3-wheeler EV likely next year; Q4 to be slow for Cholamandalam: Murugappa Group
S Vellayan, MD, Murugappa Group, on Wednesday, said that the worst is behind for the financing industry. He is bullish on the next year. He believes disbursement growth will be strong. However, he cautioned that Q4 might be a bit slow for Cholamandalam as growth will likely be back for the company from Q1 of the next fiscal. He also mentioned that electric three-wheelers could hit the market next year.
S Vellayan, MD, Murugappa Group, on Wednesday, said that the worst is behind for the financing industry. He is bullish on the next year. He believes disbursement growth will be strong. However, he cautioned that Q4 might be a bit slow for Cholamandalam as growth will likely be back for the company from Q1 of the next fiscal.
He said, “We think that our growth levels will be higher than market, both in the vehicle segment and in our housing loans and loan against property (LAP) segments as well.”
Tube Investments of India recently came out with its Q3 earnings. Vellayan remains optimistic about the electric vehicle (EV) segment. He said that electric three-wheelers could hit the market next year.
“The whole electric vehicle segment is a segment we are very passionate and excited about. We should get into the market with a three-wheeler EV in August-September (2022) timeframe and we believe we will get the tractors also to the market in that timeframe itself, if not earlier,” Vellayan said.
On CG Power and Industrial Solutions, he said that 80-90 percent of legacy issues have been addressed. However, there are still a few loose ends and investigations that are pending. Going ahead, he believes growth will be strong across segments in CG Power.
“We still have some loose ends but I would say 80-90 percent of the legacy issues have been addressed. From a growth perspective, we are also getting into new verticals and one of the areas that we have now re-entered is the consumer space and we are quite excited about that,” said Vellayan.
“We continue to be opportunistic and look for potential opportunities in the market and we are always open to it. The good thing is both TI and CG are net debt-free right now. So, at the consolidated level we are cash positive,” he said.
Watch the video for the full interview.
First Published: Feb 9, 2022 2:38 PM IST
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