Manushree saggar - Latest News Update, Information, Photos & Videos on Manushree saggar at Lokmat Times

New Delhi, Feb 13 Luxury car segment financiers - Foreign passenger vehicle NBFC Captives (FOC) - are likely to see a pick-up in growth next fiscal due to low base, said ICRA.The segment plays vital sales boosting financing role for the luxury car industry by offering low-cost credit and innovative credit models.It also plays an important role in inventory and long-term financing for dealerships, which supports the dealers' financial flexibility owing to the relatively low sales volume of foreign OEMs in India.According to ICRA, the slowdown in PV segment along with Covid-induced disruption led FOCs credit contraction by 8 per cent year-on-year in FY20 which further dipped by 4 per cent YTD in H1 FY21.Besides, ICRA estimates showed that FOCs accounted for around 22 per cent of NBFC PV credit as on September 30, 2020.The relatively higher contraction in luxury car volumes compared to overall PV sales, the share of FOCs declined to 22 per cent of NBFC PV credit as on September 30, 2020 from 25 per cent as on March 31, 2019."The challenging macroeconomic environment, the Covid-19 pandemic-related lockdown as well as the overall slowdown in the PV segment along with the cautious stance of FOCs towards wholesale lending led to a contraction in FOC credit in FY2020 and H1FY2021," said Manushree Saggar, Vice President and Head - Financial Sector Ratings, ICRA."However, ICRA expects recovery for NBFC PV credit in FY2022 with an expected credit growth of 3-5 per cent Y-o-Y. While market share of FOCs is expected to remain low in the overall NBFC PV credit, growth may look optically higher for FOCs due to low base."( With inputs from IANS )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Home

City

Latest News

Cricket

LT Premium

National

International

Maharashtra

Opinions

Chhatrapati Sambhajinagar

Nagpur

Entertainment

Photos

Business

Technology

Sports

Lifestyle

Social Viral

Lokmat Games

Health

Narendra Modi

Lok Sabha Election 2024

Heatwave In India

Mumbai Water Cut

Maharashtra Lok Sabha Election

IPL 2024

Manushree SaggarFOLLOW

Manushree saggar, Latest News

Business :Low base to accelerate FOCs growth in FY22: ICRA

New Delhi, Feb 13 Luxury car segment financiers - Foreign passenger vehicle NBFC Captives (FOC) - are likely ... ...