The country’s largest carmaker Maruti Suzuki India (MSI) on Wednesday reported a consolidated net profit of Rs 475 crore for the first quarter ended June 30. The auto major had posted a consolidated net loss of Rs 268 crore in the April-June quarter of 2020-21.
It noted that during the first quarter its sales and production were adversely impacted due to the second wave of the COVID-19 pandemic. However, the situation was not as bad as was witnessed in the April-June quarter of the last fiscal.
“While all parameters this quarter were substantially better than Q1 of FY2020-21, a comparison is not meaningful because Q1 last year had a much higher degree of disruption due to the pandemic,” MSI said in a statement.
MSI said its board decided to confer the title of ‘Honorary Chairman’ on Osamu Suzuki, who retired from the Board of Suzuki Motor Corporation in June 2021.
He, however, continues to remain on the Board of MSI.
“The Board took note of his deep commitment to Maruti Suzuki over the last 40 years, and the huge contribution he has made towards its success. The entire nation has benefitted from his efforts. In recognition of his services to the company, the Board of Directors unanimously decided to confer on him the title of Honorary Chairman,” the auto major stated.
MSI’s total revenue from operations stood at Rs 17,776 crore in the first quarter as compared to Rs 4,111 crore in the year-ago period.
The company said it has sold a total of 3,53,614 vehicles during the first quarter, as compared to 76,599 units in COVID-hit first quarter of the last fiscal.
Sales in the domestic market stood at 3,08,095 units, while exports were at 45,519 units during the period under review.
The company had sold 67,027 units in the domestic market and 9,572 units in overseas markets in Q1 of FY20.
On a standalone basis, the company reported a net profit of Rs 441 crore in the quarter. It had posted a net loss of 249 crore in the Q1 of 2020-21.
“The profit for the Q1 FY2021-22 was primarily impacted due to lower sales volumes. Commodity prices increased steeply, but the company continued to make efforts to reduce costs,” it stated.
Shares of the company closed 1.26 per cent down at Rs 7,150.20 apiece on the BSE.