sparkplug-indian automobile sector teaser report for december 2015
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CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Dec'15 The SparkPlug Report 2
Capital Mind Premium: The Sparkplug ReportDecember 2015
A First Look at December's Auto Industry Sales Data
• Production stood at 1,829,148 units; a decline of –0.50% (YoY) or 9,199 units.
• Domestic Sales touched 1,502,314 units compared to 1,504,944 units during the same month of the previous year. This translated into adecline of -0.17% (YoY) or 2,630 units.
• Exports had a massive impact with a decline of –7.49% (YoY). 311,007 units were exported in December compared to 336,178 unitsduring the same month of the previous year resulting in a decline of 25,171 units.
Here is what December looked like
Sales across Segments
CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Dec'15 The SparkPlug Report 3
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Capital Mind Premium: The Sparkplug ReportDecember 2015
In The News
1. Ashok Leyland
• Due to heavy rains/floods in Chennai, the production activity was stopped at Company's Ennore manufacturing Unit, near Chennai, duringthe following period:
■ December 01, 2015 - Night shift only. December 02, 2015 to December 05, 2015 - All 3 shifts
■ The Company has since started its regular operations from December 07, 2015 onwards
■ The Company will be able to assess the insurance losses in due course, upon assessment done by the insurance Company
• The Company received an order for 680 Vehicles and Spare Parts, worth USD 50 Mn. (over Rs 330 crore) from the Ministry of LocalGovernment, Public Works and National Housing, Government of Republic of Zimbabwe.
2. Bajaj Auto
• The auto major has started undertaking test-runs of its proposed quadricycle 'Qute'.
■ The vehicle has been well-received in other markets with a free-on-board (FoB) price tag of US$2,000 (around INR 1.35 lakh)
■ The quadricycle is being exported to 13 countries
■ The company has produced over 240 units during the current year (Apr-Jan) and exported 116 units
■ Powered by a water-cooled DTSi 4 valve engine with a fuel efficiency of 36 km per litre, the quadricycle can reach a top speed of upto 70 km an hour
■ The definition of the quadricycle has got into a legal tangle with multiple petitions in various high courts and now in the SupremeCourt questioning the Centre’s process for creating a new vehicle segment
■ The quadricycle has also drawn a lot of criticism, with many experts pointing out that it is not environment friendly and lacks safetystandards
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Capital Mind Premium: The Sparkplug ReportDecember 2015
In The News
3. Hero MotoCorp
• The calendar year 2015 marked several milestones in Hero MotoCorp’s journey towards being a global two-wheeler powerhouse.
■ Hero MotoCorp marked a historic milestone with the commencement of operations of its first overseas manufacturing facility at VillaRica, Colombia
■ Hero MotoCorp, in Joint Venture with Magneti Marelli (MM), commenced operations at its first autonomous ‘Production andDevelopment Centre’ at Manesar, Haryana
■ Hero MotoCorp launched two new scooters – the Maestro Edge & Duet – the first of its products developed by the inhouse R&Dteam
■ The company further strengthened its motorcycle portfolio with the launch of new Hero Xtreme Sports, Hero PassionPRO and HeroSplendorPRO
■ Hero HF Deluxe, the most popular commuter bike, became the third Hero product to join the million club by clocking 1 Million unitsales in FY’15. The hugely popular Splendor and Passion have been million plus brands for many years.
■ With the commencement of operations at the Hero Centre of Global Innovation and R&D at Jaipur in Rajasthan by Q3 FY’16, thecompany is looking at fast-tracking the development of its innovation-led portfolio. The centre will house globally-renowned expertswho will be engaged in the development of Hero’s future product line-up.
4. Honda Motorcycle & Scooter India
• HMSI rounded-off a spectacular 2015 by announcing the start of sales of the new CB Hornet 160R in India. A faster, smarter, sportiermachine for Indian youth, the CB Hornet 160R was one of the most awaited motorcycles ever since it was first showcased in August’15 atHonda RevFest.
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Capital Mind Premium: The Sparkplug ReportDecember 2015
In The News
5. Mahindra & Mahindra
• Hit with the Supreme Court Ban order on sale of over 2000 cc Diesel vehicles, M&M is set to start using Petrol engines for all its vehiclesover the next 2-3 years.
• The company is all set to launch compact SUV the KUV-100 (Kool 1 double ‘oh’) launch on 15th January - the first mFalcon petroloffering to take on Renault KWID & Maruti Swift. The company also launched the Imperio – a pick up SUV.
6. Maruti Suzuki India
• DZire, India’s best-selling sedan, now comes equipped with the celebrated Auto Gear Shift (AGS) technology. With this DZire becomes thefirst diesel car - and the fourth model in Maruti Suzuki’s portfolio - to be offered with AGS technology.
■ Auto Gear Shift (AGS) also known as Automated Manual Transmission is a revolutionary automobile transmission technology.
■ The clutch-less or two-pedal technology makes driving very comfortable in the heavy city traffic conditions.
■ Customers are free from changing gears and can enjoy the convenience of automatic driving at an affordable cost withoutcompromising on the fuel efficiency.
7. Royal Enfield (Unit of Eicher)
• Due to the rains, in November the company lost production of 4,000 motorcycles. Both the facilities in Thiruvottiyur and Oragadam wereshut between from 1-6 December due to which the company lost production of 7,200 motorcycles. Production of motorcycles resumed onDecember 7, 2015 with the manufacturing facilities operating at 50% of the installed capacity. As of 14th of December, 2015, the plantswere back to normal and production was at 100% of the installed capacity.
CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Dec'15 The SparkPlug Report 7
Capital Mind Premium: The Sparkplug ReportDecember 2015
In The News
8. Tata Motors
• Launches new factory in Slovakia
■ Jaguar Land Rover has confirmed that it will be the first British carmaker to open a manufacturing facility in Slovakia.
■ The announcement follows an agreement between the company and the Government of the Slovak Republic to build a new plant inthe city of Nitra, western Slovakia.
■ The new world-class £1 billion premium manufacturing facility will eventually employ around 2,800 people
• Here are the numbers for the Tata Group
■ The Tata Motors Group global wholesales in December 2015, including Jaguar Land Rover, were at 91,762 nos., higher by 7%, overDecember 2014. Cumulative wholesales for this fiscal were at 754,307 nos., higher by 6% over the last fiscal.
■ Global wholesales of all Tata Motors’ commercial vehicles and Tata Daewoo range in December 2015 were 32,475 nos., higher by 6%,compared to December 2014. Cumulative commercial vehicles wholesales for this fiscal declined by 1% over the last fiscal at 273,485nos.
■ Global wholesales for Jaguar Land Rover were 50,972 vehicles (Includes CJLR* wholesales). Jaguar wholesales for the month were8,784 vehicles and cumulative wholesales were 69,913 vehicles, while Land Rover wholesales for the month were 42,188 vehicles andcumulative wholesales were 3,11,745 vehicles. Cumulative wholesales for Jaguar Land Rover for the fiscal were 3,81,658 vehicles.
This is how the companies stack up!(% change YoY)
CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Dec'15 The SparkPlug Report 8
Company Production Domestic Exports
Ashok Leyland12,016
↑ 48.51%11,299
↑ 43.53%855
↓ -38.53%
Atul Auto3,968
↑ 6.70%3,950
↑ 11.42%55
↓ -66.26%
Bajaj Auto281,854
↓ -1.12%143,526
↑ 16.58%145,463
↓ -12.44%
Fiat India312
↓ -16.80%792
↓ -1.37%0
↓ -100.00%
Force Motors2,003
↑ 27.17%1,768
↑ 10.57%19
↓ 0.00%
Ford India4,558
↓ -38.34%5,924
↑ 55.44%4,941
↓ -53.59%
General Motors1,209
↓ -56.29%2,515
↓ -19.80%7,165
↑ 1383.44%
Hero MotoCorp537,041 ↑ 0.17%
476,012 ↓ -6.04%
23,653 ↑ 21.63%
Honda Cars12,197
↓ -22.48%12,379
↓ -14.20%364
↓ -41.29%
Honda Motorcycle & Scooter India302,439
↓ -15.08%290,540
↓ -9.02%16,067
↓ -5.16%
Hyundai Motor India58,640
↑ 2.32%41,861
↑ 28.79%22,273
↓ -17.16%
India Yamaha Motor56,722
↑ 14.05%38,833
↓ -12.95%12,516
↓ -15.63%
Mahindra & Mahindra40,877
↑ 25.50%34,839
↑ 1.10%3,076
↑ 64.67%
Mahindra Two Wheelers14,046
↑ 0.45%10,488
↓ -18.29%1,624
↑ 166.23%
Company Production Domestic Exports
Maruti Suzuki India107,707
↑ 12.90%111,333
↑ 13.48%7,816
↓ -33.09%
Nissan Motor India9,879
↓ -29.33%3,066
↓ -2.85%8,734
↓ -25.66%
Piaggio Vehicles14,615
↓ -3.63%13,500
↑ 0.20%864
↓ -52.24%
Renault India6,861
↑ 294.08%10,292
↑ 160.16%0
↓ -100.00%
Royal Enfield (Unit of Eicher)42,367
↑ 45.32%40,037
↑ 42.08%416
↓ -8.57%
SML Isuzu1,629
↑ 75.16%786
↓ -22.49%91
↑ 54.24%
Suzuki Motorcycle28,895
↓ -12.48%21,119
↓ -12.04%5,779
↑ 12.94%
TVS Motor Company217,677 ↑ 3.77%
169,315 ↑ 4.91%
32,771 ↓ -0.60%
Tata Motors37,000
↑ 7.85%35,416
↓ -6.25%4,557
↑ 15.13%
Toyota Kirloskar Motor12,820
↓ -9.48%10,446
↓ -11.02%447
↓ -76.32%
VECVs - Eicher4,672
↑ 82.71%4,109
↑ 36.88%837
↑ 117.40%
VECVs - Volvo71
↓ -34.86%117
↑ 2.63%0
↓ 0.00%
Volkswagen India23,572
↑ 9.92%5,154
↓ -36.73%18,514
↑ 88.11%
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CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Dec'15 The SparkPlug Report 10
Capital Mind Premium: The Sparkplug ReportDecember 2015
What FollowsWhat follows is charts of each company's production, domestic sales and exports, compared to last year, for the first nine 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 andwhether it will reflect accurately in company books, due to the secondary nature which involves company releases to SIAM and then onwardto us. These numbers are not audited. We do not recommend the use of this information for trading or speculation in stocks, and none ofthis is investment advice.
