Maruti Q1 net dips 32 per cent at Rs 1,377 crore amid slowdown woes

The country's largest carmaker Maruti Suzuki India (MSI) on Friday reported 31.67 per cent decline in consolidated net profit at Rs 1,376.8 crore for the first quarter ended June 30, on account of lower sales volume and higher depreciation expenses. It had posted a net profit of Rs 2,015.1 crore in April-June 2018-19, MSI said in a regulatory filing. Revenue from sale of products was at Rs 18,738.8 crore as compared with Rs 21,813.8 crore earlier, down 14 per cent.

Depreciation and amortisation expenses during the first quarter stood at Rs 919 crore as compared with Rs 720.3 crore in the year-ago period. The company sold a total of 4,02,594 vehicles during the quarter, lower by 17.9 per cent as compared to the same period previous year. Sales in the domestic market stood at 3,74,481 units, lower by 19.3 per cent. Exports were at 28,113 units.

Shares of Maruti Suzuki were trading up 1.88 per cent at Rs 5,868.65 apiece on BSE.