Maruti Suzuki India slips despite strong Q2 nos; here is what brokerages suggest
Maruti Suzuki India results: The carmaker had reported a profit of Rs 2,061.5 crore in the year-ago period. Maruti said that the jump in net profit was on account of higher net sales, a softening of commodity prices, cost reduction efforts, and higher non-operating income.
Maruti Suzuki share price NSE, Maruti Suzuki share price target 2023: Maruti Suzuki India (MSIL) shares on Monday, October 30, gave up initial gains to slip as much as nearly three per cent to day's low of Rs 10,245 on the NSE. India's leading car manufacturer reported its earnings for the quarter ended September 30, 2023, on Friday, October 27, during market hours, beating analysts' estimates by a big margin. Maruti Suzuki India shares ended 1.53 per cent lower at Rs 10,399 on NSE.
The company posted a standalone profit after tax (PAT) or net profit of Rs 3,716.5 crore for Q2, translating into an 80.3 per cent jump on a year-on-year (YoY) basis. The carmaker had reported a profit of Rs 2,061.5 crore in the year-ago period. Maruti said that the jump in net profit was on account of higher net sales, a softening of commodity prices, cost reduction efforts, and higher non-operating income.
The company's total revenue from operations came in at Rs 37,062.1 crore, up 23.8 per cent YoY. The company's operating earnings before interest, and tax (EBIT) jumped 95 per cent YoY to Rs 3,990.1 crore. Read more
Here's how the counter moved on Monday, October 30:
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