Maruti Suzuki India slipped 3.21% to Rs 11113.20 after the company reported 17.4% fall in net profit to Rs 3,069.2 crore as sales remained almost flat at Rs 35,589.1 crore in Q2 FY25 as compared with Q2 FY24.
The fall in net profit was due to a provision of Rs 837.6 crore resulting from the withdrawal of indexation benefit and change in tax rate on long term capital gains on debt mutual funds as per the Finance Act 2024.
The company sold a total of 541,550 vehicles during the quarter, of which the domestic market volume was 463,834 vehicles and the export volume was 77,716 vehicles. While the domestic volume declined by 3.9%, the export volume grew by 12.1% compared to the same period of the previous year.
Operating EBIT dropped by 8.1% to Rs 3,665.7 crore in Q2 FY25 from Rs 3,990.1 crore in Q2 FY24. Operating EBIT for the period under review was 10.3% as against 11.2% recorded in the same period last year.
Profit before tax in Q2 FY25 stood at Rs 5,100.5 crore, up by 6.3% from Rs 4,798.6 crore in Q2 FY24.
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Maruti Suzuki stated that gains from cost reduction efforts, favourable foreign exchange variation and higher non-operating income were offset by higher sales promotion expenses.
Maruti Suzuki India is engaged in the manufacture, purchase and sale of motor vehicles, components, and spare parts (automobiles).
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