Tuesday, March 3, 2015

MSIL - Strong Feb sales (+9% YoY)

Maruti February sales: Strong and backed by robust retail.  Sales was up ~9% driven by both domestic (+8%) and exports (+14%).

Key highlight was 7% growth in small car segment due to good traction new Alto AMT. Compact segment was down 6% YoY due to phasing out of old Dzire as company has launched new refreshed version in late February.

Ciaz Continue to report >5k volume, which is encouraging as retail volume reported by dealers are also robust for the model.

Total domestic volume was up 8% YoY to 108k units. Exports was up 14% YoY to 10.66k units.

Upcoming launches like S-Cross (to be launched in April/May 2015) and hatchback above Swift (Festive season 2015) will further improve volume.

Maintain BUY with a TP of Rs4200 as the company is in sweet Spot of Model Cycle with possibility of significant margin gains.


Maruti Suzuki








Volume (Units)
Feb-15
Feb-14
% Change
Jan-15
% Change
YTD FY15
YTD FY14
% Change
M800, A-Star, Alto, WagonR
       39,988
       37,342
7.1%
       35,750
11.9%
              385,583
     395,947
-2.6%
Swift, Estilo, Ritz
       42,778
       45,721
-6.4%
       45,881
-6.8%
              457,289
     396,130
15.4%
DZire
         2,552
         1,304
95.7%
         1,378
85.2%
                16,026
         8,741
83.3%
SX4/Ciaz
         5,410
            228
2272.8%
         6,005
-9.9%
                28,900
         3,618
698.8%









Total A: Passenger Cars
90,728
84,595
7.2%
89,014
1.9%
887,798
804,436
10.4%
Grand Vitara, Ertiga*
         5,863
         5,231
12.1%
         6,432
-8.8%
                61,980
       54,620
13.5%
Omni, Eeco
       11,301
         9,932
13.8%
       10,113
11.7%
              117,205
       92,363
26.9%
TOTAL Domestic Sales
107,892
99,758
8.2%
105,559
2.2%
1,066,983
951,420
12.1%
TOTAL Export Sales
10,659
9,346
14.0%
11,047
-3.5%
              113,877
90,271
26.2%
TOTAL Sales (Domestic+Export)
118,551
109,104
8.7%
116,606
1.7%
1,180,860
1,041,691
13.4%

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