daimler-india-s-losses-in-fy21-widen-amid-pandemic-woes.jpg
AUTO NEWS EN

Daimler India’s losses in FY21 widen amid pandemic woes, Auto Information, East Auto Information – EAST AUTO NEWS

Daimler India’s losses in FY21 widen amid pandemic woes, Auto Information, East Auto Information


Daimler India Business Automobiles (DICV), nevertheless, delivered a second consecutive yr of working revenue, as exports helped de-risking operations.

The Indian subsidiary of Daimler AG, the world’s largest industrial automobile maker, has registered a internet lack of Rs 426 crore for the fiscal yr ended March 2021, the fourth consecutive yr when the corporate has remained within the crimson.

The loss was virtually 4 occasions the earlier yr, as weak financial development throughout the fiscal yr and the pandemic-induced lockdown crippled truck gross sales in India.

Income for fiscal 2021 declined 10% to Rs 5,302 crore, in keeping with the corporate’s submitting with the Ministry of Company Affairs, accessed via enterprise info platform Tofler.

Daimler India Business Automobiles (DICV), nevertheless, delivered a second consecutive yr of working revenue, as exports helped de-risking operations.

A DICV spokesperson advised ET the complete Indian CV business has confronted monumental challenges when it comes to altering laws, disrupted provide chains, lockdowns, escalating uncooked materials prices and extra.

The corporate on its half navigated this “excellent storm” by innovating to carry down prices with out compromising on high quality, and by aggressively increasing the product portfolio to draw extra clients, the spokesperson mentioned.

It continues to make vital investments into digitalisation, R&D, infrastructure and repair community growth.

On the monetary aspect, DICV generated earnings earlier than curiosity, tax, depreciation and amortisation in each fiscal 2021 and 2020, regardless of the pandemic.

“DICV stays utterly dedicated to the Indian market and sees clear indicators of revival within the economic system. With demand selecting up and world restrictions easing, we anticipate even higher outcomes going ahead,” mentioned its spokesperson.

Since launching the BharatBenz model in 2012, Daimler India Business Automobiles has offered over 120,000 industrial automobiles domestically. On the export aspect, greater than 40,000 automobiles, 8,000 utterly knocked-down kits and 170 million elements have been exported to over 60 markets.

The corporate’s export order books are full for the following six months, underlining how DICV is a rising export hub for the worldwide Daimler truck community.

Whereas export gross sales assist steadiness the ups and downs of the home market, DICV has additional diversified with shared companies to de-risk home operation. In October 2020, the corporate opened a brand new, 20,000-sq-ft workplace that homes as much as 165 workers and is devoted to its shared companies enterprise.

This ‘International Functionality Centre’ exports a variety of end-to-end options together with low-cost automation, digital improvements and R&D companies.

Reviewing the monetary yr, its administrators’ report famous that the automotive business was closely impacted because of the Covid-19 pandemic throughout the first quarter of the monetary yr. Demand progressively picked up within the second quarter and steadied throughout the third. Nevertheless, the tempo of demand for the yr was dependent upon numerous elements together with containment of the pandemic, common financial revival and in addition numerous measures taken and carried out by the federal government, the report mentioned.

The pandemic continued to problem companies in each attainable approach and amplified current dangers, noticed the report for the final fiscal yr, whereas additionally noting the second wave of Covid-19 at the start of this fiscal yr.

Additionally Learn:

The Chennai-based truck maker has clear plans to launch vehicles within the intermediate industrial automobile segments powered by compressed pure gasoline (CNG) for the home market within the fourth quarter of fiscal 2021-22. The corporate can also be persevering with its works on hydrogen-powered industrial automobiles, and is open to bringing in non-public fairness gamers to spend money on EV enterprise, high officers of the corporate mentioned throughout a post-earnings media name on Tuesday.



Daimler India’s losses in FY21 widen amid pandemic woes, Auto Information, East Auto Information – EAST AUTO NEWS
Comments

TOP STORIES

To Top
SELECT LANGUAGE »