Maruti Suzuki Q3 net profit betters expectation
Share price of Maruti Suzuki India (MSIL) continue to slide even after posting strong earnings performance as investors decided to take profit off the table while the near term commodity price escalation prospect played out negatively.
MSIL reported a 24.1% year-on-year (YoY) rise in Q3FY21 standalone net profit at Rs 1,941.4 crore. In the corresponding quarter of the previous financial year, profit numbers were Rs 1,564.8 crore.
MSIL reported a 13.3% YoY rise in Q3 standalone revenue at Rs 23,457.8 crore against Rs 20,706.8 crore in Q3FY20.
EBITDA grew 5.9% YoY to Rs 2,226 crore against Rs 2,102 crore in the corresponding quarter last year.
It has sold a total of 4,95,897 vehicles during the December quarter, higher by 13.4% compared to the same period in the previous year. Sales in the domestic market stood at 4,67,369 units, growing by 13%. Exports were at 28,528 units, higher by 20.6%.
Improved capacity utilisation, lower sales promotion expenses, cost-reduction efforts and higher fair value gains on invested surplus were the tailwinds during the quarter under review.
However, adverse commodity prices, unfavorable product mix and adverse foreign exchange fluctuation posed challenges.
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