Maruti Suzuki’s Q3 net profit down 17.2%

Maruti Suzuki’s Q3 net profit down 17.2%

Mumbai: Automobile major Maruti Suzuki India on Friday reported a decline of 17.2 percent in its net profit for the quarter ended December 31, 2018.

According to Maruti Suzuki, the net profit during the quarter under review declined to Rs 1,489.3 crore from Rs 1,799 crore during the corresponding period of previous fiscal.

“The company registered net sales of Rs 189,264 million, lower by 0.1 percent, and a net profit of Rs 14,893 million, lower by 17.2 percent over the same period the previous year,” the company said in a statement on Friday.

Besides, the company’s net sales slipped by 0.1 percent to Rs 18,926.4 crore over the same period last year.

The auto major blamed the combination of several adverse factors such as adverse commodity prices and adverse foreign exchange rates among others which impacted profits.

The company sold a total of 428,643 vehicles during the quarter, a decline of 0.6 percent over the same period the previous year.

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