homebusiness NewsM&M Financial Services' pre owned vehicle demand is very strong and will drive growth for us, says Ramesh Iyer
M&M Financial Services' pre-owned vehicle demand is very strong and will drive growth for us, says Ramesh Iyer
In an interview with CNBC-TV18, Ramesh Iyer, Vice Chairman and Managing Director at Mahindra & Mahindra Financial Services discussed its progress in the used vehicle segment, the impact of monsoon conditions on sentiment, and the company’s plans for margin improvement.
The pre-owned vehicle market has been witnessing significant growth in recent years, and Mahindra & Mahindra Financial Services aims to capitalise on this trend.
In an interview with CNBC-TV18, Ramesh Iyer, Vice Chairman and Managing Director at Mahindra & Mahindra Financial Services discussed its progress in the used vehicle segment, the impact of monsoon conditions on sentiment, and the company’s plans for margin improvement.
He said, "The pre-owned vehicle demand is holding up extremely well. In fact, the suppliers are constrained even in pre-owned vehicles because repossessions are lower, therefore the supply is not available adequately. Once you see some traction there, pre-owned will definitely drive growth for us."
Talking about margins, Iyer outlined their plans for improvement. He mentioned that they are prepared to absorb a 20 basis points (bps) rate increase while concurrently enhancing their product mix.
He expressed optimism about maintaining margins within the range of 7.1-7.2 percent over the next year.
Despite challenges posed by a deficit in monsoon rainfall, Iyer noted that sentiment in the market remains positive.
The company is strategically positioning itself to capture a larger share of the pre-owned vehicle market. Despite challenges posed by monsoon conditions, the company remains optimistic and has a clear plan to optimise margins and ensure financial resilience in the coming year.
For more details, watch the accompanying video
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
AAP protest today: Delhi traffic police issues traffic advisory, security at BJP headquarters beefed up
May 19, 2024 11:26 AM
BJP is planning to ban RSS, says Shiv Sena (UBT) chief Uddhav Thackeray
May 18, 2024 8:01 PM
Punjab Lok Sabha elections: Complete list of Congress candidates
May 18, 2024 4:08 PM
Punjab Lok Sabha elections: Check full list of AAP candidates and constituencies
May 18, 2024 12:59 PM