Maruti Suzuki India skids after weak Q2 numbers

Maruti Suzuki India fell 0.61% to Rs 6727.10 at 15:03 IST on BSE after net profit fell 9.8% to Rs Rs 2240.40 crore on 0.5% increase in net sales to Rs 21551.90 crore in Q2 September 2018 over Q2 September 2017.

The result was announced during trading hours today, 25 October 2018.

Meanwhile, the S&P BSE Sensex was down 360.41 points, or 1.06% to 33,673.55.

On the BSE, 1.51 lakh shares were traded in the counter so far compared with average daily volumes of 73,000 shares in the past two weeks. The stock had hit a high of Rs 6855.70 so far during the day. The stock had hit a low of Rs 6625 so far during the day, which is also 52-week low for the counter. The stock hit a 52-week high of Rs 10,000 on 20 December 2017.

The operating profit was Rs 2710.10 crore, lower by 9.5% over the same period previous year on account of increase in commodity prices, adverse foreign exchange movement and higher sales promotion expenses partially offset by cost reduction efforts.

The company said it sold a total of 484,848 vehicles during the quarter, lower by 1.5% over the same period of the previous year. Sales in the domestic market stood at 455,400 units and exports were at 29,448 units.

Maruti Suzuki India is India's biggest car maker in terms of market share. Japanese parent Suzuki Motor Corporation currently holds 56.206% stake in Maruti Suzuki India (as per the shareholding pattern as on 30 September 2018).

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