Leyl and 11.9 17.5 16.2 8.5 10.1 10.1 1.0 1.7 2.5 -50.8 64.2 43.9 Ei che r Motors # 8.6 7.3 9.1 120.2 114.3 163.0 5.1 -4.9 42.6 ^ Vol ume growth for s ta ndal one ; * Cons ol i da te d where ve r a ppl i ca bl e , ** Royal ty a djus ted ma rgi ns , # Nos . a re on CY ba s i s .
Below est; sales decline by 9.5% YoY to 499,113 (est 525,000 units), healthy retails but inventory correction restrict dispatches
Snapshot of volumes for April 2013
Apr-13 Total volume 499,113 Apr-12 551,557 YoY (%) -9.5 Mar-13 468,283 MoM (%) FY14-YTD 6.6 499,113 Chg (%) -9.5 FY14 estimate 6,447,055 YoY (%) 6.1
Hero have planned new launches, new campaigns, capacity addition and network expansion to boost the sentiment of the domestic industry and accelerate growth.
Hero Moto's April-13 wholesale dispatches stood at 499,113 units, a decline of 9.5% YoY (+6.6% MoM). Considering the major festivals such in April this year (v/s March last year), Hero Moto has retailed over 550,000 units. However, high channel inventory (as on Mar-end) have restricted wholesale dispatches despite healthy retails. Retails will be strong in May as well due to marriage season demand in key states of UP, Bihar, MP & Rajasthan. On release of April sales, Mr. Anil Dua, Senior Vice-President (Marketing & Sales), Hero MotoCorp Ltd said, "we are glad to have opened the new financial year with despatch of close to five lakh two-wheelers in April. However, even this despatch number does not reflect the actual retail momentum during the month. Indeed, we have retailed over 550,000 units in April, which is an early indication of demand picking up for us across markets. Going forward for the overall industry growth, a lot will also depend on the monsoon and overall economic activity," he added. HMSI on the other hand has achieved its highest ever sales of 259,560 units in Apr13, a growth of 31% YoY (+2.7% MoM). While motorcycle sales grew by 51.4% YoY (+2.1% MoM) to 123,240 units, scooter sales increased by 16% YoY (+3.2% MoM) to 117,404 units. Hero Moto trades at 14.3x/10.5x FY14E/FY15E EPS respectively. Maintain Buy.
Hero MotoCorp: two-wheelers
FY11 FY12 FY13 FY14
625,000 560,000 495,000 430,000 365,000 300,000 Apr May Jun Jul Aug Sep Oct Nov De c Jan Fe b Ma r
Hero MotoCorp: Financial & Valuation Summary Bloomberg HMCL IN Year Net Sales PAT EPS EPS P/E Equity Shares (m) 200 End (INR m) (INR m) (INR) Gr. (%) (X) CMP (INR) 1,613 3/12A 233,681 23,781 119.1 18.4 13.5 52-Wk Range (INR) 2,279/1,434 3/13E 235,827 21,182 106.1 -10.9 15.2 1,6,12 Rel. Perf. (%) 7/-12/-26 3/14E 256,134 22,475 112.5 6.1 14.3 3/15E 296,251 30,702 153.7 36.6 10.5 M.Cap. (USD b) 6.0
P/CE (X) 12.2 13.4 12.6 8.8
P/BV (X) 7.5 6.4 5.6 4.6
EV/ EBITDA 8.8 9.3 8.2 6.8
RoE (%) 65.6 45.6 41.9 48.0
RoCE (%) 49.9 43.6 50.8 60.6
5% exports) and ~9.280 EPS (INR) 107.4% YoY (+26.7 respectively.000 units.6% in motorcycles in FY14 (+5.0 May 2013 4 .0 5.6 -22.4 123. Domestic volume were flat at 213. (%) 18. The stock trades at 15.5 15.229/1.827 43. +12% in exports).Cap.580 169.374 MoM (%) 14.0 61.037 34.534 1.7 19.1% YoY (+12.Dashboard Data Track Bajaj Auto Apr-13 volumes .6% MoM) to 130.3% MoM.633.329 Apr-12 381.6.6 -22. however June would again see some softness.2 14.194 199.12 Re l .9 FY14 estimate 4.010 YoY (%) -9.849 (+7% MoM).827 (v/s est 320.743 41.5 142.849 130.8 -3.793.0 P/CE (X) 16.8 -12. For Bajaj.000).3% MoM) to 344.5/142.5 9.2% domestic.860 52-Wk Range (INR) 2.9% YoY (+28.178 300.6 FY14 344. Bajaj Auto: Financial & Valuation Summary Bl oombe rg BJAUT IN Equi ty Shares (m) 289.1 10.5 17. we factor in volume growth of 8.000).105.1 10.0x FY14E/FY15E EPS of INR123.1 13.5x/13. +14.(%) 5/4/16 M.849 130.4 103. Domestic motorcycle volumes were flat YoY at ~200.9 8.231 267.204 2.5 P/BV (X) 8.856 4.9 Mar-13 301.8 RoCE (%) 73.5 57.6 5.178 (-10% YoY. whereas exports declined by 22.5 P/E (X) 17.178 (v/s est of 365.6 8.8 -12.4 0.0 41.9 7.8 61.4 0.955 PAT (INR m) 31.290 201.7 44.178 300.1 14.0 Year End 3/12A 3/13E 3/14E 3/15E Net Sales (INR m) 195.857 101.Below est at 344.4 CMP (INR) 1.0 28. Bajaj expects May-13 to be a relatively better month.423 1.5 Highlights Bajaj expects May-13 to be a relatively better month. v/s est 365.8% MoM) to 43. however June would again see some softness.152 228.7% MoM) to 300.923 35.Perf.7 44.2 RoE (%) 56.324 39.351 213.0 15. +14.827 43.329 units.4 12. (USD b) 10. disappointment largely on motorcycle exports Snapshot of volumes for April 2013 Apr-13 Total volume Motorcycl es Three -Whee l ers Domes ti c Exports 344.323 YoY (%) 8.3 6.329 Chg (%) -9.3 18.000).8 7. Sequential jump in volumes is partially due to bookings of 20k units of March exports in April.069 29.7 26.652 528.266 212. Overall motorcycle volumes declined 12.7 EPS Gr.3 12.563 263.6% in 3Ws (+7% domestic.7 12.0 EV/ EBITDA 12. Three-wheeler sales for Apr-13 grew 10. Bajaj Auto's Apr-13 total volumes declined by 10% (+14.000). Maintain Buy.351 213.840.351 (v/s est 45.590 342.5 9.
000 40.000 Three-wheeler sales sales bounces back 38.000 Ap r Ma y Jun Ju l Aug Sep Oct Nov Dec Jan Feb Mar Three-wheeler volumes (units) FY11 FY12 FY13 FY14 52.000 Discover and Pulsar contribute ~70% to two-wheeler volumes 375.000 180.Dashboard Two-wheeler volumes (units) FY11 FY12 FY13 FY14 440.000 160.000 31.000 245.000 45.000 Apr Ma y Jun Jul Aug Sep Oct Nov Dec Ja n Fe b Mar 200.000 120.000 80.000 Ap r May Ju n Jul FY11 FY12 FY13 FY14 Exports under pressure during the month Aug Sep Oct No v De c Ja n Fe b Ma r Market mix Domestic Exports 100% 75% Share of domestic sales have increased in Apr-13 50% 25% 0% Apr‐10 May‐10 Jun‐10 Jul‐10 Aug ‐10 Sep‐10 Oct‐10 Nov‐10 Dec‐10 Jan‐11 Feb‐11 Mar‐11 Apr‐11 May‐11 Jun‐11 Jul‐11 Aug ‐11 Sep‐11 Oct‐11 Nov‐11 Dec‐11 Jan‐12 Feb‐12 Mar‐12 Apr‐12 May‐12 Jun‐12 Jul‐12 Aug ‐12 Sep‐12 Oct‐12 Nov‐12 Dec‐12 Jan‐13 Feb‐13 Mar‐13 Apr‐13 Source: Company. MOSL May 2013 5 .000 310.000 24.
