Maruti posts 62 percent sales growth in Feb

Monday, 01 March 2004, 20:30 IST
Printer Print Email Email
NEW DELHI: Maruti Udyog Ltd., India's largest carmaker, said Monday that its sales grew by 62 percent in February over the same month last year as buyers rushed to take advantage of sharply lower loan interest rates. Maruti, a unit of Japanese automobile giant Suzuki Motor Corporation, sold 42,263 vehicles last month, including 3,022 units of exports, up from 26,113 sold in Feb 2003, said a company statement issued here. The company said car sales in Feb 2003 were artificially low as customers had postponed purchase in anticipation of an excise duty reduction in the annual financial budget for 2003-04. Customers went on a buying spree in March after the government slashed excise duty to 24 percent from 32 percent in the budget. Maruti, which makes 10 car models in India including the popular Maruti 800 compact, sold 419,422 vehicles in the April-February period of the current fiscal, posting a growth of 33 percent over the same period the previous year. 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. The total number of passenger cars sold in January touched 71,875 units, representing a growth of 31 percent over 54,813 units logged in the same period in 2003, according to the Society of Indian Automobile Manufacturers. Experts say car sales in India would touch 700,000 units in the fiscal year ending March 31, a growth of nearly 30 percent over the previous year as the benefits of an economic boom percolates down to all segments of society. India is set to be one of the fastest-growing economies this year, perhaps surpassed only by China. India's Oct-Dec gross domestic product increased 8.4 percent from its previous year's level.
Source: IANS
siliconindia