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Capital Mind Sparkplug Report on Indian Automobile Industry for November - 2015 Teaser
- 2. CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Nov'15 The SparkPlug Report 2 Capital Mind Premium: The Sparkplug Report November 2015 A First Look at November's Auto Industry Sales Data The automotive industry witnessed a mixed reaction to the early festivities. • Production stood at 1,799,478 units; a decline of -9.76% (YoY) or 194,539 units. • Domestic Sales touched 1,654,226 units compared to 1,603,312 units during the same month of the previous year. This translated into a growth of +3.18% (YoY) or 50,914 units. • Exports had a massive impact with a decline of -17.61% (YoY) the lowest during the current year. 275,639 units were exported in November compared to 334,552 units during the same month of the previous year resulting in a decline of 58,913 units. There is a Diwali effect at play here, since Diwali was in November this year, while it was in October last year. This changes the dynamics and the only way to figure out how we have done is to add both October + November numbers together. • Special Note: October + November (Diwali Effect) = • Production: +2.31% (YoY) • Domestic Sales: +8.84% (YoY) • Exports: -11.85% (YoY) • Effectively, after removing the Diwali Impact, sales are up 8%, but exports are down severely. New Launches 1) Honda Motorcycles launched the CB Shine SP (Smart Power). The new 125cc commuter bike will replace Honda's existing CB Shine and will be the 14th product of the 15 Honda bikes to be launched here by 2015. 2) Other manufacturers failed to launch any new vehicles and rather stuck with adding new features to existing models as they all lost steam due to the October new launches.
- 3. This is how the companies stack up! (% change YoY) CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Nov'15 The SparkPlug Report 3 Company Production Domestic Exports Ashok Leyland 10,124 ↑ 24.24% 7,979 ↑ 24.05% 992 ↓ -22.14% Atul Auto 3,863 ↓ -7.14% 3,995 ↑ 8.68% 10 ↓ -92.37% Bajaj Auto 285,618 ↓ -11.26% 172,358 ↑ 20.09% 137,249 ↓ -17.19% Fiat India 531 ↓ -49.72% 606 ↓ -20.26% 0 ↓ 0.00% Force Motors 1,579 ↓ -10.34% 1,418 ↑ 3.73% 11 ↓ -15.38% Ford India 13,998 ↓ -9.87% 8,773 ↑ 54.97% 8,416 ↑ 18.52% General Motors 1,695 ↓ -56.02% 2,475 ↓ -38.23% 3,940 ↑ 2526.67% Hero MotoCorp 506,361 ↓ -8.67% 538,180 ↑ 3.30% 12,551 ↓ -52.48% Honda Cars 16,559 ↓ -2.55% 14,712 ↓ -3.61% 120 ↓ -86.52% Honda Motorcycle & Scooter India 319,179 ↓ -13.75% 311,946 ↓ -11.82% 14,391 ↓ -20.17% Hyundai Motor India 49,771 ↓ -5.57% 43,651 ↑ 22.92% 14,008 ↓ -25.41% India Yamaha Motor 48,880 ↓ -22.99% 42,718 ↓ -4.39% 12,643 ↓ -13.99% Mahindra & Mahindra 41,317 ↑ 8.07% 39,383 ↑ 22.69% 2,207 ↑ 0.68% Mahindra Two Wheelers 11,985 ↓ -33.50% 18,061 ↑ 38.38% 1,027 ↓ -32.74% Company Production Domestic Exports Maruti Suzuki India 103,495 ↓ -11.80% 110,599 ↑ 10.57% 10,225 ↑ 1.02% Nissan Motor India 10,322 ↓ -18.49% 2,617 ↑ 28.22% 8,538 ↓ -18.69% Piaggio Vehicles 16,223 ↓ -13.25% 14,567 ↓ -1.38% 2,022 ↓ -28.22% Renault India 5,778 ↑ 75.68% 7,819 ↑ 144.27% 8 ↓ -96.31% Royal Enfield (Unit of Eicher) 40,009 ↑ 42.74% 40,312 ↑ 48.22% 457 ↑ 32.85% SML Isuzu 1,151 ↑ 124.37% 660 ↑ 27.91% 23 ↑ 35.29% Suzuki Motorcycle 26,802 ↓ -19.71% 23,364 ↓ -26.35% 2,852 ↑ 70.17% TVS Motor Company 220,232 ↓ -4.29% 191,780 ↑ 6.05% 33,621 ↓ -14.26% Tata Motors 35,817 ↓ -22.38% 35,345 ↓ -5.56% 3,573 ↓ -16.77% Toyota Kirloskar Motor 10,946 ↓ -23.93% 10,278 ↓ -15.58% 1,120 ↓ -42.89% VECVs - Eicher 3,490 ↑ 26.59% 2,905 ↑ 30.09% 629 ↑ 15.41% VECVs - Volvo 67 ↓ -36.79% 105 ↓ -11.02% 0 ↓ 0.00% Volkswagen India 15,354 ↓ -15.98% 3,884 ↓ -49.51% 9,416 ↓ -17.62%
- 4. CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Nov'15 The SparkPlug Report 4
- 5. CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Nov'15 The SparkPlug Report 5 Capital Mind Premium: The Sparkplug Report November 2015 What Follows What follows is charts of each company's production, domestic sales and exports, compared to last year, for the first eight months of the year. We have divided this into sections for: • Two wheelers • Three wheelers • Passenger vehicles (Cars, SUVs) • Commercial vehicles (Trucks, Buses) We summarize each section as a whole in the beginning and then provide charts for each company. All data is sourced from SIAM. Charts are by Capital Mind. Disclaimer: While we have made all efforts to ensure that the data is clean and correct, we cannot vouch for the authenticity of this data and whether it will reflect accurately in company books, due to the secondary nature which involves company releases to SIAM and then onward to us. These numbers are not audited. We do not recommend the use of this information for trading or speculation in stocks, and none of this is investment advice.
- 6. TWO WHEELERS
- 7. TWO WHEELERS CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Nov'15 The SparkPlug Report 7 1484187 1598895 1443861 1577334 1541304 1785560 1608220 1561587 1488509 1560164 1486580 1602348 1546310 1730992 1830239 1418592 Apr May Jun Jul Aug Sep Oct Nov 0 500000 1000000 1500000 PRODUCTION -2014 -2015 1289183 1398376 1262883 1298694 1345506 1553608 1461712 1301434 1287064 1380950 1307710 1300457 1305350 1537137 1656235 1320561 Apr May Jun Jul Aug Sep Oct Nov 0 500000 1000000 1500000 DOMESTIC SALES -2014 -2015 194931 213973 182232 222583 233551 229118 214911 228652 184661 211820 231008 237708 251182 233302 189698 189490 Apr May Jun Jul Aug Sep Oct Nov 0 50000 100000 150000 200000 250000 EXPORTS -2014 -2015 -5% 0% 5% 10% 0.29% -2.42% 2.96% 1.59% 0.32% -3.06% 13.81% -9.16% YoY GROWTH Apr May Jun Jul Aug Sep Oct Nov 0% 5% 10% -0.16% -1.25% 3.55% 0.14% -2.98% -1.06% 13.31% 1.47% YoY GROWTH Apr May Jun Jul Aug Sep Oct Nov -10% 0% 10% 20% -5.27% -1.01% 26.77% 6.80% 7.55% 1.83% -11.73% -17.13% YoY GROWTH Apr May Jun Jul Aug Sep Oct Nov
- 8. CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Nov'15 The SparkPlug Report 8 Capital Mind Premium: The Sparkplug Report November 2015 Two Wheelers How did this segment fare? Let's take a look at the segment analysis; the sub-segment and each of the constituents: Segment Analysis: • Production fell from 1,561,587 units to 1,418,592 units resulting in a decline of -9.16% (YoY) • Domestic Sales grew from 1,301,434 units to 1,320,561 units resulting in a growth of +1.47% (YoY • Exports declined from 228,652 units to 189,490 units resulting in the worst decline for the year at -17.13% (YoY) • All this translated into an overall sales decline of -1.31% (YoY) • Special Note: October + November (Diwali Effect) = • Production: +2.49% (YoY) • Domestic Sales: +7.73% (YoY) • Exports: -14.51% (YoY)
