Industry cursor

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Issue 67

March 2014

CONTENTS
Macroeconomic Update Auto Components Banking Commercial Vehicle Gems & Jewellery Healthcare & Pharmaceutical Hi-Tech Hospitality IT-Hardware Logistics & Supply Chain Passenger Vehicle Retail Steel Textile & Garment Two and Three-Wheeler 2 3 4 5 6 7 8 9 10 11 12 13 14 15
9 8 7 6 5 4 3 2 1 0 -1 -2 Agriculture Industry Services GDP at factor cost Q3 FY13 Q4 FY13 Q1 FY14 Q2 FY14 Q3 FY14 Q4 FY14 E

MACROECONOMIC UPDATE
Highlights India's GDP grew by 4.7% in Q3 FY14 as against 4.4% growth in Q3 FY13 and 4.8% in Q2 n FY14. The agriculture and services sectors registered y-o-y growth rates of 3.6% and 7.6% respectively, while the industrial sector registered a decline of 0.7% (y-o-y) during the same period.

Index of Industrial Production (IIP) grew merely by 0.1% (y-o-y) in Jan-14 after registering a n decline for the last three consecutive months. The mining sector registered a positive growth of 0.7% in Jan-14, as against a decline of n 1.8% during Jan -13. The manufacturing sector continued to contract by 0.7% during Jan-14. The electricity n sector recorded a growth of 6.5% in Jan-14, as compared to 6.4% in Jan-13. Consumer durables and consumer non-durables sectors recorded growth of -8.3% and n 4.4% respectively, with growth in the overall consumer goods sector declining by 0.6% in Jan-14.

The WPI inflation stood at 4.68% in Feb-14 as compared to 5.05% in Jan-14 and 7.28% in n Feb-13. The aggregate deposit and bank credit grew by 15.8% (y-o-y) and 14.3% (y-o-y) n respectively in Feb-14 as against the growth of 12.8% and 16.3% in Feb-13. The BSE Sensex touched an all-time record high of 21,805.22 (intra-day) on March 10, n 2014.
GDP: Growth (%) IIP and core infrastructure: Growth (%)
10.0 8.0 6.0 4.0 2.0 0.0 -2.0 -4.0 Apr-13 Jun-13 Dec-13 Jul-13 Sep-13 Oct-13 Jan-13 Aug-13 Mar-13 May-13 Nov-13 Feb-13 Jan-14

Eight core infrastructure

IIP

E: D&B estimate Source: CSO, D&B Industry Research Service

Source: Ministry of Commerce and Industry, CSO

India's exports & imports (US$ bn)

35.0 30.0 25.0 35.0 20.0 15.0 Jul-13 Sep-13 Oct-13 Aug-13 Mar-13 Apr-13 Jun-13 Nov-13 Dec-13 Feb-13 Jan-14 May-13 Feb-14 30.0 25.0 50.0 45.0 40.0

Macroeconomic triad (forecast)

Inflation 4.5 - 4.7%

Mar 14
Exchange rate 61.0 - 61.2 Interest rate 8.6 - 8.8%

Exports (LHS)

Imports (RHS)

Source: Ministry of Commerce and Industry

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

AUTO COMPONENTS INDUSTRY

Highlights Steel prices (Mumbai) (`/tonne)
58000

n On account of the slowdown in the automobiles sector, the Indian subsidiary of

56000

the German auto component major Bosch expects its future growth story in India to come from the rising growth in its non-auto technology business. Presently, automobile technology segment accounts for 66% of Bosch's sales. Faridabad-based Elofic Industries Limited, a manufacturer of automotive filter n and lubricants, is expanding its production capacity by setting up a new plant in Sanand, Gujarat with an investment of ` 30 crore. The company presently has manufacturing facilities in Faridabad (Haryana), Hosur (Tamil Nadu) and Nalagarh (Himachal Pradesh).
Jul-13 Sep-13 Oct-13 Aug-13 Mar-13 Apr-13 Jun-13 Nov-13 Dec-13 Feb-13 Jan-14 May-13 Feb-14

54000

52000

50000

48000

HR coils 2.00 mm

CR coils 0.63 mm

Auto Components: Key financial indicators

Parameters Units ` bn % ` bn % ` bn % % % Q3FY13 271.7 0.0 29.2 5.3 10.5 11.7 10.8 3.8 Q4FY13 282.9 -6.6 35.3 -2.4 14.9 -21.9 12.5 5.2 Q1FY14 282.7 -1.5 34.6 6.5 14.0 2.6 12.2 4.9 Q2FY14 275.7 -0.2 34.9 14.6 14.3 16.3 12.6 5.1 Q3FY14 280.4 3.2 34.8 19.3 13.5 29.0 12.4 4.7 Net sales y-o-y growth Operating profit y-o-y growth Net profit

Rubber prices* (Kottayam) (`/quintal)

22000

20000

y-o-y growth Operating profit margin Net profit margin

18000

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

16000

Auto Components: Profit margins (%)

14000 Aug-13 Mar-13 Apr-13 Jun-13 Dec-13 Jul-13 Sep-13 Oct-13 Nov-13 Feb-13 Jan-14 May-13 Feb-14 13 13 12 12 3 6 5 4

*Rss-4

Source for all above charts: CMIE

11 11 10 10 Q3FY13 Q4FY13 Q1FY14 Operating margin (LHS) Q2FY14 Q3FY14 Net margin (RHS) 2 1 0

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

BANKING INDUSTRY
Highlights
Deposits, credit and growth rates
` bn 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 % 20 18 16 14 12 10 8 6 4 2 0

