Monthly Motown Monitor - July 2022 - Aditya Birla Money Ltd.
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Monthly Motown Monitor – July 2022 Aditya Birla Money Ltd.
Monthly Motown Monitor 03 August 2022
Demand continues to remain strong, while commodity inflation and chip
shortages showing signs of abating…….GOOD TIMES AHEAD !
o The wholesale volume remained buoyant for PV and CV segment in July 2022. Robust orderbook, low channel inventory and better chip availability
augurs well for the companies in the PV space. The CV demand remained resilient supported by better freight availability, higher infra spend and
replacement demand. On the other, tractor & 2W demand (except TVS) remained soft and came in lower than market expectations. However, we believe
rural demand is recovering gradually supported by good prices for Rabi output, increase in MSP and normal monsoon for 2022 which is likely to revive
the 2W and tractor demand going forward.
o For July 2022, within PV space – the top two players, MSIL and Hyundai volume grew 8% and 6% YoY resp. The CV space continues to witness strong
traction, with volume of ALL up 58% YoY while that of TML/VECV/M&M grew 43/40/19% YoY resp. The 2Ws sales (except TVS) were below expectations
with volumes of HMCL & BAL declining 2% & 5% resp. EML-RE volume grew 26% YoY to 55,555 units, however below expectation of ~60k. Within 2W, the
only exceptional was TVS which reported volume growth of 14% YoY resp.
o On an overall basis, we believe good times ahead for the Auto space. The demand environment remains strong suggested by healthy order book + long
waiting period. Also, with industry OEM’s coming-up with new launches in run-up to the festive season the consumer excitement will remain high. With
COVID risk fading away along improving rural sentiment we believe the industry is well poised to grow in the coming quarters. The growth will further be
supplemented by better chip availability to the companies. We also believe margin pressure seems to be bottoming out in H1FY23, given most of key RM
- steel, aluminum prices are down >40% each from recent highs while that of Crude down >25% from recent highs. Thus, lower RM cost coupled with
price hike of the past and better operating leverage will significantly lift the profitability in the coming quarters.
o The long-term drivers for the sector namely rising per capita, under penetration of vehicles, consumer aspiration for its strong brand and premiumisation
remains intact. The headwinds such as commodity inflation & chips shortages has shown initial signs of abating. Further from a slightly long-term
perspective, the lack of clarity w.r.t. technology adoption (CNG, Flex-fuel, Hybrid, EVs, Hydrogen) is resulting as ‘catch-as-catch-can’ situation for OEMs.
Thus, we remain positive and have an “Equal weight” on the space.
Source: Company; ABM equity research
Monthly Motown Monitor 3OEMs volume snaphot..
Segments Jul-22 Jul-21 YoY %chg Jun-22 MoM %chg YTD FY'23 YTD FY'22 YoY %chg
Passanger Vehicle (PV)
Maruti Suzuki India 1,75,916 1,62,462 8.3 1,55,857 12.9 6,43,847 5,16,076 24.8
Hyundai Motors India 63,851 60,249 6.0 62,351 2.4 2,33,666 2,04,629 14.2
M&M 28,053 21,046 33.3 26,880 4.4 1,04,363 64,248 62.4
Two wheelers (2W)
Hero Motocorp 4,45,580 4,54,398 -1.9 4,84,867 -8.1 18,35,773 14,78,887 24.1
Bajaj Auto 3,15,054 3,30,569 -4.7 3,15,948 -0.3 11,62,212 12,29,874 -5.5
TVS Motors 2,99,658 2,62,728 14.1 2,93,715 2.0 11,60,453 8,81,429 31.7
Eicher Motors - Royal Enfield 55,555 44,038 26.2 61,407 -9.5 2,42,760 1,67,678 44.8
Commercial Vehicles (CVs)
Ashok Leyland 13,625 8,650 57.5 14,531 -6.2 53,276 26,637 100.0
M&M 20,946 17,666 18.6 20,431 2.5 79,928 51,700 54.6
VECV 5,982 4,271 40.1 6,307 -5.2 23,451 10,077 132.7
Three wheelers (3W)
Bajaj Auto 39,616 38,547 2.8 31,056 27.6 1,26,104 1,45,256 -13.2
TVS Motors 14,981 16,127 -7.1 14,786 1.3 60,977 55,184 10.5
M&M 4,351 2,148 102.6 4,008 8.6 15,013 5,213 188.0
Tractors
M&M 23,307 27,229 -14.4 41,848 -44.3 1,41,816 1,27,148 11.5
Escorts 5,360 6,564 -18.3 10,051 -46.7 32,157 32,499 -1.1
Source: Company; ABM equity research
Monthly Motown Monitor 4Maruti Suzuki India (MSIL) –
New launches, CNG focus to help Co regain market share
o MSIL enjoys ~45% market share in the Indian 200000
Maruti Suzuki (Units)
Passenger Vehicle space. It has an strong moat –
Units
brand, network (~3,500 touch points) & remains 150000
a preferred option for the first time car buyers. 100000
162462
130699
154379
164056
170395
138335
139184
153149
150661
161413
155857
175916
Its top selling model includes Alto, Swift, Baleno,
86380
50000
Dzire, New WagonR and others.