. blip in exports temporary phenomena Snapshot of volumes for April 2013 Apr-13 Total volume Domes ti c A1 C A2 A3 A4 UV Export 97.4 May 2013 Maruti Suzuki: Financial & Valuation Summary Year End 3/12A 3/13E 3/14E 3/15E Total Inc.685 PAT Con.696 54.690/1.890 2.6 RoE (%) 10.Perf. P/E (INR m) (INR) Gr.7 2.8 -8. Maintain Buy.047 0 5.879 481.5 RoCE (%) 13. Bloomberg MSIL IN Equity Sha res (m) 302.2 NA NA -33.9 -16.12 Rel.9x/7. Domestic sales in-line.9 -33.7 97.523 (v/s est 88.6. MSIL has guided for 5-6% industry growth for FY14.9 7. EPS EPS Con. Maruti's Apr-13 volumes de-grew by 3. exports declined by 33% YoY (-44% MoM) to 6.0 -43.047 0 5.047 MoM (%) FY14-YTD -18. while the domestic market continues to witness pressure.116.052 1.2 -29.2 15..1 0. Management highlighted drop in export volumes as a temporary phenomena and expects to recover next month onwards.593 10.6x/12.000 units).0 EV/ EBITDA 10. On release of April sales.9 16.There are signs of recovery with the increase in demand for petrol cars".551 units.8 -0.2 14.5 20.255 1.1 -26.0 12.2 37.351 58.534 YoY (%) 6.523 1.087 16.696 54.6% YoY (-4.962 20.077 1. (INR m) 355. (%) (x) 16.865 20.415 90. Hyundai's Rakesh Srivastava (SVP .5 NA -18.3 2.9 15.1 0.971 138. However.000).542 11.962 20.8 Highlights Maruti Suzuki has been gaining market share over the last few months led by steady deliveries of diesel models (due to bookings) and recovery in petrol segment. exports have grown by 26% YoY (+8.160 YoY (%) -3.3 FY14 estimate 1.8 43.3 6 .251.5 19.779 units.318 6.6x CEPS.6 41.8 6.723 55.2 5.250 556.7% MoM) to 24.318 6.2 134.937 107.446 units.302 (v/s est 99.050 9.302 90.1x FY14E/15E consolidated EPS and 8.Cap.1 CMP (INR) 1. Maruti Suzuki trades at 14.500 8.3 Mar-13 119.488 12.4 23.1% YoY (-18.3% MoM).8 12.779 Apr-12 100.8 8.0 -25.1 P/CE (x) 11.3 -12.5 -20.0 -25.144 3 5.506 68.302 90.8 -0.9 21.Sales & Marketing) said "The exports have shown good growth on account of strong demand from non-European markets. Hyundai's domestic sales have declined by 7.921 80.9% MoM) to 97.3 -12.871 435.(%) 30/16/22 M. While domestic volumes were flat YoY at 90.284 114.705 11. Our industry interaction indicates that the company is internally targeting 10-12% growth in FY14 volumes. Dzire continues to perform strongly with 25% YoY growth to 19.6 P/BV (X) 2.5 7.779 Chg (%) -3.500 8.2 24.302 units.0 34.523 1.2 NA -4. (USD b) 9.680 52-Wk Ra nge (INR 1.Dashboard Data Track Maruti Suzuki Apr-13 volumes marginally below est at 97.2 -4.2 24.981 0 6.8 21.
000 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Export volumes (units) FY11 FY1 2 FY1 3 FY1 4 20.000 115.000 5.3% in Apr-13 Segment mix (domestic) A1 A2 A3 + A4 MPVs + UVs 100% 75% A2 & A3 segments dominate the segment mix. UVs contribution rising 50% 25% 0% Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 Market mix Dome stic Sal es Exports 100% 75% Share of exports have declined in FY13 50% 25% 0% Apr-10 May-10 Jun-10 Jul-10 Aug-10 S ep-10 Oct-10 Nov-10 Dec-10 Jan-11 F eb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 S ep-11 Oct-11 Nov-11 Dec-11 Jan-12 F eb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 S ep-12 Oct-12 Nov-12 Dec-12 Jan-13 F eb-13 Mar-13 Apr-13 Sour ce: Compan y.000 0 Apr Ma y Jun Jul Aug Sep Oct No v Dec Jan Feb Ma r Exports declined by 33.000 90.000 10.000 65.000 40.000 15. MOSL May 2013 7 .Dashboard Monthly volumes (units) FY11 FY12 FY13 FY14 140.
531 1.7 -47.001 18.6 12.5 78.527 1.4 15.800 units).1 9.742 704 950 4.330 MoM (%) FY14-YTD -6.335 1.202 Apr-12 57. apart from healthy retails. growth in Auto disappoints with marginal growth of 2% YoY Snapshot of volumes for April 2013 Apr-13 Total volume UV (i ncl .742 units.5 33.0 7.6 25.2x/9.6 22.3 51.2 955 975/622 -3/-1/14 10.4 6.234 44.500 units (v/s FY13 avg of 3. the auto industry will look up.6 -16. M&M's Apr-13 Tractor volumes grew by 38% YoY (+33. The stock trades at 12.634 35.7 24. We remain cautiously optimistic of the current situation and do hope that with the much awaited and needed reduction in interest rates announcement by the RBI next week.4% YoY (-16.8 12. Auto volumes grew marginally by 2% YoY (-20% MoM) to 41.(%) M.259 YoY (%) 10. (x) P/E (x) 19.011 70.12 Rel . "We are extremely disappointed that the additional 3% excise duty on SUVs has not been reversed in the Finance Bill. Automotive Division.1 0.516 33.742 704 950 4. Mahindra & Mahindra Ltd.888 48.6 16.028 1.0 15.648 44. For FY14. on release of tractor sales.238 34.6 -31.1 RoCE EV/ EV/ (%) Sales (x) EBITDA 23.650 239.2 3/14E 457.426 13.036 23.0 Highlights "We are happy with the 38% growth which we have achieved during April 2013.5 0.2 1. pi ck-ups ) LCV (MNAL) Ve ri to Thre e-Whe el e rs Tractors 64. Chief Executive.6 3/15E 518.3 14.202 Chg (%) 12.500 units.9 7. Tractor volume surprises with 38% YoY growth. said on release of monthly Auto division sales. Mahindra and Mahindra: Financial & Valuation Summary Bl oomberg Equi ty Sha res (m) CMP (INR) 52-Wk Ra nge (INR) 1.0 0.634 35.5 20.6 -19. while SCVs (pick-ups) grew by 10% YoY to 14.5 24.4 38.659 16.8x consol.6/97.535 28. At Mahindra.032) units.8 18.0 20.1 62.5 10.202 units (v/s 17. Sales for XUV5OO is estimated at 2.8 9.8 RoE (%) 23. Chief Executive. against our expectation of 38.414 units.9% MoM) to 23. Maintain Buy. FY14E/FY15E EPS of INR 78.5 -36. Farm Equipment Sector. The company mentioned such high growth is due to improved market sentiments (led by festivals in this month).1 May 2013 8 .2 6.7 6.0 8.7 -13. UVs & Pick-ups segment grew by 6.4 6.6 -31. Our industry interaction indicates pressure across product segments except Bolero.211 4.5% MoM) to 4.7 -13.346 527.7 respectively.2 12.1 Mar-13 69.831 17.Perf.3 -21.6 3/13E 404.797 YoY (%) 12.0 24.Cap.501 4.4 38. post the inventory correction undertaken in 4QFY13.592 74. we forecast a growth of 7% for M&M's tractor volumes. Growth in passenger UVs stood only at 1% YoY.1 0.6% YoY (-19.5 -36.6.7% MoM) to 35. Con.596 64.432 units (v/s est ~45. EPS End (INR m) (INR m) (INR) EPS (INR) Gr (%) 3/12A 318. 3-wheeler volumes declined by 13. we hope to create excitement with the launch of the Verito Vibe and other product variants". (USD b) MM IN 587.036 (v/s est 5.797 58. In addition the expectation of a normal monsoon is clearly being seen as a positive indicator" said Rajesh Jejurikar.250 units).7 24. while Xylo/Quanto at 1.225 units.1 FY14 estimate 868.5 97. Our channel interaction indicates inventory build-up as well.338 units). Pravin Shah.392 38. We feel that this is on the back of improved market sentiments.Dashboard Data Track Mahindra & Mahindra Apr-13 volumes: Above est.6 Year Net Sales S/A PAT * S/A EPS * Cons.0 22.036 23.2 * S/A i ncl udi ng MVML P/E Cons.9 64.
