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Monday, September 27, 2021

Rs 441 crore profit for Maruti in Covid-hit Q1

Its total revenue from operations stood at Rs 17,776 crore in the first quarter as compared to Rs 4,111 crore in the year-ago period.

By: ENS Economic Bureau | New Delhi |
Updated: July 29, 2021 12:02:14 am
Corporate office of Maruti Suzuki India Limited is pictured in New Delhi, India, February 26, 2016. (Image: REUTERS)

Production shutdowns due to Covid, higher raw material prices as well as chip shortages dented Maruti Suzuki’s earnings in the April-June quarter with the company missing analysts estimates on all the fronts.

Lower sales volume, as a result of production shutdowns and closure of dealerships due to the second wave of Covid, saw net profit at Rs 441 crore.

Though this was an improvement since the company had a net loss of Rs 249 crore in the same quarter last year, it was just half of Rs 878.72 crore profit number that Bloomberg’s analysts consensus had estimated.

Coming on a lower base, the company’s revenue from operations at Rs 17,771 crore was up 333 per cent on a year-on-year basis. Sales, too, were far below the previous high in Q1FY19 as well.

Maruti sold a total of 3,53,614 units in the June quarter — an over 4x jump compared to June quarter last year, when it had total sales of 76,599 units, but a 28 per cent fall against 4,90,479 units sold in June 2019 quarter. —FE

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