Maruti Suzuki India today released the financial results for the third quarter of the 2018-19 financial year, which ended with December 31, ...
Maruti Suzuki India today released the financial results for the third quarter of the 2018-19 financial year, which ended with December 31, 2018. The company registered net sales of Rs. 189,264 million and a net profit of Rs. 14,893 million, between October and December 2018. While the company sales saw a marginal fall of 0.1 per cent, Maruti's total profit went down by 17.2 per cent, compared to the company's performance over the same period of the previous year. The company's profit after tax in the same quarter previous fiscal year stood at Rs 1,799 crore.
Maruti Suzuki India is viewing the results of this quarter in the context of, particularly weak market conditions. The company pointed out that the industry itself grew only by 4.4 per cent in the first 3 quarters of the year and declined in the third quarter by 0.8 per cent, despite SIAM (Society of Indian Automotive Manufacturers) prediction that the domestic market will see a growth of 8 to 10 per cent. Maruti also stated that Q3 FY2019 was affected by several other adverse factors like - adverse commodity prices, adverse foreign exchange rates, higher marketing & sales expenditure, and higher costs in resources and capacities which were earlier planned to enable a higher estimated growth.
On the other hand, the company's total earning of the company, including other operating revenues, reached Rs. 196,683 million, seeing a growth of 2 per cent, compared to Rs.192,832 million. The company's total expenses for the quarter accounted for Rs. 185,255 million.
During this quarter, the company sold a total of 428,643 vehicles in India, which also went down by 0.6 per cent compared the Q3 of FY 2018. Passenger vehicle exports from India also declined by 8.5 per cent owing to weakness in global markets, protection in some markets and devaluation of most currencies with respect to the US Dollar.
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