Maruti Suzuki on Friday reported nearly 53% fall in its consolidated net profit of Rs 1,376.8 crore during April to June quarter as compared to Rs 2,015.1 crore in the same period of the previous year.
The decline was attributed to lower sales volume and higher depreciation expenses. The company sold a total of 4,02,594 vehicles during the quarter, lower by 17.9% in the year-on period.
While sales in the domestic market stood at 3,74,481 units, lower by 19.3%, the exports were at 28,113 units.
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This translated into net sales of Rs 18,735 crore, lower by 14.1% compared to the same period the previous year. Consolidated total revenue from operations stood at Rs 19,733 crore as against Rs 22,471 crore in the year-ago quarter.
On a standalone basis, Maruti Suzuki’s net profit of Rs 1,435 crore was down 27.3% from the year-ago’s Rs 1,975.3 crore. Revenue from operation came in at Rs 18,735 crore, down 14.1% on a year-on-year basis.
The company posted earnings before interest, tax, depreciation and amortisation (EBITDA) of Rs 2,048 crore, down 38.5% from Rs 3,330 crore in Q1 FY19.
The management said a strong product portfolio and commodity prices are positives for the company while interest rates, fuel prices, foreign exchange, and uncertain demand environment could work as headwinds.
(With ANI inputs)