Maruti forecasts low single digit growth rate in FY12

Friday 05 August 2011, 09:56 AM by Vikas Yogi

The country’s largest car maker Maruti Suzuki India, which has been witnessing a slowdown in sales since last few months, has reduced its growth forecast for the current fiscal. In a statement given on Thursday, the company said that it is expecting the growth rate to be in single low digit for this fiscal. According to company, the low growth forecasts have been made after taking into consideration the high fuel price and rising interest rates.

In a statement given to PTI, MSI Managing Executive Officer (Marketing & Sales) Mayank Pareek said, "Growth is very low this time. During festive season, we are expecting some boost in sales. However, due to huge base in last year, growth will be less. For the whole fiscal, we are expecting low single digit growth."

In the first quarter of this financial year (April to July), Maruti Suzuki India has witnessed a sales decline of 7.1 to 3,56,826 units as compared to 3,84,181 units sold in the same period last year.

In the Domestic market, the company registered a sales decline of 4.7 per cent during April to July 2011 period. The Company sold a total of 3,17,187 units in this period as compared to 3,33,001 units sold in the same period last year.

Meanwhile, the company is all set to launch new generation version of its popular premium hatchback Swift on 17th August 2011. The new Swift is claimed to be bigger in space and higher in performance as compared to its previous version.

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