Maruti Suzuki India witnessed almost an 18% drop in net profit at Rs 3,069 crore in the second quarter of this fiscal, FY25, compared with Rs 3,716 crore in the same period of the last fiscal.
As said by India's largest automaker, it is on account of the provision of Rs 837 crore owing to the withdrawal of indexation benefit and the change in tax rate on long-term capital gains on debt mutual funds as a part of the Finance Act 2024.
In the quarter, the company reported net sales of Rs 35,589 crore against Rs 35,535 crore during the same period of the previous year.
As part of its results of the current fiscal for the first six months, or H1 FY25, the company notched up net profit at Rs 6,719 crore in comparison with Rs 6,201 crore in H1 FY24.
The stock fell nearly 5.7 per cent to Rs 10,829.05 in Tuesday's trading after the financial results for the period under review.
Total of 541,550 units were sold in the quarter. In domestic volumes it fetched 463,834 while export volumes touched 77,716 units.
The company also added during the quarter under review the domestic volumes have fallen by 3.9 percent while the export volume has grown 12.1 percent as compared to the same period of last year.
In the first half of the current fiscal, a total 1,063,418 units were sold by the company, of which 915,142 units were sold in the domestic market and 148,276 units in the export market. Sales volume from the domestic market went down by 0.3 percent, but sales volume from the export market increased by 11.9 percent year over year.
Maruti Suzuki India has marked a feat, as its Manesar plant in Haryana just broke the 1-crore milestone in cumulative production. As a result of this milestone, this has become Suzuki's first car plant around the globe to break that mark within 18 years.
As for its absolute production capability, it's a little less than 2.35 million units annually. Since incorporation, this has produced over 3.11 crores (on October 6).
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