Industry cursor - June 2013 - dnb.co.in · cursor Industry Issue 58 June 2013 CONTENTS Strictly for Private Circulation Highlights n n n n n n n In its mid-quarter Monetary Policy

cursorIndustry

Issue 58 June 2013

CONTENTSStrictly for Private Circulation

Highlights

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In its mid-quarter Monetary Policy review, the Reserve Bank of India

nkept the cash reserve ratio (CRR) of scheduled banks unchanged at 4.0% of their net demand and time liabilities

nkept the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 7.25%

GDP during FY13 grew at a decadal low of 5.0%. The agriculture, industry and services sectors grew by 1.9%, 2.1% and 7.1% respectively.

Private Final Consumption Expenditure (PFCF) grew by 4.0% during FY13, almost half as compared to 8.0% during FY12.

Gross Fixed Capital Formation (GFCF) grew by a mere 1.7% during FY13 as against 4.4% during FY12.

Index of Industrial Production (IIP) registered a growth of 2.3% (y-o-y) in Apr-13 after witnessing a decline of 1.3% (y-o-y) during Apr-12.

The manufacturing sector grew by 4.2% (y-o-y) in Apr-13 as compared to 3.6% (y-o-y) in Apr-12. The mining sector continued to decline for the seventh month in a row. During Apr-13, it declined by 3.0% (y-o-y) as against a decline of 2.8% (y-o-y) during Apr-12.

The WPI inflation moderated further to 4.7% (y-o-y) during May-13 from 4.9% during Apr-13 and 7.6% in the year-ago period.

MACROECONOMIC UPDATE

Cement

Commercial Vehicle

Gems & Jewellery

Hi-Tech

Banking

Hospitality

IT-Hardware

Passenger Vehicle

Textile & Garment

Steel

Retail

Pharmaceutical

Two and Three-Wheeler

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Macroeconomic Update

Auto Components

E: D&B estimateSource: CSO, D&B Industry Research Service

IIP and core infrastructure: Growth (%)GDP: Growth (%)

Source: Ministry of Commerce and Industry, CSO

Macroeconomic triad (forecast)

Note: Exchange rate: INR/US$Interest rate corresponds to yield on T-Bills 15-91 daysSource: D&B Industry Research Service

Source: Ministry of Commerce

Jun 13

India's exports & imports (US$ bn)

Inflation4.5%-4.7%

Interest rate7.1-7.3%

Exchange rate57.20-57.40

Exports (LHS) Imports (RHS)

Agriculture Industry Services GDP at factor cost Eight core infrastructure IIP

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Q4 FY12 Q1 FY13 Q2 FY13 Q3 FY13E Q4 FY13 Q1 FY14E -4

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Highlights

AUTO COMPONENTS INDUSTRY

Auto Components: Key financial indicators

Note: Operating profit: PBDIT net of prior period and extra-ordinary items (P&E) & Other income; Net profit: PAT net of P&ESource: CMIE

Steel prices (Mumbai) (`/tonne)

Rubber prices* (Kottayam)

(`/quintal)

Source: CMIE

*Rss-4Source: CMIE

HR coils 2.00 mm CR coils 0.63 mm

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Apollo Tyres agreed to acquire US-based Cooper Tire & Rubber Company in an

all-cash transaction for about US$ 2.5 billion. The acquisition will provide the

company with a footprint in the Chinese and US markets. Cooper Tire & Rubber

is the parent company of a global group of firms that specialise in the design,

manufacture, marketing and sales of car and light truck tyres.

JK Tyre & Industries Ltd plans to invest over ` eight billion to double the

production capacity of its manufacturing facility located in Chennai to around

five million tyres per annum, over the next two years. The company is also

looking at investing US$ 25 million at its Mexican subsidiary Tornel to increase

the capacity by 25% over the next 12 months.

US-based automobile component manufacturer Johnson Controls bought out

its Indian partner Tata Automotive Components from their joint venture. Tata

Johnson Controls is a 50:50 joint venture established between Tata Automotive

Components and Johnson Controls, which is a supplier of automotive seat

systems and components in India, serving several major original equipment

manufacturers in the market.

As part of its global expansion strategy, Sumitomo Rubber Industries Co Ltd

decided to acquire Apollo Tyres South Africa (Pty) Limited (ATSA), the wholly-

owned subsidiary of Apollo Tyres Ltd, for a consideration of US$ 60 million. The

deal involves acquisition of production and sales rights for Dunlop branded tyres

(covering 30 countries in Africa and two countries on the Indian Ocean); the

sales network belonging to ATSA; and ATSA's Ladysmith plant (tyres for

automobiles, light trucks 9,600 tyres per day).

Chennai-based TVS Automobile Solutions formed a 65:35 joint venture with

US-based Myers Tire Supply International, a distributor of tyre repair tools in

North America. The joint venture will promote both Myers' range of products

and TVS Automobile Solutions' tools and equipment business in India.

