The country's largest car maker Maruti Suzuki India (MSI) on Thursday reported biggest drop in quarterly profit in over eight years with consolidated net profit declining by 38.99 per cent in the September ended quarter hit by sales slowdown in auto industry.
The company posted consolidated net profit of Rs 1,391.1 crore in the second quarter as compared to Rs 2,280.2 crore in the year-ago period.
The last time the company saw a bigger decline in net profit was in the second quarter of 2011-12 when it posted a net profit of Rs 241 crore, down 56 per cent from Rs 549 crore in the year-ago period.
Revenue from operations in the second quarter stood at Rs 16,123.2 crore as against Rs 21,553.7 crore in the year-ago period, down 25.19 per cent.
Sales volume during the quarter under review stood at 3,38,317 as compared with the same period last fiscal, down 30.2 per cent.
Commenting on the financial performance, MSI Chairman RC Bhargava said: "The results of the second quarter and the first half of the fiscal are substantially lower than the last year. The sales have dropped 22 per cent (in Q2) as a result of that everything has dropped."
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