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Latest Maruti Company Update

Nov 02, 2007
  Latest Maruti Company Update
 

Indian Auto Industry

Auto is a growing sector with total annual domestic sales by the auto industry having crossed 10 million units mark in 2006-07. This translated into a compounded annual growth of over 15% during the last five years.

Almost all major international car manufacturers, from across the world are present in India ' and those that are not here have made announcement to this effect. The passenger vehicle market is dominated by compact cars and the rest of the market is fragmented, with about 12-13 manufacturers fighting for one-third of the market space.
Another characteristic of the Indian market is our low car penetration of 8 cars per thousand people (much less than other developing countries)' which indicates the scope for growth.

No doubt the demand is projected to grow over two-fold in the next few years expecting which various manufacturers have started / announced their plans to increase the production capacity. Compiling all the announcements, the total figure will exceed 4 million.

 
Growth Drivers of the Economy
  A high economic growth (over 7.6% GDP growth running since last five years)
  Favourable taxation & duty structure (along with excise duty seeing a downward trend, import duties on components has also been reduced recently)
  More number of and newer models available
    Developing road infrastructure
    Widening reach of finance companies
    Underlying changes happening in the demographic profile of the country as represented by a rising
    middle class; favourably skewed age profile and the huge two-wheeler population presents a good
    opportunity.
     
Maruti Suzuki - Background
    Currently Suzuki holds 54.2% stake of Maruti, the balance being held by various QIBs, PCBs and
    public. On BSE, Maruti has the highest market capitalisation in the auto sector.
    We are the largest car company in the country. So far, we have produced more than 6.6 million cars.
    We are Suzuki's largest manufacturing facility, outside Japan offering 11 models in over 150 variants.
    The turnover last year was USD 3.37 Bn employing more than 6700 employees.
    The high localization of parts within India is one of our distinct strengths.
    Where the company has 3 plants in Gurgaon facility, 4th plant was added with the capacity of 1
    hundred thousand at Manesar in 2006-07.
     

The growth in sales volumes has been in line with industry during financial year ending Mar'07, the growth has been convincingly above competitors in first half this year even after taking into account the fact that we have a limited presence in the Diesel market which constitute nearly a quarter of the total.

     
Our Success Formula
 
 We have been able to achieve all this, capitalizing on our strengths of
    Providing Superior Value proposition to the Customer - which reflects in low cost of acquisition &
    operation for our customers supported by a higher residual value for our products.
    We have the largest distribution & Service network comprising of over 400 sales showrooms, over
    600 dealer workshops, and 1900 Authorized Service Stations spanning across over 1190 cities
    - unparalleled in the country.
    To increase our reach to rural India where setting up a complete dealership was not viable, we
    opened extension counters which are operated by some dealer in the city thereby ensuring increased
    customer touch points with out risking the viability of the dealers.
     
Strategies
     
    The confidence of our network partners in our capabilities is evident from the fact that majority of
    our new showrooms & workshops are coming from existing dealers.
    Our overall portfolio consists of 11 basic models & over 150 variants spanning across all segments
    of the industry. While maintaining the focus on Compact cars, Maruti¿s presence in A3 segment is
    getting stabilised fast by recently launched SX4. We have sold maximum number of cars in domestic
    A3 segment this year till Oct'07.
    Our foray into Alternate fuel segment (with LPG powered WagonR and Swift Diesel) has seen a
    very encouraging response from customers.
    Last 30 months have been quite happening. The company launched 6 new models (including Swift
    Diesel & WagonR Duo) in this span of time.
     

Following a decentralised sales network in the company has enabled us to give tailor made solution to take care of various regional challenges. The whole country has been divided in to 4 zones and further into 16 ROs and 15 AOs.

Opportunity

We believe that there are millions of Indians who can afford a car but for various reasons are not buying one. With focussed marketing efforts, many of these people can be persuaded to buy a car. This is amply clear from the success of our Special Schemes for certain sections of society like government employees etc.

When the market softened in early part of this year, we launched Employee referral scheme where each employee was veiled as sales man. Dealer and vendor scheme are some other examples.

In India, a large proportion of cars ' about 75% are sold via finance. Our exclusive tie ups with chosen financers have helped increase our share of the pie.

Our efforts to manage costs through various VA/VE activities, improvements in yield, productivity and quality have shown positive results for us and have enabled us to take care of margins in the environment of increasing costs.

Our Material to Net sales ratio, which has improved by 15% over a period of 6 year is an example to substantiate above point.

Our new initiatives of Pre-Owned cars, Maruti Finance, Maruti Insurance, Extended Warranty, loyalty program AutoCard are all targeted to provide a superior experience to the Customer.

The fact that these improve the viability of our dealer is an added advantage. This is an extension of the concept of 'Customers for Life' and will act as a potent weapon for customer retention.

     
New Car launches
     
  As a commitment to bring the world's latest & best to the Indian markets, we launched Swift last
    year in a hitherto untapped segment. From traditional styling, it was more of a European design.
    Indian engineers played an important role right from the design stage.
    SX4 was another bold statement that was made in the A3 segment where our performance was not
    so encouraging. From a compact car producer, we are now poised to be a complete car
    manufacturer.
    Both these models were strategic models for SMC which were launched globally.
     

Our Expansion Plans

Maruti & Suzuki had announced an investment of USD 2.25 Bn in the new car plant, diesel engine facility, launch of new models & upgradation of the Gurgaon plant. The project is on schedule and the investments are being made as planned.

As announced earlier, we plan to produce another small car, a large part of which is meant for exports to European markets starting in calendar year 2008. To start with 200,000 units of this new model, will be produced - 50,000 to be sold in domestic market by Maruti, 100,000 to be exported by Maruti and 50,000 for export by Nissan.

We share the Government of India's vision of making India a global hub for compact cars. Our expansion plans would help us achieve the required scale of operations to compete globally.

Recognition

We have been declared No1 in Customer Satisfaction Index for the eighth time in a row in the JD Power Awards. We are striving to make Customers Satisfaction a "Way of life" at Maruti.

Maruti Future PlansM

     
     A shift from compact cars to a complete car manufacturer is evident. Out of 5 strategic models -
    Swift, SX4, Vitara, Splash and A star, A star will be produced only in India.
    SMC target is to reach 3 Million sales mark globally with a third of it being contributed by Maruti.
    This clearly brings out increasing importance of Maruti's role in the SMC's global aspirations.
     

These are the announcement that were made by Mr. O Suzuki, Chairman SMC who was recently in India. Vision is to increase the role for Indian managers in steering the company and to improve Indian R&D facilities to equal that in SMC Japan, both of which substantiate Suzuki's commitment towards Maruti.

Consequently, additional investment in the areas of R&D and Marketing & Customer interface has been announced. The same are in the process of quantification. Though some part will over lap with the current investment plan, but most of it will be additional.