TWO WHEELERS
TWO WHEELERS
CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Dec'15 The SparkPlug Report 12
1484
187
1598
895
1443
861
1577
334
1541
304
1785
560
1608
220
1561
587
1465
439
1488
509
1560
164
1486
580
1602
348
1546
310
1730
992
1830
239
1418
592
1435
482
Apr May Jun Jul Aug Sep Oct Nov Dec0
500000
1000000
1500000
PRODUCTION-2014 -2015
1289
183
1398
376
1262
883
1298
694
1345
506
1553
608
1461
712
1301
434
1204
942
1287
064
1380
950
1307
710
1300
457
1305
350
1537
137
1656
235
1320
561
1167
633
Apr May Jun Jul Aug Sep Oct Nov Dec0
500000
1000000
1500000
DOMESTIC SALES-2014 -2015
1949
31
2139
73
1822
32 2225
83
2335
51
2291
18
2149
11
2286
52
2221
84
1846
61
2118
20
2310
08
2377
08
2511
82
2333
02
1896
98
1894
90
2145
88
Apr May Jun Jul Aug Sep Oct Nov Dec0
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%
-2.04%
YoY GROWTH
Apr May Jun Jul Aug Sep Oct Nov Dec
0%
5%
10%
-0.16%-1.25%
3.55%
0.14%
-2.98%
-1.06%
13.31%
1.47%
-3.10%
YoY GROWTH
Apr May Jun Jul Aug Sep Oct Nov Dec
-10%
0%
10%
20%
-5.27%
-1.01%
26.77%
6.80% 7.55%
1.83%
-11.73%
-17.13%
-3.42%
YoY GROWTH
Apr May Jun Jul Aug Sep Oct Nov Dec
CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Dec'15 The SparkPlug Report 13
Capital Mind Premium: The Sparkplug ReportDecember 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 increased from 1,465,439 units to 1,829,148 units resulting in a growth of +24.82% (YoY). This would be the best growth in
% terms for the complete year. December also was the month with the 2nd highest production – a shortfall of 1091 units compared tothe October production.
• Domestic Sales grew from 1,204,942 units to 1,502,314 units resulting in a growth of +24.68% (YoY
• Exports declined from 222,184 units to 214,588 units resulting in a decline of –3.42% (YoY). This is the 3rd month in a row that Exportshave declined.
• All this translated into an overall sales decline of –3.15% (YoY) – worst for the current year.
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Capital Mind Premium: The Sparkplug ReportDecember 2015
Sub-Segment Analysis:Scooters (Models include: Maestro, Hero Duet, Activa and others):
• Faring better than Motorcycles, Scooters brought in a growth of +4.85% (YoY) in Overall Sales by clocking in 413,628 units compared to394,477 units from the previous year.
• Domestic Sales stood at 386,305 units with a growth of +3.12% (YoY).
• Exports also were in the green at 27,323 units compared to 19,876 units resulting in a massive growth of +37.47% (YoY). After 3continuous months of decline in Exports, Scooters also had the highest exports in December during the whole year.
Motorcycles (Models include: Discover, Splendor, CB Twister and others):
• Motorcycles did not fare well as compared to Scooters. Overall Sales declined at -6.31% (YoY) – second worst month after July. 911,052units were sold compared to 972,361 units; a fall of 61,309 units.
• Domestic Sales touched 724,807 units compared to 770,519 units translating into a decline of –5.93% (YoY).
• Exports were in the red for the third consecutive month with 186,245 units being exported compared to 201,842 units, therebyregistering a decline of –7.73% (YoY).
Note: The sub-segment - Mopeds is constituted by a single model i.e. TVS XL Super and hence the sub-segment analysis is not beingincluded here.
CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Dec'15 The SparkPlug Report 15
Capital Mind Premium: The Sparkplug ReportDecember 2015
Constituent Analysis:• Outliers (manufacturer with the highest growth):
• Production: +45.32% (YoY) - Royal Enfield (Unit of Eicher)
• Domestic Sales: +42.08% (YoY) - Royal Enfield (Unit of Eicher)
• Exports: +2540.0% (YoY) – Piaggio Vehicles
• Total Overall Sales: +41.28% (YoY) - Royal Enfield (Unit of Eicher)
• Bajaj Auto continues to lose market share to other players. Production was at its lowest for the year at 242,785 units compared to244,222 units a year ago during the same period. Domestic Sales stood at +12.54% (YoY) – the only manufacturer after Royal Enfield toclock in double digit growth. Exports were down at –8.51% (YoY). Its market share remained the same. Bajaj currently dominates thesegment (Engine Capacity >125 cc but less than equal to 150 cc) with its iconic Boxer, Discover, and Pulsar and segment (Engine Capacity>200 cc but less than equal to 250 cc) with its Pulsar, Avenger, Ninja, and KTM.
• Hero MotoCorp – clocking an Overall Sales of 499,665 units – third lowest for the year, sales declined by –5.02% (YoY). Domestic Salesfell from 506,632 units 476,012 units. Exports made a huge comeback with a growth of +21.63% (YoY) ending the streak of 4continuous months in the red. Hero continues to dominate the segment (Engine Capacity >75 cc but less than equal to 110 cc) – Over 3lakh Splendors and Passions were sold while Bajaj managed to sell a little over 1.26 lakh units.
• Honda Motorcycle & Scooter India (HMSI) with all figures were in the red, Domestic Sales stood at –9.02% (YoY), and Exports stood at–5.16% (YoY). December turned better than November but it was also the second worst month with an overall sales decline of –8.83%(YoY). HMSI continues to dominate the segment (Engine capacity >90 cc but less than or equal to 125 cc) – Over 2 lakh Activa and Dioswere sold while Hero managed to sell a little over 93k units.
• Royal Enfield continued to outperform its estimates. Suffering a huge setback in targets due to the November and December rains. Thecompany lost over 11,000 units and for the most part of the first half of December, the factory was running at a 50% capacity. OverallSales stood at +41.28% (YoY) – lowest during the current year. Exports were down –8.57% (YoY). To compensate for the losses, thecompany Exported 416 units compared to an avg. of 700 units (Apr-Nov). The company competes with Harley Davidson under the EngineCapacity >500 cc but less than equal to 800 cc category.