40000

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20000

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Parameters Units Q4FY12 Q1FY13 Q2FY13 Q3FY13 Q4FY13

Net sales ` bn 302.9 285.4 276.5 272.2 281.1

y-o-y growth % 18.1 11.0 6.5 0.1 -7.2

Operating profit ` bn 36.1 32.2 30.8 29.7 35.1

y-o-y growth % 28.7 18.0 22.5 7.0 -2.8

Net profit ` bn 19.1 13.1 12.4 10.5 15.0

y-o-y growth % 51.6 13.5 89.9 12.5 -21.4

Operating profit margin

% 11.9 11.3 11.1 10.9 12.5

Net profit margin % 6.2 4.5 4.4 3.8 5.3

Deposits, credit and growth rates

Note: Call rates for Jun 13 are up to Jun 11, 2013

Source for all above charts: RBI

Movement in call money rates (%)

Highlights

BANKING INDUSTRY

Note: Data for May 13 is as on May 17, 2013

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As part of regular audit exercise to check fraud, the Reserve Bank of India (RBI) has asked the banks to perform periodic legal audit and re-verification of title deeds of loans above ̀ 50 million till the loan is fully repaid.

The RBI revised the 'prudential guidelines on restructuring of advances by banks/financial institutions' by taking into account the recommendations of the working group chaired by B. Mahapatra.

With the intent to lower the demand for gold, the RBI extended restrictions on loans against security of gold coins per customer to all co-operative banks. Lending loans against the security of gold coins is restricted to gold coins weighing up to 50 gms per customer.

With the aim of increasing banking penetration, financial inclusion and ensuring seamless roll out of the Direct Benefit Transfer/Electronic Benefit Transfer scheme of the Government, the RBI has asked banks to expand their branches in unbanked rural centers and frame their next Financial Inclusion Plan for the period 2013-16.

After inquiring into charges leveled by an online portal Cobrapost, RBI imposed a fine of ` 50 million on Axis Bank Ltd, ` 45 million on HDFC Bank Ltd and ` 10 million on ICICI Bank Ltd for violation of certain regulations and instructions on Know Your Customer norms and anti-money laundering guidelines.

With the aim to set up a bank, the Department of Posts announced that it would move a cabinet note to apply for a banking license by July 1, 2013.

Bank of Baroda, a state-owned public sector bank announced a single rate of interest of 10.25% on all its home loans to borrowers irrespective of tenure or quantum of the loan.

In line with its commitment towards financial inclusion, State Bank of Bikaner and Jaipur announced plans to open 100 branches in the current fiscal year. Recently, it also opened three more branches in Delhi.

In line with its strategy to focus on big cities and consolidate its retail and commercial banking business in India, Royal Bank of Scotland announced that it will close 23 of its 31 branches in India by the end of the current fiscal year.

Bank of Bahrain and Kuwait opened its first branch in Kerala, taking its total branch presence in India to three. It also announced plans to open a branch in Delhi.

Canara Bank, a state-owned public sector bank announced that it would raise up to US$ one billion through bonds from the overseas market to fund global business expansion. As part of its global expansion plan, the bank plans to open branches at nine overseas markets.

The Qatar National Bank (QNB) Group announced that it has received regulatory approvals to establish a wholly-owned subsidiary QNB (India) Private Limited.

Deposits (LHS) Credit (LHS)

y-o-y growth rates of deposits (RHS)

y-o-y growth rates of credit (RHS)

Call money rate- High (%)Call money rate- Low (%)

Banking: Key financial indicators

Net profit: PAT net of prior period and extraordinary itemsSource: CMIE


Net sales ` bn 1,669.2 1,739.2 1,775.3 1,816.6 1,847.1

y-o-y growth % 30.5 24.0 17.9 14.2 10.7

Net profit ` bn 209.0 200.2 189.5 196.8 188.1

y-o-y growth % 46.2 34.0 12.9 6.5 -10.0


%` bn

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12

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Highlights

CEMENT INDUSTRY

Average wholesale cementprices – Mumbai (`/50 kg bag)

Source: CMIE

Cement production

Note: Operating profit: PBDIT net of prior period and extraordinary items (P&E) & other income; Net profit: PAT net of P&ESource: CMIE

Cement: Key financial indicators

Source: CMIE

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The Competition Appellate Tribunal (COMPAT) imposed a fine of ̀ 6.3 billion on

11 cement manufacturers alleging cartelisation and price manipulation.

Heidelberg Cement India decided to sell its 0.6 million tonnes per annum (mtpa)

cement grinding facility in Raigad to JSW Group. The acquisition would help

JSW to develop a stable outlet for evacuation of slag.

Private equity fund Barings Private Equity Asia acquired a 14% stake in cement

maker Lafarge India for US$ 256 million.

JK Lakshmi Cement has undertaken up a ` 21 billion expansion plan, to be

largely funded by debt. It includes setting up of a 2.7 mtpa greenfield project at

Durg in Chhattisgarh with an investment of ` 15.5 billion which will help the

company to enter the eastern market. The company also plans to set up a

grinding unit in the Asansol-Durgapur region of West Bengal.

ParametersMar-13 Apr-Mar FY13

mn tonnes y-o-y growth (%) mn tonnes y-o-y growth (%)

Production 23.9 6.7 238.5 6.7

Units Q4FY12 Q1FY13 Q2FY13 Q3FY13 Q4FY13

Net sales ` bn 217.8 215.2 196.5 207.4 225.1

y-o-y growth % 14.5 20.5 20.5 10.8 3.4


y-o-y growth % 113.1 18.6 55.4 -3.4 -12.9

Net profit ` bn 26.1 27.3 18.2 15.5 20.6

y-o-y growth % 35.1 29.5 116.5 -11.4 -20.9

Operating profit margin % 21.7 23.9 20.3 17.1 18.3


230

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Parameters

M&HCV: Domestic sales (Nos.)

