On Thursday, country’s biggest carmaker Maruti Suzuki reported a 0.95 per cent growth on a year-on-year (YoY) basis in the net profit of Rs 1,371.60 crore for the quarter ended on 30 September, 2020. It had reported a net profit of Rs 1358.60 crore for the same quarter a year-ago.
The auto major said that during the quarter, it has sold a total of 3,93,130 vehicles, 16.2 per cent growth on a YoY basis. Revenue increased 10.35 per cent up on a YoY basis to Rs 18,744 crore. The company’s operating profit for the September quarter was also increased 71.70 per cent, YoY to Rs 1167.70 crore.
“Higher sales volume, lower sales promotion expenses, lower operating expenses and cost reduction efforts partially offset by increase in commodity prices and adverse foreign exchange movement,” the company said. The performance during the quarter improved as there was some recovery in demand and gradual improvement in supply conditions, it added.
Following the announcement of Q2 results, shares of Maruti Suzuki traded 2.05 per cent down at Rs 7,035 while the benchmark index, Sensex traded 0.56 per cent lower at 39,699.