External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Dec’24 Wholesale Volumes: Domestic PV sales grew by 15-17% YoY (down 7% MoM), largely due to strong domestic volumes from Maruti, Toyota, M&amp;M, and MG.</li><li>The domestic CV industry sales grew by 4%/13% YoY/MoM. The 3W domestic wholesales for Bajaj and M&amp;M grew by 5% and 8% YoY, respectively, while TVS degrew by 18% YoY.</li><li>The domestic tractor industry (proxy) witnessed 16% volume growth on a YoY basis.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dec’24 Wholesale Volumes: Domestic PV sales grew by 15-17% YoY (down 7% MoM), largely due to strong domestic volumes from Maruti, Toyota, M&amp;M, and MG.The domestic CV industry sales grew by 4%/13% YoY/MoM. The 3W domestic wholesales for Bajaj and M&amp;M grew by 5% and 8% YoY, respectively, while TVS degrew by 18% YoY.The domestic tractor industry (proxy) witnessed 16% volume growth on a YoY basis.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Auto Monthly Sales Volume - December 2024

<ul><li>Nov’24 Wholesale Volumes: The domestic 2W industry witnessed a decline in volume growth of 1% YoY and 26% MoM, while total exports grew by 32% YoY and remained flat MoM.</li><li>Domestic PV sales grew by 6-7% YoY (down 11% MoM), largely due to weakness in Hyundai and Honda, partially offset by strong domestic SUV volumes from Toyota, M&amp;M, and MG.</li><li>The domestic CV industry sales were flat YoY (down 20% MoM), mainly due to lower MHCV truck volumes, which were partially offset by high bus volumes.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Nov’24 Wholesale Volumes: The domestic 2W industry witnessed a decline in volume growth of 1% YoY and 26% MoM, while total exports grew by 32% YoY and remained flat MoM.Domestic PV sales grew by 6-7% YoY (down 11% MoM), largely due to weakness in Hyundai and Honda, partially offset by strong domestic SUV volumes from Toyota, M&amp;M, and MG.The domestic CV industry sales were flat YoY (down 20% MoM), mainly due to lower MHCV truck volumes, which were partially offset by high bus volumes.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Monthly Auto Volume Update - November 2024

<ul><li>Oct’24 Wholesale Volumes: The domestic 2W industry witnessed strong volume growth of ~11% YoY and 6% MoM, while total exports were up by 23% YoY and 2% MoM, respectively.</li><li>Domestic PV sales (Exhibit-2) grew by 1-3% YoY (up 10-12% MoM), led by strong volumes in Toyota, M&amp;M, Kia, and MG, which were partly offset by weakness in MSIL and Honda while tata motors and Hyundai witnessed flat volumes.</li><li>The domestic CV industry sales were flat YoY (up 9% MoM), mainly due to lower MHCV truck volumes, which were offset by high bus volumes. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Oct’24 Wholesale Volumes: The domestic 2W industry witnessed strong volume growth of ~11% YoY and 6% MoM, while total exports were up by 23% YoY and 2% MoM, respectively.Domestic PV sales (Exhibit-2) grew by 1-3% YoY (up 10-12% MoM), led by strong volumes in Toyota, M&amp;M, Kia, and MG, which were partly offset by weakness in MSIL and Honda while tata motors and Hyundai witnessed flat volumes.The domestic CV industry sales were flat YoY (up 9% MoM), mainly due to lower MHCV truck volumes, which were offset by high bus volumes. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Monthly Auto Volume Update - Automotive Industry - October 2024

External broker reports(aggregated public sources), Sharekhan

Sharekhan

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>EBITDA margin missed estimates on a 130 bps y-o-y contraction in gross margins.</li><li>Management eyes 3-4% growth in retail sales in FY25 and assumes that inventory reduction would ease discounts in Q3FY25.</li><li>Outlook We maintain a Buy with a revised PT of Rs 12874 in expectation of the stability in operating performance, structural upward shift in product mix and hope of success in new launches including EVs.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

EBITDA margin missed estimates on a 130 bps y-o-y contraction in gross margins.Management eyes 3-4% growth in retail sales in FY25 and assumes that inventory reduction would ease discounts in Q3FY25.Outlook We maintain a Buy with a revised PT of Rs 12874 in expectation of the stability in operating performance, structural upward shift in product mix and hope of success in new launches including EVs.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Maruti Suzuki India Ltd - Inventory Stress to Ease Post Festive Season

<ul><li>Industry Outlook: Maruti faces several challenges to maintaining its market dominance, including (1) Subdued demand in the passenger vehicle (PV) industry, with low single-digit volume growth expected for FY25E, a significant drop from the 26.7% and 8.4% YoY growth in FY23 and FY24, respectively;</li><li>(2) Intensified competition in the SUV segment, with new launches focusing on SUVs and EVs;</li><li>(3) Stagnation in the small car segment; and (4) Increased discounting efforts to reduce dealer inventories. We project a 5% CAGR in Maruti's volume growth for FY24–FY27E.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Industry Outlook: Maruti faces several challenges to maintaining its market dominance, including (1) Subdued demand in the passenger vehicle (PV) industry, with low single-digit volume growth expected for FY25E, a significant drop from the 26.7% and 8.4% YoY growth in FY23 and FY24, respectively;(2) Intensified competition in the SUV segment, with new launches focusing on SUVs and EVs;(3) Stagnation in the small car segment; and (4) Increased discounting efforts to reduce dealer inventories. We project a 5% CAGR in Maruti's volume growth for FY24–FY27E.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Maruti Suzuki India Ltd - EBITDA Tailwinds Diminishes Amidst PV Industry Slowdown

India

Maruti Suzuki India Limited manufactures and exports automobiles. Maruti collaborated with Suzuki of Japan to produce affordable cars for the average Indian.

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Maruti Suzuki India (MSIL IN)

Auto Monthly Sales Volume - December 2024

Dec’24 Wholesale Volumes: Domestic PV sales grew by 15-17% YoY (down 7% MoM), largely due to strong domestic volumes from Maruti, Toyota, M&M, and MG.

Axis Direct

Monthly Auto Volume Update - November 2024

Nov’24 Wholesale Volumes: The domestic 2W industry witnessed a decline in volume growth of 1% YoY and 26% MoM, while total exports grew by 32% YoY...

Axis Direct

Monthly Auto Volume Update - Automotive Industry - October 2024

The domestic 2W industry witnessed strong volume growth of ~11% YoY and 6% MoM, while total exports were up by 23% YoY and 2% MoM, respectively.

Axis Direct

Maruti Suzuki India Ltd - Inventory Stress to Ease Post Festive Season

EBITDA margin missed estimates on a 130 bps y-o-y contraction in gross margins. Management eyes 3-4% growth in retail sales in FY25

Sharekhan

Maruti Suzuki India Ltd - EBITDA Tailwinds Diminishes Amidst PV Industry Slowdown

Maruti faces several challenges to maintaining its market dominance, including (1) Subdued demand in the passenger vehicle (PV) industry

Axis Direct

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