From Maruti Suzuki to Tata Motors to Bajaj Auto: Here's how top auto makers fared in terms of sales in September 2023
While Maruti Suzuki, the country's largest carmaker, registered growth in total sales on a year-on-year basis, it fell short of Street estimates, and although Tata Motors took a hit of six per cent in domestic passenger sales, it exceeded analysts' expectations.
Auto manufacturers registered yet another month of hits and misses as the country prepared for the festive season. While Maruti Suzuki India, the country's largest carmaker, registered growth in total sales on a year-on-year basis, it fell short of Street estimates. Here's a summary of how auto makers—including Tata Motors, Mahindra & Mahindra, Hero MotoCorp, TVS Motor Company and Eicher Motors—fared during the month gone by:
Maruti Suzuki India
The auto giant reported total sales—comprising sales in the domestic as well as foreign markets—of 1,81,343 vehicles in September, marking growth of 2.9 per cent compared with the corresponding period a year ago. Zee Business analysts had pegged Maruti Suzuki's total monthly sales at 1,87,000 vehicles.
Maruti Suzuki sold a total of 1,50,812 passenger vehicles in the domestic market, 2,432 units, or 1.6 per cent, more compared with the year-ago period.
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Sales in the company's mini segment—comprising the Alto and S-Presso models—dropped 65 per cent on a year-on-year basis to 10,351 units, whereas the offtake in the compact segment—which includes models such as Baleno, Dzire, WagonR and Swift—declined to 68,552 units from 72,176 units a year ago.
The auto major, however, staged a big jump in the utility vehicles segment, which includes Brezza, Ertiga, Grand Vitara and the newly-launched Jimny. Sales in the segment soared 82 per cent to 59,271 vehicles in September.
Marhindra & Mahindra
M&M registered a rise of 17.2 per cent in total sales—including exports—to 75,604 vehicles last month, beating Street estimates by more than 3,600 units.
According to Zee Business research, the company's total monthly sales were estimated at 72,000 units.
Mahindra & Mahindra sold a total of 41,267 passenger vehicles in the domestic market in September 2023 as against 34,508 in September 2022.
Tata Motors sold a total of 44,809 passenger vehicles—including electric vehicles (EVs)—in the domestic market last month, as against 47,654 units a year ago, beating analysts' expectations by a huge margin. Zee Business analysts had pegged the company's total monthly sales at 34,000 units.
The Tata group auto major sold 6,050 electric vehicles in the domestic as well as international markets, marking an increase of 56.6 per cent over the year-ago period.
Tata Motors failed to keep up with analysts' expectations with a 12 per cent rise in total commercial vehicle sales to 39,064 units.
According to Zee Business research, Tata Motors' monthly sales of commercial vehicles were estimated at 50,600 units.
Bajaj Auto reported total two-wheelers sales—comprising sales in the domestic market and exports—of 3,27,712 units in September, as against 3,48,355 units a year ago. The company's total sales of commercial vehicles and two-wheelers declined 0.6 per cent to 3,92,558 vehicles.
Both monthly numbers were better than analysts' estimates. Zee Business analysts had pegged the company's two-wheeler sales at 3,20,000 units and total sales at 3,85,000 units.
The auto maker said sales of its commercial vehicles in the domestic market hit a record 50,683 units.
Hero MotoCorp sold a total of 5,36,499 vehicles during the month, translating to growth of 3.2 per cent on a year-on-year basis. The sales exceeded Zee Business analysts' estimate of 5,25,000 units.
In the domestic market, Hero MotoCorp sold a total of 5,19,789 motorcycles and scooters in September 2023 as against 5,07,690 units in September 2022.
Hero MotoCorp said it expects the demand to be on a healthy trajectory driven by macroeconomic factors.
TVS Motor Company
In the two-wheeler segment, the auto maker registered a rise of seven per cent in total sales to 3,86,955 units, far exceeding analysts' estimates.
According to Zee Business research, TVS Motor was estimated to report total sales of 3,53,000 two-wheelers for the month.
TVS Motor Company sold a total of 3,00,493 two-wheelers in the domestic market in September 2023 as against 2,83,878 units in September 2022.
The company's total sales beat Street forecasts. The company's total sales in September came in at 4,02,553 units, up 6.2 per cent on a year-on-year basis. Zee Business analysts had pegged the auto maker's total sales at 3,69,000 units.
Eicher Motors subsidiary Royal Enfield sold a total of 78,580 motorcycles last month, marking a decrease of 4.3 per cent compared with the year-ago period but meeting analysts' expectations.
According to Zee Business research, Royal Enfield's monthly sales were estimated at 78,000 units.
Out of the total sales, the motorcycle maker's exports stood at 4,319 units in September 2023 as against 8,451 units in September 2022.
VECV—a joint venture between Eicher Motors and the Volvo group—registered an 8.6 per cent gain in total sales to 7,198 vehicles.
Zee Business analysts had pegged the company's total monthly sales at 7,300 units.
Ashok Leyland clocked a 9.4 per cent year-on-year increase in total sales to 19,202 trucks, buses and LCVs, meeting analysts' estimates.
According to Zee Business research, the commercial vehicle manufacturer's total monthly sales were estimated at 18,400 units.