Maruti Suzuki’s Q2 standalone net profit down 9.8%

Maruti Suzuki’s Q2 standalone net profit down 9.8%

New Delhi: Automobile major Maruti Suzuki India on Thursday reported a decline of 9.81 per cent in its standalone net profit for the quarter ended September.

According to Maruti Suzuki, the net profit during the quarter under review declined to Rs 2,240.4 crore from Rs 2,484.3 crore during the corresponding period of previous fiscal.

“The operating profit was Rs 27,101 million (Rs 2,710.1 crore), lower by 9.5 per cent 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 in a statement.

During the quarter, the company registered net sales of Rs 21,551.9 crore, a growth of 0.5 per cent over the same period last year.

The company sold a total of 4,84,848 vehicles during the quarter, lower by 1.5 per cent over the same period of the previous year. Sales in the domestic market stood at 4,55,400 units and exports were at 29,448 units.

Maruti Suzuki stocks closed on Thursday Rs 6,724.70 a share, down by Rs 43.85, or 0.65 per cent, from its previous close on BSE.