Maruti Suzuki India reported an 18% decline in consolidated net profit for the second quarter ending September, totaling ₹3,102 crore, affected by the withdrawal of indexation benefits and changes in the tax rate on long-term capital gains from debt mutual funds. In the same quarter last year, the company posted a net profit of ₹3,786 crore.
Total revenue from operations slightly increased to ₹37,449 crore, up from ₹37,339 crore in the previous year, according to a regulatory filing.
On a standalone basis, net profit for the September quarter was ₹3,069 crore, a 17% decrease compared to ₹3,716 crore during the same period last year. Net sales were reported at ₹35,589 crore, compared to ₹35,535 crore in the prior year’s quarter.
The company sold 541,550 vehicles in the July-September quarter, with domestic sales accounting for 463,834 units and exports reaching 77,716 units. Domestic sales fell by 4%, while export volumes increased by 12% year-on-year.
Additionally, Maruti Suzuki’s board has approved the proposed amalgamation of its wholly-owned subsidiary, Suzuki Motor Gujarat Pvt Ltd, with the parent company. This process will adhere to the relevant provisions of the Companies Act, 2013, and other applicable laws.
Following the announcement, shares of Maruti Suzuki were trading down by 5.94% at ₹10,800.60 on the BSE.
