India’s largest automobile manufacturer, Maruti Suzuki has reported 39 percent decline in its net profit for the second quarter ended September 30, 2019, and stood at Rs 1391.1 crore.
The company’s revenue also declined 24.26 per cent to Rs 22,443.9 crore as against Rs 169,97.9 crore in the same quarter last year.
The Company sold a total of 338,317 vehicles during the quarter ended September 30, lower by 30.2 per cent as compared to the same period the previous year. Sales in the domestic market stood at 312,519 units, lower by 31.4 per cent while exports were at 25,798 units.
On half yearly basis, the company’s net profit for the period stood at Rs. 2,794.1 crore, lower by 33.7 per cent compared to the same period previous on account of lower sales volume, higher sales promotion expenses and higher depreciation expenses, partially offset by cost reduction efforts, higher fair value gains on invested surplus and reduction in corporate tax rate.
The company’s overall revenue operations also declined 18.2 percent to Rs 36,705.1 crore in H1 FY20.
The company sold a total of 740,911 vehicles during the period, lower by 24 per cent compared to the same period the previous year. During the period, Maruti registered net Sales of Rs. 34,855.6 crore, lower by 19.6 per cent.