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Maruti Suzuki reported a quarterly loss for the primary time since 2003, when it was listed on the Bombay Stock Exchange.
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This is Maruti Suzuki’s first ever quarterly loss because it obtained listed at the inventory alternate in 2003.
Country’s largest maker Maruti Suzuki has introduced its monetary outcomes for the primary quarter of the present monetary yr. During the interval from April to June 2020, the corporate registered complete gross sales of ₹ 36,77.5 crore, down a whopping 80 per cent from final yr. It additionally made a web lack of ₹ 249.4 crore in the identical interval that ended on June 30. In the primary quarter of earlier monetary yr the corporate had posted a revenue of ₹ 1,435.5 crore. This is Maruti Suzuki’s first ever quarterly loss because it obtained listed at the inventory alternate in 2003.
A big a part of the quarter had zero manufacturing and gross sales owing to the lockdown
After the announcement, the shares of the corporate had been buying and selling at round ₹ 6,150 at three pm, roughly 2 per cent decrease than yesterday’s shut of day’s commerce. The Coronavirus pandemic ensured an unprecedented quarter within the historical past of the Indian car business, Where operations had been utterly shut within the month of April and solely partially resumed in May. This means a big a part of the quarter had zero manufacturing for Maruti Suzuki and nil gross sales in compliance with the lockdown stipulated by the federal government.
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In phrases of gross sales, Maruti Suzuki offered a complete of 76,599 automobiles in the course of the quarter. Sales within the home market stood at 67,027 models whereas a complete of 9,572 automobiles had been exported. According to the corporate it was capable of partially off-set losses by guaranteeing decrease working bills and better truthful-worth achieve on the invested surplus. The info was revealed by the corporate in a regulatory submitting at the Bombay Stock Exchange on Wednesday. In the April-June quarter final yr, the corporate offered a complete of 402,594 automobiles, which in flip was decrease by 17.9 per cent when in comparison with the identical interval in 2018-2019.
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