Hero MotoCorp(Number of Vehicles)
CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Dec'15 The SparkPlug Report - [TWO WHEELERS] 16
5679
49
6024
83
5361
22
5541
10
5340
37 6209
84
5616
12
5544
36
5361
40
5488
54
5780
94
5108
75
5028
47
4760
85 5849
44 6617
56
5063
61
5370
41
Apr May Jun Jul Aug Sep Oct Nov Dec0
200000
400000
600000
PRODUCTION-2014 -2015
5585
56
5893
60
5305
60
5166
61
5355
03
5808
82
5506
88
5210
01
5066
32
5250
51
5602
22
5152
79
4651
01
4605
57
5896
44
6250
31
5381
80
4760
12
Apr May Jun Jul Aug Sep Oct Nov Dec0
200000
400000
600000
DOMESTIC SALES-2014 -2015
1249
8
1312
3
1103
4
1320
1
2310
6
2317
0
2436
8
2641
2
1944
7
8240 99
78
2708
3
2247
9
1998
0
1710
0
1477
1
1255
1
2365
3
Apr May Jun Jul Aug Sep Oct Nov Dec0
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%
0.17%
YoY GROWTH
Apr May Jun Jul Aug Sep Oct Nov Dec
-10%
-5%
0%
5%
10%
-6.00%-4.94%
-2.88%
-9.98%
-14.00%
1.51%
13.50%
3.30%
-6.04%
YoY GROWTH
Apr May Jun Jul Aug Sep Oct Nov Dec
-50%
0%
50%
100%
-34.07%-23.97%
145.45%
70.28%
-13.53%-26.20%
-39.38%-52.48%
21.63%
YoY GROWTH
Apr May Jun Jul Aug Sep Oct Nov Dec
38.27 %37.68 %
37.13 %35.13 %
34.65 %34.78 %34.92 %35.50 %
36.59 %36.87 %37.05 %
34.37 %31.38 %
30.79 %33.79 %
36.16 %35.69 %
37.41 %
Apr'14May'14Jun'14Jul'14
Aug'14Sep'14Oct'14Nov'14Dec'14Apr'15
May'15Jun'15Jul'15
Aug'15Sep'15Oct'15Nov'15Dec'15
0 10 20 30
MARKET SHARE
43.33 %42.15 %42.01 %
39.78 %39.80 %
37.39 %37.67 %
40.03 %42.05 %
40.79 %40.57 %
39.40 %35.76 %35.28 %
38.36 %37.74 %
40.75 %40.77 %
Apr'14May'14Jun'14Jul'14
Aug'14Sep'14Oct'14Nov'14Dec'14Apr'15
May'15Jun'15Jul'15
Aug'15Sep'15Oct'15Nov'15Dec'15
0 10 20 30 40
MARKET SHARE
6.41 %6.13 %6.05 %5.93 %
9.89 %10.11 %
11.34 %11.55 %
8.75 %4.46 %4.71 %
11.72 %9.46 %
7.95 %7.33 %
7.79 %6.62 %
11.02 %
Apr'14May'14Jun'14Jul'14
Aug'14Sep'14Oct'14Nov'14Dec'14Apr'15
May'15Jun'15Jul'15
Aug'15Sep'15Oct'15Nov'15Dec'15
0 2 4 6 8 10
MARKET SHARE
Honda Motorcycle & Scooter India(Number of Vehicles)
CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Dec'15 The SparkPlug Report - [TWO WHEELERS] 17
3231
38
3508
09
3257
77 3957
12
3809
13
4261
51
3633
97
3700
74
3561
61
3666
45
3532
77
3218
81
4130
67
3968
01
4208
28
4053
09
3191
79
3024
39
Apr May Jun Jul Aug Sep Oct Nov Dec0
100000
200000
300000
400000
PRODUCTION-2014 -2015
3019
78
3421
36
3093
87 3639
77
3708
71 4206
00
3616
70
3537
43
3193
49
3289
94
3534
09
3318
59
3713
49
3731
69
4116
45
4318
87
3119
46
2905
40
Apr May Jun Jul Aug Sep Oct Nov Dec0
100000
200000
300000
400000
DOMESTIC SALES-2014 -2015
1192
8
1340
3
1376
5 1743
5
1715
2
1790
0
1535
9 1802
7
1694
2
1169
9
1378
7 1701
5
1825
7 2206
0
1908
9
1697
5
1439
1
1606
7
Apr May Jun Jul Aug Sep Oct Nov Dec0
5000
10000
15000
20000
EXPORTS-2014 -2015
-15%
-10%
-5%
0%
5%
10%
13.46%
0.70%-1.20%
4.39% 4.17%
-1.25%
11.53%
-13.75%-15.08%
YoY GROWTH
Apr May Jun Jul Aug Sep Oct Nov Dec
-10%
0%
10%8.95%
3.29%
7.26%
2.03%0.62%
-2.13%
19.41%
-11.82%
-9.02%
YoY GROWTH
Apr May Jun Jul Aug Sep Oct Nov Dec-20%
-10%
0%
10%
20%
-1.92%
2.87%
23.61%
4.71%
28.61%
6.64%10.52%
-20.17%
-5.16%
YoY GROWTH
Apr May Jun Jul Aug Sep Oct Nov Dec
21.77 %21.94 %22.56 %
25.09 %24.71 %
23.87 %22.60 %
23.70 %24.30 %24.63 %
22.64 %21.65 %
25.78 %25.66 %
24.31 %22.15 %22.50 %
21.07 %
Apr'14May'14Jun'14Jul'14
Aug'14Sep'14Oct'14Nov'14Dec'14Apr'15
May'15Jun'15Jul'15
Aug'15Sep'15Oct'15Nov'15Dec'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 %26.50 %
25.56 %25.59 %25.38 %
28.56 %28.59 %
26.78 %26.08 %
23.62 %24.88 %
Apr'14May'14Jun'14Jul'14
Aug'14Sep'14Oct'14Nov'14Dec'14Apr'15
May'15Jun'15Jul'15
Aug'15Sep'15Oct'15Nov'15Dec'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 %
7.63 %6.34 %6.51 %
7.37 %7.68 %
8.78 %8.18 %
8.95 %7.59 %7.49 %
Apr'14May'14Jun'14Jul'14
Aug'14Sep'14Oct'14Nov'14Dec'14Apr'15
May'15Jun'15Jul'15
Aug'15Sep'15Oct'15Nov'15Dec'15
0 2 4 6 8
MARKET SHARE
THREE WHEELERS
THREE WHEELERS
CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Dec'15 The SparkPlug Report 19
6218
8
6892
3
7651
4 8779
8
8830
9
9500
1
8738
0
9122
0
7558
8
7707
6
7404
6
7508
8
8462
0
8546
7 9637
7
9094
2
6958
3
7183
6
Apr May Jun Jul Aug Sep Oct Nov Dec0
20000
40000
60000
80000
PRODUCTION-2014 -2015
3344
6 4042
5 4738
3
5146
2
5255
0
5694
8
5230
7
4175
5
3991
7
3266
6
3650
0 4387
5
4515
1
4612
4
4952
4
5236
1
4523
5
4688
1
Apr May Jun Jul Aug Sep Oct Nov Dec0
10000
20000
30000
40000
50000
DOMESTIC SALES-2014 -2015
2652
8
3028
5
3059
3 3719
8
3918
3
3637
0
3531
5 4233
7
3778
5
4754
8
3874
3
3611
9
3828
3
4163
8
4473
0
3218
8
2763
1
2599
5
Apr May Jun Jul Aug Sep Oct Nov Dec0
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%
-4.96%
YoY GROWTH
Apr May Jun Jul Aug Sep Oct Nov Dec
-10%
0%
10%
-2.33%
-9.71%-7.40%
-12.26%-12.23%-13.04%
0.10%
8.33%
17.45%
YoY GROWTH
Apr May Jun Jul Aug Sep Oct Nov Dec
-20%
0%
20%
40%
60%
79.24%
27.93%18.06%
2.92% 6.27%
22.99%
-8.85%
-34.74%-31.20%
YoY GROWTH
Apr May Jun Jul Aug Sep Oct Nov Dec
CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Dec'15 The SparkPlug Report 20
Capital Mind Premium: The Sparkplug ReportDecember 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 75,588 units to 71,836 units resulting in a decline of –4.96% (YoY)
• Domestic Sales continued its third month into the positive from 39,917 units to 46,881 units resulting in a growth of just +17.45% (YoY)– this has been the best growth so far for the current year.
• Exports declined from 37,785 units to 25,995 units resulting in a decline of –31.20% (YoY)
• All this translated into an overall sales decline of –6.21% (YoY) – same as the previous month.
CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Dec'15 The SparkPlug Report 21
Capital Mind Premium: The Sparkplug ReportDecember 2015
Constituent Analysis:
• Outliers (manufacturer with the highest growth):
• Production: +6.70% (YoY) – Atul Auto
• Domestic Sales: +43.31% (YoY) – Bajaj Auto
• Exports: None – all companies in the red
• Total Overall Sales: +8.10% (YoY) – Force Motors – the only company in the green
• Bajaj Auto – the leader in Passenger three wheelers, led the field with the third consecutive positive month of the year. Domestic Saleswitnessed a growth of +43.31% (YoY) – best of the year so far. However, Exports did not fare well at –32.87% (YoY). This only helpedthe company eat into rival Piaggio Vehicles market share. Bajaj increased its market share from 53.14% in November to 56.54% inDecember.
• Force Motors continued its focus on the International Markets. The company Exported 180 units compared to just 216 units during thesame month of the previous year.
• Piaggio Vehicles lost 3% of its market share. While Domestic Sales broke into the positive for the first time in the year at +0.20% (YoY),Exports took a massive hit at –52.24% (YoY) – the worst for the year so far.
• TVS Motors gained +0.44% in market share. Domestic Sales stood at –21.59% (YoY) – this has been the bad year (other than July at+0.65%). Exports were in the red at –18.40% (YoY).
