Construction equipment major fears 15 percent revenue fallNovember 5th, 2008 - 8:23 pm ICT by IANS
Kolkata, Nov 5 (IANS) Multi-product construction and equipment manufacturing major JCB India could see nearly 15 percent dip in turnover this year, a top company official said here Wednesday.”We’re expecting around 15 percent drop in our business in the 2008 calendar year, compared to last year, because of the global financial crisis,” JCB India managing director Vipin Sondhi told reporters.
“I think it’s just a pause in a period of time. But I still remain very optimistic about the growth in the infrastructure sector. I think the market will continue like this for the next six-eight months,” Sondhi said
JCB India, which posted a turnover of Rs.30 billion in the last fiscal, is the fully-owned subsidiary of JC Bamford Excavators of the UK. The company has three manufacturing units in the country - one at Ballabgarh in Haryana and two in Pune, Maharashtra.
According to Sondhi, India contributed 20 percent to the company’s total revenue in 2006 and 27 percent in 2007, and the company was hopeful about sustaining its performance this year too despite the downturn.
JCB India, which Sondhi said enjoyed about 75 percent of the market share in the country, sold 17,000 machines last year.