Total sales for March 2009 increased by 15.8% YoY to 79,872 units,
against our expectation of 78000 units. Domestic sales grew by 10.4%
YoY to 70,785 units. Exports volume increased by 87.1% YoY to 9,087
units.
Mahindra & Mahindra ltd
Total UV sales declined by 3.3% YoY to 12,620 units. 3 wheeler sales
were down by 27.1% YoY to 2,703 units. Total tractor sales for May
2009, including the sales of Punjab Tractors (PTL) of 3,848 units
(post the merger wef August 2008) increased by 42.6% YoY. (Excluding
PTL's sales of 3,848 units, total tractor sales increased by mere
1.9 %YoY). Volumes had been affected in May 09, due to strike at
Nashik plant from 4th May to 18th May 09.
TVS Motor Company Ltd
Total sales were up by 5.1% YoY to 118,574 units. Motorcycle sales
declined by 2.2% YoY to 53,495 units. Other two wheeler sales up by
12.1% YoY to 65,079 units. Export sales were down by 20.9% YoY to
11,135 units. We expect exports to remain subdued for next two months.
Hero Honda Motors Ltd
Total sales increased by 22.5% YoY to 382,678 units.
Tata Motors Ltd
Total sales declined by 13.3% YoY to 40,196 units. M&HCVs sales
declined by 26.6% YoY to 8,624 units. LCVs sales increased by 20.4%
YoY to 14,380 units. Total domestic sales declined by 10.5% YoY to
38,392 units. Export sales declined by 47.3% YoY to 1,804 units.
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