Maruti Suzuki India Ltd. (MSIL) has surpassed analysts' estimates for November sales that were supposed to take a hit due to demonetisation. The company has reported 14.2 percent increase in domestic car sales, but exports have dropped 9.8 percent. The overall sale figure at 1.35 lakh units represents 12.2 percent growth. Toyota Kirloskar Motor (TKM) has reported 10 percent growth.
The data was released just after stock markets opened for trading on Thursday. The MSIL stock was trading at Rs 5,284.45, up 0.40 percent from its previous close. The BSE Sensex opened on a positive note and was trading 39 points higher at 26,691.
MSIL sold 1.26 lakh units in India last month, up 14.2 percent from 1.11 lakh cars sold in November last year, according to a company statement. Exports at 9,225 units marked a drop from 10,225 cars shipped last November.
The growth was almost double (98.1 percent) in the UV segment comprising Gypsy, Ertiga, S-Cross, Vitara Brezza at 17,215 units, aided by new launches. The super-compact segment witnessed a fall of 10.3 percent at 3,013 cars, while mini and compact segments grew at about 10 percent.
The company sold 105 units of its light commercial vehicle, Super Carry during the month.
Toyota Kirloskar Motor
The company sold 11,309 units in November, up 10 percent from 10,278 cars sold last November in the domestic market.
"November has been an exciting month for us as we launched one of the most anticipated products of the year —— the all new Fortuner. We are overwhelmed by the response it has received with over 6,200 bookings already," PTI quoted TKM Director and Senior VP, Sales and Marketing, N Raja, as saying.
Car sales dropped 33 percent to 13,217 units in November 2016 in comparison to 19,662 vehicles sold last November. Pravin Shah, president and chief executive (automotive) said "the sudden announcement of demonetisation has brought in an immediate disruption and uncertainty."
Tractor sales also took a beating, down 24 percent to 15,918 units from 20,819 units sold last November.
Tata Motors, Renault India, Nissan, Honda and Hyundai are yet to release their November sales data.