Maruti Suzuki India quarterly profit rises to $265 mn

Maruti Suzuki India Ltd on Thursday reported a rise in third-quarter profit, as more consumers bought vehicles during the festive season and customers returned to showrooms after lockdowns eased across the country.

Indians typically are seen making big-ticket purchases during the festive season, which was in mid-November.

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Maruti, which sells every second car in India, saw demand for small cars as buyers turned to personal mobility in the aftermath of the COVID-19 pandemic.

In the third quarter, domestic unit sales of India`s top carmaker rose 13.4% year-on-year to 495,897 vehicles.

Passenger vehicle sales in December surged 13.6% from a year earlier, India`s trade body said earlier this month, but warned of rising costs.

The pandemic worsened problems for Indian carmakers, who were already witnessing tepid demand and an inventory pile-up. The companies are now also facing a global shortage of microprocessor chips and shipping containers.

Earlier this month, Maruti joined several carmakers in India to raise prices of some car models to tackle the impact of rising raw material costs.

Net profit for the three months ended Dec. 31 came in at 19.41 billion rupees ($265.46 million) for the three months ended Dec. 31, 2020, compared with a profit of 15.65 billion rupees last year.

Analysts on average had expected Maruti to post a profit of 18.79 billion rupees, according to Refinitiv data.

Revenue from operations rose 13.3% to 234.58 billion rupees.

($1 = 73.1191 Indian rupees)

Sub: 1. Unaudited Financial Results for the quarter ended on 31st December, 2020
2. Limited Review Report
3. Press Release
4. Presentation for analysts and institutional investors

Dear Sir,
Pursuant to the applicable regulations of SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, “SEBI (LODR) Regulations” please find the following:
1. Unaudited financial results as approved by the board of directors in the board meeting held today
for the quarter ended on 31
st December, 2020 (Annexure-“A”).
2. Limited Review Report for the said quarter (Annexure-“B”).
3. A copy of press release (Annexure-“C”).
4. Presentation that shall be shared with the analysts/ institutional investors with respect to the said
unaudited financial results (Annexure- “D”).
The board meeting commenced at
Kindly take the same on record.
Thanking you,
Yours truly,
For Maruti Suzuki India Limited
Sanjeev Grover
Vice President &
Company Secretary 
($1 = 73.1191 Indian rupees)

The story has been taken from a news agency