Financial Daily from THE HINDU group of publications
Thursday, Aug 11, 2005
Financial Daily from THE HINDU group of publications Thursday, Aug 11, 2005 |
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Corporate
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Outlook LML hopes new model will drive it into the black Our Bureau
Mr Deepak Singhania, Managing Director, LML Ltd, at the launch of the company's new bike CRD100 in New Delhi on Wednesday. — Ramesh Sharma
New Delhi , Aug. 10 LML today said that it expects to return to black in the fourth quarter of this fiscal, after three-and-a-half years of incurring losses. The company, which has gone in for a major restructuring, today launched a 100 cc bike in the market, which it hopes will be the mainstay of its comeback. "We have reduced losses in the first quarter ended June 30, which saw us making significant improvement. We expect to clock net profit in the fourth quarter," Mr Deepak Singhania, Managing Director, told newspersons today. The company, saddled with Rs 260 crore of accumulated losses, hopes to wipe out the losses in the next two years, Mr Singhania said. The company's new 100 cc offering, called CRD 100, is available in two variants and is priced at Rs 31,430 and Rs 32,430 (ex-showroom Uttar Pradesh). "We hope to sell 1,60,000 units of this model by the end of this fiscal," Mr Singhania said, adding that the company was looking at overall sales, including scooters, of 2,20,000 units this fiscal. The bike, initially rolled out in Uttar Pradesh, will be available in major parts of the North, Central, and East by September, he said, adding that about Rs 8-9 crore had been spent on the bike's development. Mr Singhania also said the company plans to ramp up overall production to 4,00,000 units by October this year and eventually to 7,20,000 units by end of March 2007.
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