000 12.000 39.000 Apr Ma y Jun Jul Aug Sep Oct Nov Dec Jan Feb Ma r FY11 FY12 FY13 FY14 Growth in UV volumes have moderated in Apr13 Tractor volume (units) FY11 FY12 FY13 FY14 36.000 Apr Ma y Jun Jul Aug Sep Oct Nov De c Jan Fe b Mar Product mix UVs Tractors LCVs.000 4.000 21.Dashboard Utility vehicle volumes (units) 48.000 30.000 Tractor volumes grew by 38% YoY 20.000 28.000 12. MOSL May 2013 9 . 3-wheelers Cars 100% Tractors and UVs dominate the segment mix. but we expect the share of three wheelers and LCVs to increase 75% 50% 25% 0% Oct-10 Oct-11 Apr-10 Aug-10 Apr-11 Aug-11 Apr-12 Aug-12 Oct-12 Dec-10 Dec-11 Dec-12 Feb-11 Feb-12 Feb-13 Apr-13 Jun-10 Jun-11 Jun-12 Source: Company.
We estimate volume growth (incl exports) of 5% in FY14. PAT Adj.160 units (v/s est 54.6% MoM) to 51.652 units (v/s est 2.3 12. (%) M.256 9. We estimate volume growth (incl exports) of 5% in FY14.1 21.230 113.3 7. Blo omb erg Actual Eq. Domestic M&HCV grew 2% YoY.160 10.173.Cap .3 23. Sh (m) CMP (INR) 52-Wk Ran ge (INR) 1.4 7.5% effective Apr-13.5 -35.416 44.338 26.Dashboard Data Track Tata Motors Apr-13 volumes: Below est.6 8.12 Rel .503 158.379.9 0. Growth in LCVs have been impacted with delayed impact of weak economic growth.129 YoY (%) -10.2 -51.7 4.112.935).543 133.500 units).4 18.5 Mar-13 72. RoE RoCE EV/ EV/ End * (INR m) (INR m) (INR) EPS (INR) ^ Ratio P/E (x) (%) (%) Sales (x) EBITDA (x) 3/12A 1.500 units).6 0. EPS Norm.5% effective April in CVs Total Apr-13 volumes declined by 14.446 3. Under new management team. although LCV growth moderates to 5% Snapshot of volumes for April 2013 Apr-13 Total volume HCV's LCV's Cars UV's 51.1 Highlights Tata Motors have implemented a price hike of 1-1.5 0.3 Tata Motors: Financial & Valuation Summary Year Sales Adj.9 3/15A 2.5 4.6.363 478.7 5.9 8. Domestic M&HCV volumes grew 2% YoY (-33% MoM) to 10.086 10. ^ Norma l i ze d for capi tal i zed e xpens es 22.9% YoY (-29.4 51.1 5.688 9.4 24.876.902 191.8 3/13A 1.4 -23.752 Apr-12 60. UV volumes declined by 34% YoY (-23% MoM) at 2.160 10. The stock trades at 8.522 19.2 7.688 9.318 2.946 34.2 23. Perf.8 39.8 296 321/138 11/8/-5 18.2 * Cons ol i date d.2 -1.0 5.8 22.2 16.6 -32.4x FY15E consolidated EPS.2 3. the company is making efforts to improve its positioning in passenger car business. Maintain Buy.568 37.702 51.5 FY14 estimate 809.8 22.2 -33.0 12.7 May 2013 10 .160 units (est 54.5 10.085 4.6 22. (USD b) TTMT IN 3.6 4.402 28.000) as it continues to struggle due to weak brand perception and higher competitive intensity.2 -51. We estimate volume growth (incl exports) of 12% in FY14. P/E Norm.656.594 MoM (%) FY14-YTD -29.918 (v/s est 10. Domestic LCVs volume growth moderated to 5% YoY (-38% MoM) to 26.6x FY14E consolidated EPS and 7.090 27.4 21.712 15.000).6 3/14A 2.751 91. Passenger cars de-grew by 52% YoY (flat MoM) to 8.555 40.9 0.8 13.545 125.6 8.1 0. We estimate volume growth (incl exports) of 5% in FY14.1 0.141 YoY (%) -14. Our channel check indicates that Tata Motors & Ashok Leyland have implemented a price hike of 1-1.752 Chg (%) -14. with 15% YoY decline to 51.3 38.2 -33.318 2.500).002 units (v/s est 8.402 28.023 units (v/s est 29.
000 10.2% YoY 23.000 8.000 M&HCV volumes continue to remain under pressure 22. MOSL May 2013 11 .000 29.000 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Ma r Car volumes (units) 35.000 17.000 Ap r May Jun Jul Aug S ep Oct Nov Dec Jan F eb Mar Product mix in the CV segment M&HCVs LCVs 100% 75% LCVs account for over 70% of the CV product portfolio 50% 25% 0% Apr-10 May-10 Jun-10 Jul -10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul -11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul -12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 Sour ce: Company.000 5.000 Ap r May Jun Jul Au g Se p Oct Nov Dec Jan Feb Ma r LCV volumes (units) FY11 FY12 FY13 FY14 48.000 16.Dashboard M&HCV volumes (units) FY1 1 FY12 FY13 FY14 28.000 40.000 11.000 4.000 24.000 16.000 FY11 FY1 2 FY1 3 FY14 Domestic car volumes de-grew 51.000 LCV growth has also moderated 32.
Maintain Buy.4x/9.7 0.8 -18.487 5. The stock trades at 13. MHCVs decline by 18. a growth of 1% YoY. we expect MHCV industry to recover in 2HFY14/FY15.1 -55.3x FY14E/FY15E earnings of INR1.6 RoCE (%) 14.236 Chg (%) ‐ 13.8 -18. being pure play and second largest CV player in India.487 (v/s est 8.7 64.5 1.313 4.590 4.1 Highlights Ashok Leyland have implemented a price hike of 1-1. (USD b) AL IN 2660.5 13. (INR b) M. Dost (LCV) sales at 2.468 2.1 4. AL.9 10.3 P/BV (x) 1.8% YoY to 5.821 units) as weak economic growth impact freight availability and transporters profitability.8 3/12A 128.4 1.567 2.8 FY14 estimate 134.8 22.155 1.7/2.218 YoY (%) ‐13. We estimate DOST volumes of 50.8% YoY (-45.5% and discount reduction of 2025% MoM effective Apr13. as per our industry interactions Ashok Leyland Apr-13 volumes declined by 13.8 -48.8 12.8 3/13E 123.547 84.821).8 0.68 33/20 4/-3/-29 61 1.325 MoM (%) FY14‐ YTD ‐ 46.251 2.4 4.Cap.0 10.Dashboard Data Track Ashok Leyland Below est.3 10.547 50.2 0.5 14.564 1.660 2.5 6. We estimate 6% growth in FY14 MHCV volumes.8 6.0 44. Dost volume grows only by 1% Snapshot of volumes for April 2013 Apr‐13 Total volume CV (e x DOST SCV) DOST 7.3 12.8 Mar‐ 13 14.8% MoM) to 5.251 units (v/s est 5.587 6.9 0.8 7.Cap. Pe rf.214 4.6. Bl oombe rg Equi ty Shares (m) 52-Wee k Range 1.1 0.000 YoY (%) 17.695 4.251 2. (%) (x) 3/11A 111.9 9.7 6.8 0. With expected improvement in macro-economic environment.251 (v/s 5.6% MoM) to 7. is the best bet to play expected improvement in CV cycle.12 Re l .6 May 2013 12 .686 units).686 6. (%) M.7 6.5 respectively.1 Ashok Leyland: Financial & Valuation Summary Year Net Sales PAT EPS EPS P/E End (INR m) (INR m) (INR) Gr.6 10.236 Apr‐12 8.771 6.8% YoY (-46.3 RoE (%) 16.3 7.487 5.000 units in FY14.250 units).5 43.420 5.5 1.0 3/14E 141.4 1. MHCVs registered a decline of 18.0 -50.020 9.2 13.236 units (v/s est 3.6 EV/ EV/ Sales (x) EBITDA (x) 0.5 8.4 3/15E 166.7 48.6 -45.
