Maruti Suzuki posts Rs 249 crore loss for Q1
Published On: Wednesday, July 29, 2020 | By: Team KnowMyStock
Maruti Suzuki on Wednesday reported a consolidated loss of Rs 249.4 crore for the June quarter of FY21 (Q1FY21) as compared to a profit of Rs 1,376.8 crore reported in the corresponding quarter last year due to operating loss and lower revenue following a steep decline in sales volumes during the lockdown. It was the first time since its listing in 2003 that the auto major reported a quarterly loss. Analysts had projected a net loss of Rs 340 crore for the company. Revenue from operations declined sharply by 79.2 per cent to Rs 4,106.5 crore compared to the year-ago period. The company sold a total of 76,599 vehicles during the quarter, sharply lower from 4,02,594 in the same quarter a year ago. Sales in the domestic market stood at 67,027 units, while exports were at 9,572 units. The stock was down at Rs 6,172.35, down 1.83 per cent on the BSE.
Maruti said Q1FY21 was an "unprecedented quarter" owing to the global pandemic of Covid-19 "wherein a large part of the quarter had zero production and zero sales in compliance with a lockdown stipulated by the government.
Source: Money Control, Business India, Economic Times
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