Maruti Suzuki shares traded 1.54 per cent higher after earnings announcement.Maruti Suzuki India - the country's largest carmaker -on Friday reported a net profit of Rs 1,435.5 crore in the April-June period.
That marked a fall of27.32 per cent from Rs 1,975.30 crore in the corresponding period a year ago.
The carmaker's net profit and sales declined as the auto sector continuesto face pressure amid slowing economic growth.The net profit in the June quarter was aided by an over three-fold increase in other income, which came in at Rs 836.40 crore, according to a regulatory filing by the company.Its revenue from sales declined 14 per cent to Rs 18,753.20 crore compared with Rs 21,810.70 crore in the corresponding period a year ago.The company sold a total of 402,594 vehicles during the quarter, marking a decline of 17.9 per cent compared to the year-ago period.Sales in the domestic market fell 19.3 per cent to 374,481 vehicles.
Exports stood at 28,113 vehicles, Maruti Suzuki said.Maruti Suzuki's operating earnings before interest and taxes (EBIT) slumped 57.1 per cent to Rs 1,129.20 crore, the Delhi-based carmaker said.At 2:01 pm, Maruti Suzuki share pricetraded 1.54 per cent higher at Rs 5,848.95 apiece on the BSE, outperforming the benchmark Sensex index which was flat.Get Breaking news, live coverage, and Latest News from India and around the world on TheIndianSubcontinent.com.
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