Munich based luxury car maker BMW India has more than tripled its profits in the country by posting a net profit of Rs 205 crore, for the fiscal year 2022-23.
06 Oct 2023 | 13803 Views | By Ketan Thakkar and Shahkar Abidi
The maker of X5 and 5 Series posted a 40 percent rise in total income which stood at Rs 6,107 crore led by a strong double-digit growth in sales, which was about 12000 units for the last financial year.
Reviewing the FY23 earnings, the Director's report noted, “The Company ...
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The maker of X5 and 5 Series posted a 40 percent rise in total income which stood at Rs 6,107 crore led by a strong double-digit growth in sales, which was about 12000 units for the last financial year.
Reviewing the FY23 earnings, the Director's report noted, “The Company is focusing on growth and achieving profitability through the introduction of new products in the market, introducing electric and hybrid vehicles, strengthening dealership network, and improving customer satisfaction while reducing costs.”
On the electrification front, the company said “As the automobile sector in India gradually transitions towards electrification, the automobile industry is undergoing transformative changes by introducing hybrid and electric vehicle technologies. Your Company has also introduced its premium electric and hybrid vehicles in the market and expects tremendous growth.”
During FY23, BMW Group India on its part, initiated a recall of motor vehicles for exhaust gas recirculation coolers in compliance with the Motor Vehicles Act, 1988, the Central Motor Vehicle Rules, 1989, and as per Company’s policy, as per the annual report, sourced from market intelligence firm Tofler. “The provisions have been made in the current financial year,” added the note.
India was the fastest growing market for BMW Group India in 2022 and the German car maker which is behind its rival Mercedes Benz in India, took an early lead on the electrification front leading the segment in the first six months of 2023 and it is on course to cross the 1000 units mark, thanks to the strong demand for its EVs.