“Sequential Recovery Witnessed in Passenger vehicles & 2-Wheeler segment” Auto Sector: Focus Stocks Maruti Suzuki/Tata Motors/ Bajaj Auto/Eicher Motors Q1FY21 Post Earnings Review 18th August 2020 Table of Contents 1 Q1FY21 Earnings Summary – Key Takeaways 4 2 Earnings Review: Result Summary 5 - 8 3 Valuation Snapshot 9 - 12 4 Performance Overview 13 - 17 KRChoksey Research ANALYST Phone: +91-22-6696 5555, Fax: +91-22-6691 9576 is also available on Bloomberg KRCS<GO> www.krchoksey.com Parvati Rai,
[email protected], +91-22-6696 5413 Thomson Reuters, Factset and Capital IQ Coverage Companies Passenger Vehicles • Maruti Suzuki Ltd • Tata Motors Ltd 2/3-Wheelers • Bajaj Auto Ltd • Eicher Motors Ltd KRChoksey Research ANALYST Phone: +91-22-6696 5555, Fax: +91-22-6691 9576 is also available on Bloomberg KRCS<GO> www.krchoksey.com Parvati Rai,
[email protected], +91-22-6696 5413 Thomson Reuters, Factset and Capital IQ Q1FY21 Earnings Outlook – Key Takeaways Passenger & 2-Wheelers segment show recovery; Upcoming festive season & Rural market to drive demand Green-Shoots in Passenger vehicles and Two-Wheelers, while Commercial Vehicle remains challenging • As per SIAM, In July-20, Industry Passenger Vehicle (PV) sales declined by 3.9% YoY at 182,779 units while 2-Wheelers (2-W) registered a decline of 15.2% YoY which was significantly better than preceding months wherein in Q1FY21, PV sales were down 63% YoY while that of 2-W were down by 60.5% YoY • CV segment performance will remain challenging due to high axle norms, delayed