maruti suzuki newsMaruti Suzuki,  India’s largest car maker, on Friday fell short of analysts’ expectations by reporting net profit of Rs 1,882 crore, 10% higher than in the same quarter a year ago, as higher effective tax hurt the company.

Net sales grew by 0.83% to Rs 20,594 crore during the reporting quarter as compared to Rs 20,423 crore posted by same quarter fy16-fy17. The company’s operating profit margin expanded 20 basis points over the same period to 14.2%.

 “Increase in effective tax rates  and lower non-operating income due to mark-to-market impact on the invested surplus, compared to last year impacted  net profit,” the company said in a statement.
Company sold a total of 4.61 lakh vehicles during the quarter, 11.4% higher than in the same period last year. Sales in the domestic market stood at 4.27 lakh units, 11.6% higher year on year, while exports came in at 34,691 units.
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