With a view to generate fee-based income, the Small Industries Development n Bank of India (SIDBI) entered into an agreement with the Bahrain Development Bank (BDB) to provide a broad range of services, including technical assistance in risk management and credit appraisal, training of staff in SME credit risk appraisal and related areas, framing a monitoring policy and NPA management system, to BDB. With an aim to improve mobilisation of current and savings accounts (CASA) n and augment business growth, ING Vysya Bank plans to expand its branch network by opening 40-50 branches every year between 2014 and 2016. State Bank of India reduced its deposit rates for maturities of 3-5 years by 25 n basis points (bps), and by 50 bps for tenures of five years and above. The bank further lowered interest rates by 75 bps to 7% for bulk deposits of ` 10 million and above with a maturity period of 61 days to less than a year. State-owned Oriental Bank of Commerce (OBC) hiked its interest rates by 325 n bps on term deposits with maturity of 31-45 days. The bank also raised interest rates by 100 bps on term deposits with maturities between 46 and 90 days and between 91 and 179 days. With an aim to have branch strength of 80 by March 2015, the Bharatiya Mahila n Bank announced its plans to open 55 branches in Tier II and III cities and rural areas during the next financial year. With a view to extend the coverage of banking services to remote areas in the n state, Canara Bank opened 35 branches in unbanked remote villages across 12 districts of West Bengal.

Deposits (LHS) Credit (LHS) y-o-y growth rates of deposits (RHS) y-o-y growth rates of credit (RHS)

Note: Data for Feb-14 is as on Feb 21, 2014

Movement in call money rates (%)

40 35 30 25 20 15 10 5 0 Sep-13 Jul-13 Oct-13 Aug-13 Dec-13 Apr-13 Mar-13 Jun-13 Jan-14 May-13 Mar-14 Nov-13 Feb-14

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

Banking: Key financial indicators

Parameters Net sales Units ` bn % ` bn % % Q3FY13 1,816.6 14.2 196.7 6.5 9.7 Q4FY13 1,847.1 10.7 187.4 -10.3 8.8 Q1FY14 1,905.3 9.4 204.6 2.2 9.4 Q2FY14 1,980.6 11.5 134.6 -29.0 6.2 Q3FY14 2,049.3 12.8 150.0 -23.8 6.6

Note: Call rates for Mar-14 are up to Mar 11, 2014 Source for all above charts: RBI

y-o-y growth Net profit y-o-y growth Net profit margin

Note: Net profit: PAT net of prior period and extraordinary items (P&E) Source: CMIE

COMMERCIAL VEHICLE INDUSTRY

Highlights M&HCV: Domestic sales (Nos.)
30,000

n In February, domestic sales of commercial vehicles declined by 29.8% at

47,982 units, reflecting lower sales of both medium & heavy commercial vehicles (-24.0%) and light commercial vehicles (-32.5%). During April-February FY14, domestic sales of commercial vehicles declined by n 19.7%, while exports declined by 8.1%. In a bid to tap the high-volume multi-axle segment, Tata Motors launched ten n low-priced truck models under the 'Prima' brand. The new range Prima LX, which includes six heavy trucks for the haulage segment and four for construction purposes, is around 20% cheaper than the existing Prima range. Ashok Leyland launched the latest backhoe loader 435E Backhoe Loader, under n
Aug-13 Apr-13 May-13 Sep-13 Oct-13 Dec-13 Jul-13 Mar-13 Nov-13 Feb-13 Jun-13 Jan-14 Feb-14

25,000

20,000

15,000

10,000

its joint venture with construction equipment manufacturer John Deere. German auto major Daimler is optimistic about its growth prospects in the n trucks business for 2014 as it expects new sales growth to come from emerging markets such as India. The company plans to use India as an export base for other markets in Africa and Southeast Asia. It plans to set up a bus manufacturing unit in Chennai at an investment of ` 4.25 billion. The unit, expected to be operational by the second quarter of 2015, will manufacture 1,500 buses annually under both Mercedes-Benz and BharatBenz brands.

LCV: Domestic sales (Nos.)

60,000 55,000 50,000 45,000 40,000 35,000

Commercial vehicle sales (Nos.)

Segments Feb-13 21,530 46,858 68,388 6,372 74,760 Feb-14 16,372 31,610 47,982 7,720 55,702 y-o-y growth (%) -24.0 -32.5 -29.84 21.2 -25.5 Apr-Feb FY13 239,098 469,157 708,255 74,169 782,424 Apr-Feb FY14 177,192 391,445 568,637 68,147 636,784 y-o-y growth (%) -25.9 -16.6 -19.7 -8.1 -18.6 M&HCV LCV Total domestic sales Mar-13 Nov-13 Feb-13 Jun-13 Aug-13 Apr-13 May-13 Sep-13 Dec-13 Feb-14 Oct-13 Jul-13 Jan-14 Exports Total sales

30,000 25,000 20,000

Source: CMIE Source for all above charts: CMIE

Commercial vehicles: Key financial indicators

Parameters Net sales y-o-y growth Operating profit y-o-y growth Net profit y-o-y growth Operating profit margin Net profit margin Units ` bn % ` bn % ` bn % % % Q3FY13 136.7 -19.6 2.7 -73.8 -5.2 N.A. 2.0 -3.7 Q4FY13 156.0 -27.9 3.4 -81.2 -4.0 N.A. 2.2 -2.5 Q1FY14 122.6 -14.8 0.2 -97.0 5.7 92.4 0.2 4.1 Q2FY14 120.9 -27.0 -1.2 N.A. -10.4 N.A. -1.0 -8.5 Q3FY14 103.7 -24.1 -6.4 N.A. 3.8 N.A. -6.2 3.0

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&E Source: CMIE

GEMS AND JEWELLERY INDUSTRY

Highlights Gold prices in Mumbai market
`/10 gm 32000 31000 30000 29000 28000 -2 27000 26000 25000 24000 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 -4 -6 -8 -10 % 8 6 4 2 0

