COVID-19 eats away auto parts turnover as it slips by 34% from March
Dec 16, 2020, 18:18 IST
New Delhi, The Automotive Component Manufacturers Association of India on Wednesday reported a de-growth of 34% in industry's turnover during April to September 2020 period on a year-on-year basis.
Accordingly, the turnover of the automotive component industry stood at ₹1.19 lakh crore (USD 15.9 billion) for the period April 2020 to September 2020.
"The auto industry witnessed a downturn in FY2019-20, the situation further aggravated with the outbreak of the pandemic and the lockdown," said Vinnie Mehta, Director General, ACMA.
"While the first quarter for FY20-21 was significantly stressed, however with unlocking of the economy, the sales of vehicles witnessed improvement, month-on-month, in the second quarter."
However, for the first time ever, the industry witnessed a trade surplus with auto component exports at ₹39,003 crore ($5.2 billion) and imports at ₹37,710 crore ($5 billion); both exports and imports declined by 23.6% and 32.7%, respectively, he said.
"The aftermarket, estimated at ₹31,116 crore, also witnessed de-growth of 15%. Component sales to OEMs in the domestic market contracted the most to ₹87,120 crore (USD 11.6 billion), declining 42%."
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Accordingly, the turnover of the automotive component industry stood at ₹1.19 lakh crore (USD 15.9 billion) for the period April 2020 to September 2020.
"The auto industry witnessed a downturn in FY2019-20, the situation further aggravated with the outbreak of the pandemic and the lockdown," said Vinnie Mehta, Director General, ACMA.
"While the first quarter for FY20-21 was significantly stressed, however with unlocking of the economy, the sales of vehicles witnessed improvement, month-on-month, in the second quarter."
However, for the first time ever, the industry witnessed a trade surplus with auto component exports at ₹39,003 crore ($5.2 billion) and imports at ₹37,710 crore ($5 billion); both exports and imports declined by 23.6% and 32.7%, respectively, he said.
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SEE ALSO:
Top stocks to watch — IDBI Bank, PNB Bank, Axis Bank, M&M, Embassy REIT, PVR, and others
After 55 years, India will inaugurate a new railway line with Bangladesh to save its ‘Chicken’s Neck’ from China
India's auto stocks cheer after Parliamentary Panel agrees that they need more stimulus and the dealers need loans with less collateral