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Maruti Suzuki India Limited has announced its financial results for the first quarter of the current financial year. The brand registered total sales of Rs 3,677.5 crore - essentially an 80 percent decline from last year.
The results also state that the country's largest car manufacturer posted a net loss of Rs 249.4 crore between the months of April and June this year, as compared to the Rs 1,435.5 crore in profits posted during the same period last year.
The losses incurred between April and June 2020 is the first ever quarterly loss posted by Maruti Suzuki India Limited since the company went public and was listed on the stock exchange in 2003.
The brand's share value was trending at Rs 6,150 (per share value) at 3pm, after the company posted the results - 2 percent lower than yesterday's closing.
The brand says that the Covid-19 pandemic and the subsequent lockdown have created the first ever financial year quarter in the Auto Industry's history wherein brands witnessed a full closure of operations during the month of April.
A large period of the quarter also witnessed zero sales for Maruti Suzuki. The brand sold a total of 76,599 vehicles between the months of April and June 2020, of which 9,572 units accounted for exports.
A regulatory filing by the company revealed that the brand sold a total of 4.3 lakh vehicles during the same period last year. Maruti says that they were able to partially offset losses by running operations with lower capital expenses, and by higher fair-value gains via invested surplus.
In Maruti related news, rumors are that the brand has already imported multiple variants of the Suzuki Jimny via the CKD route, and is waiting for customs clearances before beginning assembly.
Expectations are that the Jimny will be launched in its five-door avatar, will feature Suzuki's 1.5-litre K15 engine, and will arrive with manual and automatic transmission options. To know more, click here.
Thoughts About Maruti Suzuki Posting A Rs 249.4 Crore Loss During The First Quarter Of The Financial Year
The first quarter of this financial year has not been the best three months for anyone from or related to the Auto Industry. We expect most, if not all manufacturers to post losses for the months of April, May and June 2020.