MOSL: AUTOMOBILES | MAR-18 VOLUMES-1. MAHINDRA & MAHINDRA; 2. BAJAJ AUTO; 3. HERO MOTOCORP
Automobiles | Mar-18 VOLUMES: 1. Mahindra & Mahindra; 2. Bajaj Auto; 3. Hero MotoCorp; 4. Eicher Motors; 5. Ashok Leyland; 6. TVS Motor
Mahindra & Mahindra: Wholesales of 90.4k units exceed estimate of 81.1k; UV volumes up 9.6% YoY; Tractor volumes up 46.2% YoY
- MM’s volumes grew 19.9% YoY to 90.4k units (est. of 81.1k units) in Mar-18.
- Tractors sales increased 46.2% YoY to 28.3k units (est. of 22k), led by a 50% increase in domestic volumes, while exports declined 3% YoY.
- UV sales (incl. pick-ups) stood at 53k units (+9.6% YoY), above estimate of 51k units.
- Momentum in pick-ups continued with 13% YoY growth, while passenger utility vehicles reported growth of 3% YoY.
- LCV (>3.5t) and M&HCV sales declined by ~3% YoY and ~6% YoY, respectively.
- 3W volumes increased ~30% YoY to 6.6k units (est. of 5.3k units).
- Speaking on the monthly performance, Rajan Wadhera, President, Automotive Sector, M&M Ltd. said, “We are particularly buoyed by the growth of our truck business, which has outperformed the industry. With three of our critical new automotive launches lined up in FY19, we are confident of increasing our market share in the utility vehicle space.”
Bajaj Auto: Mar-18 dispatches of 334.3k units miss estimate of 348k; Domestic volumes of 204k units below est. of 218k; exports in line
- BJAUT’s Mar-18 sales increased 22.8% YoY to 334.3k units, below our estimate of 347.6k units.
- Domestic volumes of 203.6k units missed our estimate of 218.4k units, while exports came in line at 130.7k units. Domestic volumes grew 20.3% YoY, while exports rose 27% YoY.
- Overall motorcycle volumes increased 10.5% YoY. Domestic motorcycle dispatches increased ~5% YoY to 159k units. Motorcycle exports grew ~20% YoY to 111k units.
- 3W volumes remained strong, with overall growth of 130% YoY. Domestic 3W volumes maintained the positive momentum, growing 150% YoY to 44.6k units. 3W exports grew 95% YoY to 19.8k units. This marks highest-ever 3W monthly volume for BJAUT.
- For FY18, volumes grew 9.3% to ~4m units.
Motilal Oswal Financial Services Ltd. is a reputed name in Financial Services and Online Trading with group companies providing services such as Private Wealth Management, Retail Broking and Distribution, Institutional Broking, Asset Management, Investment Banking, Private Equity, Commodity Broking, Currency Broking, Principal Strategies & Home Finance.
Motilal Oswal Securities is a group company of Motilal Oswal Financial Service Limited which started as a stock trading company and has blossomed into well diversified firm offering a range of financial products and services. Motilal Oswal has built a reputation as the source for best stock trading company and this has taken a wealth of experience, knowledge and expertise, constantly working in tandem, over the years.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.