LML hopes to turn around this fiscal
LML MD Deepak Singhania said the company will turn around this fiscal ending Sept 2004 and expects to sell 2.8 lakh motorcycles during Oct 2003-Sept 2004.business Updated: Jan 14, 2004 21:53 IST
LML on Wednesday said it will turn around this fiscal ending September 2004 on the back of higher motorcycle sales.
Unveiling the 150 CC motorcycle 'Graptor', LML's managing director Deepak Singhania said the company expects to sell 2.8 lakh motorcycles during October 2003 to September this year.
"We should be turning around this fiscal and post a reasonably good profit," Singhania told reporters.
The Graptor will be launched by March this year after which LML would introduce a 125 CC motorcycle in May.
Singhania said the company's total accumulated losses now stand at about Rs 90 crore which should be wiped out within the next two years.
"The topline is the key to our turnaround. We will increase our motorcycle production capacity to about three lakh units this fiscal and to six lakh units in the year after. For this, an additional Rs 125 crore investment would be made," he said.
"In the next two years we will also introduce gearless scooter for which another Rs 120 crore would be invested," Singhania said adding the infusion of money would be made through a combination of debt and equity as well as through internal accruals.