AKD Quotidian about — Auto Sector: 4MFY13 Sales Update

Karachi, November 13, 2012 (PPI-OT): According to the data released by PAMA, Industry auto sales for Oct’12 further contracted by 3.3%MoM to 9,397 units (Cars + LCVs) reflecting lower demand of local variants.

According to AKD Securities, in this regard, availability of imported vehicles and increasing prices of the local variants can be termed as the reason behind decline in sales trend. On the flipside, tractor sales were up by 2.2xMoM in Oct’12 to 5,712 units against 2,588 units in Sep’12. Cumulatively, auto industry sales for 4MFY13 declined by 32%YoY to 39936 units while sales of tractors have risen by 69%YoY.

(Units)Oct-12Sep-12MoM4MFY134MFY12YoY
Industry Sales

9,397

9,721

-3.3%

39,936

58,801

-32%

Cars

8,184

8,481

-3.5%

34,990

51,755

-32%

LCVs and Pickups

1,213

1,240

-2.2%

4,946

7,046

-30%

Tractors

5,712

2,588

120.7%

13,983

8,269

69%

Company Wise

PSMC

5,094

6,042

-15.7%

22,753

34,877

-35%

INDU

2,704

2,120

27.5%

11,003

17,806

-38%

HCAR

1,588

1,530

3.8%

6,009

5,893

2%

Source: AKD Research

PSMC: The Company passed on the impact of Euro-II compliance related costs onto consumers, resulting in a price hike of -3.9%. Higher prices further dented PSMC demand with sales falling by 15.7%MoM to 5,094 units in Oct’12. Similarly, 4MFY13 sales were down by 35%YoY to 22,753 units, partly due to the completion of Punjab Taxi Scheme.

INDU: After completely phasing out Cuore, INDU’s overall sales have declined by 38%YoY in 4MFY13 to 11,003 units. Hilux was the only INDU variant to record a 59%YoY growth in sales for 4MFY13. Flagship Corolla sales were lower by 39%YoY in the period to 9,187 units. On a sequential basis, INDU sales bounced back by 28%MoM to 2,704 units.

HCAR: Sales of the new Civic model rose by 3.5%MoM to 805 units in Oct’12 where City sales were also up by 4.1%MoM to 783 units, taking HCARs total sales to 1,588 units in Oct’12 (+3.8%MoM). For 4MFY13, HCAR has managed to record a sales growth of 2%YoY.

Tractors: In 4MFY13, tractor sales have recorded a growth of 69%YoY where in Oct12 sales are up by 2.2x MoM to 5,712 units. MIL has recorded sales of 3,374 units in Oct’12 up by 68.4%MoM while AGIL sales are up by 4.Ox MoM to 2,338 units.

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