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This article is more than 1 year old.

Maruti Suzuki posts first net loss since 2003 at Rs 249 cr; revenue plunges 79%

Mini

Country's largest passenger car manufacturer Maruti Suzuki reported a net loss of Rs 249.4 crore in the first quarter of fiscal 2021 as against a net profit of Rs 1,435.5 crore in the same quarter of previous fiscal. CNBC-TV18 analysts' poll had an estimated net loss of Rs 445 crore.

Maruti Suzuki posts first net loss since 2003 at Rs 249 cr; revenue plunges 79%
Country's largest passenger-car manufacturer Maruti Suzuki reported a net loss of Rs 249.4 crore in the first quarter -- its first quarterly loss since 2001 -- underlining the impact of the lockdown.
Revenue plunged 79.2 percent to Rs 4,106.5 crore, compared to Rs 19,719.8 crore in the year-ago period.
The before was still ahead of street estimates: a CNBC-TV18 poll of analysts had expected the company to post a net loss of Rs 445 crore on revenues of Rs 3,789 crore.
The net loss was partially offset by lower operating expenses and a tax write-back of Rs 96.3 crore.
The company, which did not sell a single vehicle in April because of the lockdown, sold a total of 76,599 vehicles during the quarter. Sales in the domestic market stood at 67,027 units. Exports were at 9,572 units.
During the quarter, the company registered net sales of Rs 3,677 crore.
The company also posted a huge EBITDA loss of Rs 863.4 crore in Q1FY21 as against EBITDA profit of Rs 2,047.8 crore in Q1FY20.
Other income rose to Rs 1,318.3 crore from Rs 836.4 crore, YoY.
"Owing to the global pandemic of COVID-19, it was an unprecedented quarter in the Company’s history wherein a large part of the quarter had zero production and zero sales in compliance with a lockdown stipulated by the government. Production and sales started in a very small way in the month of May," Maruti Suzuki said in an exchange filing.
At 2:35 pm, shares of Maruti Suzuki were trading 1.25 percent lower at Rs 6,208.50 on the BSE.
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