Automakers in India reported strong double-digit sales growth in November 2011, with volumes increasing despite expectations of slowing demand from higher interest rates and prices. Two-wheeler sales grew 28% year-over-year to over 1.3 million units, led by Hero MotoCorp, Bajaj Auto and TVS Motors. Major automakers like Tata Motors, Hero and Ashok Leyland reported better-than-expected numbers. Passenger vehicle sales increased 17% to around 210,000 units, while commercial vehicles grew nearly 22%. Going forward, industry growth is expected to be driven by two-wheelers, though higher costs and interest rates could impact profitability if passed on to customers.
- December auto sales showed some recovery compared to the previous month, with passenger car sales led by Maruti Suzuki increasing. However, total auto sales were still down 20.4% from December 2010.
- Total domestic auto sales in December grew 3% year-over-year but fell 5% month-over-month. For the fiscal year so far (April-December 2011), total auto sales were up 13.6% from the same period in the previous fiscal year.
- Commercial vehicle sales continued to show strength in December, growing 17.4% year-over-year, while the two-wheeler segment lost momentum, growing only 11% year-over-year but declining 5
- The two-wheeler industry in India saw a decline in quarterly volume growth to 11% in Q3 2011-12, the lowest in three years, with motorcycles growing at 9.2% versus over 20% for scooters.
- Overall growth for the domestic two-wheeler industry in 2011-12 is expected to be around 13% as growth is projected to further slow in Q4 due to high base effects.
- Market share in the motorcycle segment remains dominated by Hero MotoCorp at over 55%, while Honda regained its position as the third largest player in Q3 2011-12.
Car sales in India increased 20% in March 2012 to a record 2.3 lakh units. Tata Motors and Mahindra & Mahindra saw record sales growth of 20.4% and 25.3% respectively due to customers advancing purchases before an expected post-Budget price hike. Overall auto sales across categories grew 12.1% in fiscal year 2012, driven mainly by two-wheelers and light commercial vehicles. Major car manufacturers like Maruti Suzuki, Tata Motors, and Mahindra & Mahindra reported robust sales growth in March 2012 compared to the previous year.
North american auto aftermarket frost 0211 soaringvjr
This document provides a 360-degree perspective on trends in the North American automotive aftermarket industry. It discusses anticipated growth in vehicle maintenance and repairs as more cars age. It also covers political, regulatory, technology, and consumer trends influencing the industry, as well as an analysis of industry participants and best practices. Key areas of focus include the shift from original equipment to aftermarket parts, opportunities in electric and hybrid vehicles, and the roles of various distribution channels in the changing industry landscape.
- Indian auto companies saw strong sales growth across segments in October 2019 due to festival purchases and pent-up demand, except for medium and heavy commercial vehicles.
- Wholesale volumes declined year-over-year as OEMs focused on reducing inventory levels in preparation for the BS-VI emission standard transition.
- Maruti Suzuki was the only major automaker to report year-over-year growth in passenger vehicle sales in October, while other players saw high double-digit declines.
2018 Automotive Aftermarket Year-End WebinarQUIXX USA -
2018 started strong for the Aftermarket. Frequent and sustained winter storms that hung around well past their welcome helped our industry grow +4.0% in dollars through November; December brought the number down to +2.5%
This document summarizes Cummins Inc.'s fourth quarter 2006 earnings teleconference. It discusses financial results for each of Cummins' business segments. Cummins reported record annual revenue and operating earnings for 2006. Looking ahead, Cummins provided guidance for 2007 anticipating sales growth of 0-5% and earnings per share of $11.00-$11.50. Cummins is confident in its ability to perform in 2007 and beyond due to changes that have fundamentally strengthened its business model.
1) The document is the transcript from Cummins Inc.'s second quarter 2007 earnings teleconference held on July 26, 2007.
2) It includes comments from Cummins executives on the company's financial results and outlook, as well as segment results and strategies.
3) Key highlights included double-digit revenue growth, strong international demand offsetting declines in the US, and investments to capitalize on profitable growth opportunities around the world.
- December auto sales showed some recovery compared to the previous month, with passenger car sales led by Maruti Suzuki increasing. However, total auto sales were still down 20.4% from December 2010.
- Total domestic auto sales in December grew 3% year-over-year but fell 5% month-over-month. For the fiscal year so far (April-December 2011), total auto sales were up 13.6% from the same period in the previous fiscal year.
- Commercial vehicle sales continued to show strength in December, growing 17.4% year-over-year, while the two-wheeler segment lost momentum, growing only 11% year-over-year but declining 5
- The two-wheeler industry in India saw a decline in quarterly volume growth to 11% in Q3 2011-12, the lowest in three years, with motorcycles growing at 9.2% versus over 20% for scooters.
- Overall growth for the domestic two-wheeler industry in 2011-12 is expected to be around 13% as growth is projected to further slow in Q4 due to high base effects.
- Market share in the motorcycle segment remains dominated by Hero MotoCorp at over 55%, while Honda regained its position as the third largest player in Q3 2011-12.
Car sales in India increased 20% in March 2012 to a record 2.3 lakh units. Tata Motors and Mahindra & Mahindra saw record sales growth of 20.4% and 25.3% respectively due to customers advancing purchases before an expected post-Budget price hike. Overall auto sales across categories grew 12.1% in fiscal year 2012, driven mainly by two-wheelers and light commercial vehicles. Major car manufacturers like Maruti Suzuki, Tata Motors, and Mahindra & Mahindra reported robust sales growth in March 2012 compared to the previous year.