0
o It is aggressively eyeing the SUVs space and
Jun-22
Dec-21
Jul-21
Jul-22
Mar-22
Feb-22
Apr-22
Jan-22
Sep-21
Oct-21
Nov-21
Aug-21
May-22
plans new launches. Upcoming refresh/launch –
Swift Hybrid, Compact SUV, S-Cross & others
Segment Jul-22 Jul-21 YoY %chg Jun-22 MoM %chg YTD FY'23 YTD FY'22 YoY %chg
o Its Rural/Urban mix at ~41/59; First time buyers Domestic 1,55,605 1,41,238 10.2 1,32,024 17.9 5,54,099 4,49,333 23.3
share at ~47%, replacement & additional buyer Exports 20,311 21,224 -4.3 23,833 -14.8 89,748 66,743 34.5
mix at ~19%/34% resp.
Total Sales 1,75,916 1,62,462 8.3 1,55,857 12.9 6,43,847 5,16,076 24.8
MSIL approx. state wise volume mix o MSIL’s volume stood at 175,916 units, up 8% YoY. MSIL exports remained >20k units. The export volume on a
Maha -,
10.7 YTDFY’23 was up 35% YoY to 89,748 units and outlook remains positive as it is leveraging Suzuki and Toyota’s
global distribution network. It is aggressively focusing on SUV launches –the booking for newly launched ‘Brezza’ &
U.P., 9.1 ‘Grand Vitara’ stands at ~70k & ~20k units resp. It has further lined up more launches which will drive volume &
Gujarat, market share going forward.
8.6 o MSIL’s OB remains strong at ~350k (~40% of them are CNG) coupled with low inventory. For FY23E, MSIL expects PV
Others,
51.9 Kerala, industry to clock volume of ~3.5mn, implying growth of ~19% YoY.
7.0
o MSIL’s parent SMC wants - 1) MSIL to maintain market share of >50% in PV space; 2) To introduce EVs in India; 3)
Karnatak Haryana,
6.6
Increase rural presence &; 4) Aims to strengthen its SUV segment via new launches & promote CNG cars.
a, 6.0
Source: Company; ABM equity research, carandbike.com, bikedekho.com
Monthly Motown Monitor 5Mahindra & Mahindra (M&M) – Auto
2.0 instills confidence … Investors flock back…
60,000 M&M - Auto
o M&M is a well diversified automotive player.
50,000
Units
40,000
o It is facing stiff competition from its peers in UV
30,000
space, resulting into contraction in market share
Jul-21 42,983
Dec-21 39,157
46,804
Feb-22 54,455
Mar-22 54,643
30,585
28,112
41,908
40,102
45,640
53,726
Jun-22 54,096
Jul-22 56,148
20,000
to ~19%, after most of its models have failed to 10,000
uphold. Its market share in LCV & 3-W stands at 0
~38% & ~10% respectively.
Apr-22
Jan-22
Sep-21
Oct-21
Nov-21
Aug-21
May-22
o M&M plans to launch 23 new products by 2026.
