By IANS,
Hosur (Tamil Nadu) : Riding on new launches, the country’s third largest two-wheeler manufacturer TVS Motor is looking at growing more than 12 percent this fiscal despite the economic slowdown.
“Two launches are awaited this year (third and fourth quarter) – a scooter and a motorcycle. With that we are hopeful we will achieve our targeted growth rate,” TVS Motor president and chief executive officer K.N. Radhakrishnan told reporters at a media briefing here Tuesday.
However, he did not elaborate on the new launches.
“As of now the group is growing close to 10 percent. We want to grow better than the market, which is growing around 12 percent. We want to gain better market share this year,” Radhakrishnan said.
TVS Motor, which has a 16 percent market share, registered a Rs.4,500-crore turnover last fiscal.
Confident about the growth of the two-wheeler segment, Radhakrishnan said: “As India is growing, the need for travelling will increase, so sales of two-wheelers will be constant. Specially, at the bottom of the pyramid, where the vehicles are used for utility purposes.”
However, the company’s exports have been hit by the economic slowdown.
“Export have fallen about 10 percent at this point of time. But by the year-end we are hopeful to go up 10 percent,” he said.
Around 200,000 units are exported annually to various countries including those in the Gulf, Africa and South America.
The company has targeted export revenues of around Rs.630 crore this fiscal compared to Rs.590 crore last fiscal, Radhakrishnan said, adding: “We are looking at a new market in Brazil.”