North american auto aftermarket frost 0211 soaringvjr
This document provides a 360-degree perspective on trends in the North American automotive aftermarket industry. It discusses anticipated growth in vehicle maintenance and repairs as more cars age. It also covers political, regulatory, technology, and consumer trends influencing the industry, as well as an analysis of industry participants and best practices. Key areas of focus include the shift from original equipment to aftermarket parts, opportunities in electric and hybrid vehicles, and the roles of various distribution channels in the changing industry landscape.
- Indian auto companies saw strong sales growth across segments in October 2019 due to festival purchases and pent-up demand, except for medium and heavy commercial vehicles.
- Wholesale volumes declined year-over-year as OEMs focused on reducing inventory levels in preparation for the BS-VI emission standard transition.
- Maruti Suzuki was the only major automaker to report year-over-year growth in passenger vehicle sales in October, while other players saw high double-digit declines.
2018 Automotive Aftermarket Year-End WebinarQUIXX USA -
2018 started strong for the Aftermarket. Frequent and sustained winter storms that hung around well past their welcome helped our industry grow +4.0% in dollars through November; December brought the number down to +2.5%
This document summarizes Cummins Inc.'s fourth quarter 2006 earnings teleconference. It discusses financial results for each of Cummins' business segments. Cummins reported record annual revenue and operating earnings for 2006. Looking ahead, Cummins provided guidance for 2007 anticipating sales growth of 0-5% and earnings per share of $11.00-$11.50. Cummins is confident in its ability to perform in 2007 and beyond due to changes that have fundamentally strengthened its business model.
1) The document is the transcript from Cummins Inc.'s second quarter 2007 earnings teleconference held on July 26, 2007.
2) It includes comments from Cummins executives on the company's financial results and outlook, as well as segment results and strategies.
3) Key highlights included double-digit revenue growth, strong international demand offsetting declines in the US, and investments to capitalize on profitable growth opportunities around the world.
Automobile sector preview: Likely to post 2.9% revenue growth on weak volumesIndiaNotes.com
- The document provides an earnings preview for automotive companies for the January-March 2015 quarter.
- It predicts that commercial vehicle sales, led by Ashok Leyland and Tata Motors, will see the highest growth due to an expected recovery in infrastructure activity.
- Motorcycle sales are expected to be mixed, with Royal Enfield and TVS Motors seeing growth while Hero MotoCorp and Bajaj Auto may decline.
- The document recommends buying shares of Ashok Leyland and Maruti Suzuki.
This document introduces Gujarat, India as a global business hub and highlights opportunities for collaboration. It then provides background on India's strong economic growth, highlighting that India has the 4th largest economy globally by purchasing power parity and was growing at over 8% annually in 2011. The document outlines India's trade and foreign direct investment trends, identifying it as the 2nd most preferred destination for investment.
The document provides details from Cummins Inc.'s first quarter 2007 earnings teleconference call. It includes:
1) Introductions from Cummins leadership and details on forward-looking statements and non-GAAP measures.
2) Financial highlights for each business segment, noting sales and earnings growth or declines compared to Q1 2006.
3) Consolidated financial results for Cummins, guidance for 2007, and investments to support future growth.
4) Questions were taken from participants on the call.
- Michelin's net sales for the first half of 2009 were €7.1 billion, down 13.4% from the first half of 2008, due to a 23% decline in unit sales caused by falling tire demand globally except in China.
- The operating margin was 4.0% before non-recurring items, down 4.6 points from the first half of 2008, as operating income fell 60.2% to €282 million due to lower unit sales and higher unused capacity costs.
- Michelin reported a net loss of €122 million for the first half after €292 million in restructuring costs for plans in France and North America to increase competitiveness.
Why Car Sales Will Rise in 2010 CommentaryRalph Paglia
The document summarizes that auto sales and production have sharply declined recently but are near their bottom. It projects that both will increase substantially in the next two years, with sales returning to 15.9 million annually by the end of 2010, representing a 75% increase from current levels. Excess auto inventories held by dealers will also decline back to normal levels as sales increase and production is adjusted upwards accordingly, signaling a strong economic rebound in the second half of 2009 or sooner.
This document provides a summary of Cummins Inc.'s first quarter 2008 earnings teleconference. It discusses Cummins' financial results for Q1 2008 compared to Q1 2007, including sales, earnings, margins and other metrics. It also provides guidance for Cummins' full year 2008 results and breakouts for each of its business segments. Key highlights discussed include record sales and earnings for Q1 2008 driven by market share gains and strong demand.
This document provides an overview of the global automotive industry and opportunities for GM. It summarizes that auto sales are growing steadily in the US but EV sales are growing faster globally and in China. It rejects acquiring Tesla due to overvaluation and regulatory issues, and instead recommends GM take a minority stake in NIO to gain a foothold in China's growing EV market. The Chinese market is a major focus as household incomes and luxury car sales are rising significantly there.
This document provides details from Cummins Inc.'s fourth quarter 2007 earnings teleconference call held on February 1, 2008. It includes key messages about Cummins achieving record sales and profits for the fourth straight year through operational improvements and investing in global growth. Segment results and guidance for 2008 indicate continued revenue growth across all business segments through new product introductions and market expansion.
Previous Company Overview Presentation While Under OwnershipStephen Williams
ICC International is a manufacturer and rebuilder of industrial commutators and collector rings located in Maryville, Tennessee. Established in 1983, ICC focuses on streamlining production processes to provide products in as little as 96 hours through their Red Alert emergency service program. ICC serves customers across various industries in North America and also seeks to expand to other international markets while increasing their market share.
This document discusses finding the right person to lead an accounting team. It notes that employers struggle with recruiting, hiring, and retaining qualified employees. The document suggests that financial leaders need the right personality to be a good fit and lead a company to success, and that leadership involves fighting for people's hearts and souls to believe in you.