- 9. CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Nov'15 The SparkPlug Report 9 Capital Mind Premium: The Sparkplug Report November 2015 Sub-Segment Analysis: Scooters (Models include: Maestro, Hero Duet, Activa and others): • Faring better than Motorcycles and Mopeds, Scooters brought in a growth of +2.45% (YoY) in Domestic Sales clocking in 396,024 units from the previous year of 386,547 units. • Production stood at 409,566 units with a decline of -3.45% (YoY). • Exports were the worst at 21,181 units compared to 28,380 units resulting in a decline of -25.37% (YoY). November was even worse off than October as Domestic Sales was at its lowest of the year and Exports were at its second worst month of the year. • Special Note: October + November (Diwali Effect) = • Production: +12.84% (YoY) • Domestic Sales: +19.56% (YoY) • Exports: -26.53% (YoY) Motorcycles (Models include: Discover, Splendor, CB Twister and others): • Motorcycles managed a growth of +1.58% (YoY) in Domestic Sales. 866,705 units were sold compared to 853,257 units; an addition of 13,448 units. • Production touched 952,358 units from 1,075,533 units translating into a decline of -11.45% (YoY). • Exports were again the worst with 166,641 units compared to 199,534 units resulting in a decline of -16.48% (YoY).November Export numbers were the worst of the year. • Special Note: October + November (Diwali Effect) = • Production: -0.82% (YoY) • Domestic Sales: +3.79% (YoY) • Exports: -12.98% (YoY)
- 10. CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Nov'15 The SparkPlug Report 10 Capital Mind Premium: The Sparkplug Report November 2015 Constituent Analysis: • Outliers (manufacturer with the highest growth): • Production: +42.74% (YoY) - Royal Enfield (Unit of Eicher) • Domestic Sales: +48.22% (YoY) - Royal Enfield (Unit of Eicher) • Exports: +70.17% (YoY) - Suzuki Motorcycle • Total Overall Sales: +48.02% (YoY) - Royal Enfield (Unit of Eicher) • Bajaj Auto broke into positive growth after 2 continuous months in the red. Overall Sales increased by +3.41% (YoY). Domestic Sales stood at +19.60% (YoY) - the only manufacturer after Royal Enfield and Mahindra Two Wheelers to clock in double digit growth. Exports were bleak at -11.97% (YoY). Its market share increased from 16.73% to 17.94%. • Hero MotoCorp - after 2 continuous months of 6 lakh+ sales, the overall sales for November fell to 550,731 units. Hero MotoCorp not only managed to protect its market share from its rivals but also ate 1.81% into their share thereby increasing its total market share to 36.47% from 34.66%. Domestic Sales fell from 13.50% (YoY) to 3.30% (YoY). Exports took a huge hit at -52.48% (YoY) continuing a 4 month streak in the red. • Honda Motorcycle & Scooter India (HMSI) lost over 2% of its market share during the month of November. All figures were in the red. Production was down -13.75% (YoY), Domestic Sales was also in the red at -11.82% (YoY), and Exports stood at -20.17% (YoY). November was the worst month for HMSI with an overall sales growth of -12.22% (YoY). • Royal Enfield continued to outperform its rivals with a growth of +48.22% (YoY) in Domestic Sales and +32.85% (YoY) in Exports. December is expected to be in the red as the Chennai floods have caused most of the automotive majors to shut their plants. • Mahindra Two Wheelers also managed a good recovery with a growth of +38.38% (YoY) in Domestic Sales - best of the year while Exports were in the negative at -32.74% (YoY) again the worst of the year.
- 11. Hero MotoCorp (Number of Vehicles) CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Nov'15 The SparkPlug Report - [TWO WHEELERS] 11 567949 602483 536122 554110 534037 620984 561612 554436 548854 578094 510875 502847 476085 584944 661756 506361 Apr May Jun Jul Aug Sep Oct Nov 0 200000 400000 600000 PRODUCTION -2014 -2015 558556 589360 530560 516661 535503 580882 550688 521001 525051 560222 515279 465101 460557 589644 625031 538180 Apr May Jun Jul Aug Sep Oct Nov 0 200000 400000 600000 DOMESTIC SALES -2014 -2015 12498 13123 11034 13201 23106 23170 24368 26412 8240 9978 27083 22479 19980 17100 14771 12551 Apr May Jun Jul Aug Sep Oct Nov 0 5000 10000 15000 20000 25000 EXPORTS -2014 -2015 -10% -5% 0% 5% 10% 15% -3.36% -4.05% -4.71% -9.25% -10.85% -5.80% 17.83% -8.67% YoY GROWTH Apr May Jun Jul Aug Sep Oct Nov -10% -5% 0% 5% 10% -6.00% -4.94% -2.88% -9.98% -14.00% 1.51% 13.50% 3.30% YoY GROWTH Apr May Jun Jul Aug Sep Oct Nov -50% 0% 50% 100% -34.07% -23.97% 145.45% 70.28% -13.53% -26.20% -39.38% -52.48% YoY GROWTH Apr May Jun Jul Aug Sep Oct Nov 38.27 % 37.68 % 37.13 % 35.13 % 34.65 % 34.78 % 34.92 % 35.50 % 36.87 % 37.05 % 34.37 % 31.38 % 30.79 % 33.79 % 36.16 % 35.69 % Apr'14 May'14 Jun'14 Jul'14 Aug'14 Sep'14 Oct'14 Nov'14 Apr'15 May'15 Jun'15 Jul'15 Aug'15 Sep'15 Oct'15 Nov'15 0 10 20 30 MARKET SHARE 43.33 % 42.15 % 42.01 % 39.78 % 39.80 % 37.39 % 37.67 % 40.03 % 40.79 % 40.57 % 39.40 % 35.76 % 35.28 % 38.36 % 37.74 % 40.75 % Apr'14 May'14 Jun'14 Jul'14 Aug'14 Sep'14 Oct'14 Nov'14 Apr'15 May'15 Jun'15 Jul'15 Aug'15 Sep'15 Oct'15 Nov'15 0 10 20 30 40 MARKET SHARE 6.41 % 6.13 % 6.05 % 5.93 % 9.89 % 10.11 % 11.34 % 11.55 % 4.46 % 4.71 % 11.72 % 9.46 % 7.95 % 7.33 % 7.79 % 6.62 % Apr'14 May'14 Jun'14 Jul'14 Aug'14 Sep'14 Oct'14 Nov'14 Apr'15 May'15 Jun'15 Jul'15 Aug'15 Sep'15 Oct'15 Nov'15 0 2 4 6 8 10 MARKET SHARE
- 12. Honda Motorcycle & Scooter India (Number of Vehicles) CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Nov'15 The SparkPlug Report - [TWO WHEELERS] 12 323138 350809 325777 395712 380913 426151 363397 370074 366645 353277 321881 413067 396801 420828 405309 319179 Apr May Jun Jul Aug Sep Oct Nov 0 100000 200000 300000 400000 PRODUCTION -2014 -2015 301978 342136 309387 363977 370871 420600 361670 353743 328994 353409 331859 371349 373169 411645 431887 311946 Apr May Jun Jul Aug Sep Oct Nov 0 100000 200000 300000 400000 DOMESTIC SALES -2014 -2015 11928 13403 13765 17435 17152 17900 15359 18027 11699 13787 17015 18257 22060 19089 16975 14391 Apr May Jun Jul Aug Sep Oct Nov 0 5000 10000 15000 20000 EXPORTS -2014 -2015 -10% -5% 0% 5% 10% 13.46% 0.70% -1.20% 4.39% 4.17% -1.25% 11.53% -13.75% YoY GROWTH Apr May Jun Jul Aug Sep Oct Nov -10% 0% 10% 8.95% 3.29% 7.26% 2.03% 0.62% -2.13% 19.41% -11.82% YoY GROWTH Apr May Jun Jul Aug Sep Oct Nov -20% -10% 0% 10% 20% -1.92% 2.87% 23.61% 4.71% 28.61% 6.64% 10.52% -20.17% YoY GROWTH Apr May Jun Jul Aug Sep Oct Nov 21.77 % 21.94 % 22.56 % 25.09 % 24.71 % 23.87 % 22.60 % 23.70 % 24.63 % 22.64 % 21.65 % 25.78 % 25.66 % 24.31 % 22.15 % 22.50 % Apr'14 May'14 Jun'14 Jul'14 Aug'14 Sep'14 Oct'14 Nov'14 Apr'15 May'15 Jun'15 Jul'15 Aug'15 Sep'15 Oct'15 Nov'15 0 5 10 15 20 25 MARKET SHARE 23.42 % 24.47 % 24.50 % 28.03 % 27.56 % 27.07 % 24.74 % 27.18 % 25.56 % 25.59 % 25.38 % 28.56 % 28.59 % 26.78 % 26.08 % 23.62 % Apr'14 May'14 Jun'14 Jul'14 Aug'14 Sep'14 Oct'14 Nov'14 Apr'15 May'15 Jun'15 Jul'15 Aug'15 Sep'15 Oct'15 Nov'15 0 5 10 15 20 25 MARKET SHARE 6.12 % 6.26 % 7.55 % 7.83 % 7.34 % 7.81 % 7.15 % 7.88 % 6.34 % 6.51 % 7.37 % 7.68 % 8.78 % 8.18 % 8.95 % 7.59 % Apr'14 May'14 Jun'14 Jul'14 Aug'14 Sep'14 Oct'14 Nov'14 Apr'15 May'15 Jun'15 Jul'15 Aug'15 Sep'15 Oct'15 Nov'15 0 2 4 6 8 MARKET SHARE
- 13. THREE WHEELERS
