Automobile Stocks in Focus: March 2024 Sales Numbers Released

The Indian auto industry roared into the final month of fiscal year 2024, with most major manufacturers reporting healthy sales figures for March. The below table showcases the monthly auto sales for March 2024:

Maruti Suzuki Maintains Dominance

Maruti Suzuki, India’s largest carmaker, continued its dominance in March 2024. For FY 2024, it registered its highest-ever total sales of 21,35,323 units. Out of which, the highest ever domestic sales stood at 17,93,644 units and the highest ever exports at 2,83,067 units.

Tata Motors Sees Strong Growth

Tata Motors, one of the leading carmakers in India, also reported impressive numbers. During Q4 FY2024, the company recorded sales of 2,65,090 vehicles in the domestic & international markets as compared to 2,51,822 units during Q4 FY 2023. This positive performance indicates that Tata Motors is successfully capturing a larger share of the Indian passenger car market.

Mahindra & Mahindra Gears Up

Mahindra & Mahindra, a prominent player across various vehicle segments, showcased positive growth in March 2024. They reported a 14% year-on-year increase in passenger vehicle sales, reaching approximately 40,631 units.

Hero MotoCorp Faces Setback

While most manufacturers celebrated growth, Hero MotoCorp, the world’s largest two-wheeler manufacturer by volume, witnessed a decline in domestic sales. During March 2024, it sold 4,90,415 units as compared to 5,19,342 in March 2023.

Bajaj Auto Maintains Steady Growth

Bajaj Auto, another major two-wheeler manufacturer, displayed a more stable performance. The company registered a growth of ~25% in total sales to 3,65,904 units as compared to 2,91,567 units in March 2023.

TVS Motors Registers Two-Wheeler Growth

TVS Motors, a leading two-wheeler manufacturer, recorded a growth of 12% in total sales. This positive performance highlights their ability to tap into the growing demand for commuter motorcycles and scooters in the Indian market.

Conclusion

The strong sales performance in March 2024 paints a promising picture for the Indian auto industry. However, factors like global chip shortages, inflation, and potential interest rate hikes could pose challenges in the coming months. Nonetheless, with a growing demand for SUVs and a focus on technological advancements, the Indian auto sector seems well-positioned for continued growth.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.