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Daimler Chrysler India sales up 30%
By siliconindia
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Wednesday, 14 January 2004, 20:30 IST
MUMBAI: Daimler Chrysler India said today its sales grew by 30 per cent to 1581 units in 2003 year-on-year, even as company officials expressed concern over the appreciating value of the Euro against the Rupee, which made a marked 10 per cent dent in the company's profitability.
Its sales were 1208 units in 2002 calendar year.
DCI Managing Director and Chief Executive Officer Hans-Michael Huber said despite higher sales, the company's profit before tax (PBT) dropped to Rs 34.3 crore against Rs 38 crore in calendar year 2002.
The PBT has declined even as the Indian subsidiary's turnover was higher at Rs 434 crore against Rs 320 crore in 2002.
Huber said the rupee, which traded around Rs 43 to a euro in 2002 was currently trading at as high as Rs 57.
''Due to this, there has been a significant increase in the material cost of our products, resulting in a decline in the profitability of the company,'' he said.
While the company's C and E class models have local contents of around 50 per cent the top-end S class needs import of about 65 per cent contents.
Giving a sales break-up for 2003, Huber said the company sold 746 units of the C class against 620 of last year, E -667 (392) and S 84 (72). However, imports through completely built unit route fell to 84 units in 2003 from 120 in 2002.