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Maruti Suzuki slips after muted Q2 numbers

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Maruti Suzuki India fell 1.49% to Rs 7075.20 after the company's net profit rose 1% to Rs 1371.60 crore on 9.7% increase in net sales to Rs 17,689.30 crore in in Q2 FY21 over Q2 FY20.

The net profit in the same quarter last year was higher due to mark-to-market gains on the invested surplus and lower tax provision.

The company operating EBIT jumped 71.7% to Rs 1,167.70 crore in the second quarter as compared to the same period last year. Profit before tax increased 11.2% to Rs 1747.80 crore in Q2 September 2020 over Q2 September 2019.

Maruti Suzuki's sales volume rose 16.2% to 393,130 units in Q2 FY21 over Q2 FY20. While the domestic sales jumped 19% to 370,619 units, exports declined by 13% to 22,511 in Q2 September 2020 over Q2 September 2019.

This performance in this financial year has been affected by the unforeseen COVID-19 Pandemic. In Quarter 1, the performance of the company was significantly affected due to COVID-19 related disruptions and lockdowns. In Quarter 2, the performance improved on the back of some demand recovery and gradual improvement in supply conditions. Production across the company's factories and supply chain was progressively ramped up consistent with the policy of maximum safety of the people and following all prescribed protocols to ensure this, the company said in a statement.

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

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, October 29 2020. 14:33 IST