Why ULIP mis-selling has become rampant ?
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Maruti Suzuki India reported a consolidated net profit of Rs 487 crore for the second quarter ended on September 30, 2021 on Wednesday. The country’s largest carmaker profit declined by 66% YoY, as production was hampered by the ongoing semiconductor shortage. Adding to that, the rise in commodity prices also had an adverse impact on the company’s earnings. The company in a statement said that during the second quarter last fiscal, it had posted a consolidated net profit of Rs 1,420 crore.
Net sales fell by 9.09% to Rs 19,297.80 crore
During the second quarter, the consolidated revenue from operations stood at Rs 20,552 crore, as compared to Rs 18,756 crore in the year-ago period.
It said that the total vehicle sales slumped by 3% at 3,79,541 units, when compared to 3,93,130 units in the corresponding period last fiscal.
Net sales for the current quarter fell by 9.09% to Rs 19,297.80 crore as compared to Rs 17,689.30 crore in the corresponding quarter last year. While margin for the quarter stood at 4.1%.
Sales in the domestic market was at 3,20,133 units. Exports sales came in at 59,408 units, the highest in any quarter.
Due to the electronics component shortages, an estimated 1,16,000 units could not be produced which are mostly domestic models. The company had more than 2,00,000 pending customer orders at the end of the quarter for which the company in an exchange filling said that is making all efforts to expedite deliveries.