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Maruti Q3 results: Auto giant posts 5% rise in profit at Rs 1,565 crore, misses Street estimates

ETMarkets.com|
Last Updated: Jan 28, 2020, 04.51 PM IST
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Maruti Q3: Auto giant posts 5% rise in profit at Rs 1,565 cr
Maruti Q3: Auto giant posts 5% rise in profit at Rs 1,565 cr

Highlights

  • Sales for the quarter rose 3.8% to Rs 19,649.10 crore.
  • Firm sold 4,37,361 vehicles during the quarter, up 2%.
NEW DELHI: Auto major Maruti Suzuki on Tuesday reported 5.07 per cent year-on-year rise in profit at Rs 1,564.80 crore for the December quarter compared with Rs 1,489.30 crore in the same quarter last year.

Analysts in an ET NOW poll had projected the number at Rs 1,680 crore.

During the quarter, cost reduction efforts, lower operating expenses, lower commodity prices and reduction in corporate tax rate were partially offset by higher sales promotion expenses, higher depreciation and lower fair value gains on invested surplus, the company said.

Sales for the quarter rose 3.8 per cent to Rs 19,649.10 crore. Total sales at Rs 21,506 crore missed ET Now poll estimate of Rs 21,900 crore.

The automaker sold a total of 4,37,361 vehicles during the quarter, up 2 per cent. Sales in the domestic market stood at 4,13,698 units, higher by 2 per cent. Exports stood at 23,663 units, up 2.7 per cent.

Margins for the quarter improved by 30 basis points to 10.10 per cent from 9.8 per cent in the same quarter last year.

Following the results, the stock hit an intraday low of Rs 7,040.05 on BSE, before recovering some ground. At 1.51 pm, the scrip was trading 0.22 per cent higher at Rs 7,122.60.

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