New Delhi: Accordingly, the company had to increase production to meet the surge in demand.
“The revenue from passenger vehicle sales was up by 86.3 per cent y-o-y and the business achieved EBITDA breakeven on the back of significantly improved range of products, volume scale up and strong savings programme to reduce indirect costs.
“Additionally, this growing performance was sustained in October as well when we posted a healthy growth of 22 per cent (YTD) vis-a-vis last year (April-October),” Chandra said.
Last month, the company witnessed a 79 per cent YoY growth to 23,617 units from 13,169 units sold in October 2019.
“We are positive to continue this momentum and achieve significantly higher volumes that we had forecasted for ourselves at the start of the year,” he said.
Chandra pointed out that the ‘strong recovery’ which commenced post the lockdown period has sustained itself.
“In Q1FY21, the market was down by 78 per cent. However, in Q2FY21, the industry recovered fully and posted a growth of 18 per cent, albeit on a lower base of Q2FY20,” he said.
Besides, Chandra cited the increased preference for personal mobility as the key factor for the healthy sales performance.
“When we unlocked in June, it was primarily pent up demand and supply was the concern then. With time, pent up demand is decreasing and with the increase in preference for personal mobility (which is driving demand), demand is growing,” Chandra said.