3/ 163.240/1.944 -5.12 Rel .379 YoY (%) March1 MoM chg 3 (%) chg 42. Yld (x) (%) 20.0 16. Bus volumes have increased by 41.760 -20.788 units. Sales volumes were higher across segments v/s our estimates.134 3.6% YoY (-24.4 25.6 582 654 9. Eicher buses are expected to grow by 11.8 -7.7 13. The company is targeting sales of 175. For CY13.7 M.788 3.0 RoCE (%) 22.000 units (v/s 113k units in CY12). Pe rf.8 65.432 -11.3 41.524 4.6% decline in CY13 for Eicher Motors due to challenging macro-economic environment.305 9.7 P/BV (x) 4.0 42.917 units (v/s est 3.9 202.881 3. we estimate Eicher's LMD segment to decline by 12.6 18.7 0.0 52-Wk Ra nge (INR) 3. CY13 would witness the benefit in volumes from the start of bus body plant (in 1QFY13).6 EV/EBITDA Div.6 18. (INR b) 72. HD volumes declined by 35. Eicher Motors trades at 26.524 42. (USD b) 1.6x/18. decline in LMD restricted to 11% (v/s 15.Cap. For domestic HD segment.702 CY13 Residual Residual YTD (%) CY13 YoY (%) YTD Growth Monthly chg estimate chg Monthly (%) Run rate Run rate 44.766 Apr-12 9.3 3.Cap.064 6.4% YoY (+6.3 4.963 250 -35.762 59.Dashboard Data Track Eicher Motors Above est.820 5.4 44.6 11.1 21.1 -7.9 12/14E 95.1 RoE (%) 20.615 3.0 222.620 1.5 0.3 -21.2 -34.6 CY13 47.213 2.6% MoM) to 1.2 120.3 17.1 12/13E 71.613 11.3% YoY (-42.9 7.917 2. Maintain Buy.6 25.9 17.248 603 -14.9 16.962 2.5.2 1.3 Eicher Motors: Financial & Valuation Summary EPS EPS Year Net Sales PAT End (INR b) (INR b) (INR) Gr (%) 12/12A 63.000 2.1 114. (%) 3/26/56 M.2 May 2013 13 .4 163.3 0.441 Domes ti c LMD Domes ti c HD Domes ti c Bus e s Total Domestic Exports 151 782 802 3.524 16.6 12.0 -7.7 28.3 26.6 -11.0/222.0 -22.8 -12. For CY13. LMD segment declined by 10.322 15.926 -15.1 -24.6 12/15E 119.6.765 2.0 -10. Bl oomberg EIM IN Equi ty Sha res (m) 27.3 775 831 -5.8%. MOSL Highlights Royal Enfield continues to enjoy average waiting period of over 8-10 months across products.076 2.2 5.0 -25.5 36.0 -39.7 3. we estimate 5. Buses continues to grow strongly with 41% YoY growth.6 11.5 23.0 -5.007 4.6 876 -42.8 -10.6% CY13-YTD) Snapshot of volumes for April 2013 Apr-13 Royal Enfie ld VECV 12.7 3. commencement of medium duty engine project (3QCY13) and launch of the new HD range in 4QCY13 (jointly developed by Eicher-Volvo).6 4.7x/13.638 units).4 -5.497 -15.1 168 151 Source: Compa ny.5 P/E (x) 25.139 4.126 506 1.126 units.6% MoM) to 2.134 units.2% MoM) to 506 units.356 3.8%.8 1.6 7.9 3.1 6.8 4.268 9.7x CY13E/CY14E/CY15E EPS of INR 114.0 3.3 0. Eicher Motor's Apr-13 CV volumes declined 7% YoY (-11% MoM) to 3.4 180. Royal Enfield sales have grown by 42% YoY to 12.554 1.3 -4.
3 67.3x FY14E/FY15E Bloomberg Consensus S/A EPS respectively.2 29. The company plans to launch a new scooter in 1HFY14 and a new motorcycle in 2HFY14. a decline of 5.261 71.215 67.966 ‐0.3% YoY (-7.215 units.4% MoM. while at 11.3% YoY and 1.1% YoY (-11.1 167.4x/8.752 ‐7.000 50.9 FY13‐YTD Chg (%) 165.833 67.215 174.9% MoM) to 62. While recent launch of Phoenix motorcycle (125cc) helped TVS to sustain motorcycle volumes at 67.Dashboard Data Track TVS Motor Higher competitive pressures impact scooters.713 units.438 MoM FY14‐YTD (%) ‐1.1 ‐7. Sales of mopeds have declined 7.961 units.8% MoM).583 61.000 74.3x Consolidated EPS.1 62.000 Motorcycle volumes were flat YoY 86.692 62. motorcycles sales were flat Snapshot of volumes for April 2013 Apr‐ 13 Total volume Motorcycl es Scooters Mopeds 165. The stock trades at 7.692 35.000 62.849 67.455 67.2 ‐ 17. +9.489. Not Rated.2x/6.849 29. MOSL May 2013 14 .961 Apr‐ 12 174.4 9. MOSL Highlights TVS Motor plans to launch a new scooter and motorcycle in FY14 TVS Motor reported sales of 165.455 ‐ 5.000 Apr Ma y Jun Jul Aug Se p Oct Nov De c Ja n Fe b Mar Source: Company.2% MoM) to 4.8 1.833 ‐ 17.1 Source: Compa ny.3 ‐0. higher competitive pressures have impacted its scooter sales (flat YoY.5 ‐11.808 29. It also plans upgrades across the product portfolio and will introduce a diesel three-wheeler.961 67.966 35.752 YoY Mar‐13 (%) ‐5. Motorcyle volumes (units) FY11 FY12 FY13 FY14 98. High margin three wheeler sales have increased by 62.
000 60.000 114.Dashboard Scooters and mopeds (units) FY11 FY12 FY13 FY1 4 132.000 Apr Ma y Jun Jul Au g Sep Oct Nov De c Jan Feb Mar Scooter volume declines by 17% YoY Sales mix Motorcycles Scooters & Mopeds 100% Mopeds have been relatively stable 75% 50% 25% 0% Aug-10 Aug-11 Aug-12 Apr-10 Apr-11 Apr-12 Dec-10 Dec-11 Dec-12 Feb-11 Feb-12 Feb-13 Apr-13 Oct-10 Oct-11 Jun-10 Jun-11 Jun-12 Oct-12 Sour ce: Company. MOSL May 2013 15 .000 78.000 96.
Dashboard Special Report MARUTI SUZUKI: Internal target to grow volumes by 1012% in FY14. This would be beneficial to MSIL given its high exposure towards petrol segment (entry level cars) and high discounts on petrol. Our industry interaction indicates that while MSIL is internally expecting industry growth of 5-6%. Key takeaways: MSIL has been gaining market share as: 1) Customers shift towards established brands during uncertain times. there has been seasonal reduction in discounts in Apr-13 by 20-25% compared to Mar-13 levels. While Amaze could perform reasonably well due to its pricing. Our channel interaction indicates that petrol car segment is witnessing higher consumer interest with recent diesel de-regulation and continuous news flow on diesel price hike. Over the last few months. The overall economic scenario and consequent consumer sentiments continues to remain challenging. and 5) Higher exposure to relatively strong rural market (15% growth in FY13. May 2013 16 . 28% of sales volumes). MSIL is estimated to report flat retail and wholesale dispatches for Apr-13. Dzire still commands an average waiting of 1 month. looks and Honda badge. lower pick-up compared to Dzire. against 5-6% industry growth Recovery in petrol segment to drive market share gains We interacted with industry participants in the passenger vehicle space to get an update on Maruti Suzuki's (MSIL) retail demand trends. While industry volumes continue to remain under pressure. Sustained increase in diesel prices could lead to meaningful shift towards petrol segment. though in metros/urban markets it is available off the shelf due to higher competitive pressures. inventory levels etc. discounts. While Honda has garnered healthy bookings for its recent launch of compact sedan Amaze. our channel checks (even with Honda dealers) indicate that there are concerns on its interiors. it may not significantly impact Dzire volumes. While waiting period for popular models of Swift & Dzire have reduced on higher supplies. our channel checks indicate that MSIL has been performing relatively better than the PV Industry. it is targeting 10-12% growth for itself in FY14 volumes. our channel checks indicate there are no cash discounts on Swift/Dzire. NVH (on diesel variant). MSIL has been consistently gaining market share. However. 4) CNG offerings in key markets (gaining traction over last few months). as per dealers. While MSIL has not implemented a price hike in Apr-13. 2) Strength of its experienced network and wide product portfolio. 3) Higher market share in the petrol segment (now recovering). Contrary to street expectations.
