Maruti Suzuki Net Profit Declines 65% In September Quarter

Maruti Suzuki, the country’s largest automaker, announced on Wednesday that its unconsolidated net profit for the quarter ended September 2020 was Rs. 47.5 billion, 65% lower than Rs 137.160 billion for the same period last year. According to the company, profit fell sharply due to slow product prices and a decline in sales due to a lack of electronic components.

Maruti Suzuki’s operating income increased almost 10% annually to 20,539 rupees and total costs increased 16% to 20,462 rupees.

Maruti Suzuki sold 3,79,541 units in the quarter compared to 393,130 units in the previous quarter.

Maruti Suzuki posted sales of 7,335,155 units in the first half of the fiscal year, the company said in a foreign currency statement.

Maruti Suzuki’s share price was trading at Rs 7,404, up 1.5% after the financial results were announced.