Maruti Suzuki Q1 Results 2019: Maruti Suzuki India, the country's largest car maker, on Friday reported 27.3 per cent year-on-year decline in its net profit at Rs 1,435.50 crore for the first quarter ended June 30, 2019, dented by lower sales volume and higher depreciation expenses.
"The auto major had posted a net profit of Rs 1,975.30 crore in the same quarter last year," Maruti Suzuki India said in a filing to the Bombay Stock Exchange.
The company said that the first quarter earnings were impacted by negative factors, such as higher depreciation expense, lower capacity utilisation, adverse commodity prices and higher sales promotion expense.
Maruti Suzuki's net sales slipped by 14.1 per cent to Rs 18,735.20 crore in April-June quarter of FY20 as against Rs 21,810.70 crore in the same quarter last fiscal. Total revenue during the quarter dipped by 12.2 per cent to Rs 19,719.8 crore as compared to Rs 22,459.40 crore in the year-ago period, dragged by fall in sales volumes.
During the quarter under review, the company sold a total of 402,594 vehicles, lower by 17.9 per cent compared to 490,479 units sold in the same period previous year. Sales in the domestic market fell by 19.3 per cent YoY to 374,481 units. Exports stood at 28,113 units.
EBIT (earnings before interest and taxes) tumbled 57.1 per cent YoY to Rs 11,292 crore, while profit before tax (PBT) declined 33.7 per cent to Rs 1,910.90 crore on the yearly basis.
The other income of the company jumped nearly four-folds to Rs 836.40 crore as against Rs 271.80 crore in the year ago fiscal.
Following Q1 results, shares of Maruti Suzuki India were trading at Rs 5,840 apiece, up 1.38 per cent, as compared to previous close on the BSE.
Edited by Chitranjan Kumar