Maruti Suzuki India today came out with the official numbers for the first quarter of Financial Year 2019-20, registering a loss of 27.3 per cent in the quarter ending on June 30. The company’s net profit between April and June 2019 stood at ₹ 1,435 crore, against the ₹ 1,975 crore PAT (profit after tax) acquired during the same period in the Financial Year 2018-19. Maruti Suzuki’s total revenue from sale of products for the Q1 stood at ₹ 18,735 crore, lower by 14.1 per cent year-on-year basis (y-o-y) compared to the same period the previous year, during which the net sales touched ₹ 21,810 crore.
Symptomatic of the on-going industry slowdown, Maruti Suzuki was always expected to see a drop in net profit. But while analysts had expected worse, some going as low as 38 per cent in year on year profits, Maruti beat the estimation of Dalal Street with a decline of just a 27.3 per cent.
The company’s total income for the quarter, including total operation revenue and other income, stood at ₹ 20,556 crore, a decline of 9.52 per cent compared to the company’s total income of ₹ 22,731 crore reported in Q1 of FY 2019. In comparison, in the Q4 of the previous financial year, which ended with March 31, the carmaker registered a total income of ₹ 22,327 crore, and a profit after tax of ₹ 1,795 crore.
In the April-June quarter, Maruti Suzuki India sold a total of 402,594 vehicles, lower by 17.9 per cent compared to the same period the previous year. Sales in the domestic market stood at 374,481 units, lower by 19.3 per cent. Exports were at 28,113 units.
The company’s total expenditure for the first quarter of FY2020 went down by around 6 per cent to ₹ 18,645 crore, compared to the total expense of ₹ 19,848 crore spent during the same period last year. Within this, employee benefit expense increased by 12.27 per cent to ₹ 859 crore, while depreciation and amortisation expense jumped to ₹ 918 crore from ₹ 719 crore during the same period. This affected the company’s consolidated net profit which stood at ₹ 1,376.8 crore, a decline of 31.6 per cent, compared to ₹ 2,015.1 crore from the same period previous year.