our channel checks indicate there are no cash discounts on Swift/Dzire. higher than industry volume growth expectation of 5-6% While MSIL expects domestic industry volume growth of 5-6% in FY14. though in metros/urban markets it is available off the shelf on higher supplies (due to relatively higher competitive pressures). shift of preference towards diesel variants (due to differential fuel pricing) and lock-out at Manesar led to huge order backlog for diesel variants of popular models for MSIL. and 5) Higher exposure to relatively strong rural market (15% growth in FY13. Dzire. Waiting period for popular diesel models have reduced on higher supplies. May 2013 17 .Dashboard MSIL's market share have been on a rising trend MSIL has higher market share in petrol segment MSIL internally targeting 10-12% growth in FY14 volumes. Contrary to street expectations. MSIL has been gaining market share as 1) Customers shift towards established brands during uncertain times. it is internally targeting higher than industry growth at 10-12% in FY14 volumes. This has led to reduction in waiting period for diesel variants of Swift/Dzire and almost NIL for Ertiga. Post the normalization of Manesar operations. Our channel interaction indicates that waiting period for Swift/Dzire have reduced over the last few months on higher supplies. Dzire continues to command a waiting period of average 1 month. MSIL has been focusing on increasing the supply of diesel variants of such popular models. Despite declining waiting period. Dzire still commands an average waiting of 1 month Strong response to new model launches (Swift. However. 2) Strength of its experienced/extensive network and wide product portfolio. while petrol variants of Swift/Dzire had come under waiting list for few months. Ertiga). 3) Higher market share in the petrol segment (now recovering). 4) CNG offerings in key markets of Delhi/Mumbai (gaining traction over last few months). 28% of sales volumes).
looks and Honda badge.5 1.743 629. While MSIL has not implemented a price hike in Apr-13. we expect other players (particularly Toyota Etios) to be relatively more impacted.485 460 3. Dzire is the key competitor to Amaze.99.000 630.899 Delhi Discounts in Apr-13 have been lowered by 20-25% compared to Mar-13 levels.749 599.3 1. While based on a product-to-product comparison.3 1. On an average.000/unit on key models.4 1.598 510 1. lower pick-up compared to Dzire. While Amaze could perform reasonably well due to its pricing.000 units in FY14 Diesel (entry level variant) Honda Amaze Maruti Dzire Toyota Etios Chevrolet Sail M&M Verito Tata Manza Hyundai i20 * Ex-showroom Price * Engine (Ltr) 1.247 295 7.975 5. Our channel interaction indicates that discounts have been reduced by 20-25% across models MoM. discounts have been reduced by INR5.Dashboard Honda Amaze unlikely to impact Dzire volumes meaningfully While Honda has garnered healthy bookings for its recent launch of compact sedan Amaze. NVH (on diesel variant).4 Power/ Weight (BHP/Ton) 93 70 67 69 57 74 73 Boot 3m avg.577 599.249 460 2. Amaze's dashboard lacks appeal Honda Amaze targets 50.480 370 1.3 1. it may not significantly impact Dzire volumes. our channel checks (even with Honda dealers) indicate that there are concerns on its interiors. Indicative discount trend on key models (INR '000/unit) Source: Pune based dealer May 2013 18 .500 670.4 1. Space volumes (Ltrs) 400 316 18. there has been seasonal reduction in discounts in Apr-13 compared to Mar-13 levels. on a brand-to-brand comparison.
" Elaborating on Dream Neo. While DREAM NEO is loaded with attractive & best in class features like Top Mileage of 74 kmpl*. Dream Neo outputs a peak power of 8. demand recovery along with stability in competitive intensity would be key driver for stock performance.500 rpm. Vice President . Dream Neo has the same engine (and looks) as Dream Yuga with marginally higher mileage and lower power/torque than Dream Yuga.President & CEO. This coupled with HMSI's continued expansion on capacity. ex-showroom Delhi). HMSI.36 PS at 7.93m units. Mr. said "Creating a new paradigm in mass mobility. DREAM NEO is Honda's Most Affordable and Most Fuel Efficient 2Wheeler ever in India. overcame the challenge of improving Mileage and meeting the competitive price point.93m units HMSI has further expanded its product portfolio with the launch of 110cc motorcycle under Dream series (Dream Neo) . Mr. Honda aims to grow over 150% in 100-110cc motorcycle segment YoY. Backed by our new product launches & network expansion.150 (ex-showroom Delhi).950. These figures are slightly lower than the 8.91 Nm of Dream Yuga. Valuation & view: We expect two-wheeler volume recovery to be back-ended in FY14. Honda Dream Neo May 2013 19 . Y. it is being delivered at a truly aggressive pricing to delight Indian customers. INR2k cheaper than Dream Yuga and similarly priced as Hero's Splendor (INR42.500 rpm and a peak torque of 8. Finally DREAM NEO is a package which is hard to resist by 100110cc mass segment motorcycle customers". While valuations for both Hero MotoCorp and Bajaj Auto are reasonable. Guleria.5 Bhp-8. It is confident of achieving 43% growth in FY14 to 3.its cheapest and most fuel efficient offering in India. Keita Muramatsu . Our newly opened Technical centre comprising of R&D. Overall. with near term volumes expected to remain weak.Sales & Marketing. Talking about Honda's strategic direction. HMSI. Dream Neo is priced at INR 43. Engineering. Purchase & Quality team.633 Nm at 5. HMSI targets to grow by 150% in 100-110cc mass market segment in FY14. S. we are confident of customer demand for Honda 2Wheelers and eye 43% growth with 39.Dashboard Special Report INDIA AUTO (2W): HMSI launches its cheapest new 110cc motorcycle Dream Neo priced against Hero's Splendor HMSI aims to grow by 43% in FY14 to 3. dealer network and product portfolio would result in sustained pressure on the domestic players. said "DREAM NEO is Honda's next big leap towards creating deep inroads into the Indian commuter segment.3 lac unit sales in FY'14.
Dashboard HMSI India product offerings May 2013 20 .
000 1.7 0.Dashboard Sector Gauge Two-wheelers: Volume snapshot Total Domestic 2W % of Total 2W Total Motorcycle % of Domestic 2W Scooters & Mopeds % of Domestic 2W Exports % of Total 2W Total 2W Two-wheelers Domestic volumes moderate Mar-12 FY12 Chg (%) 13.1 87 10.505 Chg (%) 2.3 -0.435 11.095 27 1.440 28 172.239.400.089.225 12 15.759.6 75 3.8 -8.4% in Mar-13 1.989 86 798.081.068 Mar-12 1.2 Two-wheelers: Domestic volume trend (units) FY11 FY1 2 FY13 1.280 88 10.2 10.309 29 149.452 MoM (%) -1.000 800.000.200.282 14.182.5 2.2 -2.4 25 1.643 12 1.274.068 15.4 -6.185 73 3.100 89 849.719.376.2 13 15.335.000 Domestic motorcycle sales have declined by 8.7 -6.425 88 778.000 600.000 May Oct Nov Apr Mar Aug Sep Jan Feb Jun Dec Jul Domestic market share in 2-wheelers Hero MotoCorp 100% Bajaj Auto HMSI Yamaha TVS Motor Increasing competition in 2-wheeler segment.061. with HMSI consistently gaining market share 75% 50% 25% 0% Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 May 2013 21 .6 -13.327.549 72 303.7 Feb-13 1.8 FY13 13.699 11 1.101.9 Source: SIAM/MOSL Mar-13 1.799 YoY (%) -7.6 2.397.1 -2.463 14 1.978.788 28 145.786 29.960.847 22.9 2.312 72 332.678.116 71 311.
Dashboard Motorcycles: domestic volume trend FY11 FY12 FY13 1.000 Motorcycles volumes remains under pressure 800.000 Export volumes also declines MoM 175.000 600.000 100. although HMSI's increasing its market share 100% 75% 50% 25% 0% Apr‐10 May‐10 Jun‐10 Jul‐10 Aug‐10 Sep‐10 Oct‐10 Nov‐10 Dec‐10 Jan‐11 Feb‐11 Mar‐11 Apr‐11 May‐11 Jun‐11 Jul‐11 Aug‐11 Sep‐11 Oct‐11 Nov‐11 Dec‐11 Jan‐12 Feb‐12 Mar‐12 Apr‐12 May‐12 Jun‐12 Jul‐12 Aug‐12 Sep‐12 Oct‐12 Nov‐12 Dec‐12 Jan‐13 Feb‐13 Mar‐13 Two-wheelers: Product mix Mot orcycle Scoot ers& Mopeds 100% 75% Motorcycles dominate 2W segment.000 125.000 May Oct Nov Apr Mar Aug Jun Sep Jan TVS M otor Motorcycles: domestic market share Hero MotoCorp Bajaj Auto HMSI Yamaha Hero MotoCrop continues to dominate motorcycle segment.000.000 150.000 Apr Oct May Mar Nov Aug Dec Jun Sep Jan Feb Jul Feb Dec Jul May 2013 22 . though share of scooters rising rapidly 50% 25% 0% Apr‐10 May‐10 Jun‐10 Jul ‐10 Aug ‐10 Sep‐10 Oct‐ 10 Nov‐10 Dec‐10 Jan‐11 Feb‐ 11 Mar‐ 11 Apr‐ 11 May‐ 11 Jun‐ 11 Jul ‐ 11 Aug ‐11 Sep‐11 Oct‐ 11 Nov‐ 11 Dec‐ 11 Jan‐ 12 Feb‐ 12 Mar‐ 12 Apr‐12 May‐12 Jun‐12 Jul ‐12 Aug ‐12 Sep‐12 Oct‐12 Nov‐12 Dec‐12 Jan‐13 Feb‐13 Mar‐13 Two-wheelers: export volumes (units) FY11 FY12 FY1 3 200.000 400.
