The loss was almost four times the previous year, as weak economic growth during the fiscal year and the pandemic-induced lockdown crippled truck sales in India.
Revenue for fiscal 2021 declined 10% to Rs 5,302 crore, according to the company’s filing with the ministry of corporate affairs, accessed through business information platform Tofler.
Daimler India Commercial Vehicles (DICV), however, delivered a second consecutive year of operating profit, as exports helped de-risking operations.
A DICV spokesperson told ET the entire Indian CV industry has faced monumental challenges in terms of changing legislation, disrupted supply chains, lockdowns, escalating raw material costs and more.
The company on its part navigated this “perfect storm” by innovating to bring down costs without compromising on quality, and by aggressively expanding the product portfolio to attract more customers, the spokesperson said. It continues to make significant investments into digitalisation, R&D, infrastructure and service network expansion.
On the financial side, DICV generated earnings before interest, tax, depreciation and amortisation in both fiscal 2021 and 2020, despite the pandemic. “DICV remains completely committed to the Indian market and sees clear signs of revival in the economy. With demand picking up and global restrictions easing, we expect even better results going forward,” said its spokesperson.
Since launching the BharatBenz brand in 2012, Daimler India Commercial Vehicles has sold over 120,000 commercial vehicles locally. On the export side, more than 40,000 vehicles, 8,000 completely knocked-down kits and 170 million parts have been exported to over 60 markets.
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