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Maruti Suzuki profit and margin exceed Street estimates but stock falls amid broad sell-off

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Maruti Suzuki profit and margin exceed Street estimates but stock falls amid broad sell-off

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Maruti Suzuki's net profit increased 57.7 percent year-on-year to Rs 1,838.9 crore for the January-March period, exceeding Street estimates.

Maruti Suzuki on Friday reported a net profit of Rs 1,838.9 crore for the January-March period, up 57.7 percent on a year-on-year basis, exceeding Street estimates. The Maruti Suzuki stock, however, fell amid a broad last-hour sell-off in the market.
Revenue of the carmaker rose 11.3 percent to Rs 26,740 crore compared with the corresponding period a year ago, according to a regulatory filing.
Its quarterly earnings before  interest, taxes, depreciation and ammortisation (EBITDA) improved to Rs 2,427 crore from Rs 1,991 crore a year ago.
Both bottomline and margin came in ahead of analysts' expectations.
The auto major's sales volume came in at 4.89 lakh units in the three-month period, as against 4.92 lakh units in the year-ago period, according to the filing.
The company said adverse commodity prices hurt its margin.
Maruti Suzuki shares ended lower by Rs 155.2 or two percent at Rs 7,732.8 apiece on the BSE, having fallen as much as 3.3 percent during the session.
Maruti Suzuki's board approved a final dividend of Rs 60 per share for the year ended March 2022.
Maruti Suzuki said production in the year ended March 2022 was impacted by a shortage of electronic components by an estimated 2,70,000 vehicles, mostly domestic models. That led to pending customer bookings of about 2,68,000 vehicles at the end of the year, according to the company.
The company also said it witnessed a disruption in the first quarter of the year owing to the second wave of the pandemic.
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