Maruti Suzuki's revenue from operations for the quarter increased 3 percent year-on-year to Rs 22,433.2 crore despite fall in sales volume, driven by higher average selling price (ASP).
Maruti Suzuki, the country's largest car maker, has reported a 9.8 percent on year degrowth in second quarter profit to Rs 2,240.4 crore, dented by weak operational performance and subdued sales volume.
Profit in corresponding period last fiscal stood at Rs 2,484.3 crore.
Revenue from operations for the quarter increased 3 percent year-on-year to Rs 22,433.2 crore despite fall in sales volume, driven by higher average selling price (ASP) due to a better product mix.
Sales volume during the quarter was subdued as the company sold 4,84,848 vehicles, down 1.5 percent year-on-year. Domestic sales degrew by 0.4 percent and exports fell 15.2 percent YoY.
Company's EBITDA (earnings before interest, tax, depreciation and amortisation) in Q2 declined 6.7 percent to Rs 3,431.3 crore and margin contracted by 160 basis points to 15.29 percent YoY.
"The operating profit was lower on account of increase in commodity prices, adverse foreign exchange movement and higher sales promotion expenses partially offset by cost reduction efforts," Maruti said in its filing.
Maruti Suzuki shares hit fresh 52-week low of Rs 6,625 intraday today. At 14:06 hours IST, the stock was quoting at Rs 6,665.45, down Rs 103.10, or 1.52 percent on the BSE.
