Maruti Suzuki Q2 results: Net profit flat at Rs 1,372 crore, misses Street estimates

Maruti Suzuki on Thursday reported a 0.95 per cent year-on-year (YoY) growth in net profit at Rs 1,371.60 crore for the quarter ended September 30. Analysts in an ET NOW poll had projected the figure at Rs 1,530 crore.

The country’s biggest carmaker had reported a profit of Rs 1358.60 crore for the corresponding quarter last year.

Revenue of the company increased 10.35 per cent YoY to Rs 18,744 crore.

Maruti Suzuki sold a total of 3,93,130 vehicles during the quarter, registering a growth of 16.2 per cent on YoY basis.

Operating profit increased 71.70 per cent YoY to Rs 1167.70 crore.

“Higher sales volume, lower sales promotion expenses, lower operating expenses and cost reduction efforts partially offset by increase in commodity prices and adverse foreign exchange movement,” the auto major said.

It further added that the performance improved in Q2 on the back of some demand recovery and gradual improvement in supply conditions.

Shares of the company traded 2.05 per cent down at Rs 7,035 following the announcement of financial results while the benchmark BSE Sensex traded 0.56 per cent lower at 39,699.