La Mezquita Sheikh Zayed en Abu Dhabi cubre un área de 22.000 metros cuadrados, utilizando 33.000 toneladas de acero y 120.000 metros cúbicos de concreto para sostener 7.000 columnas.
An account executive and account planner at an ad agency meet with a client from Volkswagen to discuss a new ad campaign. They conduct in-house and syndicated research to learn customer insights and create a creative brief. The creative director then develops an ad campaign based on the brief.
This is a small slide presentation for my first SlideShare. It shows a DP10 with all the chains that go with The Display for a starter kit that has a mark up of 500% for retailers .
Feel free to contact me with any questions
SEM provides electronic manufacturing services including design, prototyping, manufacturing, testing, and after-market services. It has capabilities in hardware/software design, layout design, manufacturing of printed circuit boards and systems, and testing solutions. SEM also has a laboratory for materials analysis and reliability testing. It is located near Milan, Italy and certified to quality and environmental standards.
The document summarizes cement industry data for March 2012. It reports that cement dispatches from ACC, Ambuja and UltraTech increased 6.6% year-over-year in March. Cement prices increased across India by Rs. 10-30 per bag due to increased costs from rail freight hikes and excise duty increases. Demand is improving in construction segments in western, northern and southern regions of India and cement demand growth for fiscal year 2013 is estimated to be 8%.
Susanna Sway is an accounting manager and controller who believes her personality allows her to be a leader. She agrees with quotes from Eddie Robinson about leadership requiring fighting for people's hearts and souls to believe in you, and from Vince Lombardi about leadership requiring getting people to do what they don't want to do and like it.
The document discusses cement industry dispatches and performance in India for December 2011. It finds that the largest cement companies UltraTech, ACC, and Ambuja saw mixed year-over-year growth in December, with UltraTech growing dispatches by 10.6%. Overall demand growth was moderate and mostly due to inventory restocking. Cement prices increased across most of India except the north, and outlook for January 2012 demand is for 5% year-over-year growth as the largest companies reported a 5.2% increase in dispatches that month.
Description of the base capabilities of Vimercate site and its operating Electronic Company SEM (Services for Electronic Manufacturing) from mgirani@semtechnologies.it
This document provides advice and information for MBAs about marketing careers and opportunities. It discusses conventional marketing careers in industries like FMCG, media, advertising, banking, education, tourism, and pharmaceuticals. It also covers new-age marketing fields like digital media, video marketing, mobile apps, sports management, and movie marketing. The document describes what a typical day is like for an MBA in marketing, covering activities like tie-ups and alliances, pre-sales profiling, PR, campaigns, sales, and online marketing. It also provides tips for MBAs, advising them to develop core skills, learn Excel, read widely, and be ready for a no-frills work environment.
This document describes test development services provided by SEM, including structural and functional testing. SEM has 15+ years of experience in test engineering and can support various industries. Services include in-circuit testing, boundary scan testing, optical inspection, X-ray inspection, and flying probe testing using equipment from Agilent, Teradyne, Goepel, and others. SEM also develops customized functional test solutions and provides turnkey test systems for applications like IT equipment, communications devices, consumer products, and more.
Automobile sector preview: Likely to post 2.9% revenue growth on weak volumesIndiaNotes.com
- The document provides an earnings preview for automotive companies for the January-March 2015 quarter.
- It predicts that commercial vehicle sales, led by Ashok Leyland and Tata Motors, will see the highest growth due to an expected recovery in infrastructure activity.
- Motorcycle sales are expected to be mixed, with Royal Enfield and TVS Motors seeing growth while Hero MotoCorp and Bajaj Auto may decline.
- The document recommends buying shares of Ashok Leyland and Maruti Suzuki.
This document introduces Gujarat, India as a global business hub and highlights opportunities for collaboration. It then provides background on India's strong economic growth, highlighting that India has the 4th largest economy globally by purchasing power parity and was growing at over 8% annually in 2011. The document outlines India's trade and foreign direct investment trends, identifying it as the 2nd most preferred destination for investment.
The document provides details from Cummins Inc.'s first quarter 2007 earnings teleconference call. It includes:
1) Introductions from Cummins leadership and details on forward-looking statements and non-GAAP measures.
2) Financial highlights for each business segment, noting sales and earnings growth or declines compared to Q1 2006.
3) Consolidated financial results for Cummins, guidance for 2007, and investments to support future growth.
4) Questions were taken from participants on the call.
- Michelin's net sales for the first half of 2009 were €7.1 billion, down 13.4% from the first half of 2008, due to a 23% decline in unit sales caused by falling tire demand globally except in China.
- The operating margin was 4.0% before non-recurring items, down 4.6 points from the first half of 2008, as operating income fell 60.2% to €282 million due to lower unit sales and higher unused capacity costs.
- Michelin reported a net loss of €122 million for the first half after €292 million in restructuring costs for plans in France and North America to increase competitiveness.
Why Car Sales Will Rise in 2010 CommentaryRalph Paglia
The document summarizes that auto sales and production have sharply declined recently but are near their bottom. It projects that both will increase substantially in the next two years, with sales returning to 15.9 million annually by the end of 2010, representing a 75% increase from current levels. Excess auto inventories held by dealers will also decline back to normal levels as sales increase and production is adjusted upwards accordingly, signaling a strong economic rebound in the second half of 2009 or sooner.
This document provides a summary of Cummins Inc.'s first quarter 2008 earnings teleconference. It discusses Cummins' financial results for Q1 2008 compared to Q1 2007, including sales, earnings, margins and other metrics. It also provides guidance for Cummins' full year 2008 results and breakouts for each of its business segments. Key highlights discussed include record sales and earnings for Q1 2008 driven by market share gains and strong demand.