According to the Gems and Jewellery Export Promotion Council (GJEPC), India's n gems and jewellery imports rose by 8% to ` 151.61 billion in Jan-2014 led by increase in imports of rough diamonds, while imports of gold bars and jewellery fell. Imports of rough diamond increased by 46% (y-o-y) to ` 78.03 billion and n import of pearls increased significantly to ` 4.69 billion in Jan-2014 from ` 20.2 million in Jan-2013. Imports of gold bars fell by 30% (y-o-y) to ` 28.25 billion. Imports of gold jewellery declined by 24% (y-o-y) to ` 4.61 billion and imports of colour gemstones fell over 79% (y-o-y) to ` 1.13 billion, while imports of cut and polished diamonds declined by 2.23% (y-o-y) to ` 31.80 billion. Gold jewellery exports fell for the tenth consecutive month in Jan-2014, n declining by 23% to ` 29.93 billion. Austrian luxury crystals and jewellery maker Swarovski plans to launch more n products specifically designed for the Indian market, open more stores and strengthen its distribution channel. Tanishq, part of Titan Company Ltd, launched a new and bigger format n jewellery store in Hyderabad and plans to expand its retail network by another 20 stores this year. Titan Industries received approval from the Reserve Bank of India to hedge more n gold in the international market which would help the company to save on its finance costs and avoid the risk of recording mark-to-market loss. Titan, which owns the Tanishq brand of jewellery, works under the "goldon-lease" model, which means Titan leases gold - rather than buying it - from bullion banks.

Price (LHS)

Change (RHS)

Gems & jewellery exports (` bn)

300 250 200 150 100 50 0 Jul-13 Sep-13 Aug-13 Mar-13 Apr-13 Jun-13 Oct-13 Jan-13 Nov-13 Dec-12 May-13 Dec-13 Feb-13

Gems & Jewellery: Key financial indicators

Parameters Units ` bn % ` bn % ` bn % % % Q3FY13 257.2 32.9 11.4 36.0 6.8 55.4 4.4 2.6 Q4FY13 311.3 39.0 6.4 -26.3 0.6 -88.5 2.1 0.2 Q1FY14 227.4 23.2 9.7 18.5 4.4 -16.0 4.3 1.9 Q2FY14 204.7 -5.8 -2.0 -119.9 -8.7 -245.6 -1.0 -4.2 Q3FY14 181.2 -29.5 8.7 -23.3 4.9 -27.9 4.8 2.7 Net sales y-o-y growth Operating profit

Gems & jewellery imports (` bn)

700 600 500 400 300 200 100 0 Jul-13 Aug-13 Mar-13 Apr-13 Jun-13 Oct-13 Jan-13 Nov-13 Dec-12 May-13 Dec-13 Feb-13 Sep-13

y-o-y growth Net profit y-o-y growth Operating profit margin Net profit margin

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

Source for all above charts: CMIE

HEALTHCARE & PHARMACEUTICAL INDUSTRY

Highlights Trend in Drugs and Pharmaceuticals export
` bn 90 80 70 60 50 40 30 20 10 0 Dec-12 Aug-13 Mar-13 May-13 Nov-13 Dec-13 Jul-13 Sep-13 Apr-13 Feb-13 Jun-13 Oct-13 Jan-13 5 0 25 20 15 10 % 35 30

The Union Health Ministry is examining the recommendations of the standing n

committee on the Drugs and Cosmetics (Amendment) Bill, 2013. The Bill proposes changes in the regulation of the import, export, manufacture, distribution and sale of drugs, cosmetics and medical devices, including measures to ensure product safety, efficacy and quality in clinical trials.

Shasun Pharmaceuticals signed a joint venture agreement with SeQuent to n develop, manufacture and sell veterinary products including both API (active pharmaceutical ingredients) and formulations to cater to the global market.

The Cabinet Committee on Economic Affairs (CCEA) approved the proposal of n GlaxoSmithKline Pte Limited, Singapore for acquisition of 24.33% share in existing Indian subsidiary company of GSK Group.

Lupin Ltd is set to expand its Vadodara facility to make bulk drugs for cardiac, n anti-infectives, anti-tuberculosis, neurology and other segments at an estimated project cost of around ` 2.70 billion.

Value (LHS)

Growth (RHS)

Source: CMIE

Strand Lifesciences received a US patent for virtual liver, which would aid the n

pharmaceutical industry in understanding liver-related issues. A virtual liver would help in predicting and assessing hepatotoxicity of novel drug compounds in pre-clinical studies and would also help the pharmaceutical industry.

University of Hyderabad, in collaboration with National institute of Nutrition and n IKP Knowledge Park in Hyderabad successfully completed pre-clinical studies for temozolomide, an anti-cancer drug in animal models.

Bengaluru-based InnAccel, with an intention to help incubate medical device n

and diagnostic start-ups, is creating an eco-system to design and develop novel devices. It has instituted a six month fellowship programme on Affordable Innovation in Medical Technology (AIM) for promising qualified engineers and product designers to get trained in medtech innovation and entrepreneurship. The company recently bagged a license for technology transfer from the Biotech Consortium of India Limited for the production of 'Noxeno', a device for nasal foreign body removal.

Global News
n Dr Reddy's Laboratories Ltd launched Moxifloxacin Hydrochloride tablets in the

US market for the treatment of a wide range of diseases, including pneumonia, bronchitis and skin infections.

OPKO Diagnostics, a division of OPKO Health Inc and Sony DADC signed a n supply agreement for high volume production of a key component of the OPKO Sangia microfluidic cassette. The Sangia cassettes are designed to perform quantitative immunoassays from a finger-stick blood sample on the Claros inoffice analyzer.

