Maruti Suzuki, Eicher Motors Ignore Demonetisation Blues In Third Quarter
Eicher Motors, Maruti shows limited signs of demonetisation impact in third quarter.
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Exports came to the rescue of Maruti Suzuki India Limited in December. India’s largest car manufacturer posted a 47.1 percent growth in exports during the month compared to December 2015, muting the impact of domestic sales, which contracted 4.4 percent to 1,06,388 units, the company said in a statement to stock exchanges.
The company managed to grow its sales by 3.5 percent in the third quarter of the financial year 2016-17 despite the adverse impact of demonetisation.
Maruti sold 1,17,908 units in December, a decline of mere one percent over the previous year. The company had sold 135,550 units in November 2016.
The company said its domestic passenger car sales fell 10.9 percent in December, led by the Mini car segment which consists of Alto and WagonR. The Mini car segment declined 15.3 percent to 31,527 units. Its biggest volume driver, the compact car segment comprising Swift, Ritz, Celerio, Baleno and Dzire, fell by 8.6 percent to 43,295 units during the month.
Exports rose month-on-month to 11,494 units in December. Sales for the first nine months of the financial year 2016-17 grew at 8 percent to 11.54 lakh units.
Eicher Motors Sales Jump 42 Percent In December 2016
Eicher Motors saw its sales jump 42 percent in December 2016 to 57,398 units as compared to 40,453 units in the same month a year ago. The company closed the third quarter of 2016-17 fiscal with a 38.2 percent growth in sales at 1,73,838 units.
December sales breakup:
Sales of models with engine capacity of 350cc increased by 41 percent, with 52,753 units being sold in December 2016. Models with engine capacity exceeding 350cc saw a 56 percent rise in sales at 4,645 units.
Exports soared 160 percent, with 1,082 units being shipped in December 2016 compared to 416 in the same month a year ago.
The total sales for April-December 2016 increased 36 percent to 4,88,262 units. Exports jumped 78 percent during the nine months.