Luxury carmaker Audi India on Tuesday reported 33 per cent increase in retail sales at 7,027 units for the fiscal ended March 31, 2024. The German automaker had sold 5,275 units in the country in 2022-23 financial year.

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"We have seen a robust growth of 33 per cent in FY23-24 on the back of a diverse portfolio. Our product portfolio continues to witness strong demand and we are poised to overcome supply challenges," Audi India Head Balbir Singh Dhillon said in a statement.

He further said: "Despite ongoing growth in the luxury market, which is tapering off on the back of record-breaking sales in 2023, we are confident about the industry's potential to exceed 50,000 cars in 2024." In the March quarter, the automaker said it retailed 1,046 units in the domestic market.

The company encountered challenges related to supply chain disruptions during the first quarter which had an impact on sales. The automaker had retailed 1,950 units in the January -March period of last year.

Audi stated that its pre-owned car business vertical also grew by 50 per cent in FY 23-24 as compared to previous financial year. In the January-March, the vertical witnessed a growth of 25 per cent as compared to the same period last year, it added.