5 7.108 23 20.526 38 71.578 81 8.316 10.539 19 8.173 18 94.379 Chg (%) 3.0 -9.088 36 841.5% YoY in Mar-13 68.875 Mar-12 42.000 56.278 97 2.895 3 303.118 82 97.291 64 441.0 5.068 YoY (%) 3.1 21 89.076 -3.3 17 358.175 77 2.000 FY12 FY13 3W volumes grows by 4.281 67 32.5 -86.1 79 107.5 4.2 59 412.5 83 17.576 97 281 3 22.Dashboard Sector Gauge Three-wheelers: Volume snapshot Total Domestic 3W % of Tota l 3W Passenger % of Domes ti c eW Total Goods % of Domes ti c 3W <1T % of Goods Vehi cl e >1T % of Goods Vehi cl e Exports % of Tota l 3W Total 3W Three-wheelers Demand remains weak Mar-13 43.117 62 35.000 80.847 7.261 97 278 3 27.000 Apr May Jun Jul Aug Sep Oct Nov Dec Ja n Feb Mar Three-wheelers: domestic segment mix Passenger Goods 100% 75% Passenger segment dominates threewheelers with over 80% contribution 50% 25% 0% Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 May 2013 23 .9 4.9 -15.6 19.5 3.8 1.1 YTD FY13 538.643 MoM (%) -1.529 66 34.998 78 9.923 -1.672 80 8.346 34 65.2 Mar-12 FY12 Chg (%) 519.3 Source: SIAM/MOSL Three-wheelers: volume trend (including exports) FY11 92.857 20 8.393 32.3 -2.283 22 7.7 7.1 -4.5 Feb-13 44.9 -83.992 -16.8 -8.1 -18.855 13.000 44.4 -4.000 32.7 3.8 41 878.787 33 63.
May 2013 Bajaj Auto continues to dominate passenger segment… .. Piaggio continues to lead in the goods segment 100% Three wheelers: goods segment market share Three wheelers: passenger segment market share 25% 50% 75% 100% 0% 25% 50% 75% 0% Baja j Auto Pi aggi o M&M Others Ba ja j Auto Pi aggi o M&M TVS Others Apr‐10 May‐10 Jun‐10 Jul‐10 Aug‐10 Sep‐10 Oct‐10 Nov‐10 Dec‐10 Jan‐11 Feb‐11 Mar‐11 Apr‐11 May‐11 Jun‐11 Jul‐11 Aug‐11 Sep‐11 Oct‐11 Nov‐11 Dec‐11 Jan‐12 Feb‐12 Mar‐12 Apr‐12 May‐12 Jun‐12 Jul‐12 Aug‐12 Sep‐12 Oct‐12 Nov‐12 Dec‐12 Jan‐13 Feb‐13 Mar‐13 Apr‐10 May‐10 Jun‐10 Jul‐10 Aug‐10 Sep‐10 Oct‐10 Nov‐10 Dec‐10 Jan‐11 Feb‐11 Mar‐11 Apr‐11 May‐11 Jun‐11 Jul‐11 Aug‐11 Sep‐11 Oct‐11 Nov‐11 Dec‐11 Jan‐12 Feb‐12 Mar‐12 Apr‐12 May‐12 Jun‐12 Jul‐12 Aug‐12 Sep‐12 Oct‐12 Nov‐12 Dec‐12 Jan‐13 Feb‐13 Mar‐13 Dashboard 24 ..
000 Apr Ma y Jun Jul Aug Se p Oct Nov De c Ja n Feb Ma r UVs & MPVs: domestic volume (units) FY11 FY12 FY13 88.8 7.6 10.591 4.3 11.7 3.762 74 55.927 17 271.5 14 234.124.869 79 169.3 30.7 12.433 81 1. while UVs continue to grow Mar‐12 FY12 Chg (%) 2.000 Apr Ma y Jun Jul Aug Se p Oct Nov De c Jan Feb Mar May 2013 25 .8 75 451.686 19 2.616.017.422.000 200.188 14 22.530 28 51.652 67 1.132.298 10 554.3 77 1.6 32.624 69 450.442 2.167 1 47.4 22 53.4 83.856 24 4.423 70 115.8 ‐22.511.1 ‐26.730 74 40.807 % of Total PVs 17 Total PVs 306.064 8 50.236 21 20.4 12.396 14.000 80.4 ‐49.977.3 13.1 ‐10.0 ‐25.1 Source : SIAM/MOSL Passenger vehicles: Volume snapshot Mar‐13 Total Domestic PVs 254.000 16.609 % of Total PVs 83 Total Cars 179.698 MoM (%) 13.013 9.1 ‐4.634.4 9.383 YoY (%) ‐12.000 64.103 % of Domes ti c PVs 70 A1 & A2 124.498 3 550.866 ‐11.136 15.7 3 365.416 Mar‐12 292.000 120.9 ‐5.438 % of Domes ti c PVs 9 Exports 51.068 % of Domes ti c PVs 21 MPVs 22.262 15 342.3 ‐4.000 Car volumes declines by 22% YoY in Mar-13 160.6 84 2.112 9 46.6 9 508.1 ‐0.836 % of Ca rs 30 A4 & above 2.000 40.119 Chg (%) ‐7.948 21.000 Volumes improve led by Ertiga. Duster and Quanto 76.4 ‐19.483 23 237.000 52.4 16 3.987 6.771 83 157.8 YTD FY13 2.526 26 1.251 2 40.628 ‐1.Dashboard Sector Gauge Cars and UVs Passenger cars remain sluggish.121 85 229.144 % of Ca rs 1 UVs 53.7 Cars: domestic volume (units) FY11 FY12 FY13 240.5 Feb‐13 224.8 1.0 1.000 28.123 % of Ca rs 69 A3 52.4 50.
000 100% 100% 25% 25% 50% 75% 0% 50% 75% 0% UVs: domestic market share Cars: domestic market share Passenger vehicles: segment mix Passenger vehicles: export volume (units) 100% 25% Apr May Jun Maruti 50% 75% 0% Jul M&M A1 A2 Aug FY11 TataMotor TataMotor A3 Sep Oct FY12 Hyundai A4 & above Toyota Nov Dec GM MPV FY13 Maruti Jan Honda UV GM Feb Apr‐10 May‐10 Jun‐10 Jul‐10 Aug‐10 Sep‐10 Oct‐10 Nov‐10 Dec‐10 Jan‐11 Feb‐11 Mar‐11 Apr‐11 May‐11 Jun‐11 Jul‐11 Aug‐11 Sep‐11 Oct‐11 Nov‐11 Dec‐11 Jan‐12 Feb‐12 Mar‐12 Apr‐12 May‐12 Jun‐12 Jul‐12 Aug‐12 Sep‐12 Oct‐12 Nov‐12 Dec‐12 Jan‐13 Feb‐13 Mar‐13 Mar Apr‐10 May‐10 Jun‐10 Jul‐10 Aug‐10 Sep‐10 Oct‐10 Nov‐10 Dec‐10 Jan‐11 Feb‐11 Mar‐11 Apr‐11 May‐11 Jun‐11 Jul‐11 Aug‐11 Sep‐11 Oct‐11 Nov‐11 Dec‐11 Jan‐12 Feb‐12 Mar‐12 Apr‐12 May‐12 Jun‐12 Jul‐12 Aug‐12 Sep‐12 Oct‐12 Nov‐12 Dec‐12 Jan‐13 Feb‐13 Mar‐13 Apr‐10 May‐10 Jun‐10 Jul‐10 Aug‐10 Sep‐10 Oct‐10 Nov‐10 Dec‐10 Jan‐11 Feb‐11 Mar‐11 Apr‐11 May‐11 Jun‐11 Jul‐11 Aug‐11 Sep‐11 Oct‐11 Nov‐11 Dec‐11 Jan‐12 Feb‐12 Mar‐12 Apr‐12 May‐12 Jun‐12 Jul‐12 Aug‐12 Sep‐12 Oct‐12 Nov‐12 Dec‐12 Jan‐ 13 Feb‐13 Mar‐13 Dashboard 26 .May 2013 Export volumes pick-up MoM MSIL market share improves over the last few months Maruti's market share improves.000 47.000 56.000 65.000 29.000 38. driven by Ertiga A2 dominates the passenger vehicles segment 20.