Highlights

COMMERCIAL VEHICLE INDUSTRY

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Domestic sales of commercial vehicles once again declined in May, by 10.6%, after a marginal recovery in April, when sales grew by 0.7%, after witnessing declines between Nov-12 and Mar-13.

For the first time after 49 months of growth, in May, domestic sales of light commercial vehicles recorded a decline, of 7%. Sales of medium & heavy commercial vehicles continue to dwindle, with sales in May recording a drop of 17% (y-o-y).

In May, exports of commercial vehicles dropped by 37.6% at 4,908 units, it being the lowest in the last 13 months.

Optare Plc, the UK-based arm of Ashok Leyland entered into a pact with Dawsonrentals, under which Optare would supply 50 Solos vehicles over the next six months to Dawsonrentals. The partnership allows Dawsonrentals to access Ashok Leyland's international sales force to facilitate the disposal of its used vehicles in the right-hand-drive market.

German truck manufacturer Daimler AG's Indian operations Daimler India Commercial Vehicles plans to manufacture trucks for export markets under the brand name 'Fuso'. The company plans to commence exporting five models from June to 15 countries in the Asia and African regions.

Swedish commercial vehicle manufacturer Scania made a foray into the engine segment in India and launched its power generation engines. The company plans to sell about 2,500 trucks, 2,000 engines and 1,000 coaches in the Indian market within the next five years.

Source for all above charts: CMIE

LCV: Domestic sales (Nos.)

Commercial vehicle sales (Nos.)

Source: CMIE

Commercial vehicles: Key financial indicators

N.A.: Not applicable (Losses incurred)Note: Operating profit: PBDIT net of prior period and extraordinary items (P&E) & Other income; Net profit: PAT net of P&ESource: CMIE

Segments May-12 May-13 y-o-y growth (%) Apr-May FY13 Apr-May FY14 y-o-y growth (%)

M&HCV 22,310 18,519 -17.0 42,247 37,129 -12.1

LCV 39,722 36,939 -7.0 76,042 75,007 -1.4

Total domestic sales 62,032 55,458 -10.60 118,289 112,136 -5.2

Exports 7,862 4,908 -37.6 12,452 10,009 -19.6

Total sales 69,894 60,366 -13.6 130,741 122,145 -6.6


Net sales ` bn 210.2 138.6 160.4 132.3 150.8

y-o-y growth % 13.9 -3.6 -1.7 -19.7 -28.3


y-o-y growth % 2.6 -34.9 -18.8 -75.0 -80.1

Net profit ` bn 8.4 2.8 10.2 -5.2 -5.4

y-o-y growth % -5.3 -42.8 405.2 N.A. N.A.


Net profit margin % 4.0 2.0 5.8 -3.9 -3.6

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Highlights

GEMS AND JEWELLERY INDUSTRY

Gold prices in Mumbai market

Gems & jewellery exports (` bn)


Gems & jewellery imports (` bn)

Price (LHS) Change (RHS)

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In a bid to curb demand for gold in the country, the Government and the Reserve Bank of India (RBI) had taken various measures:

nThe RBI decided to restrict the import of gold on consignment basis by banks, only to meet the genuine needs of the exporters of gold jewellery.

nIn order to control India's rising current account deficit, the Government raised the import duty on gold to 8% from the existing 6%.

nThe RBI also advised banks that while granting advance against the security of specially minted gold coins sold by them, banks should ensure that the weight of the coin(s) does not exceed 50 grams per customer and the amount of loan to any customer against gold ornaments, gold jewellery and gold coins (weighing up to 50 grams) should be within the Board approved limit.

nThe restriction on grant of loan against 'gold bullion' stipulated will also be applicable to grant of advance against units of gold ETFs and units of gold mutual funds.

nThe RBI also notified that no advances should be granted by NBFCs for purchase of gold in any form, including primary gold, gold bullion, gold jewellery, gold coins, units of gold ETFs and units of gold mutual funds.

India's gems and jewellery exports witnessed a robust growth of about 33% to US$ 3.38 billion in April 2013. Among the categories which witnessed growth in April, silver jewellery topped the list with a robust growth of 469%, followed by coloured gemstones 218%, cut and polished diamonds 37% and gold medallions and coins 13.2%.

Shree Ganesh Jewellery House entered into a joint venture with Rocks Creation Limited of Bangladesh for manufacture of gold jewellery, both plain and studded with diamonds and other precious and semi-precious stones. It plans to set up a manufacturing unit in Dhaka to explore the emerging market.

Tiffany & Co plans to set up a diamond processing unit, spread over two lakh sq ft, in Maharashtra with an investment of about ̀ one billion. The unit would be located inside the Special Economic Zone at the Multi-modal International Cargo Hub and Airport at Nagpur.

UBM India, part of the global business media firm UBM Plc, plans to organise about 14 international gem and jewellery fairs and take a team of Indian jewellery makers to showcase their products at each of these fairs. The scheduled international B2B meeting venues include Russia, Istanbul, Germany, Singapore, China, Thailand, Japan and Hong Kong.

As part of a consolidation process, PC Jeweller decided to close one of its manufacturing units, located in Selaqui, Dehradun. The company used to manufacture handmade jewellery from this unit.