This document provides an overview of the global automotive industry and opportunities for GM. It summarizes that auto sales are growing steadily in the US but EV sales are growing faster globally and in China. It rejects acquiring Tesla due to overvaluation and regulatory issues, and instead recommends GM take a minority stake in NIO to gain a foothold in China's growing EV market. The Chinese market is a major focus as household incomes and luxury car sales are rising significantly there.
This document provides details from Cummins Inc.'s fourth quarter 2007 earnings teleconference call held on February 1, 2008. It includes key messages about Cummins achieving record sales and profits for the fourth straight year through operational improvements and investing in global growth. Segment results and guidance for 2008 indicate continued revenue growth across all business segments through new product introductions and market expansion.
Previous Company Overview Presentation While Under OwnershipStephen Williams
ICC International is a manufacturer and rebuilder of industrial commutators and collector rings located in Maryville, Tennessee. Established in 1983, ICC focuses on streamlining production processes to provide products in as little as 96 hours through their Red Alert emergency service program. ICC serves customers across various industries in North America and also seeks to expand to other international markets while increasing their market share.
This document discusses finding the right person to lead an accounting team. It notes that employers struggle with recruiting, hiring, and retaining qualified employees. The document suggests that financial leaders need the right personality to be a good fit and lead a company to success, and that leadership involves fighting for people's hearts and souls to believe in you.
La Mezquita Sheikh Zayed en Abu Dhabi cubre un área de 22.000 metros cuadrados, utilizando 33.000 toneladas de acero y 120.000 metros cúbicos de concreto para sostener 7.000 columnas.
An account executive and account planner at an ad agency meet with a client from Volkswagen to discuss a new ad campaign. They conduct in-house and syndicated research to learn customer insights and create a creative brief. The creative director then develops an ad campaign based on the brief.
This is a small slide presentation for my first SlideShare. It shows a DP10 with all the chains that go with The Display for a starter kit that has a mark up of 500% for retailers .
Feel free to contact me with any questions
SEM provides electronic manufacturing services including design, prototyping, manufacturing, testing, and after-market services. It has capabilities in hardware/software design, layout design, manufacturing of printed circuit boards and systems, and testing solutions. SEM also has a laboratory for materials analysis and reliability testing. It is located near Milan, Italy and certified to quality and environmental standards.
The document summarizes cement industry data for March 2012. It reports that cement dispatches from ACC, Ambuja and UltraTech increased 6.6% year-over-year in March. Cement prices increased across India by Rs. 10-30 per bag due to increased costs from rail freight hikes and excise duty increases. Demand is improving in construction segments in western, northern and southern regions of India and cement demand growth for fiscal year 2013 is estimated to be 8%.
Susanna Sway is an accounting manager and controller who believes her personality allows her to be a leader. She agrees with quotes from Eddie Robinson about leadership requiring fighting for people's hearts and souls to believe in you, and from Vince Lombardi about leadership requiring getting people to do what they don't want to do and like it.
The document discusses cement industry dispatches and performance in India for December 2011. It finds that the largest cement companies UltraTech, ACC, and Ambuja saw mixed year-over-year growth in December, with UltraTech growing dispatches by 10.6%. Overall demand growth was moderate and mostly due to inventory restocking. Cement prices increased across most of India except the north, and outlook for January 2012 demand is for 5% year-over-year growth as the largest companies reported a 5.2% increase in dispatches that month.
Description of the base capabilities of Vimercate site and its operating Electronic Company SEM (Services for Electronic Manufacturing) from mgirani@semtechnologies.it
This document provides advice and information for MBAs about marketing careers and opportunities. It discusses conventional marketing careers in industries like FMCG, media, advertising, banking, education, tourism, and pharmaceuticals. It also covers new-age marketing fields like digital media, video marketing, mobile apps, sports management, and movie marketing. The document describes what a typical day is like for an MBA in marketing, covering activities like tie-ups and alliances, pre-sales profiling, PR, campaigns, sales, and online marketing. It also provides tips for MBAs, advising them to develop core skills, learn Excel, read widely, and be ready for a no-frills work environment.
This document describes test development services provided by SEM, including structural and functional testing. SEM has 15+ years of experience in test engineering and can support various industries. Services include in-circuit testing, boundary scan testing, optical inspection, X-ray inspection, and flying probe testing using equipment from Agilent, Teradyne, Goepel, and others. SEM also develops customized functional test solutions and provides turnkey test systems for applications like IT equipment, communications devices, consumer products, and more.
The survey received responses from nearly 1000 individuals across India, with 84% being women and 16% men. It aimed to understand the real challenges faced by working women. Some of the key findings were that over half of women felt they had to drink or smoke to fit in at work, many still believed in a glass ceiling, and over 40% would not report sexual harassment due to lack of action. Additionally, over half of women preferred male bosses and were often asked about marriage plans in interviews. Spending quality family time was also seen as more important than total hours worked.
Ashok Leyland reported a 29% YoY increase in revenue to Rs. 28,797.9 million for Q3FY12 due to a 23.8% rise in vehicle sales volumes. However, EBITDA margins fell 116 bps YoY to 7.3% as total expenditure grew 29% YoY. Net profit increased 54% to Rs. 669 million due to higher other income and lower taxes, though margins were impacted by a rise in marketing spending and employee bonus outgo.
Device to control photovoltaic modules
1) monitor each panel
2) monitor each strings array
3) wireless (no cabling required)
4) integrate monitoring and controls by inverter
- The volume growth of India's two-wheeler industry decelerated to 11% in Q3 of 2011-12, the slowest in three years, with motorcycles growing at 9.2% versus over 20% for scooters.
- Overall growth in the domestic two-wheeler market for 2011-12 is expected to be around 13% due to slowing growth anticipated in Q4.
- Hero MotoCorp maintains over 55% market share in motorcycles, while Honda leads the scooter segment with over 50% share.
