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Auto Monthly - October 2013 - Angel Broking

Ashok Leyland
Ashok Leyland (AL) continued registering poor volume performance, with total sales witnessing a decline of 14.6% yoy to 6,803 units led by the weak demand environment amidst slowdown in the economic activity. While medium and heavy commercial vehicle (MHCV) sales declined by 17.5% yoy; Dost sales posted a decline of 10.6% yoy during the month. 

Hero MotoCorp 
Hero MotoCorp (HMCL) posted record monthly volumes buoyed by the festival demand and strong traction from the rural markets due to good monsoons. Total volumes reported a better-than-expected growth of 18.2% yoy (33.4% mom) to 625,420 units.

Mahindra and Mahindra
Mahindra & Mahindra (MM) registered slightly better-than-expected growth of 7% yoy (27% mom) to 88,821 units led by the robust growth in the tractor segment, even though the automotive segment continued to witness headwinds due to the slowdown and increasing competition in the utility vehicle space. With-in the automotive segment, the passenger vehicle sales continued to slide sharply (down 14.9% yoy) due to the subdued demand environment and rising competition amidst increase in excise duty which has impacted company's products the most. The tractor segment however, witnessed a strong growth of 29.4% yoy led by the strong domestic demand driven by good monsoons which led to a 30% growth in the domestic sales. 

Maruti Suzuki 
Maruti Suzuki (MSIL) registered an in-line volume growth of 1.9% yoy (flat mom) to 105,087 units driven by strong exports growth of 27% yoy on a low base of last year. The domestic sales though remained muted (flat yoy) despite the festival cheer as the Mini and Compact segments registered a volume decline of 6.8% and 1.2% yoy respectively. The Super Compact segment continued its strong traction and registered a growth of 19.6% yoy. The utility vehicle sales of the company too registered a strong performance (highest ever monthly sales YTD in FY2014), although on a yoy basis, it declined 2.2% yoy. 

Tata Motors
Tata Motors (TTMT) continued its poor sales performance as the domestic commercial (CV) and passenger vehicle (PV) volumes maintained the downward trajectory following weak consumer demand and slowdown in industrial activity. Total volumes posted a sharp decline of 28.1% yoy (up marginally by 2.5% despite the fetival season) to 51,638 units with CV and PV segments registering a sharp decline of 26.6% and 31.4% yoy respectively. Within the CV space, medium and heavy and light commercial vehicle segments witnessed a decline of 29.7% and 25.6% yoy respectively. While in the PV segment, utility vehicle and passenger cars witnessed a decline of 31% and 31.5% yoy respectively. Export volumes though  posted a strong growth of 30% yoy during the month. 
Source: Angel Broking

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