Maruti Suzuki hopes for positive growth amid festive sales boost

India’s largest carmaker, Maruti Suzuki, is positive about meeting its growth target of 4-5 percent for the current fiscal year, driven by a surge in sales during the festive season.

"In terms of retail sales in the April to October period, we have a growth of almost 4 per cent cumulatively. In October we had a growth of 22.4 per cent...at the beginning of the year, it was projected that this year the growth will be around 4 per cent to 5 per cent. I think it will be in line with that," Partho Banerjee, Maruti Suzuki India Ltd senior executive officer told PTI when asked for the outlook for the rest of the fiscal.

After strong retail sales in October, a senior Maruti Suzuki official noted that the company has effectively lowered inventory levels across its sales network.

Looking ahead, Maruti Suzuki is relying on the "several lakh marriages" planned for November to sustain the festive sales momentum following a record-breaking month in October.

Addressing concerns about the company's ability to sustain the momentum of festive season sales in the coming months, Banerjee said, "We are made to understand that some 'few lakhs' marriages are being planned across the country (in November). So we are pretty hopeful that it will also give us good traction in terms of our retail sales."

He also added that the company is optimistic that the momentum will be carried by the marriages scheduled in November.
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