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Maruti Suzuki clocks 1% net profit in Q2

In quarter 1, the performance of the company was affected due to Covid19.

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NEW DELHI: Maruti Suzuki India has reported a net profit of Rs 1,371, a slim growth of one per cent year-on-year for the quarter ended 30 September 2020.

The Q2 bottom line of India's largest car manufacturer is still an improvement from a year-on-year loss of Rs 249.5 crore in the previous quarter, owing to Covid2019 related disruptions and lockdowns.

Production across the company’s factories and supply chain was progressively ramped up, with total sales of 393,130 vehicles during the quarter, higher by 16.2 per cent compared to the same period the previous year. Sales in the domestic market stood at 370,619 units, higher by 18.6 per cent. Exports were at 22,511 units, lower by 12.7 per cent.

During the quarter, Maruti Suzuki registered net sales of Rs 17,689.3 crore, higher by 9.7 per cent compared to the same period previous year. The operating profit for the quarter was Rs 1,167.7 crore, a growth of 71.7 per cent over the same period previous year on account of higher sales volume, lower sales promotion expenses, lower operating expenses and cost reduction efforts partially offset by an increase in commodity prices and adverse foreign exchange movement.

The net profit in quarter two of the previous year FY19-20 was higher due to mark-to-market gains on the invested surplus and lower tax provision. As a result of this, while the operating profit increased by 71.7 per cent over the same period the previous year, the net profit increased by one per cent.

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