Automotive Industry Research: An Analysis of the Key Insights from the VFACTS...James Organ
1) New car sales in Australia increased 10.3% in 2012, with SUV sales growing the fastest at 25%. Passenger vehicles remained the largest segment at 52% of sales.
2) Private and business buyers fueled growth, increasing purchases by 13% and 11% respectively, while government purchases fell 12%. Petrol vehicles represented 68% of sales.
3) The SUV market saw a 25.3% rise in sales volumes. Toyota led sales in this segment followed by Nissan, Subaru, and Mitsubishi, all of which increased volumes. Small SUVs under $40K saw a 55.3% jump.
Fleet management industry analysis Russia july 2011Denis Volchugin
This document analyzes the fleet management industry in Russia. It finds that the market will continue growing due to increasing vehicle ownership and government investment in GPS technologies. Key growth areas are the automotive industry and government projects. While large corporations dominate currently, small and medium businesses are an emerging market as prices decline and services expand. The industry remains immature but competition is intensifying as it develops.
- The document reports financial results for Localiza Rent a Car S.A. for the second quarter and first half of 2009, with comparisons to prior periods.
- Despite unfavorable market conditions, revenues grew 4.8% in the first half of 2009 due to higher volumes and prices. However, depreciation and used car sales resulted in lower net income.
- Strong cash generation of R$504.6 million and debt reduction of R$436.7 million improved financial ratios. The company adjusted its fleet size in response to market conditions.
The Indian automobile industry continues to struggle in June 2019 with overall domestic sales falling 12.34% year-over-year. Domestic passenger vehicle sales declined 17.54%, two-wheeler sales fell 11.69%, and commercial vehicle sales were down 12.27%. The primary reasons for the low consumer sentiment are increased vehicle prices due to new regulations, financing issues, and a general slowdown in core sectors. Major automakers like Maruti Suzuki, Hero MotoCorp, and Tata Motors all saw double-digit sales declines in June 2019 compared to the previous year. Industry experts expect sales to remain muted in the near future given continuing macroeconomic headwinds.
The document analyzes trends in India's automobile industry from 2002-03 to 2007-08. It summarizes that production and sales of all categories of vehicles including two-wheelers, three-wheelers, commercial vehicles and passenger vehicles have generally increased over the years. However, the industry has faced a slowdown recently due to factors like high interest rates, oil prices, and the global financial crisis. Major players like Bajaj Auto have also seen their financial performance decline in the current fiscal year compared to the previous year.
- Auto sales continued their downward trend for the 10th month due to higher vehicle ownership costs and depressed consumer sentiment. Sales of small cars declined the most.
- The government recently announced measures to boost demand including deferring registration fee increases and allowing depreciation benefits for vehicle purchases before March 2020.
- Most major automakers saw large declines in passenger vehicle and commercial vehicle sales in August compared to the previous year, with some drops exceeding 40%. Slowing economic conditions have weakened demand significantly across segments.
The document initiates coverage on Tata Motors as a buy, with a target price of Rs. 262 per share, representing an upside of 22.4% from the current market price of Rs. 214. Strong growth from JLR brands, expected recovery in commercial vehicle sales, and better performance of Tata's diesel passenger vehicles are expected to drive consolidated revenues and earnings over FY12-13. JLR volumes are forecast to grow at a CAGR of 17.1% through new product launches and expansion in international markets like China, while commercial vehicle sales are expected to benefit from an interest rate cycle reversal.
The document initiates coverage on Tata Motors as a buy, with a target price of Rs. 262 per share representing an upside of 22.4% from the current market price of Rs. 214. Strong growth from JLR brands, expected recovery in commercial vehicle sales, and better performance of Tata's diesel passenger vehicles are expected to drive consolidated revenues and earnings over FY12-13. JLR volumes are forecast to grow at a CAGR of 17.1% through new product launches and expansion in international markets like China, while commercial vehicle sales are expected to benefit from an interest rate cycle reversal.
- Mahindra & Mahindra reported a 14.2% decline in net profit for Q3FY16 to Rs807.9 cr due to one-time costs, though operating income grew 16.8% to Rs11,008 cr, in line with estimates.
- Revenue growth was driven by a 23.9% rise in the automotive segment, while the farm equipment segment saw sluggish 4.4% growth.
- New model launches like KUV100 and TUV300 are performing well, with KUV100 receiving 350 orders per day and an 18,000-vehicle order backlog.
CNW US retail automotive-summary-Sept-2012Brian Crotty
1. August new car sales were reported at 1.285 million units, up 19.85% from a year ago. However, this number included a significant increase in fleet/business orders that will likely not all be fulfilled. Adjusting for these, actual sales were up a solid but less impressive 15.25% to 1.2 million units.
2. Used vehicle sales in September are projected to be up over 8% from a year ago, with franchised dealer sales up 11.7% and independent dealer sales up 9.7% due to stabilizing inventory levels.
3. The presidential election is the top issue for consumers and views on the candidates' impact differ, with Romney seen as better
The document provides a summary of PSA Peugeot Citroen's sales and financial results for Q3 and the first 9 months of 2008. Key points include:
- Automotive sales declined 7.1% in Q3 due to an 8.6% drop in volumes, with a particularly sharp 12.8% decline in Western Europe.
- The company maintained a strong balance sheet with €4-6 billion in excess cash and no immediate bond maturities.
- Banque PSA Finance continued stable sales and successfully passed through increased financing costs.
- Full year 2008 group recurring operating margin is expected to be around 1.3%.
This document provides an analysis on UltraTech Cement. It rates the stock as a "Buy" with a target price range of Rs. 3400-3550 over the next 12 months, representing potential upside of 14%. UltraTech is India's largest cement company and is expected to benefit from recovering economic growth and increasing cement demand in India. The company plans to aggressively expand its capacity which will help drive strong volume growth.
