Tata Motors - September 2012 Sales Update - Angel Broking

Tata Motors (TTMT) reported marginally better-than-expected volumes for September 2012 led by a strong 15.2% yoy (11.4% mom) growth in light commercial vehicle (LCV) sales. Total volumes however, registered a decline of 3.8% yoy (up 5.5% mom) to 75,773 units as PV sales declined by 17.2% yoy (2.8% mom).

- The weakness in the PV segment was on account of a sharp fall in Indica (down 23% yoy), Indigo (down 52% yoy) and utility vehicle volumes (down 15% yoy). Nano volumes on the other hand jumped 87% yoy during the month.

- Commercial vehicle sales volumes recorded a modest growth of 3.2% yoy (9.4% mom) mainly on account of a 16.6% yoy (up 5.3% mom) decline in MHCV volumes which continued to be impacted by slowdown in industrial activity.

Source : Equity Bulls

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