New Delhi, Oct 29 (UNI) Car market leader Maruti Suzuki on Tuesday reported an 18 per cent year-on-year decline in consolidated net profit to Rs 3,102.5 crore for the July-September quarter (Q2) of the current financial year 2024-25.
The company had posted a profit of Rs 3,786.2 crore in the Q2 of the previous financial year 2023-24.
The top carmaker’s sales increased 0.14per cent to Rs 35,586.5 crore in the September quarter of the current fiscal from Rs 35,535.2 crore in the corresponding period of the previous year.
Maruti Suzuki said in a release that it sold a total of 5,41,550 vehicles during the September quarter, of which the domestic market volume was 4,63,834 vehicles and the export volume was 77,716 vehicles. While the domestic volume declined by 3.9 per cent, the export volume grew by 12.1per cent compared to the same period of the previous year.
The company noted that its net profit for the quarter under review declined due to a provision of Rs 837.6 crore resulting from the withdrawal of indexation benefit and change in tax rate on long term capital gains on debt mutual funds as per the Finance Act 2024.
“This impact was intimated earlier to the stock exchanges on 17th August 2024,” it said.