The document discusses trends in the Indian auto industry. It notes that commercial vehicle segments like light commercial vehicles saw positive growth, while medium and heavy commercial vehicles declined due to high bases of growth in the previous year. Passenger cars and utility vehicles grew by 12% and 11% respectively due to new model launches. Two-wheeler sales declined 4.9% due to economic slowdown and high interest rates. The auto components industry saw production growth of 12% but margins are expected to remain under pressure due to slowing auto demand. The budget provided some relief through reduced excise duties on certain vehicles.
The document discusses trends in the Indian auto industry. It notes that commercial vehicle segments like light commercial vehicles saw positive growth, while medium and heavy commercial vehicles declined due to high bases of growth in the previous year. Passenger car sales grew 12% due to new models. Utility vehicles also saw strong growth. However, two-wheeler sales declined 4.9% due to economic slowdown and financing issues. The auto components industry saw 12% production growth but margins are expected to remain under pressure due to slowing auto demand. The budget provided some stimulus with reduced excise duties on certain vehicles.
The document discusses trends in the Indian auto industry. It notes that commercial vehicle segments like light commercial vehicles saw positive growth, while medium and heavy commercial vehicles declined due to high bases of growth in the previous year. Passenger car sales grew 12% due to new models. Utility vehicles also saw strong growth. However, two-wheeler sales declined 4.9% due to economic slowdown and financing issues. The auto components industry saw 12% production growth but margins are expected to remain under pressure due to slowing auto demand. The budget provided some stimulus with reduced excise duties on certain vehicles.
Deutsche Bank presented at a 2007 leveraged finance conference. The presentation discussed Deutsche Bank's product portfolio, customer base, and the impacts of the economic downturn on various industries including commercial vehicles, housing, and freight. Charts were shown on expected offsets to downturn that did not materialize as well as declining trailer sales, truck tonnage, and class 8 truck orders reflecting weakness in freight volumes and construction exacerbated by the credit crunch.
Deutsche Bank 2007 Leveraged Finance Conference presentation by Jim Donlon and Mary Lehmann of ArvinMeritor discusses:
1) Weakness in the US truck market due to economic slowdown and credit crunch affecting sales and production volumes.
2) Supply chain challenges in Europe from unexpected surge in demand, requiring premium freight and tight capacity.
3) Outlook for 2008 is lowered from 2007 due to ongoing operational issues and non-recurring charges, but medium-term investment thesis remains intact with cost savings plans and growth in commercial vehicle markets.
Tata Motors is India's largest automobile company. It has operations in India, the UK, and other countries. One of its most important subsidiaries is Jaguar Land Rover. The document discusses Tata Motors' financial performance, markets, competition, and prospects. It notes that while Tata has underperformed recently, Jaguar Land Rover has provided a cushion. Over the medium term, new product launches and economic growth could make Tata Motors a value creator for investors. However, risks include high debt levels, increased competition, and potential new taxes on diesel vehicles.
Part 2 Deep Dive: Navigating the 2024 Slowdownjeffkluth1
Introduction
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Forrester’s Digital Transformation Framework
IDC’s Digital Transformation MaturityScape
MIT’s Digital Transformation Framework
Gartner’s Digital Transformation Framework
Accenture’s Digital Strategy & Enterprise Frameworks
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Auto monthly Nov-2011-R K Global
1. Automobile Monthly | 12st Dec’11
Monthly Auto Sales – November’ 2011 Sector Update
Price Performance Automakers maintained their strong volume growth in
Scripts Y-o-Y M-o-M Nov-11 Nov-10 Oct-11 Nov’11, recording double-digit sales growth. Despite
Sensex -15.6% -6.9% 16483.5 19521.3 17705.0
Auto -16.5% -11.0% 8434.2 10099.9 9477.2
expectations of a slowdown in demand due to higher interest
ALL -31.4% -9.6% 24.6 35.9 27.2 rates and product price increases, volume growth remained
BJAL 6.2% -3.5% 1672.9 1575.4 1733.2 optimistic on the back of positive consumer sentiment and
Hero 5.9% -3.9% 2089.9 1973.4 2175.7
Maruti -32.0% -13.9% 968.7 1423.8 1125.7
heavy discounts offered by OEMs and dealers to maintain
M&M -5.5% -16.1% 723.9 766.3 863.2 sales momentum. Among the majors, Tata Motors, Hero
Tata -30.3% -13.1% 172.5 247.4 198.5 MotoCorp and Ashok Leyland reported better-than-expected
TVS -27.7% -13.9% 59.3 82.0 68.8
numbers for the month.
Key Player & Industry Volume growth- Nov’11
November volumes showed a sign of revival from the previous
Industry
27.8% month. The industry clocked more than 1.2 million vehicles across
8.5% category in November’2011. Industry growth is expected to be
28.7%
driven primarily by two-wheelers vehicles. Domestic passenger
Hero car sales zoomed 17% Y-o-Y to ~2.1 lakh units in November, 2011,
4.8%
from 1.8 lakhs units same month last year, while the commercial
53.4% vehicle (CV) segment has witnessed 21.6% Y-o-Y growth (10.5%
ALL
26.0%
M-o-M) basis. While motorcycle sales grew by 28% Y-o-Y during
11.8% Y0Y gr the month to 12 lakhs units.
