sparkplug-indian automobile sector teaser report for december 2015

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




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



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.



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.



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)


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%



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


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


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


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


-10%

0%

10%

20%

-5.27%

-1.01%

26.77%

6.80% 7.55%

1.83%

-11.73%

-17.13%

-3.42%

YoY GROWTH




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.



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.



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


200000

400000

600000


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


200000

400000

600000


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


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


-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


-50%

0%

50%

100%

-34.07%-23.97%

145.45%

70.28%

-13.53%-26.20%

-39.38%-52.48%

21.63%

YoY GROWTH


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 %



May'15Jun'15Jul'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 %



May'15Jun'15Jul'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


100000

200000

300000

400000


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


100000

200000

300000

400000


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


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


-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


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 %



May'15Jun'15Jul'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 %



May'15Jun'15Jul'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 %



May'15Jun'15Jul'15


0 2 4 6 8

MARKET SHARE

THREE WHEELERS

THREE WHEELERS


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


20000

40000

60000

80000


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


10000

20000

30000

40000

50000


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


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


-10%

0%

10%

-2.33%

-9.71%-7.40%

-12.26%-12.23%-13.04%

0.10%

8.33%

17.45%

YoY GROWTH


-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




Three Wheelers


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.



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


10000

20000

30000

40000

50000


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


5000

10000

15000

20000

25000


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


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


-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


0%

50%

100%102.55%

42.16%

12.28%

-3.85%3.54%

18.27%

-19.25%

-39.47%-32.87%

YoY GROWTH


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 %



May'15Jun'15Jul'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 %



May'15Jun'15Jul'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 %



May'15Jun'15Jul'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


5000

10000

15000


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


5000

10000

15000


2503

2536

2353

2439 25

97

2135

1738

2817

180921

34 2259

2827 30

30

2512

2479

1817 20

22

864


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


-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


-40%

-20%

0%

20%

-14.74%-10.92%

20.14%24.23%

-3.27%

16.11%

4.55%

-28.22%

-52.24%

YoY GROWTH


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 %



May'15Jun'15Jul'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 %



May'15Jun'15Jul'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 %



May'15Jun'15Jul'15


0 2 4 6 8

MARKET SHARE

PASSENGER VEHICLES

PASSENGER VEHICLES


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


100000

200000

300000


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


50000

100000

150000

200000

250000


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


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


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


-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




Passenger Vehicles (Passenger Cars + Utility Vehicles + Vans)


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.