Gems & jewellery: Key financial indicators



Net sales ` bn 223.6 181.7 213.3 257.0 310.4

y-o-y growth % 33.7 7.5 19.2 32.9 38.9


y-o-y growth % 65.6 4.2 25.4 35.4 -5.3

Net profit ` bn 5.3 5.2 5.8 6.8 2.8

y-o-y growth % 49.8 1.6 10.9 56.1 -47.8



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Parameters

Highlights

HI-TECH INDUSTRY

Civil aviation: Airport traffic statistics (March 2013)

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Swedish consumer durables company Electrolux entered the Indian water purifier market through a brand licensing agreement with Kent RO Systems. As per the deal, Kent RO will manufacture and sell a premium range of water purifiers under the Electrolux brand, priced between ` 18,000 and ` 19,000. Electrolux plans to export water purifiers from India to other South Asian markets, Latin America and Africa. Electrolux is also looking at entering India's television and audio products market through a local partner.

Consumer durables major Panasonic has lined up an investment of ̀ 1.2 billion during the current financial year, with an aim to garner a 20% share in the split air-conditioner market in India.

With an aim to garner a higher market share, LG India plans to introduce lower price points for certain categories such as vacuum cleaners and water purifiers. The higher-end models of LG vacuum cleaners and water purifiers are currently priced between ̀ 25,000 and ̀ 35,000.

Civil aviation: Cargo statistics(freight tonne km andmail tonne km)

Civil aviation: Load factor (%)

Air transport services: Key financial indicators

N.A.: Not applicable (Losses incurred)Note: Operating profit: PBDIT net of prior period and extraordinary items (P&E) and other income; Net profit: PAT net of P&ESource: CMIE

Source: CMIE

Freight tonne km (LHS) Mail tonne km (LHS)

Freight tonne km y-o-y growth (RHS)Mail tonne km y-o-y growth (RHS)

Passenger load factor Weight load factor


Consumer Electronics: Key financial indicators

N.A.: Not applicable (Losses incurred)Note: Net profit: PAT net of prior period and extraordinary itemsSource: CMIE

Parameters

Aircraft traffic Passenger traffic Cargo traffic

Nos.y-o-y

growth (%)Nos.

y-o-y growth (%)

Tonnesy-o-y

growth (%)

Domestic traffic 101,116 -1.4 9,628,135 5.2 71,304 -7.5

International traffic 26,039 8.9 3,560,481 12.0 129,214 1.0

Total airport traffic 127,155 0.7 13,188,616 7.0 200,518 -2.0


Net sales ` bn 34.3 34.6 34.7 34.8 34.4

y-o-y growth % -3.2 -6.5 -7.1 1.6 0.1


y-o-y growth % -12.9 -16.8 -9.9 10.3 -23.2

Net profit ` bn 0.4 0.4 0.0 -0.2 -2.7

y-o-y growth % -78.2 -80.3 N.A. N.A. N.A.


Net profit margin % 1.1 1.0 -0.1 -0.5 -7.8


Net sales ` bn 59.9 63.8 56.1 58.7 54.5

y-o-y growth % 5.2 -1.2 -1.1 -10.4 -9.1

Net profit ` bn -10.3 -2.9 -7.8 -3.0 -28.0

y-o-y growth % N.A. N.A. N.A. N.A. N.A.

Net profit margin % -16.8 -4.5 -13.4 -5.1 -49.3

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Highlights

HOSPITALITY INDUSTRY

Foreign tourist arrivals in India('000 nos.)

Source for all above charts: Ministry of Tourism

Source: CMIE

Growth in foreign tourist

arrivals (%)

Foreign exchange earnings

Foreign Exchange Earnings (LHS)Growth rate (RHS)

2010 2011 2012 2013

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InterGlobe Technology Quotient launched a platform in the Indian market named Travelport Rooms and More, which is a web-based hotel price comparison and booking engine. InterGlobe Technology Quotient is the official distributor of Travelport Galileo in India and Sri Lanka. The new booking platform is expected to offer access to over 600,000 hotel properties with over a million offers.

Emirates Holidays, the tour-operating arm of Emirates airlines, and TUI India, the tour operating arm of leading destination management company Le Passage to India signed a memorandum of understanding, under which TUI India will be the preferred agent for Emirates Holidays in India. The partnership is aimed at exploring supply and distribution opportunities between the two companies.

Abu Dhabi-based hospitality group Rotana is likely to announce its entry into the Indian market with plans to operate 20 properties in India in the next 10 years. Rotana will enter India with its flagship brand Rotana in the upscale category and hotel apartment chain Arjaan. It also plans to introduce its brand Centro in the mid-market category.

The Gateway Hotels & Resorts, part of the Taj Group of Hotels, announced the launch of The Gateway Hotel Lakeside at Hubli (Karnataka). This will be the fourth Gateway branded hotel in Karnataka, in addition to the existing hotels at Bengaluru, Mangalore and Chikmagalur. As part of its expansion plans, Gateway Hotels & Resorts is looking at opening up to 28 new properties in the next three years.

US-based hospitality major Starwood Hotels & Resorts Ltd recently announced the opening of its two hotel brands 'Aloft' and 'Four Points by Sheraton'. The company plans to open one more Aloft in Bengaluru by end-2013 and another one at Delhi Aerocity in 2014.