- 14. THREE WHEELERS CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Nov'15 The SparkPlug Report 14 62188 68923 76514 87798 88309 95001 87380 91220 77076 74046 75088 84620 85467 96377 90942 69583 Apr May Jun Jul Aug Sep Oct Nov 0 20000 40000 60000 80000 PRODUCTION -2014 -2015 33446 40425 47383 51462 52550 56948 52307 41755 32666 36500 43875 45151 46124 49524 52361 45235 Apr May Jun Jul Aug Sep Oct Nov 0 10000 20000 30000 40000 50000 DOMESTIC SALES -2014 -2015 26528 30285 30593 37198 39183 36370 35315 42337 47548 38743 36119 38283 41638 44730 32188 27631 Apr May Jun Jul Aug Sep Oct Nov 0 10000 20000 30000 40000 EXPORTS -2014 -2015 -20% -10% 0% 10% 20% 23.94% 7.43% -1.86% -3.62% -3.22% 1.45% 4.08% -23.72% YoY GROWTH Apr May Jun Jul Aug Sep Oct Nov -10% -5% 0% 5% -2.33% -9.71% -7.40% -12.26%-12.23% -13.04% 0.10% 8.33% YoY GROWTH Apr May Jun Jul Aug Sep Oct Nov -20% 0% 20% 40% 60% 79.24% 27.93% 18.06% 2.92% 6.27% 22.99% -8.85% -34.74% YoY GROWTH Apr May Jun Jul Aug Sep Oct Nov
- 15. CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Nov'15 The SparkPlug Report 15 Capital Mind Premium: The Sparkplug Report November 2015 Three Wheelers How did this segment fare? Let's take a look at the segment analysis; the sub-segment and each of the constituents: Segment Analysis: • Production fell from 91,220 units to 69,583 units resulting in a decline of -23.72% (YoY) • Domestic Sales broke into the positive for the first time during the year from 41,755 units to 45,235 units resulting in a growth of just +8.33% (YoY) • Exports declined from 42,337 units to 27,631 units resulting in a decline of -34.74% (YoY) • All this translated into an overall sales decline of -13.35% (YoY) • Special Note: October + November (Diwali Effect) = • Production: -10.12% (YoY) • Domestic Sales: +3.76% (YoY) • Exports: -22.97% (YoY)
- 16. CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Nov'15 The SparkPlug Report 16 Capital Mind Premium: The Sparkplug Report November 2015 Sub-Segment Analysis: Passenger Carrier (Models include: Ape, Alfa Champ and others) • PC and GC both mirrored similar results in Overall Sales at -13.47% (YoY) and 12.36% (YoY). • Domestic Sales broke into the positive for the first time during the year at +13.52% (YoY) in Domestic Sales clocking in 37,118 units from the previous year of 32,696 units. • Production was in the negative at -24.17% (YoY). • Exports were at the worst with 27,482 units compared to 41,964 units resulting in a decline of -34.51% (YoY). November has been the worst for Exports while Domestic Sales has been the best of the year. • Special Note: October + November (Diwali Effect) = • Production: -10.12% (YoY) • Domestic Sales: +5.28% (YoY) • Exports: -22.83% (YoY) Goods Carrier (Models include: Atul Smart and others): • After having the only positive month for the year in October, Domestic Sales went back to negative at -10.40% (YoY). 8,117 units were sold compared to 9,059 units during the same month of the previous year. • For Exports, it had the worst month of the year at -60.05% (YoY) at 149 units compared to 373 units. • Special Note: October + November (Diwali Effect) = • Production: -9.37% (YoY) • Domestic Sales: +2.76% (YoY) • Exports: -41.86% (YoY)
- 17. CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Nov'15 The SparkPlug Report 17 Capital Mind Premium: The Sparkplug Report November 2015 Constituent Analysis: • Outliers (manufacturer with the highest growth): • Production: +18.84% (YoY) - Force Motors • Domestic Sales: +24.05% (YoY) - Bajaj Auto • Exports: +200% (YoY) - Force Motors • Total Overall Sales: +200% (YoY) - Force Motors • Bajaj Auto led the field with the second positive month of the year. Domestic Sales witnessed a growth of +24.05% (YoY) - best of the year.However, Exports did not fare well with -39.47% (YoY) - the worst of the year. Domestic Sales helped the company increase its market share from 52.10% to 53.14% (mostly eating into the market share of TVS Motors). • Force Motors continued to maintain its focus on the International Markets such as Middle East, Asia, Latin America and Africa. The company Exported 168 units compared to just 56 units for the same month of the previous year. • Piaggio Vehicles continues is slow and steady pace of eating its rival's market share. The company has increased its market share from 16.68% in April to 22.77% for the month of November. Both Domestic Sales and Exports were in the red at 1.38% (YoY) and -28.22% (YoY). • TVS Motors losing 1.87% of its market share to its rivals managed to cut its losses with a better November. Domestic Sales stood at -6.93% (YoY) better than the double digit decline during the previous 3 months. Also for the first time in the year, its Exports were in the red at -16.70% (YoY) - in absolute terms it is a fall of over 40% in Exports.
- 18. Bajaj Auto (Number of Vehicles) CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Nov'15 The SparkPlug Report - [THREE WHEELERS] 18 32240 37604 43364 50134 50851 53708 47705 51143 46850 43156 41426 48178 49033 56761 49129 36718 Apr May Jun Jul Aug Sep Oct Nov 0 10000 20000 30000 40000 50000 PRODUCTION -2014 -2015 13941 18980 22701 24484 24366 25988 23189 15877 14122 15946 20647 21870 22359 22888 23135 19695 Apr May Jun Jul Aug Sep Oct Nov 0 5000 10000 15000 20000 25000 DOMESTIC SALES -2014 -2015 17952 19436 20562 26967 28172 26452 25905 31434 36361 27630 23088 25928 29170 31284 20918 19026 Apr May Jun Jul Aug Sep Oct Nov 0 10000 20000 30000 EXPORTS -2014 -2015 -20% 0% 20% 40% 45.32% 14.76% -4.47% -3.90% -3.58% 5.68% 2.99% -28.21% YoY GROWTH Apr May Jun Jul Aug Sep Oct Nov -10% 0% 10% 20% 1.30% -15.99% -9.05% -10.68% -8.24% -11.93% -0.23% 24.05% YoY GROWTH Apr May Jun Jul Aug Sep Oct Nov 0% 50% 100% 102.55% 42.16% 12.28% -3.85% 3.54% 18.27% -19.25% -39.47% YoY GROWTH Apr May Jun Jul Aug Sep Oct Nov 51.84 % 54.56 % 56.67 % 57.10 % 57.58 % 56.53 % 54.59 % 56.07 % 60.78 % 58.28 % 55.17 % 56.93 % 57.37 % 58.89 % 54.02 % 52.77 % Apr'14 May'14 Jun'14 Jul'14 Aug'14 Sep'14 Oct'14 Nov'14 Apr'15 May'15 Jun'15 Jul'15 Aug'15 Sep'15 Oct'15 Nov'15 0 20 40 60 MARKET SHARE 41.68 % 46.95 % 47.91 % 47.58 % 46.37 % 45.63 % 44.33 % 38.02 % 43.23 % 43.69 % 47.06 % 48.44 % 48.48 % 46.22 % 44.18 % 43.54 % Apr'14 May'14 Jun'14 Jul'14 Aug'14 Sep'14 Oct'14 Nov'14 Apr'15 May'15 Jun'15 Jul'15 Aug'15 Sep'15 Oct'15 Nov'15 0 10 20 30 40 MARKET SHARE 67.67 % 64.18 % 67.21 % 72.50 % 71.90 % 72.73 % 73.35 % 74.25 % 76.47 % 71.32 % 63.92 % 67.73 % 70.06 % 69.94 % 64.99 % 68.86 % Apr'14 May'14 Jun'14 Jul'14 Aug'14 Sep'14 Oct'14 Nov'14 Apr'15 May'15 Jun'15 Jul'15 Aug'15 Sep'15 Oct'15 Nov'15 0 20 40 60 MARKET SHARE