(PV/LCV new launch of 9/14 resp.) Upcoming Segment Jul-22 Jul-21 YoY %chg Jun-22 MoM %chg YTD FY'23 YTD FY'22 YoY %chg
refresh/launch – ScorpioN, XUV5OO, eKUV100, PVs 28,053 21,046 33.3 26,880 4.4 1,04,363 64,248 62.4
S204 & others. CVs 20,946 17,666 18.6 20,431 2.5 79,928 51,700 54.6
M&M PVs approx. state wise volume mix 3-W 4,351 2,148 102.6 4,008 8.6 15,013 5,213 188.0
Total Domestic 53,350 40,860 30.6 51,319 4.0 1,99,304 1,21,161 64.5
U.P., 15.8 Exports 2,798 2,123 31.8 2,777 0.8 10,306 8,670 18.9
Maharas
Total Auto 56,148 42,983 30.6 54,096 3.8 2,09,610 1,29,831 61.4
htra, 7.4 o M&M’s overall auto volume grew 31% YoY to 56,148 units. Its PV volume grew 33% YoY while CV grew 19% YoY resp. All
the brands including XUV700, Thar, Bolero and XUV300 are showing robust demand trend. The blockbuster launch of its
Bihar, 6.4
‘Scorpio-N’ has received 100,000 bookings under 30 minutes, translating into an ex-showroom value of ₹18,000cr. The
Andhra
Others , deliveries of the same will commence at the end of Sept 2022.
52.6 Pradesh,
6.4 o M&M has an ambitious plan of launching 23 new products by 2026. Within its PV business, it plans to launch 9 new
Madh. products while for its LCV business it plans 14 new products by 2026. M&M has been very proactive with EV space,
Rajas- ,
5.5
Prad., 5.8 which seems to be reality in the coming years. M&M has highest share of diesel portfolio & its ownership & operational
cost has increased significantly in the recent past, putting the company at disadvantageous position.
Source: Company; ABM equity research, carandbike.com, bikedekho.com
Monthly Motown Monitor 6Mahindra & Mahindra (M&M) – Tractors
Prediction of 4th consecutive normal monsoon to benefit
the leader
M&M - Tractors
o M&M dominates the Indian tractor industry, 50000
with an overall market share of ~40%. 40000
Units
o The tractor segment though accounts for ~40% 30000
of M&Ms revenue; however it accounts for >75% 20000
27229
21360
40331
47017
27681
18269
22682
20437
29763
40939
35722
41848
23307
of its profitability. 10000
0
Dec-21
Jun-22
Jul-21
Jul-22
Feb-22
Apr-22
Mar-22
Sep-21
Jan-22
Oct-21
Nov-21
May-22
Aug-21
M&M Tractors approx. state wise volume mix Segment Jul-22 Jul-21 YoY %chg Jun-22 MoM %chg YTD FY'23 YTD FY'22 YoY %chg
Domestic 21,684 25,769 -15.9 39,825 -45.6 1,35,067 1,21,607 11.1
Uttar Exports 1,623 1,460 11.2 2,023 -19.8 6,749 5,541 21.8
Pradesh, Andhra Total Tractors 23,307 27,229 -14.4 41,848 -44.3 1,41,816 1,27,148 11.5
15.3 Pradesh,
12.5 o M&M’s overall tractor volume declined 14% YoY to 23,307 units; of which domestic volume declined 16% YoY,
Others,
32.4 Maharas
while exports grew 11% on YoY basis. After robust volume growth of 18% in Q1, the month of July witnessed
htra, normalisation of volumes.
11.4
o July is traditionally a lean month, as the land preparation phase, wherein a tractor finds highest utility, gets over
Rajastha Madhya
n, 6.5 Bihar, and farmers start sowing their crops. The overall rainfall has been higher than normal barring few states in Eastern
Gujarat, Pradesh,
6.6 8.5
part of the country, which have received deficient rainfall until now. With these states being country's key paddy
6.7
producing markets, recovery in rainfall is crucial. Further festive season falling in later half of August and sufficient
rainfalls across most of geographies will shape up the industry in the upcoming months.
