The pump industry saw a de-growth of 20% in terms of volume in 2021-2022 as the cost of manufacturing increased 45%, according to outgoing president of Southern India Engineering Manufacturers’ Association (SIEMA) K.V. Karthik.
Speaking at the annual meeting of the Association here on Wednesday, Mr. Karthik said that with higher input prices, the cost of production jumped for the manufacturers. But, they were able to increase the prices of the end products by only 25%. Hence, the profits of all the companies took a severe hit. In terms of volume of sales, there was a de-growth of 20%, Mr. Karthik said.
The industry is looking forward to better demand this year as raw material prices have stabilised and demand is picking up.
