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.