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Daimler India Faces Loses In FY2021; Fourth Time In A Row

TNI || New Delhi || 23rd Nov 2021

Daimler AG’s Indian subsidiary has booked a net loss of Rs. 426 crore for the fiscal year ending March 2021.

It is the fourth consecutive year that the automobile giant has remained in the red. Significantly, the loss reported this time was almost four times the previous year.

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This situation that Daimler is in can be attributed to weak economic growth. subsequently induced by the Pandemic, which further crippled the truck sales in India.

According to the company’s report filed with the Ministry of Corporate Affairs, the revenue for the fiscal declined by 10% to a figure of Rs. 5302 crore.

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Daimler India Commercial Vehicles, however, has reported an operating profit for consecutive two years because of exports.

The company, in all fairness, has navigated a perfect storm through innovation to bring down the cost with zero compromises on quality and aggressively expanding the vehicle portfolio to bring onboard more customers.

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DICV has continued to make significant inroads into R&D, digitalization and infrastructure. Since the time Bharat Benz was launched in 2012, DICV has sold more than 120,000 CVs in the domestic market and over 40,000 vehicles in the export market.

The export order books of the company are full for the next six months. Because of export sales, DICV has been able to balance the dent from the domestic market.