- 19. Piaggio Vehicles (Number of Vehicles) CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Nov'15 The SparkPlug Report - [THREE WHEELERS] 19 14851 14764 16933 18468 18880 19723 18652 18700 13731 14079 15236 16168 15680 16604 18280 16223 Apr May Jun Jul Aug Sep Oct Nov 0 5000 10000 15000 PRODUCTION -2014 -2015 12297 12584 14372 15846 16565 17756 16723 14771 11242 12403 13216 12895 12896 14663 16306 14567 Apr May Jun Jul Aug Sep Oct Nov 0 5000 10000 15000 DOMESTIC SALES -2014 -2015 2503 2536 2353 2439 2597 2135 1738 2817 2134 2259 2827 3030 2512 2479 1817 2022 Apr May Jun Jul Aug Sep Oct Nov 0 1000 2000 3000 EXPORTS -2014 -2015 -15% -10% -5% -7.54% -4.64% -10.02% -12.45% -16.95% -15.81% -1.99% -13.25% YoY GROWTH Apr May Jun Jul Aug Sep Oct Nov -20% -15% -10% -5% -8.58% -1.44% -8.04% -18.62% -22.15% -17.42% -2.49% -1.38% YoY GROWTH Apr May Jun Jul Aug Sep Oct Nov -20% -10% 0% 10% 20% -14.74% -10.92% 20.14% 24.23% -3.27% 16.11% 4.55% -28.22% YoY GROWTH Apr May Jun Jul Aug Sep Oct Nov 23.88 % 21.42 % 22.13 % 21.03 % 21.38 % 20.76 % 21.35 % 20.50 % 17.81 % 19.01 % 20.29 % 19.11 % 18.35 % 17.23 % 20.10 % 23.31 % Apr'14 May'14 Jun'14 Jul'14 Aug'14 Sep'14 Oct'14 Nov'14 Apr'15 May'15 Jun'15 Jul'15 Aug'15 Sep'15 Oct'15 Nov'15 0 5 10 15 20 MARKET SHARE 36.77 % 31.13 % 30.33 % 30.79 % 31.52 % 31.18 % 31.97 % 35.38 % 34.41 % 33.98 % 30.12 % 28.56 % 27.96 % 29.61 % 31.14 % 32.20 % Apr'14 May'14 Jun'14 Jul'14 Aug'14 Sep'14 Oct'14 Nov'14 Apr'15 May'15 Jun'15 Jul'15 Aug'15 Sep'15 Oct'15 Nov'15 0 10 20 30 MARKET SHARE 9.44 % 8.37 % 7.69 % 6.56 % 6.63 % 5.87 % 4.92 % 6.65 % 4.49 % 5.83 % 7.83 % 7.91 % 6.03 % 5.54 % 5.64 % 7.32 % Apr'14 May'14 Jun'14 Jul'14 Aug'14 Sep'14 Oct'14 Nov'14 Apr'15 May'15 Jun'15 Jul'15 Aug'15 Sep'15 Oct'15 Nov'15 0 2 4 6 8 MARKET SHARE
- 21. PASSENGER VEHICLES CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Nov'15 The SparkPlug Report 21 258360 268866 234946 277309 260882 286056 242141 281234 286453 270086 258630 302958 289744 289163 296359 252203 Apr May Jun Jul Aug Sep Oct Nov 0 100000 200000 300000 PRODUCTION -2014 -2015 188162 207953 218828 199562 213938 223584 221163 212437 217949 217671 217642 222368 222476 232167 268629 236664 Apr May Jun Jul Aug Sep Oct Nov 0 50000 100000 150000 200000 250000 DOMESTIC SALES -2014 -2015 41764 48017 51533 55492 53052 57752 48637 56214 50479 51552 40343 60216 59568 57421 59255 51381 Apr May Jun Jul Aug Sep Oct Nov 0 20000 40000 60000 EXPORTS -2014 -2015 -10% 0% 10% 20% 10.87% 0.45% 10.08% 9.25% 11.06% 1.09% 22.39% -10.32% YoY GROWTH Apr May Jun Jul Aug Sep Oct Nov 0% 5% 10% 15% 20% 15.83% 4.67% -0.54% 11.43% 3.99% 3.84% 21.46% 11.40% YoY GROWTH Apr May Jun Jul Aug Sep Oct Nov -20% -10% 0% 10% 20% 20.87% 7.36% -21.71% 8.51% 12.28% -0.57% 21.83% -8.60% YoY GROWTH Apr May Jun Jul Aug Sep Oct Nov
- 22. CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Nov'15 The SparkPlug Report 22 Capital Mind Premium: The Sparkplug Report November 2015 Passenger Vehicles (Passenger Cars + Utility Vehicles + Vans) How did this segment fare? Let's take a look at the segment analysis; the sub-segment and each of the constituents: Segment Analysis: • Production declined for the first time during the year from 281,234 units to 252,203 units resulting in a decline of -10.32% (YoY) • Domestic Sales grew from 212,437 units to 236,664 units resulting in a growth of +11.40% (YoY) • Exports also went into the red from 56,214 units to 51,381 units resulting in a decline of -8.60% (YoY). All this translated into an overall sales growth of +7.22% (YoY) • Special Note: October + November (Diwali Effect) = • Production: +4.81% (YoY) • Domestic Sales: +16.53% (YoY) • Exports: +5.52% (YoY) Sub-Segment Analysis: Passenger Cars (Models include: KWID, M800, Micra, Nano, Polo, Santro, Spark, and others): • PC brought in a growth of +10.39% (YoY) in Domestic Sales churning in 173,111 units from the previous year of 156,811 units • UVs beat PCs in Exports with the latter falling into the negative at -17.35% (YoY) from 48,871 units to 40,390 units • Special Note: October + November (Diwali Effect) = • Production: +3.43% (YoY) • Domestic Sales: +16.14% (YoY) • Exports: -4.92% (YoY)
- 23. CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Nov'15 The SparkPlug Report 23 Capital Mind Premium: The Sparkplug Report November 2015 Utility Vehicles (Models include: Bolero, Creta, Eco sport, Force One, Terrano, Thar and others): • UVs outperformed PCs in Domestic Sales with a growth of +19.65% (YoY) - 48,880 units were sold compared to 40,815 units; an addition of 8,029 units propelling November into the second best month after October so far. • Domestic Sales effect also rubbed to Exports. Exports touched +51.99% (YoY) - mainly contributed by Ford and Toyota Motors. Exports stood at 10,898 units compared to 7,170 units - an overall increase of 3,728 units. • Special Note: October + November (Diwali Effect) = • Production: +8.99% (YoY) • Domestic Sales: +20.28% (YoY) • Exports: +84.91% (YoY) Vans (Models include: Ace Magic, Gio, Omni, Trip, Venture and others): • Both PCs and UVs outperformed Vans in both Domestic Sales and Exports. 14,673 units were sold against 14,775 units a year ago in the Domestic Market resulting in a decline of -0.69% (YoY). • Exports fell to the worst of the year at -46.24% (YoY) with 93 units being exported compared to 173 units during the same month of the previous year. • Special Note: October + November (Diwali Effect) = • Production: +7.78% (YoY) • Domestic Sales: +9.14% (YoY) • Exports: -27.17% (YoY)
- 24. CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Nov'15 The SparkPlug Report 24 Capital Mind Premium: The Sparkplug Report November 2015 Constituent Analysis: • Outliers (manufacturer with the highest growth): • Production: +75.68% (YoY) - Renault India • Domestic Sales: +144.27% (YoY) - Renault India • Exports: +2526.67% (YoY) - General Motors • Total Overall Sales: +128.99% (YoY) - Renault India • Volkswagen India leads the losers with Domestic Sales declining at -49.51% (YoY) - its worst growth yet. Force Motors leads the losers with Exports declining at -100% (YoY); while Renault India concentrating on the Domestic Market with its iconic Duster and KWID decided to export just 8 units of Duster leading to a decline of -96.31% (YoY) - the average for the year including November has been -98.18%. • Market leader Maruti Suzuki continues to disrupt the Domestic Market clocking in a growth of +10.57% (YoY) 110,599 units compared to 100,024 units a year ago. Exports were at its second worst of the year at +1.02% (YoY) from 10,122 units to 10,225 units. It also managed to add +1.01% to its market share. • Renault India, Force Motors, General Motors India, and Ford India were the top performers with an exceptional growth in Overall Sales by +128.99% (YoY), +77.20% (YoY), +54.32% (YoY), and +34.69% (YoY). • Hyundai Motor's market share rose by +1.20% to +20.02% though the company had its second worst month of Exports at -25.41% i.e. it exported 4,771 units lesser than the previous year during the same time. Its Domestic Sales stood at +22.92% (YoY) - third best month of the year. • Mahindra & Mahindra lost steam of its SUVs sales. The company lost 0.57% of its market share. Bulk of its Domestic Sales & Exports comes from the contributions of Scorpio, Xylo, HT, Bolero Plus, XUV500 followed by Bolero, ST, Quanto, Thar, and TUV300. Domestic Sales growth of +35.86% (YoY) was the best for the current year which meant that the company for the second time in the current year had a positive overall growth at +33.45% (YoY) while Exports went into the red at -53.23% (YoY) - the second worst during the current year.
