Maruti Suzuki reported a decline in total volumes (-5% yoy and -1.5% mom) primarily led by 29% yoy decline in the Alto and Wagon R segment (mainly petrol). The falling petrol model volumes were partly offset by the strong demand for Swift and Dzire models which posted 14% and 64% growth yoy. Export volumes declined by 11% yoy and 7% mom.
Hero Motocorp’s May 2012 volumes increased by 11% yoy and 2% mom (5% better than our estimates) driven by strong demand for Splendor and CD Dawn. We believe Hero Motocorp gained further market share in May 2012 given low demand for competitor models
Tata Motors reported a 20% yoy decline in domestic MHCVs while domestic LCV volumes grew by 26% yoy which supported growth in the commercial vehicle segment. The company is expanding capacity at Dharwad plant for LCVs which will help it meet demand for Ace.
M&M continues to report robust growth in the passenger UV segment (+31% yoy) and the light commercial vehicle segment (+33% yoy). We believe pan India launch (in 100 cities) from June 8 will boost volumes of XUV500 further.
Also keep watching our twitter space -
http://twitter.com/dalalstreet
