New Delhi: Toyota Kirloskar Motor (TKM) on Monday said it expects to witness a 60% jump in revenue in the 2010-11 fiscal on the back of robust demand for its sports utility vehicle, ‘Fortuner’.
The company, which will launch its ‘Etios’ sedan in the country in December, said it expects to achieve a revenue of about Rs7,000 crore this fiscal, as against Rs4,000 crore last fiscal.
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“Our revenue this fiscal will be higher mainly because of robust demand for ‘Fortuner’,” Toyota Kirloskar Motor (TKM) vice chairman Vikram Kirloskar told reporters on the sidelines of the India Economic Submit here.
He, however, said profitability could be lower this fiscal compared to last year, as the company invested about Rs3,500 crore to set up a second plant in Bangalore, along with an engine and transmission unit. It also invested heavily on development of the ‘Etios’ platform.
Kirloskar said that last year, the company had posted a profit of Rs400 crore. Commenting on the sales prospects for the ‘Etios’ sedan being launched, he said the company is targeting sales of about 70,000 units in the first 12-month after the launch of the car.
‘Etios’ has been specifically developed for the Indian market and would launched in both hatchback and sedan variants, which would have 1.2-litre and 1.5-litre petrol engines, respectively.