Good Oct auto sales numbers from Maruti and Bajaj Auto....
In 2019 both Ayudha Puja and Diwali happened to be in October. If we compare this to 2018, Ayudha Puja was in October while Diwali was in November. (This should impact Titan as well.)This could have resulted in improved October numbers for 2019. But despite all this TaMo seems to have under performed.
But we should note that there would be a small time lag between sale to end customer and dispatch at factory gate, TAMO and Maruti are comparable from a logistical point of view because one is located in Pune and Ahmedabad while the other is in Haryana and Ahmedabad. I guess the numbers published by them are the numbers that left the factory gate. I have not read their revenue recognition policies. (They may even have different policies for identifying monthly numbers as compared to financial reporting.) Just for a hint, some accounting rules allow you to count produced vehicles as sales when those products are identified for a specific customer and are customised (colour of car and specs, features based on order etc.)for the same.
So we really cannot comment on this unless we look into the details. I would not be surprised if TaMo numbers spike in a different month. Sometimes these car companies push their unsold inventories on to the dealers and later show lagging sales in the subsequent quarter.
So if these numbers show improvement in later months, then we can safely assume that we are out of the woods.
PS: Titan company's monthly sales if published would not be this complex as discussed because for them the sale is made when it is made to the end customer in the store. (They own the stores.)