India hits JCB profits
A sharp slowdown in the construction equipment market in India is likely to hit 2013 profits at UK based excavator and telehandler manufacturer JCB
In an interview with the Financial Times, JCB chairman Lord Bamford said that sales of backhoe loaders in India are expected to fall from 32,000 units last year to 25,000 this year. And given the company’s claim that it has a 70 percent market share, and that India is its largest single market, the impact is likely to be significant.
The current state elections and upcoming general election in May – are also causing uncertainty.
JCB is a great deal more positive though about the markets in the UK and USA, where it is seeing strong growth and solid prospects going forward.