Maruti Suzuki guns for double-digit growth despite July hiccup

Maruti Suzuki India is maintaining double-digit sales growth forecast for 2018-19 despite a marginal decline in July, banking on good monsoon and uptick in the rural market to drive demand, according to a senior company official.

The company, which is planning a price hike this month to offset adverse impacts of commodity cost increase, fluctuations in foreign exchange and fuel price rise, does not see the step impacting its sales significantly.

“We will continue with our annual target of double-digit growth. I am optimistic about the future growth,” Maruti Suzuki India (MSI) senior executive director (Marketing and Sales) R S Kalsi said.

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He said the optimism stems from the fact that India is witnessing good monsoon for a second consecutive year. Besides, Kalsi said the rise in minimum support price (MSP) of crops augurs well for the rural economy from where demand is expected to grow during the festive season.