MM Forging focusing on domestic market as export outlook not great
In an interview to CNBC-TV18, Vidyashankar Krishnan, VC and MD of MM Forging said that the export outlook is not favourable at the moment and therefore, a strategic shift towards the domestic market.
Auto components maker MM Forgings Ltd's (MMF) export outlook is not favourable at the moment. External factors such as global trade tensions and economic uncertainties have contributed to this less-than-ideal situation. As a result, the company has decided to realign its priorities and concentrate more on the domestic market.
In an interview with CNBC-TV18, Vidyashankar Krishnan, VC and MD of the company said the export outlook is not favourable at the moment and therefore, is a strategic shift towards the domestic market.
He said, "The export outlook is not so great. We have moved over to focusing a lot on the domestic market and therefore, our concern should be more about the Indian market than the export market, but that does not mean that we have abandoned exports as a strategy, just that the focus is more on the domestic side."
Talking further about the business, Krishnan said the company anticipates a substantial increase in sales and expects sales to rise by 20-25 percent during the course of FY24.
According to him, the company might add debt of Rs 200 crore in FY24, and by the end of the year, it will stand at around Rs 750 crore. “We will be putting in another Rs 500 crore in the business this year. So, we may add about Rs 200 crore of long-term debt at the end of the year. So, the debt number by the end of FY24 should be around Rs 750 crore," Krishnan said.
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