Sluggish sales hit Maruti Suzuki, Q3 net drops 63.6 pc
Maruti Suzuki was hit by sluggish market conditions caused by higher fuel prices & interest rates, besides the long strike at its Manesar plant
Maruti Suzuki India Ltd has seen a 63.6 per cent drop in its net profit for the third quarter ended December 31, 2011 at Rs 2,056 million. The company registered net sales of Rs 76,636 million, a decline of 17.4 per cent over the same period in the previous year.
During the quarter, Maruti Suzuki 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 its Manesar, Haryana, plant.
The depreciation of the rupee during the quarter adversely impacted the bottomline through higher cost of imports for the company and its vendors and royalty.
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