Source: Company; ABM equity research, carandbike.com, bikedekho.com
Monthly Motown Monitor 7Ashok Leyland (ALL)
Infra led, high MHCV demand driving ALL’s volumes
Ashok Leyland
o ALL is a pure CV play, as its M&HCV/LCV volumes 20000
mix stands at 63/37 respectively. Its overall CV 16000
Units
market share stands at ~16%, with M&HCV & 12000
LCV market share at ~29% & ~11% respectively.
8000
10480
13939
20123
13273
13625
11079
12518
14657
11847
14531
9360
9533
8650
o ALL is looking to diversify its businesses, and is 4000
focusing on other businesses namely LCV, 0
Dec-21
Jun-22
Jul-22
Jul-21
Mar-22
Apr-22
Feb-22
Jan-22
Sep-21
Oct-21
Nov-21
Aug-21
May-22
Exports, defence & aftermarket business.
o ALL’s dependence on south (~40%) has reduced
over the years, post higher focus to the North &
Segment Jul-22 Jul-21 YoY %chg Jun-22 MoM %chg YTD FY'23 YTD FY'22 YoY %chg
eastern region.
M&HCV 8,148 3,822 113.2 9,354 -12.9 33,135 12,872 157.4
ALL’s approx. state wise volume mix LCV 5,477 4,828 13.4 5,177 5.8 20,141 13,765 46.3
Total Sales 13,625 8,650 57.5 14,531 -6.2 53,276 26,637 100.0
Tamil o ALL’s volume grew 58% YoY to 13,625 units. Domestic/export volume stood at 12,715/910 units respectively. Its
Nadu,
14.2 Andhra, overall M&HCV/LCV volume came in at 8,148/5,477 units respectively. The CV volume continues to remain strong
14.2 driven by higher fleet operator utilisation and higher infra spend. The M&HCV demand has been resilient & is
Others, considered as lead indicator of overall economic recovery.
37.9 Maharas o ALL is ‘looking at all options’ for the manufacture of batteries for electric vehicles. ALL in the past, has won the tender
htra, floated by Bangalore Metropolitan Transport Corporation (BMTC) for 300 non AC electric buses .
13.1
Karnatak
Delhi, 5.8
Rajas- , a, 8.1
6.6
Source: Company; ABM equity research, carandbike.com, bikedekho.com
Monthly Motown Monitor 8Escorts Kubota (ESC)
Kubota onboarded, Awaiting clarity on new synergies
Escorts
o ESC operates in the tractor (accounts ~77% of 15000
revenue), construction equipment & railway 12000
Units
space. It enjoys ~10% market share in the Indian 9000
tractor industry with >70% of volumes from 6000
10074
10051
13514
north, central & western regions.
5693
7116
4695
8325
5360
6564
8816
5707
6114
8421
3000
o ESC manufactures Backhoe loaders, Pick n carry 0
Dec-21
Jun-22
Jul-21
Jul-22
Apr-22
Feb-22
Mar-22
Jan-22
Sep-21
Nov-21
Oct-21
Aug-21
May-22
cranes & compactors in its construction
equipment space. Its railway business has
witness improvement & as of Q1FY23 its order
Segment Jul-22 Jul-21 YoY %chg Jun-22 MoM %chg YTD FY'23 YTD FY'22 YoY %chg
book stands at ₹850 crore.
Domestic 4,704 6,055 -22.3 9,265 -49.2 29,312 30,555 -4.1
ESC Tractors approx. state wise volume mix Exports 656 509 28.9 786 -16.5 2,845 1,944 46.3
Total Sales 5,360 6,564 -18.3 10,051 -46.7 32,157 32,499 -1.1
Uttar o ESC volume declined 18% YoY to 10,051 units. Domestic volume declined 22% YoY to 4,704 units while exports
Pradesh, grew 29% YoY to 656 units. The Industry wholesales were impacted as July month traditionally has been soft.
