Maruti Suzuki posts Rs 249 crore loss in lockdown-impacted Q1 FY2021

by Autocar Pro News Desk , 29 Jul 2020

The country’s largest carmaker, Maruti Suzuki India today reported the financial results for Q1 FY2020-21. During the period the company sold a total of 76,599 vehicles including 67,027 units in the domestic market and exported 9,572 units. In terms of financial performance, the company reported net sales of Rs 3,677 crore, and a net loss of Rs 249 crore, which was partially off-set by lower operating expenses and higher fair-value gain on the invested surplus.

The OEM says that owing to the global pandemic of Covid-19, Q1 FY2021 was an unprecedented quarter in Maruti Suzuki India’s history wherein a large part of the period had zero production and sales in compliance with a lockdown stipulated by the government.

The production and sales for the company just like the rest of the industry started in a very small way in the month of May. Maruti Suzuki India says its first priority was the health, safety and wellbeing of all employees and associates across the value chain including its customers, hence with carefully designed safety protocols, which went far beyond compliance levels, the production in the whole quarter was equivalent to just about two weeks’ of regular working. The results have to be viewed in this context.

Also read: Maruti Suzuki India sells 51,274 units in June, improves on May numbers

Maruti Suzuki India sells 13,888 units in lockdown-hit May