The Hindu Business Line : Kinetic Engg eyeing Rs 40-cr export orders

The Joint Managing Director, Ms Sulajja Firodia Motwani, told Business Line after the annual general meeting that the company has so far received export orders to the tune of Rs 16 crore for the current fiscal.

Ms Motwani said the company was tying up with General Motors as tool development partner along with other 20 vendors, which had been short-listed by GM.

Asked about the new vehicle Comet, to be launched in the domestic market, she said about 40 vehicles had already been sent to the dealers and might enter the market by Diwali.

This would also come under the category of limited edition, but the company is looking at good numbers for the same.

Answering the queries of shareholders, Mr Arun H. Firodia, Chairman, said the company was looking at sales of about 9,000 motorcycles.

He pointed out that the company could turnaround the corner on the basis of motorcycle sales and added that it was expecting to breakeven this fiscal.

Due to the declining trend in moped market and the process of converting the moped company into motorcycle manufacturing unit, it had incurred substantial expenditure on setting up this motorcycle facility, absorbing four-stroke technology and development of new models.

This had resulted in a net loss of Rs 51.66 crore. Hence, the board of directors has not recommended any dividend for the year 2003-04.

During 2003-04, the company had incurred a net loss of Rs 51.66 crore compared to Rs 0.42 crore during 2002-03.

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