The country’s largest passenger car maker, Maruti Suzuki India Ltd (MSIL), on Tuesday, reported a consolidated net profit of ₹1,587 crore for the third quarter ended December 31, 2019, up 4 per cent against the ₹1,524 crore reported in the previous-year period.
The company said in a statement its total income rose more than 5 per cent year-on-year (YoY) to ₹20,722 crore (₹19,680 crore).
MSIL sold a total of 4,37,361 vehicles during the quarter, up 2 per cent YoY.
“Sales in the domestic market stood at 4,13,698 units, higher by 2 per cent. Exports were at 23,663 units,” it said.
MSIL said it was able to register a higher net profit during the third quarter “on account of cost reduction efforts, lower operating expenses, lower commodity prices and reduction in corporate tax rate”. However, this was partially offset by higher sales promotion expenses, higher depreciation and lower fair value gains on invested surplus, it added.
Nine-month results
For the nine-month period ended December 2019, the company’s consolidated net profit stood at ₹4,355 crore, down 25 per cent (₹5,820 crore).
Total revenue from operations also declined 11 per cent to ₹57,452 crore (₹64,594 crore).
The company sold a total of 11,78,272 vehicles during the period, down 16 per cent YoY. While sales in the domestic market stood at 11,00,698 units (17 per cent decline YoY), exports stood at 77,574 units (up 2 per cent YoY).
Shares of MSIL closed at ₹6,996.95 apiece on the BSE on Tuesday, down 2.05 per cent from the previous close.