TVS
-4.5%
25.1% MoM gr
Bajaj Outlook
-5.3%
52.7% The outlook towards volume growth in the sector is commingling,
M&M
-1.9% on an index performance basis; the BSE Auto index
-18.5%
underperformed the Sensex with M-o-M return of -11% as
Maruti
65.1% compared to 11.5% during the month of Oct. On the demand side,
2-wheeler demand remain structured, while some down side
Tata
40.6% movement in LCV and M&HCV can be seen in near term on account
13.0% of economic slowdown amid the challenges. Though it is to be
noted that demand is structural, immediate concerns for the sector
Source: Company, R K Global research
like higher interest rates and inflated commodity price with
Research Analyst depreciating domestic currency could cause serious concerns for
Aditya Vikram Jha
aditya.jha@rkglobal.in the whole industry as profitability and volume growth could see
erosion.
Key Players & company volume growth YTD
SEGMENTS Nov -11 Oct -11 Nov-10 Y-o-Y % M-o-M % YTD FY'12 YTD FY'11 YTD%
Two Wheelers
TVS 172839 180637 153882 12.3% -4.2% 1994253 1881177 6.1%
Hero 536772 512238 417056 28.7% 4.8% 5605796 4901506 14.4%
Bajaj 331967 351083 265036 25.2% -5.4% 3510126 3239027 8.4%
Total 1041568 1043957 835974 24.6% -0.2% 111101175 10021710 10.8%
Three wheelers
TVS 2706 3081 3159 -14.3% -12.2% 41168 31848 29.3%
Bajaj 42510 44191 34195 24.3% -3.8% 457048 420090 8.8%
M&M 5889 6332 4468 31.8% -7.0% 57892 49170 17.7%
Total 51105 53604 41822 22.2% -4.7% 556108 501108 10.9%
Passenger Vehicles
Tata 27737 25124 15340 75.8% 11.7% 267721 284633 -5.9%
M&M 17813 18756 12323 44.5% -5.1% 187173 168815 10.8%
Maruti 73078 41192 87618 -16.6% 77.4% 774672 711928 8.8%
Total 118628 85072 115281 2.9% 39.4% 1229566 1165376 5.5%
Commercial Vehicles
Tata 44737 38714 35079 27.5% 15.6% 458057 425595 7.6%
M&M 13362 13101 7699 73.5% 1.9% 145134 143173 31.2%
Maruti 9792 10266 14885 -34.2% -4.6% 129269 98542 1.4%
Total 67891 62081 57663 17.7% 9.4% 732460 667310 9.7%
Industry 1279192 1244715 1050740 21.7% 2.8% 13628309 12355504 10.3%
Source: SIAM, Company, R K Global Research
R K Global Shares & Securities Ltd-Private Client Research | Equity Research For Private Client Circulation 1
2. Automobile Monthly
Domestic Market Share in two-wheelers Two-wheeler Segment
The two-wheeler reported robust sales for the month of
Others 3.5 November 2011 by 28% on Y-o-Y basis at 1.3 million units. The
two wheeler industry reports astral performance for the third
TVS 15.6
consecutive month. On M-o-M basis the growth moderated by 1%
to 15.72% Y-o-Y growth in Oct 2011.
Nov-11
BJAL 33.3
HERO 47.7
%
0.0 10.0 20.0 30.0 40.0 50.0 TVS Motors
TVS Motors sales continued to move in line with the industry
TVS Motors: Sales Volume trend on stronger two-wheeler sales in comparison to the overall
Scooter Motorcycle Y-o-Y gr
industry. Overall sales were clocked at 175535 units, an increase
150 54
of 11.8%Y-o-Y (-4.5% M-o-M) growth. Motorcycle volumes stood
at ~62608 units, a decline of 1% Y-o-Y (-17% M-o-M). Scooter
130 44
sales witnessed a growth of 22.3% Y-o-Y (decline 5% M-o-M) to
34
'000 Units
110 44 thousand units. The export segment continued to do well with
24
%
90
68.2% Y-o-Y (11.6% M-o-M) growth clocking 24271 units.
14 Cumulative figures during the period April to November, 2011,
70 4 grew by 12% to 15 lakh units as against 13.4 lakh units sold in the
50 -6 same period last year.
Nov-10 Feb-11 May-11 Aug-11 Nov-11
Bajaj Auto: Net sales & export volume
Bajaj Auto
Commercial Motorcycle Y-o-Y gr
Bajaj Auto posted healthy volume numbers with exports
30
400
providing strong support (up 25.1% Y-o-Y). Total volumes for the
25 month were at 3.7 lakh units reflecting a decent 25.1% Y-o-Y,
'000 Units
350 while on M-o-M basis the company just missed the market
20
expectations to decline at 5.3%. In the two-wheeler segment,
%
300
15 Pulsar and Discover brands (accounting for ~68% of total sales to
2.2 lakh units) continued to be the volume driver. The motorcycle
250 10 sales volume rose 25.3% Y-o-Y (decline -5.4% M-o-M) to 3.3 lakh
units, While export rose 42% Y-o-Y (decline 2.1% M-o-M) in
200 5
November 2011. The three-wheeler segment for Bajaj Auto
Nov-10 Feb-11 May-11 Aug-11 Nov-11
continued its growth of 24.3% Y-o-Y (decline -3.8% M-o-M) to
42510 units.
Hero MotoCorp: Sales Volume
Volume Y-o-Y gr
550 43 Hero MotoCorp
500
38 Hero MotoCorp (HMC), the market leader in the two-wheeler
33 segment, keeps up the momentum of consistent five lakh-plus
450
28 unit sales every month. The company registered volumes of 5.3
'000 Units
400
23 lakhs unit a growth of 28.7% Y-o-Y (4.8% M-o-M). Cumulative
%
350
18 Apr-Nov’11 sales volume grew 10.1% Y-o-Y to 41.5 lakhs units.
300 13
250 8
200 3
Nov-10 Feb-11 May-11 Aug-11 Nov-11
Source: SIAM, Company, R K Global research
R K Global Shares & Securities Ltd-Private Client Research | Equity Research For Private Client Circulation 2
3. Automobile Monthly
Domestic Market Share in Four-wheelers Four-wheeler Segment
Domestic passenger car sales registered a stirring performance with a
GM 3.7 growth of ~18%Y-o-Y to ~2.1 lakhs units sales volume in November
across industry, While the commercial vehicle (CV) segment grows at
M&M 7.7 21.6% on Y-o-Y (10.5% M-o-M). However, this segment would
Nov-11
continue to face challenges on the interest rate front and could receive
Others 11.3
a boost by the end of FY12.
