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Maruti Suzuki India Q2 profit slides on sales dip, but beats estimates

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Maruti Suzuki India Q2 profit slides on sales dip, but beats estimates

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Net profit fell to Rs 2,240 crore ($305.73 million) for the quarter ended Sept. 30, versus Rs 2,484 crore a year earlier.

Maruti Suzuki India, whose iconic Maruti 800 nearly four decades ago helped spur car ownership in the country, posted on Thursday a 9.8 percent drop in quarterly net profit, but beat analysts' estimates helped by its cost-cutting efforts.

Net profit at India's top-selling car maker fell to Rs 2,240 crore ($305.76 million) in the quarter ended Sept 30 from Rs 2,484 billion rupees last year as higher crude oil prices and a weakening rupee weighed on consumer demand.
The New Delhi-based automaker's profit fell for the first time in 18 quarters on a year-on-year basis.
Twenty one analysts on average forecast a profit of Rs 2,028 crore, according to Refinitiv estimates.
The Indian unit of Japanese car maker Suzuki Motor Corp sold 4,84,848 vehicles during the quarter, down 1.5 percent from a year earlier. Sales at home fell 0.4 percent to 4,55,400 units in the same period.
Maruti's vehicles include the Alto 800 hatchback, sedans like Ciaz and the S-Cross SUV. The automaker provides the bulk of Suzuki's revenue, and has a market value more than that of its parent at around $28 billion.
Shares of Maruti were down 1.5 percent at 0843 GMT, versus a 0.9 percent fall in the broader market.
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