Maruti Suzuki Q3 results: Net profit skids 48% on global chip shortage

Expects no demand let-up; targets production ramp-up in Q4

Maruti Suzuki India (MSIL), the country's largest carmaker, on Tuesday reported a 48 per cent fall in third-quarter (Q3) net profit, as the global chip shortage slowed production and high material costs squeezed margins.

The carmaker reported a standalone net profit of Rs 1,011 crore for the three months ended December, compared with Rs 1,941 crore a year earlier.

Standalone revenue for the Gurgaon-based company fell 1 per cent to Rs 23,246 crore. The preceding quarter saw the top line at Rs 20,538 crore. The company hopes to increase production in the fourth quarter, although it will not reach full