Pharmaceuticals: Key financial indicators

Parameters Net sales y-o-y growth Operating profit y-o-y growth Net profit y-o-y growth Operating profit margin Net profit margin Units ` bn % ` bn % ` bn % % % Q3FY13 254.9 -1.6 41.0 238.2 20.9 N.A. 16.1 8.0 Q4FY13 249.7 2.0 39.0 -13.2 19.2 -44.7 15.6 7.4 Q1FY14 253.6 5.0 35.3 19.8 17.6 60.6 13.9 6.7 Q2FY14 275.6 7.6 46.2 -4.6 27.9 -25.4 16.8 9.7 Q3FY14 278.2 9.1 45.9 11.9 59.7 185.9 16.5 17.8

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

HI-TECH INDUSTRY
Highlights Civil aviation: Cargo statistics (freight tonne km and mail tonne km in mn)
10,200 10,000 9,800 9,600 9,400 9,200 9,000 8,800 8,600 Aug-13 Sep-13 May-13 Jun-13 Feb-13 Mar-13 Oct-13 Nov-13 Dec-13 Jan-13 Apr-13 Jul-13 0.0 0.5 1.0 1.5 2.0

The Ministry of Civil Aviation plans to move a Cabinet note through which it n seeks to amend the current '5-year/20 aircraft' norm that requires domestic airlines to be in operation for at least five years and operate a fleet of minimum 20 aircrafts to be eligible to fly to international cities.

The Ministry of Civil Aviation approved the proposal to separate the air traffic n control services from the Airports Authority of India (AAI) into a separate entity named Air Navigation Services Corporation (ANSC). With this spin-off, AAI is expected to hike landing and parking charges for airlines, which could force the airlines to raise their airfares.

As part of its plans to develop airports in Tier-II and Tier-III cities with a view to n

extend air connectivity to regional areas, the Government of Uttar Pradesh signed a memorandum of understanding with AAI under which AAI would develop airports at Meerut, Moradabad, Faizabad and new civil enclaves in the IAF airports at Agra, Allahabad, Bareilly and Kanpur.

Freight tonne km (LHS)

Mail tonne km (RHS)

SpiceJet Ltd signed a deal with The Boeing Company to purchase 42 Boeing 737 n MAX jets for about US$ 4.4 billion. Through this deal, SpiceJet seeks to revive its profitability by expanding its fleet with fuel-efficient planes.

Civil aviation: Load factor (%)

160 140 120 100 80 60 40 20 0 Jun-13 Jul-13 Mar-13 Dec-12 Sep-13 Oct-13 Jan-13 Aug-13 May-13 Nov-13 Dec-13 Apr-13 Feb-13

After completing its ongoing expansion in Pune during May 2015, Haier India n

plans to set up a new plant in northern India with an investment of ` one billion to manufacture washing machines and air conditioners.

Civil aviation: Airport traffic statistics (December 2013)

Aircraft traffic Parameters Domestic traffic International traffic Total airport traffic Nos. 103,617 29,397 133,014 y-o-y growth (%) 6.3 4.4 5.9 Passenger traffic Nos. 11,113,627 4,259,484 15,373,111 y-o-y growth (%) 4.1 4.6 4.3 Cargo traffic Tonnes 73,965 118,353 192,318 y-o-y growth (%) 10.4 4.5 6.7

Source: CMIE

Air transport services: Key financial indicators

Parameters Net sales y-o-y growth Units ` bn % ` bn % % Q3FY13 58.7 -10.5 -2.9 N.A. -4.9 Q4FY13 54.5 -9.1 -28.0 N.A. -49.4 Q1FY14 57.8 -9.5 -10.5 N.A. -17.8 Q2FY14 55.3 -1.0 -20.3 N.A. -36.1 Q3FY14 64.3 9.6 -8.8 N.A. -13.3

Passenger load factor

Weight load factor

Source for all above charts: CMIE

Net profit y-o-y growth Net profit margin

N.A.: Not applicable (Losses incurred) Note: Net profit: PAT net of prior period and extraordinary items (P&E) Source: CMIE

Consumer Electronics: Key financial indicators

Parameters Net sales y-o-y growth Operating profit y-o-y growth Net profit y-o-y growth Operating profit margin Net profit margin Units ` mn % ` mn % ` mn % % % Q3FY13 34,225.5 1.1 5,374.9 10.0 -133.1 N.A. 15.7 -0.4 Q4FY13 33,652.2 -0.1 3,997.0 -23.8 -2,690.8 N.A. 11.9 -7.9 Q1FY14 33,930.1 0.2 5,238.5 -1.8 -84.2 N.A. 15.4 -0.2 Q2FY14 35,433.4 4.9 5,687.8 5.1 56.4 N.A. 16.1 0.2 Q3FY14 35,858.9 4.8 5,574.4 3.7 37.7 N.A. 15.6 0.1

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&E Source: CMIE

HOSPITALITY INDUSTRY
Highlights Foreign tourist arrivals in India ('000 nos.)
900 800 700 600 500 400 300 200 100 0 Jul-13 Sep-13 Oct-13 Aug-13 Mar-13 Apr-13 Jun-13 Nov-13 Dec-13 Feb-13 Jan-14 May-13 Feb-14

n Choice Hotels India, a lodging franchiser, plans to add 3-4 hotels by the end of

this year to increase its room capacity to 3,000 in the country, from the current capacity of 2,200 rooms. The company, which is a wholly-owned subsidiary of Choice Hotels International, also intends to add another 10 hotels, presently under construction, in the next 2-3 years. Boutique hotel company Garcha, owned and operated by Satinder Garcha of n Singapore, plans to invest approximately US$ 100 million for a 200-key boutique hotel. Maharashtra-based Kamat Hotels (India) Ltd, engaged in hospitality and allied n businesses, is targeting tier II cities in the South for expansion. It is focused on expanding its base through the franchisee route under the VITS brand. Hilton Worldwide and DoubleTree by Hilton announced the signing of a merger n agreement with Archer Hospitality Private Limited for DoubleTree by Hilton Agra, a 104-room property, which is scheduled to open in August this year.

