India’s largest home car producer Maruti Suzuki India on Wednesday reported a standalone net profit of Rs 440.8 crore for April-June quarter of FY22 (Q1FY22), hit by elevated tax bills and decrease sale volumes. The company had posted a net loss of Rs 249.4 crore in the year-ago interval.
Sequentially, nonetheless, the profit declined 62.19 per cent from Rs 1,166.1-crore profit reported in the March quarter of FY21 as auto gross sales remained disrupted as a consequence of localised lockdown throughout April and May.
“The company’s operations and financial results for the quarter ended June 30, 2021 have been adversely impacted by the outbreak of Covid-19 pandemic and the consequent lockdown announced by the State Governments due to which the operations were suspended for part of the quarter and gradually resumed with requisite precautions,” the company mentioned in an announcement.
Maruti Suzuki bought a complete of 353,614 models throughout the quarter below research. Sales in the home market stood at 308,095 models whereas exports have been at 45,519 models. In comparability, throughout the identical interval earlier year, the company had bought a complete of 76,599 models together with gross sales of 67,027 models in home market and exports of 9,572 models.
The scrip of the Delhi-based automaker slipped 2.4 per cent to Rs 7,064 apiece in the intra-day offers however ultimately closed at Rs 7,150, down 1 per cent, as the underside line quantity missed Street estimates.
Analysts, on a median, had anticipated a standalone net profit wherever between Rs 787 crore and Rs 987.7 crore. However, the outlier figures on the intense ends pegged the identical at Rs 426 crore and Rs 1,097.4 crore. READ ANALYSTS EXPECTATIONS HERE
Operationally, Maruti Suzuki India reported income of Rs 17,770.7 crore throughout Q1, in contrast with Rs 4,106.5 crore in the year-ago interval, translating right into a 332.72 per cent rise. On a quarterly foundation, the revenue tumbled 26 per cent from Rs 24,023.7 crore.
Ebitda (earnings earlier than curiosity, tax, depreciation, and amortisation), in the meantime, got here in at Rs 821 crore, down 58.7 per cent QoQ, from Rs 1,991 crore clocked in Q4FY21. Ebitda loss stood at Rs 863.4 crore in the corresponding quarter of the earlier fiscal.
Consensus estimate for Ebitda was at Rs 1,094 crore with excessive deviations at Rs 860.5 crore and Rs 1,209 crore.
As anticipated, Ebitda margins contracted 370 foundation factors sequentially to 4.6 per cent from 8.3 per cent on increased commodity costs and poor working leverage. Margins have been -21 per cent in Q1FY21.