Maruti Suzuki reports 26% rise in Q3 net profit to Rs 1,996.7 crore

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The country’s largest carmaker Maruti Suzuki India (MSI) on Thursday reported a 26 per cent increase in its consolidated net profit to Rs 1,996.7 crore for the third quarter, driven by higher sales.

The auto major had posted a net profit of Rs 1,587.4 crore in the October-December quarter of the previous fiscal.

Total revenue from operations rose 13 per cent to Rs 23,471.3 crore for the third quarter as against Rs 20,721.8 crore in the same period last fiscal, MSI said in a statement.

During the December quarter, the company sold 4,95,897 vehicles, up 13.4 per cent compared to the same period previous fiscal.

Sales in the domestic market stood at 4,67,369 units, a growth of 13 per cent, while exports surged 20.6 per cent to 28,528 units, it added.

Adding a note of caution, Maruti Suzuki India said, “These results have to be viewed in the context that in the previous year FY2019-20, sales volume declined by 16 per cent for the company and about 18 per cent for the industry”.

On a standalone basis, the company posted a net profit of Rs 1,941.4 crore, up 24 per cent against Rs 1,564.8 crore in the year-ago period.

Standalone revenue from operations rose 13 per cent year-on-year to Rs 23,457.8 crore for the period under review.

Maruti Suzuki India shares were trading at Rs 7,719.70 on BSE, down 1.86 per cent from the previous close in the late afternoon session. PTI MSS RKL BAL