Carmaker Maruti posts 38% sales growth in April

Monday, 03 May 2004, 19:30 IST
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NEW DELHI: India's largest carmaker Maruti Udyog Limited said Saturday the company's sales grew by an impressive 38.4 percent in April over the same month last year as a booming economy boosted consumer spending. Maruti, a unit of Japanese automobile giant Suzuki Motor Corporation, sold 39,838 cars in April 2004, including 2,910 units of exports, up from 28,793 units logged in April 2003, said a company statement issued here. Maruti witnessed the highest-ever growth of 30 percent in the fiscal year that ended March 31, 2004. Suzuki Motor took management control of Maruti - which makes 10 car models in India, including the popular Maruti 800 compact - from the Indian government in May 2002 as part of the latter's privatisation programme. The Japanese auto major holds a majority 54.2 percent stake in the company. Automobile sales in the domestic market have witnessed rapid growth in the last few months as buyers rushed to take advantage of sharply lower loan interest rates in a booming economy. India is set to be one of the fastest-growing economies this year, perhaps surpassing China. India's October-December gross domestic product increased by a dazzling 10.4 percent from its previous year's level. Car sales in the domestic market rose from 541,491 in fiscal 2002-03 to 696,207 in the year that ended March 31, registering a growth of 27 percent year-on-year as buyers rushed to take advantage of sharply lower loan interest rates.
Source: IANS
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