Foreign exchange earnings

` bn 130 120 110 100 90 80 70 60 50 40 30 20 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 0 5 15 10 20 % 25

Hospitality: Key financial indicators

Parameters Net sales y-o-y growth Net profit y-o-y growth Net profit margin Units ` bn % ` bn % % Q3FY13 24.1 7.7 1.1 -10.5 4.5 Q4FY13 25.0 5.3 0.7 189.8 2.6 Q1FY14 21.0 5.3 -0.2 N.A. -0.8 Q2FY14 19.9 7.5 -1.6 N.A. -7.6 Q3FY14 25.2 4.6 -1.3 N.A. -5.1

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

Foreign Exchange Earnings (LHS) Growth rate (RHS)

Growth in foreign tourist arrivals (%)

20 18 16 14 12 10 8 6 4 2 0 Jan Feb Mar Apr May Jun
2011 2012

Source for all above charts: Ministry of Tourism

Jul

Aug Sep
2014

Oct Nov Dec

2013

Source: CMIE

IT HARDWARE INDUSTRY
Highlights Domestic computer hardware & peripheral production (` bn)
4.5 4.0 3.5 3.2 3.0 2.5 2.0 1.5 1.0 0.5 0.0 Jul-13 Sep-13 Aug-13 Mar-13 Apr-13 Jun-13 Oct-13 Jan-13 Nov-13 Dec-12 May-13 Dec-13 Feb-13 1.8 1.9 1.7 2.0 1.9 2.4 1.7 1.7 3.8 3.3 2.7 2.7

With an aim to increase its market share in the A4 printer segment, Konica n Minolta Business Solutions announced plans to expand its range of A4 printers and introduced its new printer, Pagepro1589MF. Kingston Technology Corporation, California-based independent manufacturer n of memory products, launched its new memory drive 'DataTraveler microDuo' in India. The microDuo is a combination of USB and microUSB flash drive that aims at expanding the storage of Android tablets and smartphones with on-thego functionality. NETGEAR Inc announced the launch of its new multi-purpose Wi-Fi travel n router, the NETGEAR TrekN300, in India. This router is developed to enable instant access of any public Internet connection to users. Global News
n Advanced Micro Devices Inc (AMD), a US-based global semiconductor chip

Source: CMIE

manufacturer, introduced its AM1 platform, which comprises the AMD quadcore and dual-core 'Kabini' APU into the component channel for system builders. The Lenovo Group launched its new IdeaPad Z510, a premium multi-media n notebook that features the fourth generation Intel Haswell Core i5 or Core i7 processors, NVIDIA graphics solution and an integrated DVD drive. Pricing of the IdeaPad Z510 is expected to start from ` 52,954 onwards. ASUSTeK Computer Inc (ASUS) launched its two new entry-level motherboards, n the H81M-K and B85M-K, which are based on Intel H81 and Intel B85 chipset, respectively. The H81M-K and B85M-K motherboards are priced at ` 4,400 and ` 5,350 respectively.

IT-hardware: Key financial indicators

Parameters Net sales y-o-y growth Operating profit y-o-y growth Net profit y-o-y growth Operating profit margin Net profit margin Units ` mn % ` mn % ` mn % % % Q3FY13 4,502.5 -40.8 -532.9 N.A. -1,704.9 N.A. -11.8 -35.4 Q4FY13 4,464.9 -37.8 -829.5 N.A. -1,377.9 N.A. -18.6 -28.8 Q1FY14 4,899.6 -21.7 15.0 -84.2 -728.2 N.A. 0.3 -13.6 Q2FY14 4,678.2 -23.7 -611.8 N.A. -1,548.6 N.A. -13.1 -31.0 Q3FY14 4,819.1 7.0 -1,157.6 N.A. -2,125.5 N.A. -24.0 -42.2

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&E Source: CMIE

LOGISTICS & SUPPLY CHAIN INDUSTRY

Highlights
n Delhi-based agri-logistics company Sohan Lal Commodity Management Private

Limited acquired Chennai-based NBFC B P Jain Finance & Investment. This marks the company's entry into agricultural financing. Sohan Lal Commodity Management plans to infuse ` 50 crore into the NBFC for the latter to provide financing of warehousing receipts.
n India Value Fund acquired National Bulk Handling Corporation Limited, the

warehousing subsidiary of the FTIL Group for a consideration of ` three crore. The divestment of stake by the FTIL Group is part of its strategy to sell off its non-core assets. Ahlers India, a subsidiary of Belgium-based logistics group Ahlers, which has n been present in India since 10 years, is looking at increasing thrust on chemical logistics trade, as it looks to double its turnover by 2018 as compared to its present turnover of about ` 1.1 billion. Global News
n US freight forwarder Roadrunner Transportation Systems announced the

acquisition of Arkansas-based Rich Logistics, a provider of trucking and expedited services, for a consideration of US$ 48 million.
n Menlo Logistics LLC, a global provider of logistics, transportation management

and supply chain services, announced a new partnership with Starbucks Corp to provide warehousing, inventory and transportation management services for Starbucks' chilled, frozen, air-conditioned and ambient products from a new warehouse located in Bangkok. UPS formed a strategic collaboration with Jabil Circuit Inc, as per which UPS' n logistics and distribution business unit and Jabil Aftermarket Services will provide optimised reverse logistics solutions for return and repair programs to high-tech original equipment manufacturers, service providers and enterprises on a global scale. Jabil is an electronic product solutions company providing electronics design, manufacturing and aftermarket product management services to global electronics and technology companies. Logistics & supply chain*: Key financial indicators
Parameters Net sales y-o-y growth Net profit y-o-y growth Net profit margin Units ` bn % ` bn % % Q3FY13 29.0 -2.5 3.4 -5.1 11.3 Q4FY13 29.9 -1.6 2.5 -26.4 7.9 Q1FY14 29.2 4.2 2.8 -36.3 9.1 Q2FY14 29.3 3.0 2.4 -32.4 7.9 Q3FY14 29.7 2.3 2.4 -31.0 7.6

*Transport logistics services Note: Net profit is PAT net of prior period and extraordinary items Source: CMIE

