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Updated on: Thursday, January 13, 2022, 03:58 PM IST

ICRA revises downwards revenue growth forecast for auto component industry

ICRA said despite the potential Omicron impact, the domestic aftermarket demand is expected to grow 8-10 per cent in FY22.
Exports remain a bright spot in the Indian auto component story with an estimated growth of over 20 per cent this fiscal. |

Exports remain a bright spot in the Indian auto component story with an estimated growth of over 20 per cent this fiscal. |

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Rating agency ICRA revised downwards the revenue growth forecast for the auto components industry in the current fiscal to 15-17 per cent,

ICRA said despite the potential Omicron impact, the domestic aftermarket demand is expected to grow 8-10 per cent in FY22.

While exports remain a bright spot in the Indian auto component story with an estimated growth of over 20 per cent, the rating agency said.

ICRA also expect the robust 15-17 per cent revenue growth" in the ongoing fiscal for the Indian auto component industry to be driven by domestic OEM, replacement, export volumes.

(With inputs from PTI)

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Published on: Thursday, January 13, 2022, 03:58 PM IST
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