Hospitality: Key financial indicators



Net sales ` bn 29.7 26.6 24.7 30.4 30.7

y-o-y growth % 12.3 10.9 9.6 8.9 3.4

Net profit ` bn 0.6 1.0 -0.9 1.4 1.0

y-o-y growth % -85.3 -43.9 N.A. -5 66.9

Net profit margin % 1.9 3.4 -3.6 4.6 3.1

0

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Highlights

Domestic computer hardware& peripheral production (` bn)

Source: CMIE

IT HARDWARE INDUSTRY

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International Business Machines Corp (IBM) announced its intent to acquire SoftLayer Technologies Inc, a provider of cloud computing infrastructure, for about US$ two billion. IBM is expected to combine SoftLayer with its SmartCloud unit to create a new Cloud Services division.

thIntel Corporation introduced its 4 generation Intel Core processor. According thto the company, the 4 generation Intel Core provides stronger battery life,

breakthrough graphics and new usages in devices such as 2-in-1s, tablets and portable all-in-one systems. Intel also introduced its new solid-state drive (SSD), the Intel Solid-State Drive DC S3500 Series, for data centres and cloud computing. Intel expects that its new SSD increases multicore CPU utilisation, lowers power consumption and improves total cost of ownership.

Apple Inc introduced its new 9.9 inched next generation 'Mac Pro' desktop. It is designed around a unified thermal core and comprises dual workstation-class GPUs, Thunderbolt 2, next generation Xeon processors, PCIe-based flash storage and ultra-fast ECC memory.

Taiwanese computer manufacturer ASUSTeK Computer Inc (ASUS) introduced its new hybrid mobile device the Transformer Book Trio, which ASUS describes as a three-in-one tablet, laptop and desktop computer. The Transformer Book Trio is powered by Intel's fourth-generation processors and runs both Windows and Android operating systems.

With a view to compete with Intel's Atom, Advanced Micro Devices Inc (AMD) launched a new family of low-power server processors, the Opteron X-Series. The new Opteron server chips feature two new processors, the X1150 and the X2150.

Global News

IT-Hardware: Key financial indicators

N.A.: Not applicable (Losses incurred)Note: Operating profit: PBDIT net of prior period and extraordinary items (P&E) & Other income; Net profit: PAT net of P&ESource: CMIE

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As part of its expansion strategy to have channel presence in over 200 cities, Ricoh India, an imaging solutions and electronics company plans to appoint over 3,000 printer partners and system integrators in 2013-14, besides launching Ricoh brand stores and eStore. Ricoh India recently launched its new SP 200 series of laser printers.

With the aim to achieve a 20-25% revenue growth in 2013-14, digital imaging company Epson announced the launch of M-series range of mono ink tank inkjet printers. Under the M-series range, the Epson M100 single function mono ink tank system printer is priced at ̀ 9,999 and Epson M200 all-in-one mono ink tank system printer is priced at ̀ 13,999.


Net sales ` mn 8,316.6 6,904.7 7,160.1 5,446.7 5,403.3

y-o-y growth % 9.5 -15.4 -13.8 -34.9 -35.0

Operating profit ` mn 1,123.5 -171.2 466.7 -419.9 -762.4

y-o-y growth % 584.2 N.A. -42.2 N.A. N.A.

Net profit ` mn -279.9 -1,228.8 -824.6 -1,624.8 -1,328.6

y-o-y growth % N.A. N.A. N.A. N.A. N.A.

Operating profit margin % 13.5 -2.5 6.5 -7.7 -14.1

Net profit margin % -3.2 -16.5 -11.0 -28.2 -23.1

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PASSENGER VEHICLE INDUSTRY

Highlights

Utility vehicles: Domestic sales(Nos.)

Passenger cars: Domestic sales(Nos.)


Passenger vehicle sales (Nos)

Source: CMIE

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Demand for passenger cars (incl. vans) continues to remain weak, as reflected in domestic sales in May which was at a nine-month low at 0.16 million units. Sales of multi-utility vehicles (MUVs) continue to grow. In May, domestic MUV sales grew by 4.2% at 42,330 units.

In view of the current slowdown in demand, market leader Maruti Suzuki India announced a one-day shutdown across its plants on June 7, 2013, in order to avoid piling up of inventories.

Exports of passenger vehicles (cars + MUVs) recorded modest growth of 7.3% at 90,615 units during April-May 2013.

The current slowdown in the Indian vehicle market is not deterring vehicle manufacturers from announcing their expansion plans for this market. Some of the recent expansion related announcements are elucidated below:

nGerman luxury carmaker Mercedes-Benz plans to invest ` 2.5 billion into its Indian arm to double the production capacity to 20,000 vehicles by the end of 2013, to cater to the anticipated increase in demand for luxury sedans and sports utility vehicles. This proposed fresh investment will take the German carmaker's total investment in India to ̀ 8.5 billion.

nHaving ended its distribution arrangement with the Tata Group and with an aim to expand its market share in the Indian market, Fiat Group Automobiles India plans to expand its network to 125 dealerships across the country by the end of 2013. Presently, the Fiat Group has 54 outlets in India.

nMahindra First Choice, the multi-brand used cars marketer, plans to increase its dealership network by 100 during 2013-14, from its present network of 260 dealerships across India. After selling around 46,000 used cars in FY13, the company aims to sell around 60,000 used cars in FY14.

Mercedes-Benz launched a premium sports-utility vehicle GL-Class, priced at ` 77.5 lakh (ex-showroom, Delhi). The company plans to import the initial 100 units of the launch edition of GL-Class vehicles, and from September onwards it will start assembling the vehicle at its plant at Chakan, near Pune (Maharashtra). Nissan Motors plans to launch its Terrano SUV in India this year.