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


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


50000

100000

150000

200000


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


50000

100000

150000


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


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


5%

10%

15%

20% 18.14%

7.73%

1.53%

17.47%

6.06%

9.48%

21.80%

10.39%

12.87%

YoY GROWTH


-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


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


10000

20000

30000

40000

50000


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


10000

20000

30000


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


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


0%

5%

10%9.58%

3.82% 3.86%

1.83%

-1.81%

0.82%

4.79%

6.55%

14.41%

YoY GROWTH


-40%

-30%

-20%

-10% -13.82%

-2.89%

-7.29%

-25.81%

-5.60%

-24.95%-27.40%

-36.68%

-41.01%

YoY GROWTH


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 %



May'15Jun'15Jul'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 %



May'15Jun'15Jul'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 %



May'15Jun'15Jul'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


20000

40000

60000

80000

100000


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


20000

40000

60000

80000


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


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


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


0%

50%

100%

44.62%

20.59%8.86%

2.28%-5.45%

-21.29%

101.10%

1.62%

-36.32%

YoY GROWTH


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 %



May'15Jun'15Jul'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 %



May'15Jun'15Jul'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 %



May'15Jun'15Jul'15


0 10 20 30

MARKET SHARE

UTILITY VEHICLES

UTILITY VEHICLES


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


20000

40000

60000


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


10000

20000

30000

40000

50000


6535

6366

5314 67

17

6132

6313

5082

7170

8887

7465

6165

3860

7979

1273

6

1212

7

1175

7

1089

8

1089

5


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


-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


0%

50%

100%

14.23%

-3.16%

-27.36%

18.79%

107.70%

92.10%

131.35%

51.99%

22.59%

YoY GROWTH


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


5000

10000

15000

20000


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


5000

10000

15000

20000


491

431

271

379

216

339

328

402

296

251

343

439

496

474

480

401

188

305


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


-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


-50%

0%

50%

100%

-48.88%

-20.42%

61.99%

30.87%

119.44%

41.59%

22.26%

-53.23%

3.04%

YoY GROWTH


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 %



May'15Jun'15Jul'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 %



May'15Jun'15Jul'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 %



May'15Jun'15Jul'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


2000

4000

6000


3175 33

50

3822

2823 31

06 3418

3419

2676

3275

3742

3377

4018

1528

1381

1276

2033

2124

3109


1000

2000

3000

4000


1647

554

430

389

333

59 38

217

2722 4 30 0 6 0 0 8 0


500

1000

1500

EXPORTS-2014 -2015

-50%

0%

50%

100%

150%

-28.22%

7.32%

156.53%

9.06%-1.45%

-53.06%

-87.37%-93.77%

-60.65%

YoY GROWTH


-60%

-40%

-20%

0%

17.86%

0.81%5.13%

-45.87%

-55.54%

-62.67%

-40.54%

-20.63%

-5.07%

YoY GROWTH


-98%

-96%

-94%

-98.66%

-99.28%

-93.02%

-100.00%

-98.20%

-100.00%-100.00%

-96.31%

-100.00%

YoY GROWTH


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 %



May'15Jun'15Jul'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 %



May'15Jun'15Jul'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 %



May'15Jun'15Jul'15


0 5 10 15 20 25

MARKET SHARE

COMMERCIAL VEHICLES

COMMERCIAL VEHICLES


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


20000

40000

60000


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


20000

40000

60000


5747 63

43

6656 72

41

7098

8157

7494

7349

6853

6889

8403

8330 86

99 9321

7672 81

68

7137

8854


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


5%

10%

6.48%

3.95%

0.72%

8.41%7.58%

12.07%12.73%

8.56%

11.45%

YoY GROWTH


0%

10%

20%

30%

19.87%

32.48%

25.15%

20.14%

31.32%

-5.95%

8.99%

-2.88%

29.20%

YoY GROWTH




Commercial Vehicles (Passenger Carriers + Goods Carriers)


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).



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


3936 42

71

4013 44

29

3882

3469

2513

3242 37

99

3566

4466

5194

5083

4375 47

73

2445

3271

4239


1000

2000

3000

4000

5000


2877 32

84 3725

2950

2681

2523

2039

1665

294132

91

4259

4194 44

40

3041

3682

2398

2044

2937


1000

2000

3000

4000


475

659 78

5

778

942

1296

1106

1325 13

88

518

815

1016

820

1140

767

1184

1033

1292


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


-40%

-20%

0%

20%9.05%

23.67%29.43%

5.40%

21.02%

-40.82%

7.05%

-22.04%

-6.92%

YoY GROWTH


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


500

1000

1500

2000

2500


807

879 11

66

1009 12

21

1119

933

657 90

4

940

1550

1404

2255

1556

1861

1126

1088 12

70


500

1000

1500

2000


280 34

9

469 54

2 643

780

743

852 91

8

243

426

604

449

557

373

739

542

526


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


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


-40%

-20%

0%

20%

-13.21%

22.06%28.78%

-17.16%-13.37%

-52.18%

-0.54%

-36.38%-42.70%

YoY GROWTH


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 %



May'15Jun'15Jul'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 %



May'15Jun'15Jul'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 %



May'15Jun'15Jul'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


500

1000

1500


1120 12

67 1330

1148

974

925

839

737

1482

1225

1393 14

57

1360

1048

1395

1009

671

987


500

1000


172

310

311

234 28

3

427

302

432 454

244

333

320

318

547

316

408

354

595


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


-20%

0%

20%

40%

9.38% 9.94% 9.55%

18.47%

7.60%

50.81%

20.26%

-8.96%

-33.40%

YoY GROWTH


-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


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 %



May'15Jun'15Jul'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 %



May'15Jun'15Jul'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 %



May'15Jun'15Jul'15


0 10 20 30 40

MARKET SHARE

TRUCKS - GOODS CARRIERS

TRUCKS - GOODS CARRIERS


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


5000

10000

15000

20000

25000


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


5000

10000

15000

20000

25000


1772

1651

1503

1919

1626

1451

1398

1392

1354

1812

1825

2353

1963

2021

1606 17

09

1362 14

76


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


30%

40%

50%

60%

27.36%

23.09%22.81%25.32%

39.50%

66.48%

24.79%24.98%22.38%

YoY GROWTH


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


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


200

400

600


244

238 27

9

284

282

180 21

6 259 30

3

260

343 40

4

314 34

1

511

581

454

528


100

200

300

400

500


0 0

7 10 10 10

4

0 0

5

20

0

54

26

37

7 6

12


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


50%

100%

150%

6.56%

44.12%44.80%

10.56%20.92%

183.89%168.98%

75.29%74.26%

YoY GROWTH


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


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 %



May'15Jun'15Jul'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 %



May'15Jun'15Jul'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 %



May'15Jun'15Jul'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


5000

10000

15000


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


5000

10000


983

758 88

3

1348

1093

1029

917

866

730

989 11

78

1619

1380

1262

993

1061

846

798


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


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


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


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 %



May'15Jun'15Jul'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 %



May'15Jun'15Jul'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 %



May'15Jun'15Jul'15


0 20 40 60

MARKET SHARE

sparkplug-indian automobile sector teaser report for december 2015

Economy & Finance