Bajaj Auto(Number of Vehicles)
CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Dec'15 The SparkPlug Report - [THREE WHEELERS] 22
3224
0
3760
4
4336
4 5013
4
5085
1
5370
8
4770
5
5114
3
4083
2
4685
0
4315
6
4142
6 4817
8
4903
3 5676
1
4912
9
3671
8
3906
9
Apr May Jun Jul Aug Sep Oct Nov Dec0
10000
20000
30000
40000
50000
PRODUCTION-2014 -2015
1394
1
1898
0 2270
1
2448
4
2436
6
2598
8
2318
9
1587
7
1619
1
1412
2
1594
6 2064
7
2187
0
2235
9
2288
8
2313
5
1969
5 2320
4
Apr May Jun Jul Aug Sep Oct Nov Dec0
5000
10000
15000
20000
25000
DOMESTIC SALES-2014 -2015
1795
2
1943
6
2056
2 2696
7
2817
2
2645
2
2590
5 3143
4
2682
0
3636
1
2763
0
2308
8
2592
8
2917
0
3128
4
2091
8
1902
6
1800
3
Apr May Jun Jul Aug Sep Oct Nov Dec0
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%
-4.32%
YoY GROWTH
Apr May Jun Jul Aug Sep Oct Nov Dec
-10%
0%
10%
20%
30%
40%
1.30%
-15.99%
-9.05%-10.68%-8.24%
-11.93%
-0.23%
24.05%
43.31%
YoY GROWTH
Apr May Jun Jul Aug Sep Oct Nov Dec
0%
50%
100%102.55%
42.16%
12.28%
-3.85%3.54%
18.27%
-19.25%
-39.47%-32.87%
YoY GROWTH
Apr May Jun Jul Aug Sep Oct Nov Dec
51.84 %54.56 %
56.67 %57.10 %57.58 %
56.53 %54.59 %56.07 %
54.02 %60.78 %
58.28 %55.17 %
56.93 %57.37 %
58.89 %54.02 %
52.77 %54.39 %
Apr'14May'14Jun'14Jul'14
Aug'14Sep'14Oct'14Nov'14Dec'14Apr'15
May'15Jun'15Jul'15
Aug'15Sep'15Oct'15Nov'15Dec'15
0 20 40 60
MARKET SHARE
41.68 %46.95 %47.91 %47.58 %
46.37 %45.63 %
44.33 %38.02 %
40.56 %43.23 %43.69 %
47.06 %48.44 %48.48 %
46.22 %44.18 %
43.54 %49.50 %
Apr'14May'14Jun'14Jul'14
Aug'14Sep'14Oct'14Nov'14Dec'14Apr'15
May'15Jun'15Jul'15
Aug'15Sep'15Oct'15Nov'15Dec'15
0 10 20 30 40
MARKET SHARE
67.67 %64.18 %
67.21 %72.50 %71.90 %72.73 %73.35 %74.25 %
70.98 %76.47 %
71.32 %63.92 %
67.73 %70.06 %69.94 %
64.99 %68.86 %69.26 %
Apr'14May'14Jun'14Jul'14
Aug'14Sep'14Oct'14Nov'14Dec'14Apr'15
May'15Jun'15Jul'15
Aug'15Sep'15Oct'15Nov'15Dec'15
0 20 40 60
MARKET SHARE
Piaggio Vehicles(Number of Vehicles)
CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Dec'15 The SparkPlug Report - [THREE WHEELERS] 23
1485
1
1476
4 1693
3
1846
8
1888
0
1972
3
1865
2
1870
0
1516
5
1373
1
1407
9
1523
6
1616
8
1568
0
1660
4
1828
0
1622
3
1461
5
Apr May Jun Jul Aug Sep Oct Nov Dec0
5000
10000
15000
PRODUCTION-2014 -2015
1229
7
1258
4
1437
2
1584
6
1656
5
1775
6
1672
3
1477
1
1347
3
1124
2
1240
3
1321
6
1289
5
1289
6
1466
3
1630
6
1456
7
1350
0
Apr May Jun Jul Aug Sep Oct Nov Dec0
5000
10000
15000
DOMESTIC SALES-2014 -2015
2503
2536
2353
2439 25
97
2135
1738
2817
180921
34 2259
2827 30
30
2512
2479
1817 20
22
864
Apr May Jun Jul Aug Sep Oct Nov Dec0
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%
-3.63%
YoY GROWTH
Apr May Jun Jul Aug Sep Oct Nov Dec
-20%
-15%
-10%
-5%
0%
-8.58%
-1.44%
-8.04%
-18.62%
-22.15%
-17.42%
-2.49%-1.38%
0.20%
YoY GROWTH
Apr May Jun Jul Aug Sep Oct Nov Dec
-40%
-20%
0%
20%
-14.74%-10.92%
20.14%24.23%
-3.27%
16.11%
4.55%
-28.22%
-52.24%
YoY GROWTH
Apr May Jun Jul Aug Sep Oct Nov Dec
23.88 %21.42 %
22.13 %21.03 %21.38 %
20.76 %21.35 %
20.50 %20.06 %
17.81 %19.01 %
20.29 %19.11 %
18.35 %17.23 %
20.10 %23.31 %
20.34 %
Apr'14May'14Jun'14Jul'14
Aug'14Sep'14Oct'14Nov'14Dec'14Apr'15
May'15Jun'15Jul'15
Aug'15Sep'15Oct'15Nov'15Dec'15
0 5 10 15 20
MARKET SHARE
36.77 %31.13 %
30.33 %30.79 %31.52 %31.18 %31.97 %
35.38 %33.75 %34.41 %33.98 %
30.12 %28.56 %
27.96 %29.61 %
31.14 %32.20 %
28.80 %
Apr'14May'14Jun'14Jul'14
Aug'14Sep'14Oct'14Nov'14Dec'14Apr'15
May'15Jun'15Jul'15
Aug'15Sep'15Oct'15Nov'15Dec'15
0 10 20 30
MARKET SHARE
9.44 %8.37 %
7.69 %6.56 %6.63 %
5.87 %4.92 %
6.65 %4.79 %
4.49 %5.83 %
7.83 %7.91 %
6.03 %5.54 %5.64 %
7.32 %3.32 %
Apr'14May'14Jun'14Jul'14
Aug'14Sep'14Oct'14Nov'14Dec'14Apr'15
May'15Jun'15Jul'15
Aug'15Sep'15Oct'15Nov'15Dec'15
0 2 4 6 8
MARKET SHARE
PASSENGER VEHICLES
PASSENGER VEHICLES
CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Dec'15 The SparkPlug Report 25
2583
60
2688
66
2349
46 2773
09
2608
82
2860
56
2421
41 2812
34
2461
522864
53
2700
86
2586
30 3029
58
2897
44
2891
63
2963
59
2522
03
2561
70
Apr May Jun Jul Aug Sep Oct Nov Dec0
100000
200000
300000
PRODUCTION-2014 -2015
1881
62
2079
53
2188
28
1995
62
2139
38
2235
84
2211
63
2124
37
2090
86
2179
49
2176
71
2176
42
2223
68
2224
76
2321
67 2686
29
2366
64
2309
60
Apr May Jun Jul Aug Sep Oct Nov Dec0
50000
100000
150000
200000
250000
DOMESTIC SALES-2014 -2015
4176
4
4801
7
5153
3
5549
2
5305
2
5775
2
4863
7
5621
4
6935
6
5047
9
5155
2
4034
3
6021
6
5956
8
5742
1
5925
5
5138
1 6157
0
Apr May Jun Jul Aug Sep Oct Nov Dec0
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%
4.07%
YoY GROWTH
Apr May Jun Jul Aug Sep Oct Nov Dec
0%
5%
10%
15%
20%15.83%
4.67%
-0.54%
11.43%
3.99% 3.84%
21.46%
11.40%10.46%
YoY GROWTH
Apr May Jun Jul Aug Sep Oct Nov Dec
-20%
-10%
0%
10%
20%20.87%
7.36%
-21.71%
8.51%12.28%
-0.57%
21.83%
-8.60%-11.23%
YoY GROWTH
Apr May Jun Jul Aug Sep Oct Nov Dec
CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Dec'15 The SparkPlug Report 26
Capital Mind Premium: The Sparkplug ReportDecember 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 increased from 246,152 units to 256,170 units resulting in a growth of +4.07% (YoY)
• Domestic Sales grew from 209,086 units to 230,960 units resulting in a growth of +10.46% (YoY)
• Exports continued its second month in the red from 69,356 units to 61,570 units resulting in a decline of –11.23% (YoY). All thistranslated into an overall sales growth of +5.06% (YoY)
Sub-Segment Analysis:Passenger Cars (Models include: KWID, M800, Micra, Nano, Polo, Santro, Spark, and others):
• PC brought in a growth of +12.87% (YoY) in Domestic Sales churning in 172,671 units from the previous year of 152,986 units
• UVs and Vans beat PCs in Exports with the latter falling into the negative at –16.45% (YoY) from 60,407 units to 50,468 units
Utility Vehicles (Models include: Bolero, Creta, Eco sport, Force One, Terrano, Thar and others):
• Domestic Sales stood at +4.18% (YoY) – 44,874 units were sold compared to 43,074 units; an addition of 1,800 units.
• Exports fared better at +22.59% (YoY) - mainly contributed by Hyundai Creta, Maruti Ertiga, S-Cross and M&M Bolero & TUV300. Exportsstood at 8,887 units compared to 10,895 units - an overall increase of 2,000 units.
CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Dec'15 The SparkPlug Report 27
Capital Mind Premium: The Sparkplug ReportDecember 2015
Constituent Analysis:• Outliers (manufacturer with the highest growth):
• Production: +294.08% (YoY) - Renault India
• Domestic Sales: +211.76% (YoY) – Isuzu Motors
• Exports: +1383.44% (YoY) - General Motors
• Total Overall Sales: +211.76% (YoY) - Isuzu Motors
• Market leader Maruti Suzuki lost over 1% of its market share. Domestic Sales stood at +13.48% (YoY) i.e. 111,333 units were soldcompared to 98,109 units for the same period of the previous year. Exports too a massive hit with the year’s low at -33.09% (YoY) from11,682 units to 7,816 units. The company is desperately trying to protect its market share from rivals such as Hyundai Motors (i10, Getz,i20, Grand i10, Xcent, Elite i20) and Toyota’s Etios.
• Utility Vehicle’s manufacturer Mahindra & Mahindra has started losing its market share. Taking a hit due to the Supreme Court ruling on>2000cc Diesel Vehicles (NCR alone accounts for 2% of its sales), Domestic Sales growth stood at +1.21% (YoY) while Exports broke intothe green at +3.04% (YoY). The company hopes to recover most of this with this KUV100 launch – the first mFalcon petrol offering totake on its rivals. The company also plans to introduce Petrol versions of all its Diesel variants in the next 2-3 years.
• Renault India rides the successful launch of its SUV – Duster and PC – KWID. The company has taken on both M&M in the SUV segmentand Maruti’s iconic Alto & Swift in the PC segment. The company is yet to enter the higher mid range of segment that Honda currentlydominates. Domestic Sales stood at 160.16% (YoY) i.e. 10,292 units were sold compared to 3,956 units for the same period of theprevious year. The company did not Export a single unit of its production in India and rather has decided to focus on the Indian Market(like Force Motors). December was also the best month of the year so far.
PASSENGER CARS
PASSENGER CARS
CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Dec'15 The SparkPlug Report 29
1902
52
2028
42
1769
24 2042
24
1978
24
2092
84
1770
64 2102
13
1958
47
2137
32
2028
93
1965
83 2271
97
2153
72
2112
08
2129
54
1876
11
1942
66
Apr May Jun Jul Aug Sep Oct Nov Dec0
50000
100000
150000
200000
PRODUCTION-2014 -2015
1350
54
1485
77
1602
32
1379
22
1537
81
1548
98
1594
08
1568
11
1529
86
1595
48
1600
67
1626
77
1620
22
1630
93
1695
90 1941
58
1731
11
1726
71
Apr May Jun Jul Aug Sep Oct Nov Dec0
50000
100000
150000
DOMESTIC SALES-2014 -2015
3515
4
4159
2
4603
6
4849
1
4658
7
5100
3
4346
3
4887
1
6040
7
4281
5
4501
5
3595
7
5171
9
4657
9
4495
8
4739
8
4039
0 5046
8
Apr May Jun Jul Aug Sep Oct Nov Dec0
20000
40000
60000
EXPORTS-2014 -2015
-10%
0%
10%
20%
12.34%
0.03%
11.11%11.25%8.87%
0.92%
20.27%
-10.75%
-0.81%
YoY GROWTH
Apr May Jun Jul Aug Sep Oct Nov Dec
5%
10%
15%
20% 18.14%
7.73%
1.53%
17.47%
6.06%
9.48%
21.80%
10.39%
12.87%
YoY GROWTH
Apr May Jun Jul Aug Sep Oct Nov Dec
-20%
-10%
0%
10%
20%
21.79%
8.23%
-21.89%
6.66%
-0.02%
-11.85%
9.05%
-17.35%-16.45%
YoY GROWTH
Apr May Jun Jul Aug Sep Oct Nov Dec
Hyundai Motor India(Number of Vehicles)
CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Dec'15 The SparkPlug Report - [PASSENGER CARS] 30
4886
5
4636
1 5281
0
5375
0
5133
5
5355
3
4556
5 5270
4
5720
4
5339
2
4436
2
5549
8
4950
4
4830
0
4962
0
4887
8
4164
7
4788
9
Apr May Jun Jul Aug Sep Oct Nov Dec0
10000
20000
30000
40000
50000
PRODUCTION-2014 -2015
3511
0
3595
5
3325
8
2906
7 3359
3
3490
6
3789
4
3544
8
3242
93847
4
3732
8
3454
2
2959
9
3298
5
3519
3 3970
9
3777
1
3710
1
Apr May Jun Jul Aug Sep Oct Nov Dec0
10000
20000
30000
DOMESTIC SALES-2014 -2015
1497
4
1551
3
1700
4
1873
9
1436
1
1643
0
1800
9
1877
9
2688
7
1290
4
1506
4
1576
4
1390
2
1355
7
1233
1
1307
4
1189
1 1586
0
Apr May Jun Jul Aug Sep Oct Nov Dec0
5000
10000
15000
20000
25000
EXPORTS-2014 -2015
-20%
-10%
0%
9.26%
-4.31%
5.09%
-7.90%-5.91%
-7.34%
7.27%
-20.98%
-16.28%
YoY GROWTH
Apr May Jun Jul Aug Sep Oct Nov Dec
0%
5%
10%9.58%
3.82% 3.86%
1.83%
-1.81%
0.82%
4.79%
6.55%
14.41%
YoY GROWTH
Apr May Jun Jul Aug Sep Oct Nov Dec
-40%
-30%
-20%
-10% -13.82%
-2.89%
-7.29%
-25.81%
-5.60%
-24.95%-27.40%
-36.68%
-41.01%
YoY GROWTH
Apr May Jun Jul Aug Sep Oct Nov Dec
25.68 %22.86 %
29.85 %26.32 %
25.95 %25.59 %25.73 %
25.07 %29.21 %
24.98 %21.86 %
28.23 %21.79 %22.43 %
23.49 %22.95 %
22.20 %24.65 %
Apr'14May'14Jun'14Jul'14
Aug'14Sep'14Oct'14Nov'14Dec'14Apr'15
May'15Jun'15Jul'15
Aug'15Sep'15Oct'15Nov'15Dec'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 %
21.20 %24.11 %
23.32 %21.23 %
18.27 %20.22 %20.75 %20.45 %
21.82 %21.49 %
Apr'14May'14Jun'14Jul'14
Aug'14Sep'14Oct'14Nov'14Dec'14Apr'15
May'15Jun'15Jul'15
Aug'15Sep'15Oct'15Nov'15Dec'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 %44.51 %
30.14 %33.46 %
43.84 %26.88 %
29.11 %27.43 %27.58 %
29.44 %31.43 %
Apr'14May'14Jun'14Jul'14
Aug'14Sep'14Oct'14Nov'14Dec'14Apr'15
May'15Jun'15Jul'15
Aug'15Sep'15Oct'15Nov'15Dec'15
0 10 20 30 40
MARKET SHARE
Maruti Suzuki India(Number of Vehicles)
CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Dec'15 The SparkPlug Report - [PASSENGER CARS] 31
8896
3 1039
25
6650
7
9254
4
9274
1
9566
7
7261
5
9686
4
7973
19788
4
1063
19
7968
4
1113
32
1021
00
9710
2
1021
47
8499
4
8990
0
Apr May Jun Jul Aug Sep Oct Nov Dec0
20000
40000
60000
80000
100000
PRODUCTION-2014 -2015
6578
6
7453
6 8622
3
7278
2
8282
3
8144
7
8058
9
8230
6
8156
4
8418
8
8519
0
8663
0
9160
2
8645
4
8791
6
9795
1
8947
9
9104
3
Apr May Jun Jul Aug Sep Oct Nov Dec0
20000
40000
60000
80000
DOMESTIC SALES-2014 -2015
6867
9581 10
532
1041
0
1095
5
9207
6073
8822
1055
2
9931
1155
4
1146
5
1064
7
1035
8
7247
1221
3
8965
6719
Apr May Jun Jul Aug Sep Oct Nov Dec0
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%
12.75%
YoY GROWTH
Apr May Jun Jul Aug Sep Oct Nov Dec
5%
10%
15%
20%
25%
27.97%
14.29%
0.47%
25.86%
4.38%
7.94%
21.54%
8.72%
11.62%
YoY GROWTH
Apr May Jun Jul Aug Sep Oct Nov Dec
0%
50%
100%
44.62%
20.59%8.86%
2.28%-5.45%
-21.29%
101.10%
1.62%
-36.32%
YoY GROWTH
Apr May Jun Jul Aug Sep Oct Nov Dec
46.76 %51.23 %
37.59 %45.31 %
46.88 %45.71 %
41.01 %46.08 %
40.71 %45.80 %
52.40 %40.53 %
49.00 %47.41 %
45.97 %47.97 %
45.30 %46.28 %
Apr'14May'14Jun'14Jul'14
Aug'14Sep'14Oct'14Nov'14Dec'14Apr'15
May'15Jun'15Jul'15
Aug'15Sep'15Oct'15Nov'15Dec'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 %53.31 %52.77 %53.22 %53.25 %
56.54 %53.01 %
51.84 %50.45 %51.69 %52.73 %
Apr'14May'14Jun'14Jul'14
Aug'14Sep'14Oct'14Nov'14Dec'14Apr'15
