DiscoverCars.Com

Maruti retail sales to increase 14 percent YoY during festive season

-
Maruti Suzuki chairman RC Bhargava (inset).

Underlining the robust consumer sentiments in the automobile market, India’s largest passenger car maker, Maruti Suzuki, said retail sales of passenger vehicles have been pretty good during the festival season. The automaker estimates its retail sales to grow 14 percent in the peak festival period on a year-on-year basis.

  1. Maruti operating profit declined almost 8 percent YoY in August-September
  2. Maruti dealers had over 30 days of worth of inventory
  3. Maruti received over 4 lakh bookings in the festive season

"[The] Festival season has been pretty good. We are expecting our retail sales, starting from the end of the Shradh period till the end of Diwali, will have roughly 14 percent growth, compared to the same period last year," Maruti Suzuki chairman RC Bhargava, told reporters after announcing the company's second-quarter results.

The festive season in India generally starts with Ganesh Chaturthi or Onam in Kerala towards the end of August or start of September, and extends till Bhai Dooj after Diwali in November across a majority of states. The period from the end of Shradh to Diwali is considered the peak festival season. This year, Shradh ended on Oct 2 and Diwali is on October 31. This is a crucial period for carmakers, with volumes sold accounting for a bulk of their annual sales. Consumers generally make big-ticket purchases during this time due to the cultural significance.

Bhargava's comments come as the company reported an almost 8 percent year-on-year decline in its operating profit for the August-September period, amid a drop in the company's wholesales, or vehicle despatches to dealerships. Maruti Suzuki's domestic wholesales during the quarter ended September dropped 3.9 percent YoY to 4,63,834 units.

When asked about the decline in wholesale numbers, Bhargava noted that the performance of the passenger vehicle industry is determined by the retail numbers, not the wholesale numbers. He said that retail sales in the festive season have been much higher than the wholesales. “We had a situation in the last two months where the industry as a whole has very large inventories available. Our dealers also had well over 30 days of inventory. We have been systematically planning production to cut output to suit the market requirement to bring down inventories. We have reduced wholesale despatches so that inventories can come down.” Bhargava said. Maruti’s chairman also noted that there were no significant changes in discounts during this festive season as inventory levels are well managed.

He added that there is no cause for concern that the festive season has not been up to the mark, as the company received over 4 lakh bookings during the period. “Festival season has been as good as one could have expected it,” he said.

Also see:

Maruti eVX production version reveal on November 4

New Maruti Dzire leaked ahead of launch

Maruti leads exports in FY2025 first half with over 1.47 lakh units



from Autocar India https://ift.tt/ci8G4LS

Comments

Post a Comment

Popular posts from this blog

550hp BMW M3 CS is the most powerful M3 yet

-
Image
BMW has taken the wraps off its most powerful M3 ever, the F80 M3 CS, which is even more powerful than the BMW M3 competition. The BMW M3 CS will be sold in sedan bodystyle only and in limited numbers worldwide.  BMW M3 sedan gets 550hp twin-turbo petrol Does 0-100kph in 3.4 seconds Gets BMW’s xDrive AWD tech with selectable RWD BMW M3 CS: design and interior  The M3 CS is set apart from the M3 Competition visually by a raft of design tweaks, such as an angrier-looking, open front grille designed to match the front end of BMW’s GT4-spec M4 racer. Gaping air intakes round off the new-look nose. These are joined by a host of items that enhance aerodynamics, such as a wide front splitter and a lipped rear spoiler. It gets special V-spoke gold wheels – 19-inch at the front and 20-inch at the rear – shod with track-focused tyres. The M compound brakes come with red calipers, while carbon-ceramic brakes are also available. The interior broadly matches that of the M3 Competition, w
Read more

Electric Volvo S90 replacement specifications leaked

-
Image
Details have emerged of Volvo 's new flagship electric saloon – a model internally codenamed as the V551, but expected to take the ES90 name when it goes on sale in 2025. The model will be produced at a factory owned and operated by Volvo’s parent company Geely in China, as revealed in a photograph and specifications leaked by the company’s board, beginning in May 2024. All-electric ES90 sedan to share underpinnings with EX90 SUV Will come with 111kWh battery pack with up to 600km range Will rival the likes of Mercedes EQE sedan and BMW i5 A photograph published to Volvo's employee intranet shows members of Volvo’s production team in Zhejiang huddled around signs that read “Volvo Cars V551 First VP Car Celebration” and “Confidential Top Secret". The reference to VP stands for 'Verification Prototype'. The car, however, is completely obscured from view, ahead of an expected unveiling in the coming months.   Volvo electric sedan specifications leaked The lux
Read more

TVS’ scooter market share increases in the April-January period

-
Image
After seeing a sustained slowdown for over two years, India's scooter market is finally recovering. As per the wholesale numbers, released by Society of Indian Automobile Manufacturers (SIAM), a total of 43,61,347 units were dispatched in the April 2022 to January 2023 period. This is an increase of 9,79,594 units or a 29 percent year-on-year increase - April 2021-January 2022 was 33,81,753 units. Petrol scooter OEMs market share: details The top five OEMs account for 41,35,615 units or 95 percent of the total but dissect this further and the top three players – Honda Motorcycle & Scooter India (HMSI), TVS Motor Company and Suzuki – cumulatively have 36,69,244 units or 84 percent of the industry numbers. While these three have each recorded over 20 percent growth, the fastest growth (at 50 percent) comes from TVS, which is reflected in its 24 percent market share, up from 20.42 percent a year ago. Scooter market leader HMSI with 20,43,993 units has recorded 24 percent grow
Read more