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Maruti Suzuki Posts 63.3% Drop in Q3 Profits
Maruti Suzuki's sales during this period also fell by 17.4 per cent to 7,663.6 crores. It had earlier garnered sales worth Rs. 9,276.73 crore.
In its statement, Maruti Suzuki, has stated: “ Sales in the quarter were impacted by sluggish market conditions caused by higher fuel prices and interest rates. Unit sales in the Quarter were impacted by sluggish market conditions caused by higher fuel prices and interest rates. Additionally, the company lost around 40,000 units in production due to the industrial relations problem at Manesar."
The falling Rupee has also pushed Maruti Suzuki's third quarter profits down. The carmaker had to import parts at a higher price than previous years and the royalty it had to pay Suzuki was also high due to the strong Yen.
Here is what Maruti Suzuki had to say about its sales performance during the third quarter of 2011-12.
During the Quarter, the Company sold 211, 803 units in the domestic market as compared to 299, 527 units same period previous year.. In exports, the Company sold 27, 725 units against 31,160 units in the previous year. Unit sales in the Quarter were impacted by sluggish market conditions caused by higher fuel prices and interest rates. Additionally, the Company lost around 40,000 units in production due to the industrial relations problem at Manesar.
During this period, the company sold 684,892 units in the domestic market as compared to 820,350 units during same period in last year. In exports, the Company sold 88, 469 units.
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