 "Maruti outperforms rivals with 13% volume growth in May")
The country’s biggest car maker Maruti Suzuki has again outperformed most rivals, reporting a growth of 13 per cent in domestic sales for the month of May 2015. This is the second consecutive month of double digit growth for the company. It grew 27 per cent in April.
The company, with a 46 per cent market share in the passenger vehicles market, sold 102,359 units of during the month in domestic market while its exports grew 20.3 per cent to 12,466 units. The overall growth (domestic and exports combined) stood at 13.8 per cent. At the Bombay Stock Exchange (BSE), the company’s stock was trading up by 1.7 per cent over the previous close at 11.05AM.
The company is confident of growing volumes by a double digit during the fiscal even as concerns remain on monsoon and a firming up fuel prices. “Maruti expects a double digit growth this year. We saw a good increase in April. There is no serious worry about the sales,” Maruti Suzuki Chairman RC Bhargava told Business Standard on Saturday.
Closest competitor Hyundai Motors said its domestic sales grew by 3.4 per cent in May to 37,450 units while exports declined 2.9 per cent to 15,065 units. The combined growth in volumes stood at 1.5 per cent in May. Rakesh Srivastava, senior vice president (sales and marketing) at the Indian subsidiary of Korean auto major Hyundai, said the market is experiencing low growth with decreasing contribution of rural and diesel vehicle sales.
Toyota Kirloskar Motor saw its domestic sales drop marginally to 11,511 units in May primarily due to a planned maintenance shutdown for two days during the month.