May'15Jun'15Jul'15
Aug'15Sep'15Oct'15Nov'15Dec'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 %17.47 %
23.20 %25.67 %
31.89 %20.59 %
22.24 %16.12 %
25.77 %22.20 %
13.31 %
Apr'14May'14Jun'14Jul'14
Aug'14Sep'14Oct'14Nov'14Dec'14Apr'15
May'15Jun'15Jul'15
Aug'15Sep'15Oct'15Nov'15Dec'15
0 10 20 30
MARKET SHARE
UTILITY VEHICLES
UTILITY VEHICLES
CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Dec'15 The SparkPlug Report 33
5421
9
4993
5
4545
9 5582
0
4879
0 6037
1
5223
2
5599
3
3769
9
5694
1
5090
9
5016
4 5908
7
5925
6
6277
2
6673
2
5122
3
4955
6
Apr May Jun Jul Aug Sep Oct Nov Dec0
20000
40000
60000
PRODUCTION-2014 -2015
4068
0
4426
7
4384
9
4502
3
4650
1 5300
3
4810
5
4085
1
4307
4
4352
6
4326
0
4127
8
4519
1
4460
8
4846
4 5812
0
4888
0
4487
4
Apr May Jun Jul Aug Sep Oct Nov Dec0
10000
20000
30000
40000
50000
DOMESTIC SALES-2014 -2015
6535
6366
5314 67
17
6132
6313
5082
7170
8887
7465
6165
3860
7979
1273
6
1212
7
1175
7
1089
8
1089
5
Apr May Jun Jul Aug Sep Oct Nov Dec0
5000
10000
EXPORTS-2014 -2015
0%
10%
20%
30%
5.02%1.95%
10.35%
5.85%
21.45%
3.98%
27.76%
-8.52%
31.45%
YoY GROWTH
Apr May Jun Jul Aug Sep Oct Nov Dec
-5%
0%
5%
10%
15%
20%
7.00%
-2.27%
-5.86%
0.37%
-4.07%
-8.56%
20.82%19.65%
4.18%
YoY GROWTH
Apr May Jun Jul Aug Sep Oct Nov Dec
0%
50%
100%
14.23%
-3.16%
-27.36%
18.79%
107.70%
92.10%
131.35%
51.99%
22.59%
YoY GROWTH
Apr May Jun Jul Aug Sep Oct Nov Dec
Mahindra & Mahindra(Number of Vehicles)
CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Dec'15 The SparkPlug Report - [UTILITY VEHICLES] 34
2137
9
1854
9
1535
8
1592
7
1431
0 1822
2
1747
5
1678
3
1421
41809
7
1919
7
1638
7
1264
9
1248
1
1788
8
2326
6
1958
6
2043
7
Apr May Jun Jul Aug Sep Oct Nov Dec0
5000
10000
15000
20000
PRODUCTION-2014 -2015
1785
7
1783
1
1649
2
1434
8
1391
1
1964
7
1902
9
1361
2 1708
2
1794
1
1698
0
1443
3
1320
4
1330
7
1871
7 2266
4
1868
6
1731
0
Apr May Jun Jul Aug Sep Oct Nov Dec0
5000
10000
15000
20000
DOMESTIC SALES-2014 -2015
491
431
271
379
216
339
328
402
296
251
343
439
496
474
480
401
188
305
Apr May Jun Jul Aug Sep Oct Nov Dec0
100
200
300
400
EXPORTS-2014 -2015
-20%
0%
20%
40%
-15.35%
3.49%6.70%
-20.58%
-12.78%
-1.83%
33.14%
16.70%
43.78%
YoY GROWTH
Apr May Jun Jul Aug Sep Oct Nov Dec
-10%
0%
10%
20%
30%
0.47%
-4.77%
-12.48%
-7.97%-4.34%-4.73%
19.10%
37.28%
1.33%
YoY GROWTH
Apr May Jun Jul Aug Sep Oct Nov Dec
-50%
0%
50%
100%
-48.88%
-20.42%
61.99%
30.87%
119.44%
41.59%
22.26%
-53.23%
3.04%
YoY GROWTH
Apr May Jun Jul Aug Sep Oct Nov Dec
39.43 %37.15 %
33.78 %28.53 %29.33 %30.18 %
33.46 %29.97 %
37.70 %31.78 %
37.71 %32.67 %
21.41 %21.06 %
28.50 %34.86 %
38.24 %41.24 %
Apr'14May'14Jun'14Jul'14
Aug'14Sep'14Oct'14Nov'14Dec'14Apr'15
May'15Jun'15Jul'15
Aug'15Sep'15Oct'15Nov'15Dec'15
0 10 20 30 40
MARKET SHARE
43.90 %40.28 %
37.61 %31.87 %
29.92 %37.07 %
39.56 %33.32 %
39.66 %41.22 %
39.25 %34.97 %
29.22 %29.83 %
38.62 %39.00 %
38.23 %38.57 %
Apr'14May'14Jun'14Jul'14
Aug'14Sep'14Oct'14Nov'14Dec'14Apr'15
May'15Jun'15Jul'15
Aug'15Sep'15Oct'15Nov'15Dec'15
0 10 20 30 40
MARKET SHARE
7.51 %6.77 %
5.10 %5.64 %
3.52 %5.37 %
6.45 %5.61 %
3.33 %3.36 %
5.56 %11.37 %
6.22 %3.72 %3.96 %
3.41 %1.73 %
2.80 %
Apr'14May'14Jun'14Jul'14
Aug'14Sep'14Oct'14Nov'14Dec'14Apr'15
May'15Jun'15Jul'15
Aug'15Sep'15Oct'15Nov'15Dec'15
0 2 4 6 8 10
MARKET SHARE
Renault India(Number of Vehicles)
CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Dec'15 The SparkPlug Report - [UTILITY VEHICLES] 35
7183
4126
2130
3876
2345
3975
3207
3277
1741
5156
4428
5464
4227
2311
1866
405
204 68
5
Apr May Jun Jul Aug Sep Oct Nov Dec0
2000
4000
6000
PRODUCTION-2014 -2015
3175 33
50
3822
2823 31
06 3418
3419
2676
3275
3742
3377
4018
1528
1381
1276
2033
2124
3109
Apr May Jun Jul Aug Sep Oct Nov Dec0
1000
2000
3000
4000
DOMESTIC SALES-2014 -2015
1647
554
430
389
333
59 38
217
2722 4 30 0 6 0 0 8 0
Apr May Jun Jul Aug Sep Oct Nov Dec0
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%
-60.65%
YoY GROWTH
Apr May Jun Jul Aug Sep Oct Nov Dec
-60%
-40%
-20%
0%
17.86%
0.81%5.13%
-45.87%
-55.54%
-62.67%
-40.54%
-20.63%
-5.07%
YoY GROWTH
Apr May Jun Jul Aug Sep Oct Nov Dec-100%
-98%
-96%
-94%
-98.66%
-99.28%
-93.02%
-100.00%
-98.20%
-100.00%-100.00%
-96.31%
-100.00%
YoY GROWTH
Apr May Jun Jul Aug Sep Oct Nov Dec
13.25 %8.26 %
4.69 %6.94 %
4.81 %6.58 %
6.14 %5.85 %
4.62 %9.05 %
8.70 %10.89 %
7.15 %3.90 %
2.97 %0.61 %
0.40 %1.38 %
Apr'14May'14Jun'14Jul'14
Aug'14Sep'14Oct'14Nov'14Dec'14Apr'15
May'15Jun'15Jul'15
Aug'15Sep'15Oct'15Nov'15Dec'15
0 5 10
MARKET SHARE
7.80 %7.57 %
8.72 %6.27 %
6.68 %6.45 %
7.11 %6.55 %
7.60 %8.60 %
7.81 %9.73 %
3.38 %3.10 %
2.63 %3.50 %
4.35 %6.93 %
Apr'14May'14Jun'14Jul'14
Aug'14Sep'14Oct'14Nov'14Dec'14Apr'15
May'15Jun'15Jul'15
Aug'15Sep'15Oct'15Nov'15Dec'15
0 2 4 6 8
MARKET SHARE
25.20 %8.70 %
8.09 %5.79 %
5.43 %0.93 %0.75 %
3.03 %0.30 %0.29 %0.06 %
0.78 %0.00 %0.05 %0.00 %0.00 %0.07 %0.00 %
Apr'14May'14Jun'14Jul'14
Aug'14Sep'14Oct'14Nov'14Dec'14Apr'15
May'15Jun'15Jul'15
Aug'15Sep'15Oct'15Nov'15Dec'15
0 5 10 15 20 25
MARKET SHARE
COMMERCIAL VEHICLES
COMMERCIAL VEHICLES
CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Dec'15 The SparkPlug Report 37
5713
9
5398
4
5404
5
5701
7
5621
4
6054
7
5398
1
5997
6
5116
8
5728
9
5943
3
5716
4
5910
2
6353
5 7189
1
6095
5
5910
0
6566
0
Apr May Jun Jul Aug Sep Oct Nov Dec0
20000
40000
60000
PRODUCTION-2014 -2015
4308
0
4698
6
5107
9
4777
5
4851
8 5607
8
5197
8
4768
6
5099
9
4587
2
4884
1
5144
6
5179
5
5219
8 6284
5
5859
6
5176
6
5684
0
Apr May Jun Jul Aug Sep Oct Nov Dec0
20000
40000
60000
DOMESTIC SALES-2014 -2015
5747 63
43
6656 72
41
7098
8157
7494
7349
6853
6889
8403
8330 86
99 9321
7672 81
68
7137
8854
Apr May Jun Jul Aug Sep Oct Nov Dec0
2000
4000
6000
8000
EXPORTS-2014 -2015
0%
5%
10%
15%
20%
25%
0.26%
10.09%
5.77%3.66%
13.02%
18.74%
12.92%
-1.46%
28.32%
YoY GROWTH
Apr May Jun Jul Aug Sep Oct Nov Dec
5%
10%
6.48%
3.95%
0.72%
8.41%7.58%
12.07%12.73%
8.56%
11.45%
YoY GROWTH
Apr May Jun Jul Aug Sep Oct Nov Dec
0%
10%
20%
30%
19.87%
32.48%
25.15%
20.14%
31.32%
-5.95%
8.99%
-2.88%
29.20%
YoY GROWTH
Apr May Jun Jul Aug Sep Oct Nov Dec
CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Dec'15 The SparkPlug Report 38
Capital Mind Premium: The Sparkplug ReportDecember 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 increased from 51,168 units to 65,660 units resulting in a growth of +28.32% (YoY) – best of the year so far
• Domestic Sales grew from 50,999 units to 56,840 units resulting in a growth of +11.45% (YoY)
• Exports made a massive comeback at +29.20% (YoY) from 6,853 units to 8,854 units.