Maharas 25.9
Others,
htra, 4.7 o ESC has lost market share in price sensitive market to balance out profitability. The management has undertaken a
19.6 Madhya
detailed study and is expected to regain its lost market share. ESC expects low to mid single digit growth for tractor
Gujarat, Pradesh,
13.9 industry in FY23.
5.4
Bihar, o From a longer-term perspective - ESC will outpace the industry growth as it has filled up the product portfolio gaps
8.9 & aims to achieve market share of 15% over the next 3-4 years. It expects exports volumes to be ~10,000 units in 2
Haryana, Rajastha
9.3 n, 12.3 years. ‘Escorts-Kubota’ is jointly deliberating long term business plan which is likely to be unveiled in 6 months.
Source: Company; ABM equity research, carandbike.com, bikedekho.com
Monthly Motown Monitor 9Hero Motocorp (HMCL)
Advent of EV threatens to dislodge HMCL from its numero
uno status…
Hero Motocorp
o HMCL is the market leader in the Indian 2-W 875000
industry with share of ~35%. It is the leader in 750000
Units
625000
the motorcycle segment with share of ~48% & in 500000
the scooter segment its share stands ~8%. 375000
454398
453879
530346
547970
349393
394773
380476
358254
450154
418622
486704
484867
445580
250000
o The urban/rural mix for HMCL is largely divided 125000
as 50:50. It has extensive network of ~6500 0
sales & service points. Its top selling model
Dec-21
Jun-22
Jul-21
Jul-22
Mar-22
Feb-22
Apr-22
Jan-22
Sep-21
Nov-21
Oct-21
May-22
Aug-21
include (Splendor + HF Deluxe) account for >66%
of its overall volume
o Upcoming refresh/launch – Hero 450 ADV, Segment Jul-22 Jul-21 YoY %chg Jun-22 MoM %chg YTD FY'23 YTD FY'22 YoY %chg
eMastero, Hero electric scooter & others. 2-W sales 4,45,580 4,54,398 -1.9 4,84,867 -8.1 18,35,773 14,78,887 24.1
HMCL’s approx. state wise volume mix
o HMCL’s volume declined 2% YoY to 445,580 units and came in below expectation. Its motorcycle/scooter volume
U.P.,
stood at 421,288/24,292 units resp. The normal monsoon in most parts of the country, and the consequent
19.3 agricultural harvest along with the upcoming festive season is expected to keep the sentiments positive and help
build the momentum further.
Rajas- ,
o Further strengthening its global business operations, HMCL introduced Euro-5 compliant variants of three new
8.1
Others, products – the XPulse 200 4V motorcycle and Dash 110 & Dash 125 scooters in Turkiye. Additionally, in the domestic
44.6 Bihar, market HMCL introduced new Passion ‘XTec’ and also launched a new community riding platform ‘XCLAN’.
Madh.
7.6
Prad., o The ongoing geopolitical situation has resulted in enormous supply chain issues & shortage of semiconductors. Thus,
7.0
Gujarat,
Maharas HMCL feels it would be prudent to unveil the first EV product around the upcoming festive period. It earlier had
htra, 6.9 planned the launch of 2W EV - ‘VIDA’ in Mar’22 then postponed to July’22 & now is planned in festive season.
6.5
Source: Company; ABM equity research, carandbike.com, bikedekho.com
Monthly Motown Monitor 10Bajaj Auto (BAL)
‘Double whammy’ - Domestic & export facing headwinds
Bajaj Auto
o BAL is diversified 2-W & 3-W and also domestic 600000
and export play. Its market share in 2-W industry 500000
Units
stands at ~12%, & is largely in the motorcycle 400000
segment where it commands market share of 300000
402021
379276
362470
316020
310774
275868
354670
369116
373270
439615
363443
297188
347004
~18% and aims to reach ~24% going forward. 200000
100000
o Apart from domestic 2-W, the 3-W accounts for 0
Dec-21
Jun-22
Jul-21
Jul-22
Feb-22
Mar-22
Apr-22
Sep-21
Jan-22
Nov-21
Oct-21
May-22
Aug-21
>10% of volumes while export account for ~55%
of its volumes.
