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Maruti in the red, posts net loss of Rs 249 cr in Q1

It had reported a net profit of Rs 1,435.5 crore during the same quarter last year. 

Published: 30th July 2020 08:22 AM  |   Last Updated: 30th July 2020 08:22 AM   |  A+A-

Maruti Suzuki showroom

For representational purpose. (File Photo)

By Express News Service

NEW DELHI:  India’s largest carmaker Maruti Suzuki India (Ltd) on Wednesday reported a net loss of Rs 249.4 crore during the quarter ended June, primarily as production and sales activity remained closed for the most part of the three month period. It had reported a net profit of Rs 1,435.5 crore during the same quarter last year. 

Analysts had estimated the four-wheeler maker to report losses to the tune of Rs 350-450 crore for the quarter. MSIL said losses were partially offset  by lower operating expenses and higher fair-value gain on the invested surplus.

“Owing to the global pandemic of COVID-19, it was an unprecedented quarter in the company’s history wherein a large part of the quarter had zero production and zero sales in compliance with a lockdown  stipulated by the government,” MSIL said in a  statement, adding production and sales started in staggered manner from May.

During the quarter, the company registered net sales of Rs 3,677.5 crore, as against Rs 18,735.2 crore a year ago. MSIL sold a total of 76,599  vehicles during the quarter as  against 4,02,594 vehicles sold in the same quarter a year ago. Sales in the domestic market stood at  67,027 units, while exports were at 9,572 units.



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