- 25. PASSENGER CARS
- 26. PASSENGER CARS CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Nov'15 The SparkPlug Report 26 190252 202842 176924 204224 197824 209284 177064 210213 213732 202893 196583 227197 215372 211208 212954 187611 Apr May Jun Jul Aug Sep Oct Nov 0 50000 100000 150000 200000 PRODUCTION -2014 -2015 135054 148577 160232 137922 153781 154898 159408 156811 159548 160067 162677 162022 163093 169590 194158 173111 Apr May Jun Jul Aug Sep Oct Nov 0 50000 100000 150000 DOMESTIC SALES -2014 -2015 35154 41592 46036 48491 46587 51003 43463 48871 42815 45015 35957 51719 46579 44958 47398 40390 Apr May Jun Jul Aug Sep Oct Nov 0 10000 20000 30000 40000 50000 EXPORTS -2014 -2015 -10% 0% 10% 20% 12.34% 0.03% 11.11% 11.25% 8.87% 0.92% 20.27% -10.75% YoY GROWTH Apr May Jun Jul Aug Sep Oct Nov 5% 10% 15% 20% 18.14% 7.73% 1.53% 17.47% 6.06% 9.48% 21.80% 10.39% YoY GROWTH Apr May Jun Jul Aug Sep Oct Nov -20% -10% 0% 10% 20% 21.79% 8.23% -21.89% 6.66% -0.02% -11.85% 9.05% -17.35% YoY GROWTH Apr May Jun Jul Aug Sep Oct Nov
- 27. Hyundai Motor India (Number of Vehicles) CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Nov'15 The SparkPlug Report - [PASSENGER CARS] 27 48865 46361 52810 53750 51335 53553 45565 52704 53392 44362 55498 49504 48300 49620 48878 41647 Apr May Jun Jul Aug Sep Oct Nov 0 10000 20000 30000 40000 50000 PRODUCTION -2014 -2015 35110 35955 33258 29067 33593 34906 37894 35448 38474 37328 34542 29599 32985 35193 39709 37771 Apr May Jun Jul Aug Sep Oct Nov 0 10000 20000 30000 DOMESTIC SALES -2014 -2015 14974 15513 17004 18739 14361 16430 18009 18779 12904 15064 15764 13902 13557 12331 13074 11891 Apr May Jun Jul Aug Sep Oct Nov 0 5000 10000 15000 EXPORTS -2014 -2015 -20% -10% 0% 9.26% -4.31% 5.09% -7.90% -5.91% -7.34% 7.27% -20.98% YoY GROWTH Apr May Jun Jul Aug Sep Oct Nov 0% 2% 4% 6% 8% 9.58% 3.82% 3.86% 1.83% -1.81% 0.82% 4.79% 6.55% YoY GROWTH Apr May Jun Jul Aug Sep Oct Nov -30% -20% -10% -13.82% -2.89% -7.29% -25.81% -5.60% -24.95% -27.40% -36.68% YoY GROWTH Apr May Jun Jul Aug Sep Oct Nov 25.68 % 22.86 % 29.85 % 26.32 % 25.95 % 25.59 % 25.73 % 25.07 % 24.98 % 21.86 % 28.23 % 21.79 % 22.43 % 23.49 % 22.95 % 22.20 % Apr'14 May'14 Jun'14 Jul'14 Aug'14 Sep'14 Oct'14 Nov'14 Apr'15 May'15 Jun'15 Jul'15 Aug'15 Sep'15 Oct'15 Nov'15 0 5 10 15 20 25 MARKET SHARE 26.00 % 24.20 % 20.76 % 21.07 % 21.84 % 22.53 % 23.77 % 22.61 % 24.11 % 23.32 % 21.23 % 18.27 % 20.22 % 20.75 % 20.45 % 21.82 % Apr'14 May'14 Jun'14 Jul'14 Aug'14 Sep'14 Oct'14 Nov'14 Apr'15 May'15 Jun'15 Jul'15 Aug'15 Sep'15 Oct'15 Nov'15 0 5 10 15 20 25 MARKET SHARE 42.60 % 37.30 % 36.94 % 38.64 % 30.83 % 32.21 % 41.44 % 38.43 % 30.14 % 33.46 % 43.84 % 26.88 % 29.11 % 27.43 % 27.58 % 29.44 % Apr'14 May'14 Jun'14 Jul'14 Aug'14 Sep'14 Oct'14 Nov'14 Apr'15 May'15 Jun'15 Jul'15 Aug'15 Sep'15 Oct'15 Nov'15 0 10 20 30 40 MARKET SHARE
- 28. Maruti Suzuki India (Number of Vehicles) CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Nov'15 The SparkPlug Report - [PASSENGER CARS] 28 88963 103925 66507 92544 92741 95667 72615 96864 97884 106319 79684 111332 102100 97102 102147 84994 Apr May Jun Jul Aug Sep Oct Nov 0 20000 40000 60000 80000 100000 PRODUCTION -2014 -2015 65786 74536 86223 72782 82823 81447 80589 82306 84188 85190 86630 91602 86454 87916 97951 89479 Apr May Jun Jul Aug Sep Oct Nov 0 20000 40000 60000 80000 DOMESTIC SALES -2014 -2015 6867 9581 10532 10410 10955 9207 6073 8822 9931 11554 11465 10647 10358 7247 12213 8965 Apr May Jun Jul Aug Sep Oct Nov 0 5000 10000 EXPORTS -2014 -2015 -10% 0% 10% 20% 30% 40% 10.03% 2.30% 19.81% 20.30% 10.09% 1.50% 40.67% -12.25% YoY GROWTH Apr May Jun Jul Aug Sep Oct Nov 5% 10% 15% 20% 25% 27.97% 14.29% 0.47% 25.86% 4.38% 7.94% 21.54% 8.72% YoY GROWTH Apr May Jun Jul Aug Sep Oct Nov 0% 50% 100% 44.62% 20.59% 8.86% 2.28% -5.45% -21.29% 101.10% 1.62% YoY GROWTH Apr May Jun Jul Aug Sep Oct Nov 46.76 % 51.23 % 37.59 % 45.31 % 46.88 % 45.71 % 41.01 % 46.08 % 45.80 % 52.40 % 40.53 % 49.00 % 47.41 % 45.97 % 47.97 % 45.30 % Apr'14 May'14 Jun'14 Jul'14 Aug'14 Sep'14 Oct'14 Nov'14 Apr'15 May'15 Jun'15 Jul'15 Aug'15 Sep'15 Oct'15 Nov'15 0 10 20 30 40 50 MARKET SHARE 48.71 % 50.17 % 53.81 % 52.77 % 53.86 % 52.58 % 50.56 % 52.49 % 52.77 % 53.22 % 53.25 % 56.54 % 53.01 % 51.84 % 50.45 % 51.69 % Apr'14 May'14 Jun'14 Jul'14 Aug'14 Sep'14 Oct'14 Nov'14 Apr'15 May'15 Jun'15 Jul'15 Aug'15 Sep'15 Oct'15 Nov'15 0 10 20 30 40 50 MARKET SHARE 19.53 % 23.04 % 22.88 % 21.47 % 23.52 % 18.05 % 13.97 % 18.05 % 23.20 % 25.67 % 31.89 % 20.59 % 22.24 % 16.12 % 25.77 % 22.20 % Apr'14 May'14 Jun'14 Jul'14 Aug'14 Sep'14 Oct'14 Nov'14 Apr'15 May'15 Jun'15 Jul'15 Aug'15 Sep'15 Oct'15 Nov'15 0 10 20 30 MARKET SHARE
- 29. UTILITY VEHICLES
- 30. UTILITY VEHICLES CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Nov'15 The SparkPlug Report 30 54219 49935 45459 55820 48790 60371 52232 55993 56941 50909 50164 59087 59256 62772 66732 51223 Apr May Jun Jul Aug Sep Oct Nov 0 20000 40000 60000 PRODUCTION -2014 -2015 40680 44267 43849 45023 46501 53003 48105 40851 43526 43260 41278 45191 44608 48464 58120 48880 Apr May Jun Jul Aug Sep Oct Nov 0 10000 20000 30000 40000 50000 DOMESTIC SALES -2014 -2015 6535 6366 5314 6717 6132 6313 5082 7170 7465 6165 3860 7979 12736 12127 11757 10898 Apr May Jun Jul Aug Sep Oct Nov 0 5000 10000 EXPORTS -2014 -2015 0% 10% 20% 5.02% 1.95% 10.35% 5.85% 21.45% 3.98% 27.76% -8.52% YoY GROWTH Apr May Jun Jul Aug Sep Oct Nov -5% 0% 5% 10% 15% 20% 7.00% -2.27% -5.86% 0.37% -4.07% -8.56% 20.82% 19.65% YoY GROWTH Apr May Jun Jul Aug Sep Oct Nov 0% 50% 100% 14.23% -3.16% -27.36% 18.79% 107.70% 92.10% 131.35% 51.99% YoY GROWTH Apr May Jun Jul Aug Sep Oct Nov
- 31. Mahindra & Mahindra (Number of Vehicles) CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Nov'15 The SparkPlug Report - [UTILITY VEHICLES] 31 21379 18549 15358 15927 14310 18222 17475 16783 18097 19197 16387 12649 12481 17888 23266 19586 Apr May Jun Jul Aug Sep Oct Nov 0 5000 10000 15000 20000 PRODUCTION -2014 -2015 17857 17831 16492 14348 13911 19647 19029 13612 17941 16980 14433 13204 13307 18717 22664 18686 Apr May Jun Jul Aug Sep Oct Nov 0 5000 10000 15000 20000 DOMESTIC SALES -2014 -2015 491 431 271 379 216 339 328 402 251 343 439 496 474 480 401 188 Apr May Jun Jul Aug Sep Oct Nov 0 100 200 300 400 EXPORTS -2014 -2015 -20% -10% 0% 10% 20% 30% -15.35% 3.49% 6.70% -20.58% -12.78% -1.83% 33.14% 16.70% YoY GROWTH Apr May Jun Jul Aug Sep Oct Nov -10% 0% 10% 20% 30% 0.47% -4.77% -12.48% -7.97% -4.34% -4.73% 19.10% 37.28% YoY GROWTH Apr May Jun Jul Aug Sep Oct Nov -50% 0% 50% 100% -48.88% -20.42% 61.99% 30.87% 119.44% 41.59% 22.26% -53.23% YoY GROWTH Apr May Jun Jul Aug Sep Oct Nov 39.43 % 37.15 % 33.78 % 28.53 % 29.33 % 30.18 % 33.46 % 29.97 % 31.78 % 37.71 % 32.67 % 21.41 % 21.06 % 28.50 % 34.86 % 38.24 % Apr'14 May'14 Jun'14 Jul'14 Aug'14 Sep'14 Oct'14 Nov'14 Apr'15 May'15 Jun'15 Jul'15 Aug'15 Sep'15 Oct'15 Nov'15 0 10 20 30 MARKET SHARE 43.90 % 40.28 % 37.61 % 31.87 % 29.92 % 37.07 % 39.56 % 33.32 % 41.22 % 39.25 % 34.97 % 29.22 % 29.83 % 38.62 % 39.00 % 38.23 % Apr'14 May'14 Jun'14 Jul'14 Aug'14 Sep'14 Oct'14 Nov'14 Apr'15 May'15 Jun'15 Jul'15 Aug'15 Sep'15 Oct'15 Nov'15 0 10 20 30 40 MARKET SHARE 7.51 % 6.77 % 5.10 % 5.64 % 3.52 % 5.37 % 6.45 % 5.61 % 3.36 % 5.56 % 11.37 % 6.22 % 3.72 % 3.96 % 3.41 % 1.73 % Apr'14 May'14 Jun'14 Jul'14 Aug'14 Sep'14 Oct'14 Nov'14 Apr'15 May'15 Jun'15 Jul'15 Aug'15 Sep'15 Oct'15 Nov'15 0 2 4 6 8 10 MARKET SHARE
