India’s largest car-manufacturer Maruti Suzuki India reported Q2 results above street expectations as net profit came in at Rs 2,240 crore, down by 9.8% on year. The decline is the profits was mainly caused by adverse foreign exchange as well as adverse commodity prices seen in the quarter.
A CNBC TV18 poll had estimated Q2 net profit of Rs 2,059 crore. Motilal Oswal had anticipated a 19% on year decline in net profit to Rs 2,000 crore. The total revenues came in at Rs 21,551.9 crore, implying a 0.5% rise as compared to the same period previous fiscal. We take a closer look the results, and bring you key figures in a nutshell. (To be updated)
Maruti Suzuki Q2 results: Key figures in a nutshell
- Maruti Suzuki has reported net profit at Rs 2,240 crore, down by 9.8% on year.
- Net Sales for the car-maker came in at 21,551.9 crore, implying a 0.5% rise as compared to the same period previous fiscal. Sales volumes have seen a decline of 1.5% to 4,84,848 vehicles in the latest quarter.
- The operating profit has also registered a decline as compared to the comarable figure in the previous quarter, declining by 9.5% to Rs 2,710.1 crore. According to the firm, key reaons for the decline include adverse commodity prices, adverse foreign exchange variation offset and higher sales promotion expense.
- The profit before tax came in at Rs 3,211 crore, down by 8.3% on year. Seen on a quarterly basis, PBT has risen by 11.4%.
- Going forward, the firm said that it has a strong product portfolio, while higher interest rates and higher fuel prices can add to woes. Adverse foreign exchange as well as adverse commodity prices remain the two major risks in the near term.