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Monday, November 23, 2020

Maruti Suzuki India Q2 standalone profit rises nearly 1% at Rs 1,371.6 crore

Maruti Suzuki India profit: The automobile giant had posted a standalone profit of Rs 1,358.6 crore during the corresponding year ago, while it incurred a loss of Rs 249.4 crore in the April-June quarter (Q1), Maruti Suzuki India (MSI) said in a filing to the stock exchanges.

By: Express Web Desk | New Delhi | Updated: October 29, 2020 4:22:53 pm
Maruti Suzuki vehicles stand lined up at the Maruti Suzuki India Ltd. Brand Center prior to the second-quarter earnings news conference at their headquarters in New Delhi, India, on Thursday, Oct. 24, 2019. (Photographer: Prashanth Vishwanathan/Bloomberg)

India’s largest carmaker Maruti Suzuki India (MSI) on Thursday reported a 0.96 per cent rise in its standalone profit at Rs 1,371.6 crore for the July-September quarter (Q2) of the ongoing financial year 2020-21 (FY21).

The automobile giant had posted a standalone profit of Rs 1,358.6 crore during the corresponding year ago, while it incurred a loss of Rs 249.4 crore in the April-June quarter (Q1), MSI said in a filing to the stock exchanges.

MSI’s revenue from operations during the quarter rose 10.36 per cent year-on-year to Rs 18,744.5 crore.

In terms of vehicle sales, MSI sold a total of 3,93,130 vehicles during the September quarter, up 16.2 per cent compared to the same period year ago. Out of this, 370,619 units were sold in the domestic market, up 18.6 per cent on-year, while exports stood at 22,511 units, down 12.7 per cent on-year.

Maruti’s operating profit in Q2 was at Rs 1,167.7 crore, growing by 71.7 per cent on-year. The automaker attributed this to higher sales volume, lower sales promotion expenses, lower operating expenses and cost reduction efforts partially offset by an increase in commodity prices and adverse foreign exchange movement.

“In Quarter 2, the performance improved on the back of some demand recovery and gradual improvement in supply conditions. 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,” the carmaker said in its statement.

The shares of Maruti Suzuki India ended 1.13 per cent lower at Rs 7,101.10 apiece on the BSE on Thursday.

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