o Its top selling model include Pulsar & Platina Segment Jul-22 Jul-21 YoY %chg Jun-22 MoM %chg YTD FY'23 YTD FY'22 YoY %chg
which account >66% of its domestic 2-W sales. 2-wheeler 3,15,054 3,30,569 -4.7 3,15,948 -0.3 11,62,212 12,29,874 -5.5
Upcoming refresh/launch –Bajaj Pulsar RS400 3-wheeler 39,616 38,547 2.8 31,056 27.6 126104 145256 -13.2
BAL’s 2Ws approx. state wise volume mix Total Sales 3,54,670 3,69,116 -3.9 3,47,004 2.2 12,88,316 13,75,130 -6.3
Domestic Sales 1,82,956 1,67,273 9.4 1,38,351 32.2 5,35,792 5,24,410 2.2
U.P., Exports 1,71,714 2,01,843 -14.9 2,08,653 -17.7 7,52,524 8,50,720 -11.5
14.3 Tamil
Nadu, o BAL’s volume declined 4% YoY 354,670 units. Its domestic volume grew 9% YoY while export declined 15% YoY. Its 2W volume
8.7 declined 5% YoY, while its 3W grew 3% YoY. Its exports has started to face headwinds, after reports which said that Nigerian
government is mulling to ban motorcycle to tackle security challenges. Nigeria accounts for ~20% of BAL’s export volume.
Maharas
Others,
49.3
htra, 8.5 o The overall 2W industry has seen soft demand, however the degrowth has narrowed from double digit to single digit. On the
Madh. outlook front, BAL is looking quarter by quarter and expect FY23 to be better than FY22 and gain market share thereby.
Prad.,
7.2 o BAL is expanding its EV-2W capacity from 60,000 units to 0.5mn and is investing Rs300cr at Akurdi. It is also planning to set up
Karnatak
Punjab, capacity for EV-3W and is likely to launch in a year.
a, 6.7
5.3
Source: Company; ABM equity research, carandbike.com, bikedekho.com
Monthly Motown Monitor 11Eicher Motors (EML)
Exports emerges as the “pot-of-gold” for this iconic
motorcycle maker.
Eicher Motors - Royal Enfield
o EML is a play on 2-W with its Royal Enfield (RE) & 80000
on CV – with its JV ‘VECV’. RE dominates in
Units
60000
premium motorcycle category (>250cc) with
40000
market share of >90%. It continues to have
73739
58838
59160
67677
62155
63643
61407
44038
45860
33529
44214
51654
55555
strong brand recall, with 1063 & 1055 large & 20000
studio stores resp. & remains premiumization 0
play.
Dec-21
Jun-22
Jul-21
Jul-22
Apr-22
Mar-22
Feb-22
Jan-22
Sep-21
Oct-21
Nov-21
May-22
Aug-21
o Plans to launch one new product/quarter.
Upcoming refresh/launch – Shotgun, Bullet 350, Segment Jul-22 Jul-21 YoY %chg Jun-22 MoM %chg YTD FY'23 YTD FY'22 YoY %chg
Scram, Hunter 350 and others
Motorcycle 350cc 9,219 6,482 42.2 11002 -16.2 40,620 23,569 72.3
Total Sales 55,555 44,038 26.2 61,407 -9.5 2,42,760 1,67,678 44.8
Kerala, Tamil Exports 9,026 4,748 90.1 11142 -19.0 38,589 23,711 62.7
11.4 Nadu, Domestic 46,529 39,290 18.4 50,265 -7.4 2,04,171 1,43,967 41.8
9.9
o EML’s - Royal Enfield (RE) volume grew 26% YoY to 55,555 units. Domestic volume grew 18% YoY to 46,529 units while exports
grew 90% YoY to 9,026 units. Volume of 350cc grew 42% YoY. The demand
Others, U.P., 9.6 environment continues to remains strong, backed by healthy order book and low channel inventory.
46.4 o In the past, RE started its exclusive local assembly unit & CKD facility in Thailand (3rd after Argentina & Colombia) & will act as a
Maharas distribution hub for countries in South-East Asia & will start local assembly of the Himalayan, Interceptor & Continental GT
htra, 9.3
Delhi, models.