PASSENGER VEHICLE INDUSTRY

Highlights Passenger cars: Domestic sales (Nos.)
250000

n The decline in sales of passenger vehicles continued into February, with domestic sales of passenger cars (incl. vans) declining by 2.5% at 174,242 units and those of multi-utility vehicles (MUVs) falling by 9.1% at 43,507 units. During April-February FY14, domestic sales of passenger vehicles recorded a n decline of 5.9% (y-o-y) at 2.27 million units. Exports grew by 6.4% at 540,246 units during this period. Several passenger vehicle manufacturers slashed prices of their vehicles, a n fallout of the reduction in excise duty rates announced in the Interim Budget recently. While Maruti Suzuki India cut prices by ` 8,502-30,984 across its models, Hyundai slashed prices by ` 10,000-135,300. Tata Motors and Ford India announced price cuts of up to ` 1.5 lakh and ` 1.07 lakh, respectively, across their product portfolio. Japanese carmaker Honda Motors plans to set up a subsidiary in India that n would work towards developing cars for the local market and increasing the use of locally-made components in its existing vehicles, with an aim to make them more affordable. The facility, Honda Genbetsu India would focus on research and development, and is expected to come up at an initial investment of around ` five billion. Utility vehicle manufacturer Mahindra & Mahindra Ltd launched its electric car n e2o in Bhutan. The company also signed an MoU with the Bhutan Government to promote electric cars in the country. According to the MoU, the company plans to establish infrastructure such as setting up of service stations for swappable batteries for e2o customers. M&M is also looking at other neighbouring countries including Sri Lanka and Nepal, and Europe to drive growth of its electric vehicles business going ahead. Super luxury carmaker Rolls-Royce launched a limited edition of its model Ghost n in India, at a price of ` 4.66 crore. General Motors India launched limited edition versions of its Chevrolet Sail hatchback and sedan, priced between ` 4.21 lakh and ` 7.45 lakh (ex-showroom, New Delhi). Fiat India launched an updated version of its Linea sedan, priced between n ` 6.99 lakh and ` 9.72 lakh (ex-showroom Delhi). Passenger vehicle sales (Nos)
Segments Micro Mini & Compact Super Compact and Mid Size Executive Premium Luxury, Coupe Roadster & Exotics Vans Passenger cars Multi-utility vehicles Domestic sales Exports Total sales Feb-13 1,505 116,894 38,477 1,341 295 0 20,112 178,624 47,859 226,483 48,353 274,836 Feb-14 2,496 121,213 35,587 1,146 275 1 13,524 174,242 43,507 217,749 48,364 266,113 y-o-y growth (%) 65.8 3.7 -7.5 -14.5 -6.8 -32.8 -2.5 -9.1 -3.9 0.0 -3.2 Apr-Feb FY13 52,341 1,235,104 380,699 21,346 3,888 2 214,860 1,908,240 499,796 2,408,036 507,564 2,915,600 Apr-Feb FY14 18,677 1,227,932 350,087 16,447 2,266 1 175,535 1,790,945 474,699 2,265,644 540,246 2,805,890 y-o-y growth (%) -64.3 -0.6 -8.0 -23.0 -41.7 -50.0 -18.3 -6.1 -5.0 -5.9 6.4 -3.8

200000

150000

100000

50000

0 Aug-13 Mar-13 Apr-13 Jun-13 Dec-13 Dec-13 Jul-13 Sep-13 Oct-13 Nov-13 Feb-13 Jan-14 Jan-14 May-13 Feb-14 Feb-14

Utility vehicles: Domestic sales (Nos.)

60000

50000

40000

30000

20000

10000

Feb-13

Aug-13

Apr-13

May-13

Sep-13

Oct-13

Jul-13

Source for all above charts: CMIE

Mar-13

Nov-13

Jun-13

Source: CMIE

RETAIL INDUSTRY
Highlights Delhi-based lifestyle portal Jabong.com plans to launch ethnic womenswear n collection designed exclusively for it by well-known designer Rohit Bal, besides other in-house brands covering apparel, shoes and accessories by Apr-14.

Hindware Home Retail Private Ltd (HHRPL), a 100% subsidiary of Hindware n

Sanitaryware Collection, a leading manufacturer of sanitaryware products and the flagship company of the Somany Group plans to make a foray into ecommerce by the second quarter of 2014-15, to further expand its reach.

Bengaluru-based Unilog Content Solutions entered luxury retail through a new n company Fervour. Fervour plans to start its operations from a multi-brand retail outlet in Bengaluru, strengthen its presence in southern cities like Chennai and Hyderabad over the next three years and then expand its presence in markets like Mumbai, Delhi and Kolkata. Fervour intends to sell luxury brands such as Nina Ricci, DSquared2, Iceberg and Frankie Morello through a licensing agreement.

Montblanc entered into a partnership with Titan Industries in a 51:49 joint n venture and plans to enhance the luxury experience to customers in India. Bengaluru-based online fashion retailer Myntra plans to allow local stores and n boutiques to sell their products on a new marketplace which it plans to launch by Apr-14. Myntra is likely to sell local and boutique brands through this marketplace.

Amazon plans to use its own logistics network to deliver nearly every product n sold on its Indian portal in the next two years. Spencer's Retail Limited plans to open 100 hypermarkets (retail stores) across n India by 2017. The company opened its 32nd hypermarket in Bhopal and plans to open two more hypermarkets before the end of the financial year.

Louis Vuitton-owned Sephora plans to open seven stores in India by the end of n

this year.While Delhi would continue to be of prime focus for Sephora, the other cities considered for expansion are Pune and Hyderabad. Currently, Sephora operates two stores in Delhi.

Blumerq, a brand for hi-fashion casual menswear, plans to add 270 retail points n in tier 1 and tier II cities across India. Out of the 270, 10 will be exclusive brand outlets, while 260 will be multi-brand outlets. The planned expansion will follow both the franchise and COCO (company owned company operated) model. Hi-fashion casual menswear brand Blumerq also plans to soon launch accessories like leather belts, wallets, wrist bands, etc, apart from having its own e-commerce platform.

