Maruti Suzuki India Logs 18% Drop in Net Profit at INR 3,069 Crore in Q2 FY25
Maruti Suzuki India on Tuesday reported nearly 18 per cent drop in net profit at Rs 3,069 crore in the second quarter this fiscal (FY25), from Rs 3,716 crore in the same quarter last year.
New Delhi, October 29: Maruti Suzuki India on Tuesday reported nearly 18 per cent drop in net profit at Rs 3,069 crore in the second quarter this fiscal (FY25), from Rs 3,716 crore in the same quarter last year. According to India’s largest automaker, this is due to a provision of Rs 837 crore resulting from the withdrawal of indexation benefit and change in tax rate on long term capital gains on debt mutual funds as per the Finance Act 2024.
During the quarter, the company registered net sales of Rs 35,589 crore against Rs 35,535 crore in the same period of the previous year. For the first six months of the current fiscal (H1 FY25), the company clocked net profit at Rs 6,719 crore, a growth from Rs 6,201 crore in H1 FY24. Ola Electric Shares Slip Below Issue Price of INR 76 for First Time in Listing History, Reaches All-Time Low at INR 74.84 During Trading Session.
The company’s stock went down almost 5.7 per cent at Rs 10,829.05 apiece on Tuesday after its financial results. Maruti Suzuki India sold a total of 541,550 vehicles during the quarter, of which the domestic market volume was 463,834 vehicles and the export volume was 77,716 vehicles.
While the domestic volume declined by 3.9 per cent, the export volume grew by 12.1 per cent compared to the same period of the previous year, said the company. For the first half in the current fiscal, the company sold a total of 1,063,418 units, comprising 915,142 units in the domestic market and at 148,276 units in the export market. While the domestic market sales declined by 0.3 per cent, the export sales volume grew by 11.9 per cent year-on-year. Tesla Q3 2024 Earnings: Elon Musk’s EV Company Sees 9% Profit Growth Amid Increased Production and Margins; Check Details.
Maruti Suzuki India recently crossed the 1-crore cumulative production milestone at its Manesar facility in Haryana. With this, the facility became the fastest among Suzuki’s global automobile manufacturing facilities, to reach the milestone in just 18 years. Maruti Suzuki’s overall production capability stands at about 2.35 million units per annum. Since inception, the company has produced over 3.11 crore vehicles (as on October 6).
(The above story first appeared on LatestLY on Oct 29, 2024 02:11 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).