Maruti Suzuki’s Q3 net profit jumps 24%

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“During the quarter, the company registered net sales of Rs 222,367 million, an increase of 13.2 per cent compared to the same period previous year,” the company said in a statement…reports Asian Lite News

Automobile major Maruti Suzuki India on Thursday reported a rise of 24.1 per cent in its net profit for the quarter ended December 31, 2020, owing to higher sales and non-operating income.

According to the automobile manufacturer, the net profit during the quarter under review rose to Rs 1,941.4 crore from Rs 1,564.8 crore during the corresponding period of previous fiscal.

“During the quarter, the company registered net sales of Rs 222,367 million, an increase of 13.2 per cent compared to the same period previous year,” the company said in a statement.

“The ‘Operating Profit for the Quarter’ was at Rs 14,848 million, a growth of 19.3 per cent over the same period previous year on account of higher sales volume and cost reduction efforts partially offset by increase in commodity prices and adverse foreign exchange movement.”

Besides, the company sold a total of 495,897 vehicles during the quarter, higher by 13.4 per cent compared to the same period previous year.

“Sales in the domestic market stood at 467,369 units, growing by 13 per cent. Exports were at 28,528 units, higher by 20.6 per cent.”

Furthermore, the company’s sales fell by 18 per cent during the first nine months of FY21 to 965,626 vehicles.

“Sales in the domestic market stood at 905,015 units, lower by 17.8 per cent. Exports were at 60,611 units, declining by 21.9 per cent.”

“During the period, the company registered net sales of Rs 436,035 million, lower by 20 per cent compared to that in the same period previous year.”

However, net profit for the period stood at Rs 3,063.6 crore decreasing by 29.7 per cent compared to that in the same period previous year.

The company’s stock at the BSE fell by 3.41 per cent or Rs 267.85 to Rs 7,598.20 from its previous close.

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