867 % of M&HCVs 20 Total LCVs 55.279 0.503 YoY (%) ‐6.5 10.1 16.2 21.8 10 887.5 ‐22.733 60 48.000 32. growth in LCV also moderates Ma r‐12 FY12 Chg (%) 797.705 83 46.244 % of LCVs 6 Exports 5.Dashboard Sector Gauge Commercial vehicles M&HCV declines.153 6 80.082 91 268.337 17.7 0.890 69 43.7 86 48.121 % of LCVs 59 Pa s s enger 5.0 12.080 21.491 17 524.7 18.2 50 48.500 3.7 56 401.886 66 476.664 84 6.000 M&HCV volumes remains under pressure 24.goods (units) FY11 FY12 FY13 40.100 7.2 ‐1.084 Chg (%) ‐0.3 38.257 16.0 ‐26.353 91 21.340 16 50.085 8.463 31 17.000 16.343 92 40.1 ‐8.6 90 347.2 45.848 % of Total CVs 6 Total CVs 90.793 27.000 0 Apr Ma y Jun Jul Aug Sep Oct Nov Dec Ja n Feb Mar M&HCVs: domestic volume .372 9 74.8 ‐25.6 M&HCVs: Domestic volume .3 37.724 % of M&HCVs 80 Pa s s enger 5.9 36.573 49 5.1 Source: SIAM/MOSL Commercial vehicles: Volume snapshot Mar-13 Total Domestic CVs 84.365 % of Domestic CVs 65 Goods 50.500 0 Apr Ma y Jun Jul Aug Sep Oct Nov Dec Jan Feb Ma r May 2013 27 .196 34 221.893 24.3 ‐7.725 MoM (%) 24.5 YTD FY13 793.804 Mar-12 90.766 6 8.5 ‐7.500 6.364 7.4 ‐9.956 % of Total CVs 94 Total M&HCV 29.591 % of Domestic CVs 35 Goods 23.004 44 33.buses (units) FY11 FY12 FY13 7.002 9 873.339 56 44.7 16.5 44 299.093 63 3.421 81 4.2 18.1 ‐11.4 6 90.6 14 449.9 ‐3.160 8 98.000 1.042 19 46.000 4.1 ‐28.000 8.8 Feb-13 68.0 ‐29.797 6 6.
000 100% 25% 50% 75% 25% 30.000 50.000 60.000 0% 0% 40. goods (%) Ap r Ta taMotor May FY1 1 AshokLe yland Jun FY12 Eiche r Ta ta M otor Ju l FY13 Aug Sep As hokLe yl a nd Oct Nov Dec Eic he r Swara j Jan Fe b Mar Apr‐ 10 May‐ 10 Jun ‐ 10 Jul‐ 10 Aug ‐ 10 S ep ‐ 10 Oct‐10 Nov‐10 Dec‐10 Jan ‐11 F eb ‐11 Mar‐11 Apr‐11 May‐11 Jun ‐11 Jul‐11 Aug ‐11 S ep ‐11 Oct‐11 Nov‐11 Dec‐11 Jan ‐12 F eb ‐ 12 Mar‐ 12 Apr‐ 12 May‐ 12 Jun ‐ 12 Jul‐ 12 Aug ‐ 12 S ep ‐ 12 Oct‐12 Nov‐12 Dec‐12 Jan ‐ 13 F eb ‐13 Mar‐13 Apr‐ 10 May‐ 10 Jun ‐ 10 Jul ‐ 10 Aug‐ 10 S ep ‐ 10 Oct‐ 10 Nov‐ 10 Dec‐ 10 Jan ‐ 11 F eb ‐ 11 Mar‐ 11 Apr‐ 11 May‐ 11 Jun ‐ 11 Jul ‐ 11 Aug‐ 11 S ep ‐ 11 Oct‐ 11 Nov‐ 11 Dec‐ 11 Jan ‐ 12 F eb ‐ 12 Mar‐ 12 Apr‐ 12 May‐ 12 Jun ‐ 12 Jul ‐ 12 Aug‐ 12 S ep ‐ 12 Oct‐ 12 Nov‐ 12 Dec‐ 12 Jan ‐ 13 F eb ‐ 13 Mar‐ 13 Dashboard 28 . buses (%) M&HCVs: domestic market share.000 100% 50% 75% LCVs: domestic volumes (units) M&HCVs: domestic market share.May 2013 Tata Motors continue to dominate M&HCV goods segment LCVs continue robust growth 20.
May 2013 Tata Motors dominates the domestic LCV segment LCVs contribution to CVs increased 100% 25% 25% 0% LCVs < 12T <16T < 35T 50% 75% 100% LCVs: domestic market share (%) Goods: segment-wise break-up (%) 0% Apr‐10 May‐10 Jun‐10 Jul‐10 Aug‐10 Sep‐10 Oct‐10 Nov‐10 Dec‐10 Jan‐11 Feb‐11 Mar‐11 Apr‐11 May‐11 Jun‐11 Jul‐11 Aug‐11 Sep‐11 Oct‐11 Nov‐11 Dec‐11 Jan‐12 Feb‐12 Mar‐12 Apr‐12 May‐12 Jun‐12 Jul‐12 Aug‐12 Sep‐12 Oct‐12 Nov‐12 Dec‐12 Jan‐13 Feb‐13 Mar‐13 Apr‐10 May‐10 Jun‐10 Jul ‐10 Aug ‐10 Sep‐10 Oct‐10 Nov‐10 Dec‐10 Jan‐11 Feb‐11 Mar‐11 Apr‐11 May‐11 Jun‐11 Jul ‐11 Aug ‐11 Sep‐11 Oct‐11 Nov‐11 Dec‐11 Jan‐12 Feb‐12 Mar‐12 Apr‐12 May‐12 Jun‐12 Jul ‐12 Aug ‐12 Sep‐12 Oct‐12 Nov‐12 Dec‐12 Jan‐13 Feb‐13 Mar‐13 50% 75% TataMo tor Piaggio M&M Others Dashboard 29 .
The company is increasing the number of dealers from 150 to 162 across India this year to promote the sale of Amaze whose target buyers seem to be middle-income and middle-aged businessmen. Honda Motor Corporation has set itself a target of selling 6m cars. The company is now focusing on tier-2 and tier-3 towns and cities for its new. while the six petrol trims would be available at INR0. said: "Our counter attack in India has just begun with the Amaze. as per the company. including full model changes (Jazz and City). We have a lot to do. which will be followed by a compact SUV (sports utility vehicle) based on Jazz platform in 2015.Dashboard News and Events Major developments in the auto sector April 2013 Honda launches Amaze. is likely to hit the market at the end of 2014. The four diesel options come in priced band of INR0. Honda Motor launched its much-awaited compact sedan Amaze at an aggressive price range of INR0. Small cars. Honda's game changer model and its first diesel product. UVs are all under study." With the launch of new models. and the company believes a large part of this growth will come from emerging market like India. Tapakura. You can anticipate some interesting moves from Honda. This can be further scaled up to 0.49-0. The petrol option has a 1. Kanayama says Honda will cater to 50% of the overall Indian passenger vehicle market from the current 10%.36m units.2 litre i-VTEC engine. small or premium. up from 4m at the end of 2012. The company is investing INR25b for setting up an additional assembly line in Rajasthan. which will take up the company's total capacity to 0.76m. Hironori Kanayama. who underscored India being a "strategically important market" for Honda's global operation.49m to INR0. Honda Cars India. Honda Motor is readying to roll out in two to three years a slew of diesel variants and two new utility vehicles that will enable the Japanese car maker to participate in the fastest-growing segment in the Indian passenger vehicle market. MD. while the automatic offers 15.76m (ex-showroom.5 km in every litre. Its manual transmission delivers a fuel economy of 18 kmpl.59-0.24m units per annum by the 2014-end. An MPV (multi purpose vehicle). to roll out UVs over two-three years Honda Amaze Japanese carmaker. prospective buyers. Delhi).6 kmpl. The SUV market is the fastest growing segment and we are studying every segment surrounding the UV space.75m. May 2013 30 . Amaze would be country's most fuel-efficient car with a mileage of 25. based on the Brio platform codenamed 2NH.
