MOSL: AUTOMOBILES | July 2017 volumes-Bajaj Auto
​AUTOMOBILES | July 2017 volumes: Bajaj Auto
Bajaj Auto: Overall July volumes down 6.7% YoY to 307.7k
BJAUT's July 2017 sales declined 6.7% YoY to 307,727 units, lower than our estimate of 322,200 units. Domestic volumes declined 5.8% YoY (but grew 47% MoM); exports declined 8% YoY. To meet our volume estimate of 3.91m units for FY18, the required residual monthly run rate is 339.3k units.
Overall motorcycle volumes declined 7% YoY. Domestic motorcycle dispatches declined 5.4% YoY to 164.9k, as growth continues to be under pressure. Motorcycle exports declined 9.8% YoY.
The management indicated improvement in sales in the months to come: "Domestic motorcycle sales will be more than 200k units in September. The company has already commenced production and launch of CT100 electric start version. There is good product action planned for Platina and V. All these products will be placed well before the festive season."
Total Dominar volumes in July 2017 were ~3k units compared to ~2k units in June; BJAUT sold 10.5k units of KTM in July.
3W volumes have still not recovered and declined 4% YoY. Domestic 3W volumes declined 8.9% YoY. Exports retained growth momentum for the fourth consecutive month and grew 1.7% YoY.
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