The prospects of an early turnaround in the commercial vehicles segment (CV) appear dim and will depend heavily on a sustained revival in economic activity. However, infrastructure projects could provide a boost to CV sales, a top executive of Sundaram Finance Ltd. said.
“While demand in the first two months of the current financial year has been virtually non-existent, supply chains have been severely affected as well,” S. Viji, chairman, Sundaram Finance Ltd. said, addressing the 67th AGM of the company. He said that the infrastructure sector could offer a big opportunity. “Budgetary allocations for this sector are significant and if various projects get under way, they could provide a boost to CV sales,” he added.
According to him, the switch-over to BS-VI norms could not have come at a worse time for the Indian automotive industry.
“Some business models of our customers could undergo changes, which could open up new hitherto unknown opportunities for us,” T.T. Srinivasaraghavan, MD, Sundaram Finance Ltd., said. “Given the heightened uncertainty, we are aligned to opportunities that may open up in the coming months and are constantly scanning the landscape to see what new opportunities might arise,” he added.
He said that there may be opportunities to acquire portfolios of NBFCs in need of funding.
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