Motilal Oswal - MOSL: AUTOMOBILES | May 2017 volumes-1. Maruti Suzuki-2. Mahindra Mahindra-3. EICHER Motors-4. Ashok Leyland

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Motilal Oswal

Jinesh Gandhi

MOSL: AUTOMOBILES | May 2017 volumes-1. Maruti Suzuki-2. Mahindra & Mahindra-3. EICHER Motors-4. Ashok Leyland

â€‹AUTOMOBILES | May 2017 volumes: 1. Maruti Suzuki; 2. Mahindra & Mahindra; 3. EICHER Motors; 4. Ashok Leyland; 5. Hero MotoCorp; 6. TVS Motor

1. Maruti Suzuki: Vol below expectation 137k units (v/s est. 150k), + 11%YoY; Domestic vols up ~16% YoY driven by UV and mini segment; Exports declined 36% YoY

â€‹MSIL's May-17 wholesales negatively surprised and came in at 136,962 units (v/s est 149,650 units), 11.3% YoY growth (-9.4% MoM).
Domestic volumes grew by ~16% YoY (-10% MoM) to 130.7k (v/s est 140k) led by growth in UV and mini segment. The miss was primarily led by normalization of Dzire Tour (Apr-17 volume - 8,606 units v/s avg of 2.9k units in FY17), Swift (Apr-17 - 23,802 units v/s avg of 14k units in FY17) and transition of new CIAZ to Nexa dealerships (inventory filling). Also new Dzire wholesale was only for part of May.
Retail volume grew at double digit, implying estimated inventory of under 4 weeks.
Mini segment recovery continued with ~18% growth - second consecutive month of growth.
The compact segment grew by 4% YoY led by normalization of Swift hatchback and Dzire Tour.

02/06/2017 8 EN

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Motilal Oswal

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.

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Analysts

Jinesh Gandhi

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MOSL: AUTOMOBILES | May 2017 volumes-1. Maruti Suzuki-2. Mahindra & Mahindra-3. EICHER Motors-4. Ashok Leyland

MOSL : HOME FIRST FINANCE COMPANY: Earnings in-line with sustained improvement in asset quality

MOSL : SHOPPERS STOP: Ticking the right boxes

MOSL : ERIS LIFESCIENCES: Enhanced efforts toward product launch-related activities

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