Maruti Suzuki: A strong comeback
Shares of Maruti Suzuki India (MSI) gained traction today following the strong car sales in the month of September.
India’s largest car maker, MSI posted 30.8% rise in total sales at 160,442 units in September 2020 as compared to 122,640 units sold in the same period previous year.
However, the performance has to be seen in the context of lower base of September 2019.
Total sales for the month include domestic sales of 150,040 units, export of 7,834 units, and sale of 2,568 units for other OEMs.
Domestic sales were up 33.4% from 112,500 units in September 2019; while exports units saw 9% growth from 7,188 units last year. Sales to other OEMs however slipped 13% from last year’s 2,952 units.
For the July-September quarter (Q2FY21), the auto manufacturer recorded total sales of 393,130 units – which is a growth of 16.2% over the same period previous year, on a lower base.
The company closed the April-September period (H1FY21) with total sales of 469,729 units – a decline of 36.6% over H1FY20.
Auto sales continued to rise in September 2020 as companies stocked up dealerships to cater to festive-season demand and on low base.
Factory-gate shipments rose in the range of 12-80% over the preceding month in September, data compiled from brokerage reports showed. On a year-on-year, while sales of most two-wheelers, cars and tractors rose, commercial vehicles remained under pressure.
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