First Weekly loss out of five on profit booking
The Indian markets ended the Week with marginal losses led by profit booking which weighed on Dalal Street. The Sensex and Nifty fell 0.21%-0.47% for the week ended March 03, 2017.
The Indian markets ended the Week with marginal losses led by profit booking which weighed on Dalal Street. The Sensex and Nifty fell 0.21%-0.47% for the week ended March 03, 2017.
Auto February 2017 Monthly Sales Review: On a recovery path
The automotive sales for February marked an improvement in the volumes of Two Wheelers (2W) and Commercial Vehicles (CV) segments, leading to an overall recovery of the automotive universe. The liquidity situation on the ground has been improving steadily, resulting in an improved performance.
The automotive sales for February marked an improvement in the volumes of Two Wheelers (2W) and Commercial Vehicles (CV) segments, leading to an overall recovery of the automotive universe. The liquidity situation on the ground has been improving steadily, resulting in an improved performance.
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The 2W companies posted flat sales for the month, which is a significant improvement compared to a 8% YoY decline in January 2017. Also, the CV segment volume growth moved into a positive territory (6% YoY growth) after three consecutive months of de-growth.
Demand improvement, coupled with some pre-buying before the change in Emission Norms drove CV volumes. Both, MHCV (4% YoY growth) and LCV (7% YoY growth) reported mid single-digit volume growth for the month.
The Passenger Vehicle (PV) segment maintained a healthy performance, reporting an 8% YoY growth, helped by a sustained demand due to new launches.
Key takeaways from February 2017 performance
The 2W companies posted flat sales for the month, which is a significant improvement compared to a 8% YoY decline in January 2017. Also, the CV segment volume growth moved into a positive territory (6% YoY growth) after three consecutive months of de-growth.
Demand improvement, coupled with some pre-buying before the change in Emission Norms drove CV volumes. Both, MHCV (4% YoY growth) and LCV (7% YoY growth) reported mid single-digit volume growth for the month.
The Passenger Vehicle (PV) segment maintained a healthy performance, reporting an 8% YoY growth, helped by a sustained demand due to new launches.
Key takeaways from February 2017 performance
In the 2W segment, market leader Hero MotoCorp underperformed, reporting a decline of 5% YoY. Highest exposure to rural areas, which got impacted more by demonetisation, led to the decline in volumes.
TVS Motor also underperformed marginally, with the sales falling by 2% YoY, implying a market share loss amid rising competition. Honda Motorcycles & Scooters (HMSI) and Bajaj Auto outpaced the 2W industry growth, reporting 4% YoY and 6% YoY growth, respectively led by new launches.
In the CV segment, M&M (due to faster recovery in LCV Pick-up segment) and Eicher Motors (owing to new product introductions) outperformed the industry, registering a growth rate of 18% YoY and 12% YoY.
Ashok Leyland’s sales growth was in line with the CV industry. Tata Motors continued to underperform, reporting flat sales - which points to a market share loss amid rising competitive intensity.
In the PV segment, Maruti Suzuki India (MSIL) and Tata Motors outperformed the industry, reporting a 12% YoY volume growth each, led by sustained demand for the recent launches. Renault India also reported a strong growth rate of 27% YoY, leading to market share gains.
M&M continued to underperform, reporting a 13% YoY drop in volumes given the higher rural exposure and lack of products in the fast-growing compact segment. Hyundai India underperformed marginally, reporting a growth of 4% YoY – implying a market share loss.
In the Tractors segment, market leader M&M underperformed marginally with 11% YoY volume growth. Escorts outpaced the industry, reporting a strong double-digit growth of 30% YoY.
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