Tirupur-based Dixcy Scott outlined its plan to launch a chain of exclusive brand n outlets across the country. At present, its products are available in multi-brand retail outlets. The brand launched two outlets in Bhubaneshwar and Surat and plans to open half a dozen outlets in the southern states in the next few months and then get into big format stores.

Retail: Key financial indicators

Parameters Net sales y-o-y growth Net profit y-o-y growth PAT margin Units ` million % ` million % % Q3FY13 29,237.8 30.5 349.0 -8.9 1.2 Q4FY13 24,826.8 10.9 -669.9 N.A. -2.7 Q1FY14 16,794.7 -23.8 -597.3 N.A. -3.5 Q2FY14 20,952.0 -25.5 -474.8 N.A. -2.2 Q3FY14 39,198.2 34.1 389.3 N.A. 1.0

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

STEEL INDUSTRY
Highlights Trend in HRC and CRC prices-Mumbai (`/tonne)
55,000 54,000 53,000 52,000 51,000 50,000 49,000 48,000 47,000 Apr-13 Dec-13 Jul-13 Sep-13 Oct-13 Aug-13 Mar-13 Jun-13 Nov-13 Feb-13 Jan-14 May-13 Feb-14

Shree Uttam Steel and Power Ltd signed a memorandum of understanding with n the Government of Maharashtra for setting up a steel manufacturing facility and a captive power plant at an estimated cost of ` 111.56 billion. The project involves a steel unit with a capacity to produce 1.5 million tonne per annum (mtpa) of hot rolled coils along with a 40 MW captive power plant at Sindhudurg, Maharashtra.

JSW Steel acquired a 50% stake in Punjab-based Vallabh Tinplate for n ` 460 million. SAIL plans to invest ` 90 billion on expansion and modernisation at five n

integrated plants during FY15, 22% lower than the investment incurred during FY14. In FY15, it plans to allocate ` 29.60 billion to the Bhilai plant (Madhya Pradesh), ` 17.90 billion to the Rourkela plant (Odisha), ` 12.44 billion to Burnpur unit and ` 6.42 billion to the Bokaro unit in West Bengal.

HR Coils (2.00 mm)

CR Coils (1 mm)

SAIL and KIOCL plan to ink a joint venture partnership for setting up a three lakh n

tonne coke oven battery and a captive power plant at an estimated investment of ` 4.5 billion in Karnataka.

Finished steel consumption

'000 Tonnes 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 % 10 5 0 -5 -10 -15 -20 -25 -30 -35 -40

Jindal Steel and Power Ltd launched its new retail brand Jindal Panther TMT n rebars. The new generation premium quality ribbed Thermo Mechanically Treated (TMT) Rebars have a higher degree of strength and ductibilty.

The Kalyan Banerjee-headed Parliamentary Standing Committee on Steel and n Coal in its latest report has asked the Steel Authority of India to explore the possibility of opening international marketing offices in order to increase its presence in the global market.

Rashtriya Ispat Nigam decided to increase the prices of various products by n ` 750- 1,000 per tonne with effective from March 1, 2014 to tide over the increased iron ore costs and freight charges. JSW Steel announced a hike of ` 750 a tonne across product categories from Apr-14.

Global News
n Tata Steel is likely to enhance its research and development programme in the

Consumption (LHS)

Growth (RHS)

Source for all above charts: CMIE

UK to develop new materials and applications to help customers as it has received a Regional Growth Fund from the British Government to the tune of Pounds eight million.

ArcelorMittal, along with Nippon Steel and Sumitomo Metal Corporation, n

completed acquisition of US-based ThyssenKrupp AG's steel mill in Calvert, Alabama for US$ 1.55 billion. The steel mill has a steel processing capacity of 5.3 mtpa including hot rolling, cold rolling, coating and finishing lines.

Steel: Key financial indicators

Parameters Net sales y-o-y growth Operating profit y-o-y growth Net profit y-o-y growth Operating profit margin Net profit margin Units ` bn % ` bn % ` bn % % % Q3FY13 443.6 4.6 58.9 1.8 10.8 -36.4 13.3 2.4 Q4FY13 488.6 -3.2 69.8 -16.6 22.1 -37.6 14.3 4.4 Q1FY14 419.8 -9.0 57.5 -13.5 9.2 -63.3 13.7 2.2 Q2FY14 457.0 1.6 62.8 -4.1 12.0 -51.0 13.8 2.6 Q3FY14 471.2 6.2 76.2 29.4 21.7 102.1 16.2 4.5

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

TEXTILE & GARMENT INDUSTRY

Highlights Fabrics production (Million sq.metres)
6000 5800 5600 5400 5200 5000 4800 4600 Dec-12 Aug-13 Mar-13 May-13 Nov-13 Dec-13 Jul-13 Sep-13 Apr-13 Feb-13 Jun-13 Oct-13 Jan-13

With an aim to upgrade old handlooms in the industry, the Government n of Maharashtra announced its intention to provide a financial assistance of ` 10,000 per handloom to weavers, which is in addition to the Central Government's subsidy of ` 15,000 per handloom. The Government of Maharashtra received 1,331 projects under the new textile n policy with investment of ` 120 billion. Suiting fabrics manufacturer Raymond Ltd partnered with Australia-based n Woolmark Company to launch a complete all-weather premium cool wool collection in India. The price of the new premium cool wool range is expected to start from ` 1,500 per meter. As part of its plans to modernise two manufacturing units in Gujarat, Mafatlal n Industries intends to invest an additional amount of ` two billion in its Nadiad and Navsari units during the next three years. The weavers of Patan patola sarees from Patan district of Gujarat received the n Geographic Indication (GI) certification in order to safeguard their creations from imitations and to ensure that no weavers from elsewhere can call their ikats as Patan Patolas. Prices of Shankar-6 variety of cotton in Kadi (`/kg)
140 120

Spun yarn production ('000 tonnes)