Karna- ,
6.6
6.8 o Strategy of network expansion & product launches remains intact. It plans to launch one product/quarter for next three years.
It aims to become $5bn global company over the next 5-7 years, implying >22% CAGR in the coming years.
Source: Company; ABM equity research, carandbike.com, bikedekho.com
Monthly Motown Monitor 12TVS Motors (TVS)
Market share & Margin inching northwards..
TVS Motors (2-W)
o TVS is the 3rd largest player in the Indian 2-W 500000
industry with market share of ~14%. The 400000
Units
company has market share in Motorcycle & 300000
Scooter stands at ~6% & ~21% respectively. It is
278855
272693
250933
295308
302982
308501
290694
347156
355033
266788
281714
307954
314639
200000
the only player in India which sells Mopeds. TVS
100000
also has presence in 3-W & export markets.
0
Dec-21
Jun-22
Jul-21
Jul-22
Mar-22
Apr-22
Feb-22
Sep-21
Nov-21
Jan-22
Oct-21
May-22
Aug-21
o Its top models - Jupiter & Apache account for
>50% of its domestic 2-W volume.
Scooters Jul-22 Jul-21 YoY %chg Jun-22 MoM %chg YTD FY'23 YTD FY'22 YoY %chg
o Upcoming refresh/launch – TVS Zeppelin,
Apache RTR Fi E100, RTR310, Retron, Creon, ADV Total 2-W 2,99,658 2,62,728 14.1 2,93,715 2.0 11,60,453 8,81,429 31.7
Total 3-W 14,981 16,127 -7.1 14786 1.3 60,977 55,184 10.5
TVS’s 2Ws approx. state wise volume mix Total Sales 3,14,639 2,78,855 12.8 3,08,501 2.0 12,21,430 9,36,613 30.4
Exports(of the above) 1,12,032 1,03,133 8.6 114449 -2.1 4,50,153 4,31,238 4.4
U.P., 15.6 Domestic sales 2,02,607 1,75,722 15.3 1,94,052 4.4 7,71,277 5,05,375 52.6
Tamil o TVS Motors volume grew 13% YoY to 314,639 units; of which 2-W volume grew 14% YoY to 299,658 units while 3W
Nadu, volume declined 7% YoY to 14,981 units. Domestic volume grew 15% YoY, while exports grew 9% YoY.
Others, 15.1
36.5 o TVS Motor on standalone basis reported very strong result with and was its highest ever revenue/EBITDA/PAT in Q1FY23.
Andhra, Despite high commodity inflation over the last 12 months, TVS continued to report stable EBITDA margin of 10% for the
10.3 four consecutive quarter which remains commendable.
Madh. Maharas o TVS is evaluating E-mobility subsidiary stake sale. It expects to increase its E-2W production from 4500 units in June 22 to
Prad., 5.1 Karnatak htra, 9.4
10k units and then to 25k in the coming months. It has also lined up series of new launches in the next 2 months. Its
a, 8.0 iQube is now available in 85 cities with an order book of 20k units.
Source: Company; ABM equity research, carandbike.com, bikedekho.com
Monthly Motown Monitor 13Research Team
Naveen Baid
Head of Research
022-4356 7848
naveen.baid@adityabirlacapital.com
Fundamental Team
Vidrum Mehta Auto/Building Materials/Capital Goods 022-6819 0537 vidrum.Mehta@adityabirlacapital.com
Jaymin Trivedi Banking & Finance 022-6819 0511 jaymin.trivedi@adityabirlacapital.com
Sumeet Shah Consumption/Chemical/ Telecom 022-6819 0514 sumeet.shah1@adityabirlacapital.com
Advik Shetty IT/ M&E/ Healthcare/Consumption 022-6819 0541 advik.shetty@adityabirlacapital.com
Mohan Jaiswal Technical Analyst 022-6819 0515 mohan.jaiswal@adityabirlacapital.com
ABML research is also accessible in Bloomberg at ABMR
14Disclaimer:
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Monthly Motown Monitor 15Thank You
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