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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