- 32. Renault India (Number of Vehicles) CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Nov'15 The SparkPlug Report - [UTILITY VEHICLES] 32 7183 4126 2130 3876 2345 3975 3207 3277 5156 4428 5464 4227 2311 1866 405 204 Apr May Jun Jul Aug Sep Oct Nov 0 2000 4000 6000 PRODUCTION -2014 -2015 3175 3350 3822 2823 3106 3418 3419 2676 3742 3377 4018 1528 1381 1276 2033 2124 Apr May Jun Jul Aug Sep Oct Nov 0 1000 2000 3000 4000 DOMESTIC SALES -2014 -2015 1647 554 430 389 333 59 38 217 22 4 30 0 6 0 0 8 Apr May Jun Jul Aug Sep Oct Nov 0 500 1000 1500 EXPORTS -2014 -2015 -50% 0% 50% 100% 150% -28.22% 7.32% 156.53% 9.06% -1.45% -53.06% -87.37%-93.77% YoY GROWTH Apr May Jun Jul Aug Sep Oct Nov -60% -40% -20% 0% 17.86% 0.81% 5.13% -45.87% -55.54% -62.67% -40.54% -20.63% YoY GROWTH Apr May Jun Jul Aug Sep Oct Nov -100% -98% -96% -94% -98.66% -99.28% -93.02% -100.00% -98.20% -100.00%-100.00% -96.31% YoY GROWTH Apr May Jun Jul Aug Sep Oct Nov 13.25 % 8.26 % 4.69 % 6.94 % 4.81 % 6.58 % 6.14 % 5.85 % 9.05 % 8.70 % 10.89 % 7.15 % 3.90 % 2.97 % 0.61 % 0.40 % Apr'14 May'14 Jun'14 Jul'14 Aug'14 Sep'14 Oct'14 Nov'14 Apr'15 May'15 Jun'15 Jul'15 Aug'15 Sep'15 Oct'15 Nov'15 0 5 10 MARKET SHARE 7.80 % 7.57 % 8.72 % 6.27 % 6.68 % 6.45 % 7.11 % 6.55 % 8.60 % 7.81 % 9.73 % 3.38 % 3.10 % 2.63 % 3.50 % 4.35 % Apr'14 May'14 Jun'14 Jul'14 Aug'14 Sep'14 Oct'14 Nov'14 Apr'15 May'15 Jun'15 Jul'15 Aug'15 Sep'15 Oct'15 Nov'15 0 2 4 6 8 MARKET SHARE 25.20 % 8.70 % 8.09 % 5.79 % 5.43 % 0.93 % 0.75 % 3.03 % 0.29 % 0.06 % 0.78 % 0.00 % 0.05 % 0.00 % 0.00 % 0.07 % Apr'14 May'14 Jun'14 Jul'14 Aug'14 Sep'14 Oct'14 Nov'14 Apr'15 May'15 Jun'15 Jul'15 Aug'15 Sep'15 Oct'15 Nov'15 0 5 10 15 20 25 MARKET SHARE
- 34. COMMERCIAL VEHICLES CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Nov'15 The SparkPlug Report 34 57139 53984 54045 57017 56214 60547 53981 59976 57289 59433 57164 59102 63535 71891 60955 59100 Apr May Jun Jul Aug Sep Oct Nov 0 20000 40000 60000 PRODUCTION -2014 -2015 43080 46986 51079 47775 48518 56078 51978 47686 45872 48841 51446 51795 52198 62845 58596 51766 Apr May Jun Jul Aug Sep Oct Nov 0 20000 40000 60000 DOMESTIC SALES -2014 -2015 5747 6343 6656 7241 7098 8157 7494 7349 6889 8403 8330 8699 9321 7672 8168 7137 Apr May Jun Jul Aug Sep Oct Nov 0 2000 4000 6000 8000 EXPORTS -2014 -2015 0% 5% 10% 15% 0.26% 10.09% 5.77% 3.66% 13.02% 18.74% 12.92% -1.46% YoY GROWTH Apr May Jun Jul Aug Sep Oct Nov 5% 10% 6.48% 3.95% 0.72% 8.41% 7.58% 12.07% 12.73% 8.56% YoY GROWTH Apr May Jun Jul Aug Sep Oct Nov 0% 10% 20% 30% 19.87% 32.48% 25.15% 20.14% 31.32% -5.95% 8.99% -2.88% YoY GROWTH Apr May Jun Jul Aug Sep Oct Nov
- 35. CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Nov'15 The SparkPlug Report 35 Capital Mind Premium: The Sparkplug Report November 2015 Commercial Vehicles (Passenger Carriers + Goods Carriers) How did this segment fare? Let's take a look at the segment analysis; the sub-segment and each of the constituents: Segment Analysis: • Production fell from 59,976 units to 59,100 units resulting in a decline of -1.46% (YoY) • Domestic Sales grew from 47,686 units to 51,766 units resulting in a growth of +8.56% (YoY) • Exports fell from 7,349 units to 7,137 units resulting in a decline of -2.88% (YoY) • All this translated into an overall sales growth of +7.03% (YoY) • Special Note: October + November (Diwali Effect) = • Production: +5.35% (YoY) • Domestic Sales: +10.73% (YoY) • Exports: +3.11% (YoY)
- 36. CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Nov'15 The SparkPlug Report 36 Capital Mind Premium: The Sparkplug Report November 2015 Sub-Segment Analysis: Passenger Carriers (Models include: Citiline, CityRide, Starbus, Tourister, Viking and others): • PC brought in a growth of +14.25% (YoY) in Domestic Sales clocking in 4,570 units from the previous year of 4,000 units - this also happens to be the lowest Domestic Sales for the current year. • Exports were in the red at -26.92% (YoY) as the total units exported fell by 476 units from 1,768 units to 1,292 units. • Overall sales growth was at +1.63% (YoY) - lowest of the year. • Special Note: October + November (Diwali Effect) = • Production: +8.56% (YoY) • Domestic Sales: +20.89% (YoY) • Exports: -15.31% (YoY) Goods Carriers (Models include: Ape Truck, Bolero Maxi Truck, Maxximo, Super Supreme, Winger and others): • GC fared a lower growth of +8.03% (YoY) in Domestic Sales - 47,196 units were sold compared to 43,686 units; an addition of 3,510 units. • Exports fared positive with a growth of +4.73% (YoY). • Special Note: October + November (Diwali Effect) = • Production: +5.02% (YoY) • Domestic Sales: +9.80% (YoY) • Exports: +8.12% (YoY)
- 37. CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Nov'15 The SparkPlug Report 37 Capital Mind Premium: The Sparkplug Report November 2015 Constituent Analysis: • Outliers (manufacturer with the highest growth): • Production: +124.37% (YoY) - SML Isuzu • Domestic Sales: +35% (YoY) - Isuzu Motors • Exports: +35.29% (YoY) - SML Isuzu • Total Overall Sales: +35% (YoY) - Isuzu Motors • Mahindra & Mahindra which increased its market share by a whopping 7.5% in October, lost almost 3% of its market share to rival Tata Motors which increased its market share from 43.10% to 45.59%. • Tata Motors hit the red in Domestic Sales with a decline of -0.87% (YoY). The company managed to sell 23,389 units compared to 23,594 units a year ago. Additionally, Exports which fared at +11.15% (YoY) during the month of October, reversed its trajectory to clock in a decline of -11.66% (YoY) with 3,463 units being exported compared to 3,920 units from a year ago. • Ashok Leyland managed a decent growth in Domestic Sales at +24.05% (YoY) by selling 7,979 units compared to 6,432 units a year ago - fall of over a 1,000 units. Exports stood at 992 units compared to 1,274 units brining in a decline of -22.14% (YoY).