Tata 12.5
Hundai 24.8
Maruti 39.9
% 0 10 20 30 40
Maruti Suzuki India
Maruti Suzuki: Domestic Sales & export Maruti Suzuki India (MSIL) gets relived from its consecutive drop in
volume monthly sales, the company’s total sales increased 65.1% M-o-M
(decline 18.5% Y-o-Y). Passenger vehicles were the main driver for the
Export Commercial company, it increased 77% M-o-M (decline 16.6% Y-o-Y) to 73078
Passenger Y-o-Y gr
130 40 units. A1 and A3 segment increased by 108% & 104% M-o-M to 10403
120 30 and 38921 units respectively. While the SX4 model gets the
110 20
100 10 momentum supported by strong order book, though sales volume
'000 Units
90 0 stood 1433 units (down 87% Y-o-Y). The commercial vehicles segment
%
80 -10
continue to be under pressure, its sales volume decline by 34.2% Y-o-Y
70 -20
60 -30 (down 4.6% M-o-M).
50 -40
40 -50
30 -60
Nov-10 Mar-11 Jul-11 Nov-11
Tata Motors: Domestic Sales & export
volume Tata Motors
Domestic sales of the company have increased by 41% Y-o-Y (13% M-
Export Commercial o-M) to 76823 units; despite the good performance in domestic
Passenger Y-o-Y gr
90 70 segment, the company's exports in the period under review increased
80 60 only by 3.5% at 4349 units. Passenger vehicles were the main
70 50 contributor which increased 75.8% Y-o-Y (11.7% M-o-M) to 28774
40
60 units, while makeover of Nano boosts sales by 65% M-o-M to 6401
'000 Units
30
50 units. The Indica range reported sales volume of 10926 units, up 91%
20
%
40
10
Y-o-Y, while the Indigo segment recorded sales volume of 6213 units, a
30 0 increase of 2.4% Y-o-Y (decrease of 0.9% M-o-M) in comparison to the
20 -10 same month last year. Sales of Sumo, Safari, Aria and Venture segment
10 -20 grew 35% Y-o-Y (0.5% M-o-M) to 4179 units. Commercial vehicle rose
Nov-10 Mar-11 Jul-11 Nov-11 27.5% Y-o-Y, where LCV segment was the main contributor which
increased 40.7% Y-o-Y (31% M-o-M) to 28673 units. M&HCV sales
Source: SIAM, Company, R K Global research stand at 16064 units up both by 9.3% Y-o-Y (decline 4.5% M-o-M).
R K Global Shares & Securities Ltd-Private Client Research | Equity Research For Private Client Circulation 3
4. Automobile Monthly
Mahindra & Mahindra:
Sales Volume (excl. tractors)
Mahindra and Mahindra
Passenger Vehicles Commercial Vehicles
Sales volume Y-o-Y gr M&M reported strong 30.5% Y-o-Y growth in total volume to
85 65
75
58249 units, The automotive sale stood 40722 units during
55
65 Nov’11, a increase of 52.7% Y-o-Y, while in FES segment total sales
45 volume accounted to 17527 units, a decline of -2.6% Y-o-Y (-44.5%
'000 Units
55
45 35 M-o-M). In the tractor space, domestic sales beg off 4.7% Y-o-Y
35 25 (decline 47% M-o-M), while export showed a striking growth of
25
15 32.8% Y-o-Y (2.5% M-o-M). In automotive segment, LCV & M&HCV
15
5 5 sales volume grew by 46.8% Y-o-Y, where as four- wheeler pick up
Nov-10 Feb-11 May-11 Aug-11 Nov-11 segment continued a strong growth of 73.6% Y-o-Y. Automotive
%
export showed astral performance of 71% Y-o-Y (19% M-o-M), to
2563 units during November 2011.
Tractor Sales
Tractor Sales Y-o-Y gr
35 60
30 40
20
'000 Units
25
0
20
-20
15 -40
10 -60
%
Nov-10 Feb-11 May-11 Aug-11 Nov-11
Ashok Leyland: Sales & export volume Ashok Leyland
Ashok Leyland (ALL), the Hinduja group company sales volume
Export Volume Y-o-Y gr
15 60 witnessed astral performance of 53.4% Y-o-Y (26.1% M-o-M), to
13
50 7878 units in Nov’11. Domestic sales scaled up by 66.7% Y-o-Y
40 (11.0% M-o-M) to 6477 units. While exports which were on the
11 30 higher side for many months now, continued its uptrend 11.9% Y-
'000 Units
20 o-Y to 1401 units. The company’s Apr-Nov’11 sales volume
9
10
showed muted performance grew 0.3% Y-o-Y to 57035 units.
7 0
While domestic sales fell 1.5% Y-o-Y to 49478 units, exports
-10
5 surged 14.2% to 7588 units. However, this year there has been a
-20
3 -30
sharp slowdown, especially as the RBI has hiked interest rates
several times, which in turn has increased the cost of truck
Nov-10 Feb-11 May-11 Aug-11 Nov-11
%
financing.
Source: SIAM, Company, R K Global research
R K Global Shares & Securities Ltd-Private Client Research | Equity Research For Private Client Circulation 4
5. Automobile Monthly
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