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  1. PV segment disappoints with only 6pct YoY growth

PV segment disappoints with only 6pct YoY growth

Excluding Maruti, PV volumes declined 2%. Maruti continues to do well with 15% growth but remains constrained for capacity.

By: | Published: April 17, 2018 3:40 AM
PV segment, pv segement growth March 2018 saw strong growth across categories barring PVs. The strong growth in 2W and tractors was supported by early festive season. (Reuters)

March 2018 saw strong growth across categories barring PVs. The strong growth in 2W and tractors was supported by early festive season. Volume growth of 18% for M&HCVs and 34% for LCVs was healthy, even though M&HCV SAAR is now lower vs past three months. The PV segment disappointed again with only 6% YoY growth (on a two-year basis also growth is 8% only, whilst it is 13% for 2W). Excluding Maruti, PV volumes declined 2%. Maruti continues to do well with 15% growth but remains constrained for capacity.

2W industry volumes were up +25% YoY with strong numbers across players except Bajaj which underperformed with only 5% growth, especially in comparison with 20% volume growth of Hero and 40% growth in motorcycle volumes of TVS (smaller base v/s Hero). Bajaj’s 2W exports and 3W volumes (including exports) picked up well. CV industry SAAR was lower this month at 360k (down from Dec which was boosted by pre-buy, as well as Feb levels). Tata posted 20% growth while AL was lower at 12%. Tractor volumes were very strong across the board. Escorts which has gained share this quarter had 65% growth; whilst M&M had 50% growth. PV volume growth was modest at 6% YoY.

Growth was led by market leader Maruti, which posted 15% growth in domestic PV volumes. Ex Maruti, volumes declined 2% YoY. Among the other large OEMs, Tata was the best performer with 30% growth in volumes, followed by Hyundai with 7% growth. M&M reported volume growth in low single digits. Honda reported a sharp 28% decline in volumes as Amaze is getting phased out ahead of the launch of its refresh. Toyota also reported a 9% decline in volumes. In FY18, industry reported 8% growth in volumes; ex-Maruti, growth was 3% only.

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