TVS Motor - September 2012 Sales Update - Angel Broking

TVS Motor (TVSL) posted marginally better-than-expected volumes (up 10% mom) for the month, driven by sharp sequential jump in motorcycle (up 18.9% mom) and three-wheeler (28.1% mom) volumes.

- Total volumes however witnessed a decline of 22.5% yoy to 170,097 units as total two-wheeler volumes fell by 23.5% yoy. All the product segments of the company (ex three-wheelers) registered a sharp fall in volumes on a yoy basis with motorcycle and scooter sales declining by 29.7% and 28.3% yoy, respectively.

- Export volumes too plunged sharply, reporting a 27.5% yoy decline.

- However, TVSL registered its highest ever monthly three-wheeler sales volume in September 2012 at 5,005 units, up 36% yoy.

- During the month, TVSL launched a new 125cc motorcycle, Phoenix, which could provide impetus to company's volumes going into the festival season.

Source : Equity Bulls

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