• All this translated into an overall sales growth of +13.56% (YoY) – best of the year so far
Sub-Segment Analysis:Passenger Carriers (Models include: Citiline, CityRide, Starbus, Tourister, Viking and others):
• PC brought in a growth of +5.04% (YoY) in Domestic Sales clocking in 6,382 units from 6,076 units during the same month of theprevious year.
• Exports continue to be in the red at –10.58% (YoY) as the total units exported fell by 189 units from 1,787 units to 1,598 units.
• Overall sales growth was at +1.49% (YoY) or 117 units – second lowest of the year behind November.
Goods Carriers (Models include: Ape Truck, Bolero Maxi Truck, Maxximo, Super Supreme, Winger and others):
• GC fared a better growth of +12.32% (YoY) in Domestic Sales – 50,458 units were sold compared to 44,923 units; an addition of 5,535units.
• Exports fared positive with a growth of +43.23% (YoY).
CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Dec'15 The SparkPlug Report 39
Capital Mind Premium: The Sparkplug ReportDecember 2015
Constituent Analysis:
• Outliers (manufacturer with the highest growth):
• Production: +82.71% (YoY) – VECV Eicher
• Domestic Sales: +43.53% (YoY) – Ashok Leyland
• Exports: +127.07% (YoY) – Mahindra & Mahindra
• Total Overall Sales: +46.03% (YoY) – VECV Eicher
• Riding on the success of International demand, Ashok Leyland increased its market share by over 3% to +18.50%. Domestic Sales stoodat +43.53% (YoY) while Exports were in the red for a 6th consecutive month at –38.53% (YoY).
• Mahindra & Mahindra which increased its market share by a whopping 7.5% in October and lost almost 3% in November, continues tolose its market share. The company managed to sell 15,208 units compared to 13,576 units a year ago
• Tata Motors hit the green in Domestic Sales with a growth of +6.63% (YoY). The company managed to sell 25,781 units compared to24,177 units a year ago. Additionally, Exports fared at +12.57% (YoY) with 4,289 units being exported compared to 3,810 units from ayear ago.
BUSES - PASSENGER CARRIERS
BUSES - PASSENGER CARRIERS
CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Dec'15 The SparkPlug Report 41
3936 42
71
4013 44
29
3882
3469
2513
3242 37
99
3566
4466
5194
5083
4375 47
73
2445
3271
4239
Apr May Jun Jul Aug Sep Oct Nov Dec0
1000
2000
3000
4000
5000
PRODUCTION-2014 -2015
2877 32
84 3725
2950
2681
2523
2039
1665
294132
91
4259
4194 44
40
3041
3682
2398
2044
2937
Apr May Jun Jul Aug Sep Oct Nov Dec0
1000
2000
3000
4000
DOMESTIC SALES-2014 -2015
475
659 78
5
778
942
1296
1106
1325 13
88
518
815
1016
820
1140
767
1184
1033
1292
Apr May Jun Jul Aug Sep Oct Nov Dec0
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%
11.58%
YoY GROWTH
Apr May Jun Jul Aug Sep Oct Nov Dec0%
10%
20%
30%
40%
50%
14.39%
29.69%
12.59%
50.51%
13.43%
45.94%
17.61%
22.76%
-0.14%
YoY GROWTH
Apr May Jun Jul Aug Sep Oct Nov Dec
-40%
-20%
0%
20%9.05%
23.67%29.43%
5.40%
21.02%
-40.82%
7.05%
-22.04%
-6.92%
YoY GROWTH
Apr May Jun Jul Aug Sep Oct Nov Dec
Ashok Leyland(Number of Vehicles)
CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Dec'15 The SparkPlug Report - [BUSES - PASSENGER CARRIERS] 42
1458 15
84 1837
1845
1909 20
36
1394 15
95
1582
1131
2018
2398
2774
2395 24
98
1542 16
75
1993
Apr May Jun Jul Aug Sep Oct Nov Dec0
500
1000
1500
2000
2500
PRODUCTION-2014 -2015
807
879 11
66
1009 12
21
1119
933
657 90
4
940
1550
1404
2255
1556
1861
1126
1088 12
70
Apr May Jun Jul Aug Sep Oct Nov Dec0
500
1000
1500
2000
DOMESTIC SALES-2014 -2015
280 34
9
469 54
2 643
780
743
852 91
8
243
426
604
449
557
373
739
542
526
Apr May Jun Jul Aug Sep Oct Nov Dec0
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%
25.98%
YoY GROWTH
Apr May Jun Jul Aug Sep Oct Nov Dec
20%
40%
60%
80%
100%
120%
16.48%
76.34%
20.41%
123.49%
27.44%
66.31%
20.69%
65.60%
40.49%
YoY GROWTH
Apr May Jun Jul Aug Sep Oct Nov Dec
-40%
-20%
0%
20%
-13.21%
22.06%28.78%
-17.16%-13.37%
-52.18%
-0.54%
-36.38%-42.70%
YoY GROWTH
Apr May Jun Jul Aug Sep Oct Nov Dec
37.04 %37.09 %
45.78 %41.66 %
49.18 %58.69 %
55.47 %49.20 %
41.64 %31.72 %
45.19 %46.17 %
54.57 %54.74 %
52.34 %63.07 %
51.21 %47.02 %
Apr'14May'14Jun'14Jul'14
Aug'14Sep'14Oct'14Nov'14Dec'14Apr'15
May'15Jun'15Jul'15
Aug'15Sep'15Oct'15Nov'15Dec'15
0 20 40 60
MARKET SHARE
28.05 %26.77 %
31.30 %34.20 %
45.54 %44.35 %
45.76 %39.46 %
30.74 %28.56 %
36.39 %33.48 %
50.79 %51.17 %50.54 %
46.96 %53.23 %
43.24 %
Apr'14May'14Jun'14Jul'14
Aug'14Sep'14Oct'14Nov'14Dec'14Apr'15
May'15Jun'15Jul'15
Aug'15Sep'15Oct'15Nov'15Dec'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 %
66.14 %46.91 %
52.27 %59.45 %
54.76 %48.86 %48.63 %
62.42 %52.47 %
40.71 %
Apr'14May'14Jun'14Jul'14
Aug'14Sep'14Oct'14Nov'14Dec'14Apr'15
May'15Jun'15Jul'15
Aug'15Sep'15Oct'15Nov'15Dec'15
0 20 40 60
MARKET SHARE
Tata Motors(Number of Vehicles)
CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Dec'15 The SparkPlug Report - [BUSES - PASSENGER CARRIERS] 43
1387
1409
1410
1707
1121
1068
724
1249
1605
1406
1235
1496
1183
1234
1721
490
911
1218
Apr May Jun Jul Aug Sep Oct Nov Dec0
500
1000
1500
PRODUCTION-2014 -2015
1120 12
67 1330
1148
974
925
839
737
1482
1225
1393 14
57
1360
1048
1395
1009
671
987
Apr May Jun Jul Aug Sep Oct Nov Dec0
500
1000
DOMESTIC SALES-2014 -2015
172
310
311
234 28
3
427
302
432 454
244
333
320
318
547
316
408
354
595
Apr May Jun Jul Aug Sep Oct Nov Dec0
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%-24.11%
YoY GROWTH
Apr May Jun Jul Aug Sep Oct Nov Dec
-20%
0%
20%
40%
9.38% 9.94% 9.55%
18.47%
7.60%
50.81%
20.26%
-8.96%
-33.40%
YoY GROWTH
