Tata Motors, Hero MotoCorp, and Other Automaker Stocks Accelerate After Strong March Sales

Shares of several automakers including Hero MotoCorp, Eicher Motors, TATA Motors, and Maruti Suzuki started the fresh week in green as the companies reported March sales numbers.

What Happened: Automakers reported the March sales numbers over the weekend with several companies seeing a strong uptick.

Hero MotoCorp

The company sold 5,19,342 units in March 2023, a 15% year-over-year increase from the 4,50,154 units it sold in the corresponding month. For FY23, the company registered a sale of 53,28,546 units in FY'23, registering an 8% growth compared to the corresponding period of the previous fiscal (FY'22), when the company had sold 49,44,150 units. However, the company’s exports continued to remain dampened as it registered exports of 16,612 units, over a 50% YoY slump.

Tata Motors

The company registered a 3.4% YoY increase in sales numbers this quarter at 2,51,822 units. Domestic sales for FY23 saw a massive 35% surge in sales at 9,31,957 units compared to the 6,92,554 units it sold in FY22. Its passenger vehicle segment registered the highest ever domestic sales at 5,38,640 units up 45% YoY. As per the company all four SUVs – Nexon, Punch, Harrier, and Safari, recorded their highest-ever annual sales, contributing a substantial 66% of the total volume.

TVS Motors

The company reported a 3% YoY growth as sales went up from 307,954 units in March 2022 to 317,152 units in March 2023. During the fourth quarter of FY23, the company sold 8.40 lakh two-wheelers as against 8.15 lakh of sales registered in the fourth quarter of FY22. The two-wheeler major’s total exports registered sales of 75,037 units in March 2023 as against 109,724 units in March 2022. However, the company’s exports improved sequentially as it had registered an export of 53,405 units in February 2023.

See Also: TVS Motor’s Expansion In Ghana Spurs Investor Confidence Amid Export Concerns

Maruti Suzuki

The company sold a total of 1,70,071 units in March 2023 marginally lower from the 1,70,395 units it sold in the corresponding month last year. However, the company’s export jumped up to register its highest-ever monthly sales of 30,119 units. The company’s also registered the highest-ever annual export numbers in FY23 at 259,333 units. The company’s total sales for FY23 jumped over 18% to hit 1,966,164 units compared to the 1,652,653 units it sold in FY22.

Eicher Motors

The company’s flagship brand Royal Enfield saw sales go up 7% YoY at 72,235 units. Exports also saw a 34% YoY surge at 12,351. The company recorded total sales of 8,34,895 motorcycles, registering its highest-ever overall sales in history. The company’s export for the year stood at 1,00,055, breaching the one lakh mark for the first time.

Price Action: Here is how shares of the automakers traded in the early hours of trading on Monday.

Shares of Hero MotoCorp were up 3.01% to trade at ₹2,417.90.

Tata Motors share price was up 0.49% to trade at ₹422.65.

TVS Motor share price traded 1.18% higher at ₹1,090.15.

Maruti Suzuki shares were up 2.53% to trade at ₹8,502.70.

Shares of Eicher Motors traded 1.80% higher at ₹3,003.25.

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