Mahindra & Mahindra launched a new compact car Verito Vibe at ` 5.63-6.49 lakh (ex-showroom, Mumbai).

General Motors India decided to increase the prices of its diesel vehicles by up to 1.5%, effective June, citing increase in transportation costs/logistics due to the hike in diesel prices.

Segments May-12 May-13y-o-y growth

(%)Apr-May

FY13Apr-May

FY14y-o-y growth

(%)

Micro 8,507 1,014 -88.1 16,535 1,962 -88.1

Mini & Compact 110,699 104,378 -5.7 230,381 214,232 -7.0

Super Compact and Mid Size 41,947 35,671 -15.0 79,898 73,949 -7.4

Executive 1,665 1,768 6.2 3,973 3,288 -17.2

Premium 404 385 -4.7 789 574 -27.2

Vans 17,271 15,891 -8.0 36,946 32,925 -10.9

Passenger cars 180,493 159,107 -11.8 368,522 326,930 -11.3

Multi-utility vehicles 40,635 42,330 4.2 79,643 82,893 4.1

Domestic sales 221,128 201,437 -8.9 448,165 409,823 -8.6

Exports 46,242 48,311 4.5 84,418 90,615 7.3

Total sales 267,370 249,748 -6.6 532,583 500,438 -6.0

Total sales 307,338 273,411 -11.0 2,792,957 2,932,329 5.0

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Highlights

PHARMACEUTICAL INDUSTRY

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With a view to achieve adequate availability and to regulate the distribution of drugs, the Department of Pharmaceuticals recently notified the Drugs (Prices Control) Order 2013 under which prices of 348 medicines in the National List of Essential Medicines have been brought under price control. This thereby replaces an earlier order of 1995 that regulated prices of only 74 bulk drugs.

The Government of Karnataka plans to set up an exclusive Drug Corporation for regulating supply and quality of drugs in the state.

Swedish drug manufacturer Meda Pharma entered into an agreement to broaden its collaboration with the Indian drug major Cipla. Meda Pharma and Cipla will cooperate on product development of Dymista, an inhaler. Cipla will be responsible for formulation, while Meda Pharma will be responsible for clinical development, registration, marketing and sales.

Japanese imaging technology giant Fujifilm Corporation and Indian drugmaker Dr Reddy's Laboratories entered into a mutual agreement to terminate a joint venture partnership they entered into in July 2011 to set up a pharmaceutical formulations facility in Japan.

Laurus Labs, which specialises in manufacturing active pharmaceutical ingredients for AIDS and oncology drugs, plans to invest ̀ two billion in the next 18 months for capacity expansion. The company plans to set up two new manufacturing facilities to take the total capacity to 1.4 million litres.

Jubilant Life Sciences decided to split its pharmaceutical business into two subsidiaries with drug development set to become a separate entity. Under the plan, the pharma business will include active pharmaceuticals ingredients, solid dosage form, radio pharmaceuticals, allergic extracts, sterile injectable and ointment, cream and liquid businesses. The second vertical will be the drug discovery business.

The Competition Commission of India approved pharma firm Mylan Laboratories' proposal of acquiring a manufacturing facility owned by Unichem Laboratories. The proposed deal includes Mylan Laboratories acquiring the newly established manufacturing facility located in a SEZ in Madhya Pradesh.

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US-based Actavis Inc, a leading maker of generic drugs agreed to acquire Warner Chilcott Plc for about US$ five billion excluding net debt to expand in women's health and urology.

Bayer Inc acquired 96.4% of the outstanding shares of Conceptus Inc for approximately US$ 1.1 billion.

Global News

Pharma: Key financial indicators


Net sales ` bn 245.8 242.6 259.3 259.1 251.7

y-o-y growth % 17.9 14.7 13.0 -0.9 2.4


y-o-y growth % 25.7 -31.7 44.8 272.5 -11.2

Net profit ` bn 34.4 10.9 39.5 21.0 21.1

y-o-y growth % 37.1 -63.6 115.4 N.A. -38.6


Parameters

N.A. : Not applicable (Losses incurred)Note: Operating profit: PBDIT net of prior period and extraordinary items (P&E) & other income; Net profit: PAT net of P&ESource: CMIE


Highlights

RETAIL INDUSTRY

Global News

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In line with the strategy of expanding its network and introducing new product categories, Van Heusen, a premium apparel brand owned by Madura Fashion and Lifestyle plans to launch new product lines and invest ̀ 100 million to set up ten exclusive womenswear stores and about 4-5 exclusive accessories stores in 2013-14. In addition, it aims to launch 50 exclusive Van Heusen outlets principally in cities other than metros.

With the aim of targeting the untapped markets and expand its geographic presence in Uttar Pradesh, Promart Retail India Pvt Ltd, a discount retail chain

thand value format brand launched a new store in Meerut. Promart's 60 store in India would offer a range of apparel, accessories and footwear.

As part of its expansion strategy, s.Oliver, a Germany-based fashion and lifestyle company aims to enhance its product portfolio and increase its brand´s share in the Indian market. The company plans to open 30 new point of sales in 2013 and up to 200 by 2016 with an investment of Euros 20 million. It also focuses on introducing the s.Oliver Junior line in India during Oct-13.

With an aim to boost the Arvind premium fabric brand business to ̀ 20 billion in four years, Arvind Ltd announced its strategy to launch Tresca premium brand and increase the number of Arvind Stores outlets from about 100 to 400 in the next four years.

