Maruti Suzuki Q3 FY21 profit beats estimates, rises to Rs 1,941.4 crore

Maruti Suzuki ltd

Automaker Maruti Suzuki on January 28 reported a 24.1 percent year-on-year (YoY) rise in Q3FY21 standalone net profit at Rs 1,941.4 crore.

In the corresponding quarter of the previous financial year, profit numbers were Rs 1,564.8 crore.

The profit number beat Street expectations as a CNBC-TV18 poll had estimated the number to the tune of Rs 1,833 crore.

The company reported a 13.3 percent YoY rise in Q3 standalone revenue at Rs 23,457.8 crore against Rs 20,706.8 crore in Q3FY20.

The revenue numbers were slightly below the market expectations. CNBC-TV18 poll had estimated the revenue numbers to the tune of Rs 23,655 crore.

The company reported a tax expense of Rs 508.4 crore versus Rs 441.6 crore YoY.

The company’s EBITDA grew 5.9 percent YoY to Rs 2,226 crore against Rs 2,102 crore in the corresponding quarter last year. CNBC-TV18 poll had estimated EBITDA at Rs 2,514 crore.

EBITDA margin for the quarter stood at 9.5 percent against 10.1 percent YoY. CNBC-TV18 poll had estimated EBITDA margin at 10.6 percent.

The company said it sold a total of 4,95,897 vehicles during the December quarter, higher by 13.4 percent compared to the same period in the previous year. Sales in the domestic market stood at 4,67,369 units, growing by 13 percent. Exports were at 28,528 units, higher by 20.6 percent.

Improved capacity utilisation, lower sales promotion expenses, cost-reduction efforts and higher fair value gains on invested surplus were the tailwinds during the said quarter.

However, adverse commodity prices, unfavorable product mix and adverse foreign exchange fluctuation posed challenges, said the company.

News Source:- Moneycontrol

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