Maruti Suzuki India, the country’s largest carmaker (in terms of volumes) has announced its financial results for Q2 FY2021 and H1 FY 2021. The company reported revenue of Rs 17,689 crore for Q2 FY2021, a growth of 9.7 percent YoY, and net profit of Rs 1,371 crore, which is one percent higher compared to same period last year. Maruti Suzuki India says the net profit for Q2 FY2020 was higher due to mark-to-market gains on the invested surplus and lower tax provision.
In the second quarter of FY2021, the company sold a total of 393,130 vehicles, higher by 16.2 percent compared to the same period the previous year, including domestic sales came at 370,619 units (18.6%) and exports of 22,511 units (-12.7%).
The company says its performance in this financial year was affected by the unforeseen Covid-19 pandemic. In Quarter 1, the performance was significantly affected due to Covid-19 related disruptions and lockdowns. For Quarter 2, the performance improved on the back of some demand recovery and gradual improvement in supply conditions. The production across the company’s factories and supply chain was progressively ramped up consistent with our policy of maximum safety of the people and following all prescribed protocols to ensure this.
Maruti Suzuki India says its performance in the first half has to be seen in conjunction with Covid-19 related disruptions. During the first half of FY2021, the Company sold 469,729 vehicles during the period was lower by 36.6 percent compared to the same period the previous year. Sales in the domestic market stood at 437,646 units. Exports were at 32,083 units.
This resulted in net sales of Rs 21,366 crore, lower by 38.7 percent compared to the same period the previous year. The net profit was Rs 1,122 crore, lower by 59.8 percent compared to the same period the previous year.