With a view to reposition Reebok as a premium fitness brand in India, Adidas AG, the German sports goods maker plans to open 100 premium stores named 'Reebok Fit Hubs' by Mar-14. The Reebok Fit Hubs are expected to sell premium products and provide fitness consultation to customers.

Godrej Interio, the furniture retailing arm of Godrej Group announced plans to invest over ` three billion to expand manufacturing capacity and retail stores. Through this investment, the company aims at generating a turnover of ` 50 billion by 2016-17. Furthermore, it envisages setting up more than 75 stores in 2013-14 with focus on tier II and III cities.

Bata India announced its plans to invest ̀ one billion in the current year to ramp up retail footprint and also to refurbish its three manufacturing facilities. With this investment, the company aims to achieve a sales growth of 20% during 2013. The company also plans to set up standalone concept stores for ladies footwear over the next two years.

Spencer's Retail Ltd, a part of RP-Sanjiv Goenka Group announced its plans to open about 80 large format stores by 2017. Moreover, the company plans to open 12 such stores in 2013-14.

nJ. C. Penney Company Inc announced its plans to launch a new Home store in the US along with the introduction of new products and attractions from Michael Graves Design, MarthaHome, Happy Chic by Jonathan Adler, Design by Conran, and BODUM, ORDNING&REDA, among others.

Retail trading: Key financial indicators


Net sales ` mn 22,389.6 21,996.5 23,653.0 29,237.8 23,075.4

y-o-y growth % 2.2 13.7 8.8 30.5 3.1

Net profit ` mn 287.1 2,754.1 71.1 348.4 -229.8

y-o-y growth % N.A. 595.0 -63.7 -9.0 N.A.

Net profit margin % 1.3 11.1 0.3 1.2 -1.0


Highlights

Trend in HRC and CRC prices-Mumbai (`/tonne)

Finished steel consumption

STEEL INDUSTRY

Consumption (LHS) Growth (RHS)

HR Coils (2.00 mm) CR Coils (1 mm)

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According to the Joint Plant Committee, during April-May 2013, steel consumption in India decreased by 0.8% (y-o-y) to 11.69 million tonnes (MT). Steel production grew by 3.1% (y-o-y) to 13.03 MT during this period.

The Union Cabinet approved the proposal to allow Steel Authority of India (SAIL) and Rashtriya Ispat Nigam Limited to undertake direct chartering of ships without going through the centralised chartering organisation, TRANSCHART. With this approval, the two steel companies are expected to have better control of logistics, shipping and operations of importing coal and other raw materials from overseas.

SAIL and Kobe Steel Ltd, a Japanese steel manufacturer signed a memorandum of agreement for setting up a 0.5 million tonne per annum (mtpa) iron nugget manufacturing plant using Kobe Steel's patented ITmK3 technology at SAIL's alloy steels plant in Durgapur, West Bengal. According to the agreement, SAIL and Kobe Steel would be entitled to equal share of production from the plant for captive use.

As part of its ongoing ̀ 618.7 billion capex programme, SAIL plans to add over six mtpa steel-making capacity in the current fiscal to take the total to 19.5 mtpa.

With the intent to increase self-sufficiency in feeding its steel plants, JSW Steel plans to acquire coking coal mines in Africa, Canada and the US. In the domestic market, the company plans to bid for iron ore mines in Karnataka.

With the aim to achieve operational excellence and enhance the quality of its steel products produced at its Jamshedpur plant, Usha Martin Limited entered into a technical assistance agreement with Aichi Steel Corporation, a Japanese specialty steel and forging company. This partnership is also expected to enhance Usha Martin's presence in the passenger vehicle market.

nKobe Steel entered into a technical cooperation agreement with Germany's Hydro Aluminium Rolled Products GmbH for exchanging technical information regarding the use of aluminum sheet in automotive body panels and structural parts, the licensing of intellectual property and manufacturing know-how, and technical assistance.

Global News


Steel: Key financial indicators



Net sales ` bn 566.9 513.6 512.1 499.5 558.8

y-o-y growth % 17.6 13.5 8.8 5.6 -1.4


y-o-y growth % -3.4 -5.1 15.6 7.7 -17.3

Net profit ` bn 43.5 31.1 30.3 16.8 27.2

y-o-y growth % -15.3 -18.7 35.1 -20.9 -37.6



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'000 Tonnes %

Highlights

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As part of its plans to invest ̀ 1,500 billion over the next three years across all its five business segments, Reliance Industries Limited (RIL) intends to increase its polyester production capacity from the current 2.5 million tonnes per annum (mtpa) to four mtpa. RIL also announced that a polyester filament yarn plant would be commissioned at Silvassa by Sep-13 and a polyester resin plant at Dahej in the second half of 2013-14.

Nahar Group, an Indian textile firm announced its plans to invest ̀ 15 billion for the expansion of its Punjab-based spinning and denim capacities. The company aims to expand its Ludhiana plant's denim production capacity by 20 million meters to 40 million meters per annum.

Lombard India, a Future Group company marked its entry in the men's premium fabric segment by announcing its plan to invest about ` one billion in this segment over the next one year. The company also focuses on setting up 50 standalone outlets and partner with 750 multi-brand stores to sell its premium suiting, shirting, readymade garments and accessories range. In addition, Lombard India aims to utilise its holding firm's plants and machineries to undertake production of fabric as well as apparels.