Apr May Jun Jul Aug Sep Oct Nov Dec
-20%
0%
20%
40%
60%
80%
41.86%
7.42%2.89%
35.90%
93.29%
-26.00%
35.10%
-18.06%
31.06%
YoY GROWTH
Apr May Jun Jul Aug Sep Oct Nov Dec
35.24 %32.99 %
35.14 %38.54 %
28.88 %30.79 %
28.81 %38.53 %
42.25 %39.43 %
27.65 %28.80 %
23.27 %28.21 %
36.06 %20.04 %
27.85 %28.73 %
Apr'14May'14Jun'14Jul'14
Aug'14Sep'14Oct'14Nov'14Dec'14Apr'15
May'15Jun'15Jul'15
Aug'15Sep'15Oct'15Nov'15Dec'15
0 10 20 30 40
MARKET SHARE
38.93 %38.58 %
35.70 %38.92 %
36.33 %36.66 %
41.15 %44.26 %
50.39 %37.22 %
32.71 %34.74 %
30.63 %34.46 %
37.89 %42.08 %
32.83 %33.61 %
Apr'14May'14Jun'14Jul'14
Aug'14Sep'14Oct'14Nov'14Dec'14Apr'15
May'15Jun'15Jul'15
Aug'15Sep'15Oct'15Nov'15Dec'15
0 10 20 30 40 50
MARKET SHARE
36.21 %47.04 %
39.62 %30.08 %30.04 %
32.95 %27.31 %
32.60 %32.71 %
47.10 %40.86 %
31.50 %38.78 %
47.98 %41.20 %
34.46 %34.27 %
46.05 %
Apr'14May'14Jun'14Jul'14
Aug'14Sep'14Oct'14Nov'14Dec'14Apr'15
May'15Jun'15Jul'15
Aug'15Sep'15Oct'15Nov'15Dec'15
0 10 20 30 40
MARKET SHARE
TRUCKS - GOODS CARRIERS
TRUCKS - GOODS CARRIERS
CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Dec'15 The SparkPlug Report 45
1683
2
1687
1
1640
4
1674
0
1772
1
1669
2
1605
2
1885
0
1651
01988
7
2150
5
2043
5
2048
9 2480
4 2922
7
1784
8 2247
4
2403
4
Apr May Jun Jul Aug Sep Oct Nov Dec0
5000
10000
15000
20000
25000
PRODUCTION-2014 -2015
1255
2
1328
8
1464
9
1485
9
1431
9
1651
2
1585
3
1448
3 1886
0
1598
6
1635
6
1799
0
1862
1
1997
5
2749
0
1978
3
1810
1 2308
0
Apr May Jun Jul Aug Sep Oct Nov Dec0
5000
10000
15000
20000
25000
DOMESTIC SALES-2014 -2015
1772
1651
1503
1919
1626
1451
1398
1392
1354
1812
1825
2353
1963
2021
1606 17
09
1362 14
76
Apr May Jun Jul Aug Sep Oct Nov Dec0
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%
45.57%
YoY GROWTH
Apr May Jun Jul Aug Sep Oct Nov Dec
30%
40%
50%
60%
27.36%
23.09%22.81%25.32%
39.50%
66.48%
24.79%24.98%22.38%
YoY GROWTH
Apr May Jun Jul Aug Sep Oct Nov Dec
0%
10%
20%
30%
40%
50%
2.26%
10.54%
56.55%
2.29%
24.29%
10.68%
22.25%
-2.16%
9.01%
YoY GROWTH
Apr May Jun Jul Aug Sep Oct Nov Dec
Mahindra & Mahindra(Number of Vehicles)
CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Dec'15 The SparkPlug Report - [TRUCKS - GOODS CARRIERS] 46
277 32
1
395
291
159
272
190 24
0 28833
7
350
344
423
357
490
587
466
653
Apr May Jun Jul Aug Sep Oct Nov Dec0
200
400
600
PRODUCTION-2014 -2015
244
238 27
9
284
282
180 21
6 259 30
3
260
343 40
4
314 34
1
511
581
454
528
Apr May Jun Jul Aug Sep Oct Nov Dec0
100
200
300
400
500
DOMESTIC SALES-2014 -2015
0 0
7 10 10 10
4
0 0
5
20
0
54
26
37
7 6
12
Apr May Jun Jul Aug Sep Oct Nov Dec0
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%
126.74%
YoY GROWTH
Apr May Jun Jul Aug Sep Oct Nov Dec
50%
100%
150%
6.56%
44.12%44.80%
10.56%20.92%
183.89%168.98%
75.29%74.26%
YoY GROWTH
Apr May Jun Jul Aug Sep Oct Nov Dec-100%
0%
100%
200%
300%
400%
0.00% 0.00%
-100.00%
440.00%
160.00%
270.00%
75.00%
0.00% 0.00%
YoY GROWTH
Apr May Jun Jul Aug Sep Oct Nov Dec
1.65 %1.90 %
2.41 %1.74 %
0.90 %1.63 %
1.18 %1.27 %
1.74 %1.69 %
1.63 %1.68 %
2.06 %1.44 %
1.68 %3.29 %
2.07 %2.72 %
Apr'14May'14Jun'14Jul'14
Aug'14Sep'14Oct'14Nov'14Dec'14Apr'15
May'15Jun'15Jul'15
Aug'15Sep'15Oct'15Nov'15Dec'15
0 1 2 3
MARKET SHARE
1.94 %1.79 %
1.90 %1.91 %1.97 %
1.09 %1.36 %
1.79 %1.61 %1.63 %
2.10 %2.25 %
1.69 %1.71 %
1.86 %2.94 %
2.51 %2.29 %
Apr'14May'14Jun'14Jul'14
Aug'14Sep'14Oct'14Nov'14Dec'14Apr'15
May'15Jun'15Jul'15
Aug'15Sep'15Oct'15Nov'15Dec'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 %0.00 %
0.28 %1.10 %
0.00 %2.75 %
1.29 %2.30 %
0.41 %0.44 %
0.81 %
Apr'14May'14Jun'14Jul'14
Aug'14Sep'14Oct'14Nov'14Dec'14Apr'15
May'15Jun'15Jul'15
Aug'15Sep'15Oct'15Nov'15Dec'15
0.0 0.5 1.0 1.5 2.0 2.5
MARKET SHARE
Tata Motors(Number of Vehicles)
CAPITALMIND • (C) ALL RIGHTS RESERVED • capitalmind.in Dec'15 The SparkPlug Report - [TRUCKS - GOODS CARRIERS] 47
9911
9329 9894
9835
1027
2
1016
8
1030
6 1216
7
951410
850
1247
9
1238
6
1142
1 1336
9 1567
4
1017
8
1345
0
1206
6
Apr May Jun Jul Aug Sep Oct Nov Dec0
5000
10000
15000
PRODUCTION-2014 -2015
7305 78
46
8290
8577
8167 94
79
9513
8715
1095
6
8954
9395 99
93
1044
8
1096
9
1452
0
1149
5
1085
3
1168
6
Apr May Jun Jul Aug Sep Oct Nov Dec0
5000
10000
DOMESTIC SALES-2014 -2015
983
758 88
3
1348
1093
1029
917
866
730
989 11
78
1619
1380
1262
993
1061
846
798
Apr May Jun Jul Aug Sep Oct Nov Dec0
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%
26.82%
YoY GROWTH
Apr May Jun Jul Aug Sep Oct Nov Dec
10%
20%
30%
40%
50%
22.57%19.74%20.54%21.81%
34.31%
53.18%
20.83%24.53%
6.66%
YoY GROWTH
Apr May Jun Jul Aug Sep Oct Nov Dec
0%
20%
40%
60%
80%
0.61%
55.41%
83.35%
2.37%
15.46%
-3.50%
15.70%
-2.31%
9.32%
YoY GROWTH
Apr May Jun Jul Aug Sep Oct Nov Dec
58.88 %55.30 %
60.31 %58.75 %57.97 %
60.92 %64.20 %64.55 %
57.63 %54.56 %
58.03 %60.61 %
55.74 %53.90 %53.63 %
57.03 %59.85 %
50.20 %
Apr'14May'14Jun'14Jul'14
Aug'14Sep'14Oct'14Nov'14Dec'14Apr'15
May'15Jun'15Jul'15
Aug'15Sep'15Oct'15Nov'15Dec'15
0 20 40 60
MARKET SHARE
58.20 %59.05 %
56.59 %57.72 %57.04 %57.41 %
60.01 %60.17 %
58.09 %56.01 %57.44 %
55.55 %56.11 %
54.91 %52.82 %
58.11 %59.96 %
50.63 %
Apr'14May'14Jun'14Jul'14
Aug'14Sep'14Oct'14Nov'14Dec'14Apr'15
May'15Jun'15Jul'15
Aug'15Sep'15Oct'15Nov'15Dec'15
0 20 40 60
MARKET SHARE
55.47 %45.91 %
58.75 %70.24 %
67.22 %70.92 %
65.59 %62.21 %
53.91 %54.58 %
64.55 %68.81 %70.30 %
62.44 %61.83 %62.08 %62.11 %
54.07 %
Apr'14May'14Jun'14Jul'14
Aug'14Sep'14Oct'14Nov'14Dec'14Apr'15
May'15Jun'15Jul'15
Aug'15Sep'15Oct'15Nov'15Dec'15
0 20 40 60
MARKET SHARE
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