460 450 440 430 420

100 410 80 400 60 390 40 380 20 370 Aug-13 Mar-13 Dec-12 Apr-13 Jun-13 May-13 Nov-13 Dec-13 Jul-13 Sep-13 Feb-13 Oct-13 Jan-13 0 Aug-13 Mar-13 Apr-13 Jun-13 Dec-13 Jul-13 Sep-13 Oct-13 Nov-13 Feb-13 Jan-14 May-13 Feb-14 Q1FY14 348.4 6.4 39.6 1.1 -1.5 N.A. 11.4 -0.4

Source: CMIE Source for all above charts: CMIE

Textiles & Garments: Key financial indicators

Parameters Net sales y-o-y growth Operating profit y-o-y growth Net profit y-o-y growth Operating profit margin Net profit margin Units ` bn % ` bn % ` bn % % % Q3FY13 353.9 13.5 45.5 52.4 7.0 6,621.6 12.8 2.0 Q4FY13 387.1 11.3 46.9 19.8 7.5 10.6 12.1 1.9 Q2FY14 386.7 10.0 47.8 3.9 5.6 -50.7 12.4 1.4 Q3FY14 376.7 6.4 43.2 -4.9 4.7 -32.8 11.5 1.2

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&E Source: CMIE

TWO-WHEELER AND THREE-WHEELER INDUSTRY

Highlights Two-wheeler: Domestic sales (Million)
1.6 1.4 1.2 1.0 0.8 0.6 0.4 0.2 0.0

In February, domestic sales of two-wheelers grew by 9.7% (y-o-y) at 1.22 million n

units. While sales of motorcycles and scooters recorded y-o-y growth of 5.4% and 28.2% respectively, sales of mopeds fell by 5.8%.

During April-February FY14, domestic sales of two-wheelers grew by 6.1% at n 13.47 million units, whereas exports grew by 5.4% at 1.9 million units. In line with its strategy of using Turkey as its base to make a foray into the n European two-wheeler market, Hero MotoCorp Ltd entered into a distribution agreement with Asya Makina, a subsidiary of Soysal Group, to distribute its twowheelers through Asya Makina's network of 50 outlets in Turkey.

In order to focus more on its core business and lessen its debt burden, Kinetic n

May-13

Nov-13

Feb-13

Mar-13

Apr-13

Aug-13

Sep-13

Dec-13

Feb-14

Oct-13

Jul-13

Jun-13

Jan-14

Engineering Ltd divested its 10.36% stake in Mahindra Two Wheelers Ltd to Samena Capital, a private equity investment group company, for about ` 1.82 billion.

Miami-based UM Global announced its plans to enter the Indian two-wheeler n

Three-wheeler: Domestic sales (Nos.)

60000

market. The company intends to assemble its sports bikes in India by sourcing at least half of the components locally in order to keep its prices lower for competing with companies like Royal Enfield and Bajaj Auto.

In order to pass on the benefits of excise duty cut announced in the Interim n

50000

Budget for FY15, two-wheeler makers such as TVS Motor Company, Hero MotoCorp, Honda Motorcycle & Scooter India and DSK Hyosung slashed their product prices by up to` 3,500, ` 4,500, ` 7,600 and ` 20,000, respectively.

40000

In February, domestic sales of three-wheelers dropped by 14.0%, reflecting the n drop in sales of passenger carriers (17.1%) and goods carriers (1.1%). However, exports of three-wheelers grew by 16.4% at 326,790 units during AprilFebruary FY14. Three-wheeler sales
Apr-Feb FY14 Vol (Nos) 9,573,152 651,604 3,246,511 y-o-y growth (%) 2.9 -9.2 21.4 6.1 5.4 6.0 Total domestic Exports Total Source: CMIE 1,400,958 9.3 15,375,064 Total 37,950 33,080 71,030 -14.0 20.2 -0.9 438,716 326,790 765,506 -11.3 16.4 -1.3 Goods carriers 8,446 -1.1 85,227 -3.5 Segments Feb-14 Vol (Nos) 29,504 Apr-Feb FY14 y-o-y y-o-y growth Vol (Nos) growth (%) (%) -17.1 353,489 -13.0

30000

20000

10000

Two-wheeler sales
May-13 Nov-13 Dec-13 Feb-13 Jun-13 Mar-13 Apr-13 Aug-13 Sep-13 Feb-14 Jul-13 Oct-13 Jan-14 Feb-14 Segments Vol (Nos) 843,307 64,748 311,957 1,220,012 180,946 y-o-y growth (%) 5.4 -5.8 28.2

Motorcycles

Passenger carriers

Source for above charts: CMIE

Mopeds Scooters Total domestic Exports

9.7 13,471,267 6.7 1,903,797

Two & Three Wheelers: Key financial indicators

Parameters Net sales y-o-y growth Operating profit y-o-y growth Net profit y-o-y growth Operating profit margin Net profit margin Units ` bn % ` bn % ` bn % % % Q3FY13 139.3 5.6 19.4 -3.7 13.8 -9.2 13.9 9.7 Q4FY13 132.2 3.6 18.5 -6.7 14.8 1.6 14.0 10.9 Q1FY14 133.9 -0.1 19.8 1.2 13.7 -2.4 14.8 10.0 Q2FY14 135.7 10.0 21.8 22.4 14.3 15.3 16.1 10.4 Q3FY14 148.4 6.6 21.8 12.8 15.8 14.4 14.7 10.3

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

D&B's Industry Research Service (IRS) provides comprehensive industry analyses with focus on the strategic considerations. D&B's IRS employs an integrated framework to analyse industry attractiveness in terms of its future growth potential, competitive intensity and risk assessment. The reports' in-depth analytical content would provide valuable insights to financial institutions, banks, equity broking houses, and corporates towards accurate & informed decision making. The reports would also be useful to the industry practitioners, academicians & scholars. D&B's IRS also provides independent business environment analysis with focus on macroeconomic and business forecasting, and works closely with the clients towards meeting their strategic & business requirements. D&B's IRS offers the following sector/ industry reports either as a bundled suite or individual

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