Maruti records its first quarterly loss in at least a decade - lockdown pain drags revenues lower by 79%
- Maruti Suzuki reported a loss of ₹249.4 crore between April and June quarter compared to the same time last year. However, the street was expecting a 96% fall in its profit.
- The company’s total revenue was down over 79% to ₹4.1 crore.
- The share price of the car major is still down over a percent post its earnings.
AdvertisementIndia’s largest carmaker Maruti Suzuki reported a loss of ₹249.4 crore between April and June quarter compared to the same time last year.
This is the first time in at least a decade that the carmaker has reported a quarterly loss. The company’s total revenue was down over 79% to ₹4.1 crore.
“It was partially offset by lower operating expenses and higher fair-value gain on the invested surplus,” the company said in its filing to stock exchanges.
The street was expecting a 96% fall in its profit. The share price of car major is down over a percent after the earnings.
Indian automobile sector experienced a major setback in the wake of coronavirus induced lockdown, and Maruti wasn’t immune to this slowdown either. The quarterly sales for Maruti were down over 81%, while compared to the year earlier.
|Maruti||April to June 2020||April to June 2019||Growth %|
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