Chennai: Two- and three-wheeler major TVS Motor on Tuesday said it is aiming at a 15 per cent market share this fiscal year in the backdrop of huge demand for its 110 cc motorcycle Victor and Jupiter range of scooters.
“We are focused on increasing our market share. We started at 13.5 per cent and we are moving towards 15 per cent share this year,” TVS Motor president and CEO K N Radhakrishnan told reporters here.
Stating that the company would roll out variants and new models to keep up the sales momentum during the year, he said, “Overall, our market share is about 14.5 per cent. We are looking at (garnering) 18 per cent in next two years.”
Earlier, at the company’s annual general meeting here, TVS Motor chairman Venu Srinivasan said the company would continue to grow more than the industry average in 2016-18.
“The company plans to continue investing for producing superior quality products. The company will be ready for the emission regulation change scheduled for April 2017 for all its products,” he said.
Noting that its tie-up with BMW Motorrad to introduce high end motorcycle is “progressing” as per plan, Mr Radhakrishnan said the product was expected to be rolled out this fiscal. On the company’s Indonesian subsidiary performance, he said the losses were coming down and they were expecting to post profits by fourth quarter of the current financial year.
“Losses are coming down. You have to understand we are not playing a 20-20 match. We are here to build an institution. We are managing to cut down the losses. By the fourth quarter we should make some profits.”
On exports front, he said the company was looking at making “single-digit growth” as the industry registered a negative growth.
“In two wheelers, we have gained 2 per cent growth to 16 per cent last year (in overseas market). But industry has reported a negative growth. I am hoping to come out in positive category. At least report a single digit growth,” he said.
To a query on investments, he said it would be around Rs 400 crore including capital expenditure for the current financial year.