MARUTI Q3 NET PROFIT UP 3%, MISSES TARGET
BENGALURU: The country’s largest carmaker Maruti Suzuki India (MSI) on Thursday reported 2.96% in net profit at ₹1,799 crore for the third quarter ended December 31.
The company had posted a net profit of ₹1,747.2 crore for the same period of previous fiscal.
Total income during the quarter under review stood at ₹19,528.1 crore as against ₹19,793.3 crore in the year-ago period.
During the October-December period this fiscal year, total vehicles sales grew 11.3% at 4,31,112 units. Domestic sales stood at 4,00,586 units, a growth of 12.4%, while exports were at 30,526 units, Maruti Suzuki said in a statement.
The company said its board in its meeting on Thursday discussed and approved a revision in the method of calculating royalty which would result in lower royalty payments for new model agreements starting with the Ignis.
“This would be implemented after approval by the Board of Suzuki Motor Corporation,” the statement added.
MSI said its profit increased by 2.96% only due to increase in effective tax rates and lower non-operating income due to mark-to-market impact on the invested surplus, compared to last year. Operating profit increased by 22.1%.
Shares of Maruti Suzuki India ended the day at ₹9,277.20 apiece, down 1.60% from the previous close on the Bombay Stock Exchange (BSE).