- 38. BUSES - PASSENGER CARRIERS
- 39. BUSES - PASSENGER CARRIERS CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Nov'15 The SparkPlug Report 39 3936 4271 4013 4429 3882 3469 2513 3242 3566 4466 5194 5083 4375 4773 2445 3271 Apr May Jun Jul Aug Sep Oct Nov 0 1000 2000 3000 4000 5000 PRODUCTION -2014 -2015 2877 3284 3725 2950 2681 2523 2039 1665 3291 4259 4194 4440 3041 3682 2398 2044 Apr May Jun Jul Aug Sep Oct Nov 0 1000 2000 3000 4000 DOMESTIC SALES -2014 -2015 475 659 785 778 942 1296 1106 1325 518 815 1016 820 1140 767 1184 1033 Apr May Jun Jul Aug Sep Oct Nov 0 500 1000 EXPORTS -2014 -2015 0% 10% 20% 30% -9.40% 4.57% 29.43% 14.77% 12.70% 37.59% -2.71% 0.89% YoY GROWTH Apr May Jun Jul Aug Sep Oct Nov 20% 30% 40% 50% 14.39% 29.69% 12.59% 50.51% 13.43% 45.94% 17.61% 22.76% YoY GROWTH Apr May Jun Jul Aug Sep Oct Nov -40% -20% 0% 20% 9.05% 23.67% 29.43% 5.40% 21.02% -40.82% 7.05% -22.04% YoY GROWTH Apr May Jun Jul Aug Sep Oct Nov
- 40. Ashok Leyland (Number of Vehicles) CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Nov'15 The SparkPlug Report - [BUSES - PASSENGER CARRIERS] 40 1458 1584 1837 1845 1909 2036 1394 1595 1131 2018 2398 2774 2395 2498 1542 1675 Apr May Jun Jul Aug Sep Oct Nov 0 500 1000 1500 2000 2500 PRODUCTION -2014 -2015 807 879 1166 1009 1221 1119 933 657 940 1550 1404 2255 1556 1861 1126 1088 Apr May Jun Jul Aug Sep Oct Nov 0 500 1000 1500 2000 DOMESTIC SALES -2014 -2015 280 349 469 542 643 780 743 852 243 426 604 449 557 373 739 542 Apr May Jun Jul Aug Sep Oct Nov 0 200 400 600 800 EXPORTS -2014 -2015 -20% 0% 20% 40% -22.43% 27.40% 30.54% 50.35% 25.46% 22.69% 10.62% 5.02% YoY GROWTH Apr May Jun Jul Aug Sep Oct Nov 20% 40% 60% 80% 100% 120% 16.48% 76.34% 20.41% 123.49% 27.44% 66.31% 20.69% 65.60% YoY GROWTH Apr May Jun Jul Aug Sep Oct Nov -40% -20% 0% 20% -13.21% 22.06% 28.78% -17.16% -13.37% -52.18% -0.54% -36.38% YoY GROWTH Apr May Jun Jul Aug Sep Oct Nov 37.04 % 37.09 % 45.78 % 41.66 % 49.18 % 58.69 % 55.47 % 49.20 % 31.72 % 45.19 % 46.17 % 54.57 % 54.74 % 52.34 % 63.07 % 51.21 % Apr'14 May'14 Jun'14 Jul'14 Aug'14 Sep'14 Oct'14 Nov'14 Apr'15 May'15 Jun'15 Jul'15 Aug'15 Sep'15 Oct'15 Nov'15 0 20 40 60 MARKET SHARE 28.05 % 26.77 % 31.30 % 34.20 % 45.54 % 44.35 % 45.76 % 39.46 % 28.56 % 36.39 % 33.48 % 50.79 % 51.17 % 50.54 % 46.96 % 53.23 % Apr'14 May'14 Jun'14 Jul'14 Aug'14 Sep'14 Oct'14 Nov'14 Apr'15 May'15 Jun'15 Jul'15 Aug'15 Sep'15 Oct'15 Nov'15 0 10 20 30 40 50 MARKET SHARE 58.95 % 52.96 % 59.75 % 69.67 % 68.26 % 60.19 % 67.18 % 64.30 % 46.91 % 52.27 % 59.45 % 54.76 % 48.86 % 48.63 % 62.42 % 52.47 % Apr'14 May'14 Jun'14 Jul'14 Aug'14 Sep'14 Oct'14 Nov'14 Apr'15 May'15 Jun'15 Jul'15 Aug'15 Sep'15 Oct'15 Nov'15 0 20 40 60 MARKET SHARE
- 41. Tata Motors (Number of Vehicles) CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Nov'15 The SparkPlug Report - [BUSES - PASSENGER CARRIERS] 41 1387 1409 1410 1707 1121 1068 724 1249 1406 1235 1496 1183 1234 1721 490 911 Apr May Jun Jul Aug Sep Oct Nov 0 500 1000 1500 PRODUCTION -2014 -2015 1120 1267 1330 1148 974 925 839 737 1225 1393 1457 1360 1048 1395 1009 671 Apr May Jun Jul Aug Sep Oct Nov 0 500 1000 DOMESTIC SALES -2014 -2015 172 310 311 234 283 427 302 432 244 333 320 318 547 316 408 354 Apr May Jun Jul Aug Sep Oct Nov 0 100 200 300 400 500 EXPORTS -2014 -2015 -20% 0% 20% 40% 60% 1.37% -12.35% 6.10% -30.70% 10.08% 61.14% -32.32% -27.06% YoY GROWTH Apr May Jun Jul Aug Sep Oct Nov 0% 10% 20% 30% 40% 50% 9.38% 9.94% 9.55% 18.47% 7.60% 50.81% 20.26% -8.96% YoY GROWTH Apr May Jun Jul Aug Sep Oct Nov -20% 0% 20% 40% 60% 80% 41.86% 7.42% 2.89% 35.90% 93.29% -26.00% 35.10% -18.06% YoY GROWTH Apr May Jun Jul Aug Sep Oct Nov 35.24 % 32.99 % 35.14 % 38.54 % 28.88 % 30.79 % 28.81 % 38.53 % 39.43 % 27.65 % 28.80 % 23.27 % 28.21 % 36.06 % 20.04 % 27.85 % Apr'14 May'14 Jun'14 Jul'14 Aug'14 Sep'14 Oct'14 Nov'14 Apr'15 May'15 Jun'15 Jul'15 Aug'15 Sep'15 Oct'15 Nov'15 0 10 20 30 MARKET SHARE 38.93 % 38.58 % 35.70 % 38.92 % 36.33 % 36.66 % 41.15 % 44.26 % 37.22 % 32.71 % 34.74 % 30.63 % 34.46 % 37.89 % 42.08 % 32.83 % Apr'14 May'14 Jun'14 Jul'14 Aug'14 Sep'14 Oct'14 Nov'14 Apr'15 May'15 Jun'15 Jul'15 Aug'15 Sep'15 Oct'15 Nov'15 0 10 20 30 40 MARKET SHARE 36.21 % 47.04 % 39.62 % 30.08 % 30.04 % 32.95 % 27.31 % 32.60 % 47.10 % 40.86 % 31.50 % 38.78 % 47.98 % 41.20 % 34.46 % 34.27 % Apr'14 May'14 Jun'14 Jul'14 Aug'14 Sep'14 Oct'14 Nov'14 Apr'15 May'15 Jun'15 Jul'15 Aug'15 Sep'15 Oct'15 Nov'15 0 10 20 30 40 MARKET SHARE
