Sale of locally-manufactured cars (including LCVs and Jeeps) has posted a growth of 8 percent to 32,841 units in first quarter of current fiscal year, against 30,541 units in the same period of last fiscal year. According to Shajarcapital, the detailed analysis revealed that overall growth continued to be driven by improved sales of Honda Car (HCAR) while Pak Suzuki (PSMC) sales grew by a mere 2 percent to 17,966 units.
On the other hand, Indus Motor (INDU) sales increased by a minor 1 percent to 8,419 units. "During this period, HCAR sales rose by a significant 43 percent to 6,304 units benefiting from higher sales growth of 'Civic'. Subsequently, HCAR's market share climbed to 20 percent in the period under review," said Syed Faizan Ahmed, an analyst at Shajarcapital. In Sep'13, car sales stood at 11,166 units, up 15 percent from 9,721 units in the same month last year. Following the diminishing effect of pre-budget buying seen last month, car sales improved by 1 percent on a MoM basis, he added.
Amongst the individual companies, PSMC sales improved as compared to last year while showcasing an improvement of 5 percent from last month, and strengthening its market share to 55 percent. INDU witnessed 11 percent decline from last month while enjoying a growth of 23 percent against the sale in same month of last year. HCAR sales improved by 4 percent on a MoM basis while increasing by a substantial 45 percent as compared to the sales of same month last year. "Though the year has started with dampened sales for the auto sector, we expect the numbers to show a gradual improvement going forward as the standing inventory of imported cars depletes further," Faizan said.
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