Maruti Suzuki reports slim profit in quarter post lockdown
The country's largest carmaker Maruti Suzuki India (MSI) on Thursday reported 2.04 per cent increase in its consolidated net profit for the second quarter at ₹1,419.6 crore on the back of higher sales.
The auto major had posted a net profit of ₹1,391.1 crore in the July-September quarter of the previous fiscal.
Total revenue from operations rose by 10.34 per cent to ₹18,755.6 crore for the second quarter as against ₹16,997.9 crore in the same period of 2019-20, MSI said in a statement.
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During the second quarter, the performance improved on the back of some demand recovery and gradual improvement in supply conditions, the auto major said.
"Production across the company's factories and supply chain was progressively ramped up consistent with our policy of maximum safety of the people and following all prescribed protocols to ensure this," it added.
On a standalone basis, the company posted a net profit of ₹1,371.6 crore, up 1 per cent compared to ₹1,358.6 crore in the same period of the previous fiscal.
Net sales stood at ₹17,689.3 crore for the period under review, up 9.7 per cent from July-September period of 2019-20. The firm said it sold 3,93,130 units during the September quarter, a growth of 16.2 per cent over the year-ago period. This includes 3,70,619 units in the domestic market, a growth of 18.6 per cent.
Exports during the quarter stood at 22,511 units, a decline of 12.7 per cent over the same period of the previous fiscal.
Maruti Suzuki India shares were trading at ₹7052.25 on BSE, down 1.81 per cent from the previous close in the late afternoon session.