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Maruti may not post sales volume growth this FY: chairman

Maruti may not post sales volume growth this FY: chairman
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First Published: Mon, Nov 21 2011. 05 44 PM IST

Updated: Mon, Nov 21 2011. 05 44 PM IST
New Delhi: Maruti Suzuki may not post growth in sales volume in the current fiscal year, its chairman said on Monday, as the country’s top carmaker suffered heavy production losses due to a labour strike, while demand for cars remains weak in Asia’s third-largest economy.
“I’m not sure but I think we’ll be lucky if we break even with last year...Let’s see how it goes but I doubt if we’ll have any growth this year,” R.C. Bhargava said in an interview for the Reuters India Investment Summit.
Bhargava had said in August he expected Maruti, 54.2%-owned by Japan’s Suzuki Motor Corp, to post single-digit sales growth this fiscal year ending in March, a far cry from its 25% rise last year.
He said on Monday he expects the Indian automobile industry to grow 2-3% this fiscal year, compared with the record 30% growth it had clocked a year ago.
Slowing economic growth, rising interest rates and fuel prices as well as falling stock markets have dampened sentiment in the Indian auto market.
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First Published: Mon, Nov 21 2011. 05 44 PM IST