Maruti Suzuki reports 55% slump in June production

Maruti Suzuki India said its total production dropped 54.66% to 50,742 units in June 2020 from 1,11,917 units produced in June 2019.

Shares of Maruti Suzuki India were trading 0.02% lower at Rs 6,225.65 on NSE. The disclosure was made after market hours yesterday, 7 July 2020.

Total passenger vehicle production fell 54.87% to 49,476 units in June 2020 over 1,09,641 units in June 2019.

On a sequential basis, production level soared 1266% from 3,714 units produced in May 2020. Maruti Suzuki India had shut down production and office operations at its facilities in Haryana from 22 March 2020 due to COVID-19 pandemic. It restarted production at its Haryana-based Manesar plant from 12 May 2020.

In a separate announcement made during market hours yesterday, 7 July 2020, Maruti Suzuki said it has collaborated with Axis Bank to offer easy financing options for the potential car buyers. As a part of the tie-up, Axis Bank will offer attractive flexi EMI options to ease the liquidity and repayment stress of customers during these tough times.

The car major said its total sales slumped 54% to 57,428 units in June 2020 as against 124,708 units in June 2019. Total domestic sales tanked 53.7% to 53,139 units in June 2020 from 114,861 units in June 2019. Exports dropped 56.64% to 4,289 units in June 2020 from 9,847 units in June 2019.

Maruti Suzuki India's consolidated net profit fell 27.76% to Rs 1,322.20 crore on a 14.53% decline in total income to Rs 19,130.70 crore in Q4 March 2020 (Q4 FY20) over Q4 March 2019 (Q4 FY19).

Maruti Suzuki India is engaged in the manufacture, purchase and sale of motor vehicles, components and spare parts (automobiles).

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