Maruti Suzuki India posted a 24% jump in standalone net profit to Rs 1941.40 crore on 13.29% rise in revenue from operations to Rs 23,457.8 crore in Q3 FY21 over Q3 FY20.
The automobile major's profit before tax rose 22% year on year to Rs 2449.80 crore in Q3 FY21. Total tax expense spiked 15% year on year to Rs 508.40 crore in Q3 FY21.The operating profit for the quarter was at Rs 1484.80 crore, a growth of 19.3% 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. Net profit for the quarter increased due to the above factors and higher non-operating income.
Maruti Suzuki said that it sold a total of 495,897 vehicles during the quarter ended December 2020, higher by 13.4% compared to the same period previous year. Sales in the domestic market stood at 467,369 units, growing by 13%. Exports jumped 20.6% year on year to 28,528 units in Q3 FY21 over Q3 FY20.
The company said improved capacity utilization, lower sales promotion expenses, cost reduction efforts and higher fair value gains on invested surplus were positive factors. Adverse commodity prices, unfavourable product mix and adverse foreign exchange fluctuation were negative factors.
Maruti Suzuki India is engaged in the manufacture, purchase and sale of motor vehicles, components and spare parts (automobiles).
Shares of Maruti Suzuki were down 1.82% at Rs 7723.10.
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