reliable and tough 1." Thakur said. The Oragadam facility will operate in tandem with the existing plant in Tiruvottiyur for motorcycle assembly next year. targets to sell 175. Africa and West Asia. Mahindra South Africa has added another variant to its range of one-tonne Genio pick-ups that are proving very popular in the country." Lal says. we will do a combined 150.2 tonne light commercial vehicle to facilitate their daily working operations and delivery needs. Lal's next step is to target markets beyond India. "This new addition is in response to customer requests and in line with Mahindra's policy of listening to feedback and adapting our product range to meet these needs." said Mahindra South Africa CEO Ashok Thakur. such as the Bolero.000 units.Dashboard Royal Enfield Royal Enfield starts new plant. This activity will.000 units in CY13 Royal Enfield has commenced operations at its new plant at Oragadam. Thar and Xylo. "In the case of the Genio with drop sides and a flat load bed we see this is well suited to small business operators in need of a versatile. Siddhartha Lal. a list that includes Latin America. In the past. when volumes make it viable. thereafter. Mahindra sees the Genio as a versatile pick-up that sits between the requirements for a workhorse bakkie and a recreational vehicle. May 2013 31 . adding that South Africa was the first country outside India to receive the Genio. He shrugs off the ongoing crisis in Europe saying the company's exposure to this part of the world is "extremely small". Over the next decade. Southeast Asia. Royal Enfield sees developing markets as the bigger play. Mahindra Genio South Africa first to get new Mahindra vehicle 'Genio' South Africa has become the first country outside India to get the latest product 'Genio' from the Mahindra range of pick-up vehicles. for sale in the South African market. "We are taking this new plant as an opportunity to upgrade ourselves to absolute global standards in terms of manufacturing excellence". Scorpio. Mahindra has adapted Indian domestic models." Thakur said. (MD & CEO of Eicher Motors) believes Royal Enfield's new plant coming up in Oragadam near Chennai next year will "once and forever" change the company. but the Genio is the result of a new global approach to research and development. "The Genio is the result of extensive worldwide research in terms of what the pick-up buyer requires in the various markets where this type of vehicle is popular. while Oragadam can do twice as much on its own subsequently. be confined to the new unit while engines will still be machined and assembled in the old plant. "Initially in 2013. Chennai.
But wherever we are present we have a leadership role. Swaziland and Namibia. the largest European car maker. and is also exporting vehicles to Zimbabwe.79m Volkswagen launched a petrol variant of its popular hatchback Polo. said Arvind Saxena. "Fuel efficiency has become vital for every customer looking at purchasing a new car and the Polo GT TSI is an answer to this demand offering maximum power and minimum consumption. Vento." he said. Volkswagen. adding that the TSI is a pioneering technology of petrol engines by Volkswagen. May 2013 32 .79m (ex-showroom Delhi). the company has sold a total of approximately 18. "The company will significantly expand its product portfolio during the year and thereby be able to address a much larger luxury car market. and since then. "We are currently functioning in India within fewer segments with the C.Dashboard The Genio is made at Mahindra's state-of-the-art manufacturing facility in Chakan. Mahindra South Africa is a fully-owned subsidiary of the USD 15. E and S Class and the petrol variant of the B Class. Zambia. Mahindra South Africa has achieved significant growth in the country since its establishment in October 2004. Mercedes-Benz to roll out 3 new models in 3 months The German luxury carmaker Mercedes-Benz has set a hectic pace for itself and expects to launch three new models in India within three months. Volkswagen launches Polo petrol variant at INR0.000 vehicles. said." He told Business Line that the luxury auto market in India is set to grow significantly from barely 1. sells the Polo." Saxena said. Jetta. which was completed in November 2009. The company will introduce its all-new luxury sports utility vehicle GL in the presence of German tennis star Boris Becker on May 16 in New Delhi.2% of the 2.6-million passenger car market to about 4% of the expanded market by 2020. Botswana. Managing Director and CEO of Mercedes-Benz India. which was established in 1945. Kern. The 1. with an initial manufacturing capacity of 300. The company operates in South Africa with over 50 dealerships.9-billionMahindra Group. This will be followed by the launch of the diesel variant of its B Class and the globally popular A Class hatch in both the petrol and diesel variants.000 units a year and the potential to double this output in the future. Volkswagen Group Sales India after the launch here. Eberhard H. Managing Director for passenger cars.2-litre new Polo is priced at INR0. Mahindra & Mahindra of India. Passat and the Touareg in the domestic market.
the company said. and registering a growth of about 5. by the year-end. It expects to complete the expansion project. India is the 100th market for the sales of BMW MINI and the car maker has established five exclusive outlets in the country.3% during the first quarter ended March 31. MINI Cooper S Countryman High would be imported in India as a completely built units along with the petrol variants of MINI Cooper.000 cars. The company last year commissioned a new paint shop at Chakan in Maharashtra. "With the production of MINI Countryman at the BMW Plant Chennai.009 cars. The Group today announced the commencement of local production of MINI Countryman at BMW Plant near Chennai. it said. However. currently produces BMW 3 series. To be introduced in two diesel variants -. it said. The new MINI local production facility has been brought on stream just a year after the start of MINI sales in India and would help meet the growing demand. the release added. the statement said. BMW 5 series. the Chennai facility would also produce petrol variant. 2013 with 2. The cars manufactured from the facility would fulfill the same quality standards that apply to production of BMW group models worldwide. BMW Mini Cooper BMW starts production of 'MINI Countryman' at Chennai plant A year after introducing its popular 'MINI' range of cars in India. spread on a 40-acre land at Mahindra World City in Singaperumalkoil." BMW India said in a statement.Dashboard "Having closed 2012 with overall sales volumes of about 7." he said. BMW X1. May 2013 33 . the car maker said the MINI Cooper S Countryman. The MINI Cooper range of cars currently available in India are priced between INR2. luxury car maker BMW has begun the local production of 'MINI Countryman' at the facility here. MINI is the first premium small car to be locally manufactured in India and expects significant growth over the medium and long-term." it said.75m for the top end model.000 vehicles per annum. BMW Chennai plant. which will take the capacity to 20. MINI Cooper S. BMW X3. which can handle up to 20.MINI Cooper D Countryman and MINI Cooper D Countryman High in India. the company in 2013 will also produce BMW 7 series and the BMW 1 series. "A new chapter is set to be written in MINI's global success story as cars from the British premium brand roll off an assembly line outside Europe for the first time.000 cars. Besides MINI Cooper.7m for the base variant and INR3. we expect to register double-digit growth during the current year with the expanded portfolio. MINI Convertible.
The company currently sells only Prius hybrid model in India as a fully-imported vehicle. the official said. The sales of the model increased over 70% to 12 units in 2012-13 from 7 units in the previous financial year. the spokesperson said: "Depending on the future market dynamics." The official. "We have already introduced the Prius to Indian market and we will continue to study the Indian market to introduce new hybrid models in India at appropriate times.Dashboard Toyota Prius Toyota to explore possibility of more hybrid models in India Japanese auto giant Toyota will consider introducing new hybrid vehicles in India in future encouraged by gradual increase in sales of its only such model 'Prius' in the country. which is present in India through a joint venture with Kirloskar Group. however. may also consider assembly of hybrid cars if demand for such vehicles increases in future. of which 13 are new vehicles and five will be model changes. The company is planning to introduce 18 new hybrid models by 2015. When asked if the company will start assembly of hybrid models at any of its two Indian plants. May 2013 34 . As part of a global initiative to develop fuel-efficient and environment-friendly vehicles. we will study and take a decision accordingly. declined to comment on any possible timeframe to start CKD (completely knocked down) operations of hybrid vehicles in India saying "it is related to future production plans". Toyota Motor Corporation (TMC) will launch 18 new hybrid models by 2015." a TMC spokesperson told to media from Tokyo. The company.
Dashboard N O T E S May 2013 35 .
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