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Net profit drops 65% to Rs 475 crore, Street estimates miss


Maruti Suzuki on Wednesday reported stand-alone net profit of Rs 475.3 crore for the quarter ended September 30, without Street’s estimates. Net profit was down 65.3% year-on-year. The country’s largest automaker posted standalone revenue of Rs 20,538.9 crore for the three-month period, up 9.6% year-on-year.

Analysts in a CNBC-TV18 poll had predicted the automotive major’s net profit at Rs 767 crore on revenues of Rs 19,335 crore.

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Maruti Suzuki’s profit before interest, taxes, depreciation and amortization (EBITDA) fell 55.8% to 854.8 crore rupees during the July-September period. Its EBITDA margin fell to 4.2 percent in the three months to September 30, from 10.3 percent in the corresponding period a year ago.

Analysts had estimated the company’s second-quarter EBITDA at Rs 1,091 crore and its EBITDA margin at 5.6%.

Maruti Suzuki said unfavorable raw material prices and shortage of electronic components were key negative factors during the quarter, with low non-operating revenue and capacity utilization dragging its margins.

Maruti Suzuki shares recovered their intraday losses to rise after the results were announced. At 2:20 p.m., the stock was trading 1.7% more at Rs 7,423.2 per coin on BSE. The Sensex index remained stable in choppy trading.

(Edited by : Sandeep Singh)

First publication: STI

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