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Maruti Suzuki Q1 results: Loss stands at Rs 249 crore, revenue falls 79% amid coronavirus

Maruti Suzuki on Wednesday reported a net loss of Rs 249.4 crore in April-June quarter of fiscal 2020-21 as against a profit of Rs 1,435.5 crore in the corresponding period of last fiscal

twitter-logoBusinessToday.In | July 29, 2020 | Updated 14:55 IST
Maruti Suzuki Q1 results: Loss stands at Rs 249 crore, revenue falls 79% amid coronavirus
Maruti Suzuki

Maruti Suzuki on Wednesday reported a net loss of Rs 249.4 crore in April-June quarter of fiscal 2020-21 as against a profit of Rs 1,435.5 crore in the corresponding period of last fiscal. The loss was partially off-set by lower operating expenses and higher fair-value gain on the invested surplus, Maruti Suzuki said in an exchange filing.

Similarly, revenue slipped 79 per cent on a yearly basis to Rs 4,106.5 crore as against Rs 19,719.8 crore in Q1FY20. The company sold a total of 76,599 vehicles during the given quarter. Other income stood at Rs 1,318.3 crore compared to Rs 836.4 crore in Q1FY21. Tax write-back was reported at Rs 96.3 crore as against expense of Rs 475.4 crore on-year.

Sales in the domestic market stood at 67,027 units. Exports were at 9,572 units. During the quarter under review, the company registered net sales of Rs 3,677.5 crore from Rs 18,735.2 crore a year ago.

"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. Production and sales started in a very small way in the month of May. The Company's first priority was the health, safety and wellbeing of all employees and associates across the value chain including its customers. Hence with carefully designed safety protocols, which went far beyond compliance levels, the production in the whole Quarter was equivalent to just about two weeks' of regular working," the company said.Also read: India may set up electronics commission to reduce dependency of manufacturers on China

Also read: Chinese app ban: TikTok says ready to store data locally, denies breach of user privacy

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