- 42. TRUCKS - GOODS CARRIERS
- 43. TRUCKS - GOODS CARRIERS CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Nov'15 The SparkPlug Report 43 16832 16871 16404 16740 17721 16692 16052 18850 19887 21505 20435 20489 24804 29227 17848 22474 Apr May Jun Jul Aug Sep Oct Nov 0 5000 10000 15000 20000 25000 PRODUCTION -2014 -2015 12552 13288 14649 14859 14319 16512 15853 14483 15986 16356 17990 18621 19975 27490 19783 18101 Apr May Jun Jul Aug Sep Oct Nov 0 5000 10000 15000 20000 25000 DOMESTIC SALES -2014 -2015 1772 1651 1503 1919 1626 1451 1398 1392 1812 1825 2353 1963 2021 1606 1709 1362 Apr May Jun Jul Aug Sep Oct Nov 0 500 1000 1500 2000 EXPORTS -2014 -2015 20% 40% 60% 18.15% 27.47% 24.57% 22.40% 39.97% 75.10% 11.19% 19.23% YoY GROWTH Apr May Jun Jul Aug Sep Oct Nov 30% 40% 50% 60% 27.36% 23.09% 22.81% 25.32% 39.50% 66.48% 24.79% 24.98% YoY GROWTH Apr May Jun Jul Aug Sep Oct Nov 0% 10% 20% 30% 40% 50% 2.26% 10.54% 56.55% 2.29% 24.29% 10.68% 22.25% -2.16% YoY GROWTH Apr May Jun Jul Aug Sep Oct Nov
- 44. Mahindra & Mahindra (Number of Vehicles) CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Nov'15 The SparkPlug Report - [TRUCKS - GOODS CARRIERS] 44 277 321 395 291 159 272 190 240 337 350 344 423 357 490 587 466 Apr May Jun Jul Aug Sep Oct Nov 0 100 200 300 400 500 PRODUCTION -2014 -2015 244 238 279 284 282 180 216 259 260 343 404 314 341 511 581 454 Apr May Jun Jul Aug Sep Oct Nov 0 100 200 300 400 500 DOMESTIC SALES -2014 -2015 0 0 7 10 10 10 4 0 5 20 0 54 26 37 7 6 Apr May Jun Jul Aug Sep Oct Nov 0 10 20 30 40 50 EXPORTS -2014 -2015 0% 50% 100% 150% 200% 21.66% 9.03% -12.91% 45.36% 124.53% 80.15% 208.95% 94.17% YoY GROWTH Apr May Jun Jul Aug Sep Oct Nov 50% 100% 150% 6.56% 44.12% 44.80% 10.56% 20.92% 183.89% 168.98% 75.29% YoY GROWTH Apr May Jun Jul Aug Sep Oct Nov -100% 0% 100% 200% 300% 400% 0.00% 0.00% -100.00% 440.00% 160.00% 270.00% 75.00% 0.00% YoY GROWTH Apr May Jun Jul Aug Sep Oct Nov 1.65 % 1.90 % 2.41 % 1.74 % 0.90 % 1.63 % 1.18 % 1.27 % 1.69 % 1.63 % 1.68 % 2.06 % 1.44 % 1.68 % 3.29 % 2.07 % Apr'14 May'14 Jun'14 Jul'14 Aug'14 Sep'14 Oct'14 Nov'14 Apr'15 May'15 Jun'15 Jul'15 Aug'15 Sep'15 Oct'15 Nov'15 0 1 2 3 MARKET SHARE 1.94 % 1.79 % 1.90 % 1.91 % 1.97 % 1.09 % 1.36 % 1.79 % 1.63 % 2.10 % 2.25 % 1.69 % 1.71 % 1.86 % 2.94 % 2.51 % Apr'14 May'14 Jun'14 Jul'14 Aug'14 Sep'14 Oct'14 Nov'14 Apr'15 May'15 Jun'15 Jul'15 Aug'15 Sep'15 Oct'15 Nov'15 0.0 0.5 1.0 1.5 2.0 2.5 MARKET SHARE 0.00 % 0.00 % 0.47 % 0.52 % 0.62 % 0.69 % 0.29 % 0.00 % 0.28 % 1.10 % 0.00 % 2.75 % 1.29 % 2.30 % 0.41 % 0.44 % Apr'14 May'14 Jun'14 Jul'14 Aug'14 Sep'14 Oct'14 Nov'14 Apr'15 May'15 Jun'15 Jul'15 Aug'15 Sep'15 Oct'15 Nov'15 0.0 0.5 1.0 1.5 2.0 2.5 MARKET SHARE
- 45. Tata Motors (Number of Vehicles) CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Nov'15 The SparkPlug Report - [TRUCKS - GOODS CARRIERS] 45 9911 9329 9894 9835 10272 10168 10306 12167 10850 12479 12386 11421 13369 15674 10178 13450 Apr May Jun Jul Aug Sep Oct Nov 0 5000 10000 15000 PRODUCTION -2014 -2015 7305 7846 8290 8577 8167 9479 9513 8715 8954 9395 9993 10448 10969 14520 11495 10853 Apr May Jun Jul Aug Sep Oct Nov 0 5000 10000 DOMESTIC SALES -2014 -2015 983 758 883 1348 1093 1029 917 866 989 1178 1619 1380 1262 993 1061 846 Apr May Jun Jul Aug Sep Oct Nov 0 500 1000 1500 EXPORTS -2014 -2015 0% 10% 20% 30% 40% 50% 9.47% 33.77% 25.19% 16.13% 30.15% 54.15% -1.24% 10.54% YoY GROWTH Apr May Jun Jul Aug Sep Oct Nov 20% 30% 40% 50% 22.57% 19.74% 20.54% 21.81% 34.31% 53.18% 20.83% 24.53% YoY GROWTH Apr May Jun Jul Aug Sep Oct Nov 0% 20% 40% 60% 80% 0.61% 55.41% 83.35% 2.37% 15.46% -3.50% 15.70% -2.31% YoY GROWTH Apr May Jun Jul Aug Sep Oct Nov 58.88 % 55.30 % 60.31 % 58.75 % 57.97 % 60.92 % 64.20 % 64.55 % 54.56 % 58.03 % 60.61 % 55.74 % 53.90 % 53.63 % 57.03 % 59.85 % Apr'14 May'14 Jun'14 Jul'14 Aug'14 Sep'14 Oct'14 Nov'14 Apr'15 May'15 Jun'15 Jul'15 Aug'15 Sep'15 Oct'15 Nov'15 0 20 40 60 MARKET SHARE 58.20 % 59.05 % 56.59 % 57.72 % 57.04 % 57.41 % 60.01 % 60.17 % 56.01 % 57.44 % 55.55 % 56.11 % 54.91 % 52.82 % 58.11 % 59.96 % Apr'14 May'14 Jun'14 Jul'14 Aug'14 Sep'14 Oct'14 Nov'14 Apr'15 May'15 Jun'15 Jul'15 Aug'15 Sep'15 Oct'15 Nov'15 0 20 40 60 MARKET SHARE 55.47 % 45.91 % 58.75 % 70.24 % 67.22 % 70.92 % 65.59 % 62.21 % 54.58 % 64.55 % 68.81 % 70.30 % 62.44 % 61.83 % 62.08 % 62.11 % Apr'14 May'14 Jun'14 Jul'14 Aug'14 Sep'14 Oct'14 Nov'14 Apr'15 May'15 Jun'15 Jul'15 Aug'15 Sep'15 Oct'15 Nov'15 0 20 40 60 MARKET SHARE