With a view to consolidate its global leadership, Trident Ltd, the flagship company of the Trident Group announced plans to invest ` 16.67 billion in textile expansion and diversification projects. Through this investment, the company aims to add additional capacity of cotton yarn and value-added yarn, as well as diversify into sheeting segment of home textiles at its plant in Budni, Madhya Pradesh.

In a technological milestone, Woodland launched a range of shirts with battery operated cooling panels under the collar that is expected to help in keeping the wearer cool. The technology has been provided by a US-based scientist from NASA under a royalty agreement. The detachable cooling panels are being made at Hyderabad under a third party manufacturing agreement. The new products launched in Pune cost between ̀ 6,000 and ̀ 10,000.

Fabrics production(Million sq.metres)

Spun yarn production('000 tonnes)

TEXTILE & GARMENT INDUSTRY


Textiles & Garments: Key financial indicators


nMRS Fashions WLL, a part of the Hong Kong-based Must Group announced its plans to open a new garment making unit in Bahrain during Sep-13. The company is expected to invest US$ 10 million for setting up the new facility.

Global News


Net sales ` bn 347.7 326.2 351.2 350.8 362.4

y-o-y growth % 5.1 10.8 7.9 12.8 4.2


y-o-y growth % -18.3 26.5 43.1 50.0 15.9

Net profit ` bn 6.3 4.1 10.3 6.9 8.7

y-o-y growth % -58.7 93.1 1102.4 2386.8 38.7



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Three-wheeler: Domestic sales(Nos.)

Two-wheeler: Domestic sales (Million)

Highlights

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Demand for two-wheelers continues to remain subdued. In May, domestic sales of two-wheelers grew by 1.1% (y-o-y) at 1.21 million units. Sales of motorcycles declined by 0.7%, it being the fourth consecutive month of lower sales. Sales of mopeds also declined by 15.6%. On the other hand, sales of scooters recorded growth of 13.1%. Exports of two-wheelers declined by 16.5% at 0.31 million units during April-May.

TVS Motors launched its operations in Myanmar with the inauguration of a dealership there. The motorcycles at the dealership include seven models from India and Indonesia - TVS Neo, TVS Rockz and TVS Tormax from Indonesia, and TVS Apache RTR 160, TVS Wego, TVS Scooty Pep+ and TVS Scooty Streak from India. Outside of India, TVS Motors has dealerships in over 50 countries.

Mahindra Two Wheelers Ltd is looking at enhancing its presence in the executive bike segment and plans to focus on rural markets to tap the potential for executive motorcycles.

Honda Motorcycle & Scooter India launched a new gearless scooter Activa-I, priced at ` 44,200 (ex-showroom, Delhi), powered by 110cc engine. The company plans to launch a made-in-India two-wheeler within a year.

Japanese two wheeler major Yamaha expects the Indian market to become one of its top five markets by 2016, as the company plans to launch several products to drive volumes in this market.

After touching a 12-month low of 34,348 units in April, domestic sales of three-wheelers improved marginally to 35,841 units in May, but remained 3.5% lower when compared on a y-o-y basis. Exports of three-wheelers grew by 26.5% at 60,462 units during April-May.

Rajkot-based three wheeler manufacturer Atul Auto Ltd launched Gemini Dz, a diesel three-wheeler carrier, in Thiruvananthapuram. The four-stroke carrier with a displacement of 395 cc is priced at ̀ 1.35 lakh.

TWO-WHEELER AND THREE-WHEELER INDUSTRY

Source for above charts: CMIE

Two-wheeler sales Three-wheeler sales

Source: CMIE

Two & three wheelers: Key financial indicators

Note: Operating profit: PBDIT net of prior period and extra-ordinary items (P&E) & Other income; Net profit: PAT net of P&ESource: CMIE

Segments

May-13 April-May FY14

Vol (Nos)y-o-y

growth (%)

Vol (Nos)y-o-y

growth (%)

Motorcycles 881,288 -0.7 1,725,177 -1.4

Mopeds 58,993 -15.6 121,709 -11.5

Scooters 265,892 13.1 527,367 13.9

Total domestic 1,206,173 1.1 2,374,253 1.0

Exports 148,181 -15.0 306,510 -16.5

Total 1,354,354 -0.9 2,680,763 -1.3

Segments

May-13 April-May FY14

Vol (Nos)

y-o-y growth

(%)Vol (Nos)

y-o-y growth

(%)

Passenger carriers 28,783 -3.4 55,936 1.5

Goods carriers 7058 -3.7 14,253 1.4

Total domestic 35,841 -3.5 70,189 1.5

Exports 25,248 39.8 60,462 26.5

Total 61,089 10.7 130,651 11.7


Net sales ` bn 127.5 133.8 123.1 139.1 131.9

y-o-y growth % 10.9 7.3 -8.1 5.4 3.4


y-o-y growth % 13.0 8.3 -9.6 -3.7 -6.7

Net profit ` bn 14.6 14.0 12.4 13.8 14.8

y-o-y growth % 19.9 4.2 -12.2 -9.2 1.3



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D&B's Industry Research Service (IRS) provides comprehensive industry analyses with focus onthe strategic considerations. D&B's IRS employsan integrated framework to analyse industry attractiveness in terms of its future growth potential, competitive intensity and risk assessment.

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Industry cursor - June 2013 - dnb.co.in · cursor Industry Issue 58 June 2013 CONTENTS Strictly for Private Circulation Highlights n n n n n n n In its mid-quarter Monetary Policy