Auto components revenue increased by 35% in H1FY23 | Daily News Byte

[ad_1]

India’s auto parts maker posted a 34.8 percent increase in revenue at Rs 2.65 lakh crore in the first half of the fiscal year from a year ago, data released on Wednesday by the Automotive Equipment Manufacturers Association (ACMA) showed.

According to Mr. Vinnie Mehta, Director General, ACMA with the total number of products and exports of bicycles have been attracted From last month, the automotive industry showed a growth of Rs 2.65 million USD (33.8 billion USD) in April 2022 to September 2022 of 2022. 23.

“Stable growth has been witnessed in all sectors, supply to OEMs, shipping and exports increased by 8.6% to 10.1 billion USD (US$79.03 million) while imports increased up 17.2% to 10.1 billion USD (79.8 million US dollars). He added: The aftermarket, estimated at Rs. 42,007 crore also saw a growth of 8 percent.

Exports of auto components to rise 8.6% to $10.1 billion ($79.033 billion) in 2022-23 from 9 ,3 billion US dollars (68,746 billion rupees) in 2021-22. North America, accounting for 33 percent of exports, saw an increase of 12 percent, while Europe and Asia, accounting for 30 percent and 26 percent respectively, registered an increase of 4 and 11 percent respectively.

With vehicle sales across all segments reaching pre-pandemic levels and moderation in supply-side issues such as availability of semiconductors, high raw material costs and lack of packaging, the auto assembly sector has seen continued growth on both fronts. Mr. Sunjay Kapur, President of ACMA and President of SONA Comstar said.

He added: “In the future, I hope that the current fiscal year will see another good performance from Automobile assembly sector. is an important part of the EV production supply chain. The components industry is constantly investing and buying technology companies. For the medium to long-term forecast, we must be aware of the impending recession in Europe and the United States. Supply chain issues that are not fully behind us.”

Imports of auto components increased by 17.2% from 8.7 billion USD (64,310 crore) in H1 2021-22 to 10.1 billion USD (Rs.79,815 crore) in H1 2022-23. Asia accounts for 65% of imports followed by Europe and North America, 26% and 8% respectively. Imports from Asia increased by 21%, from Europe by 6% and from North America by 29%.

The aftermarket during the period under review increased by 8% to 42,007 billion rupees (5.4 billion US dollars) from 38,895 billion rupees (5.3 billion US dollars) compared to the same period last year.

[ad_2]

Source link