Maruti shares decline nearly 2 pc after Q1 earnings

Maruti Suzuki India (MSI), the country's largest carmaker, on Wednesday reported a consolidated net loss of Rs 268.3 crore for the first quarter ended June 30, hit hard by the coronavirus pandemic. The auto major, which got listed in July 2003, had posted a consolidated net profit of Rs 1,376.8 crore in April-June quarter of 2019-20.

Shares of Maruti Suzuki India on Wednesday declined nearly 2 percent after the company reported its first-ever quarterly loss since going public 17 years ago. The scrip ended 1.62 percent lower at Rs 6,185.60 on the BSE. During the day, it declined by 2.66 percent to Rs 6,120.

At the NSE, the stock dipped 1.44 percent to close at Rs 6,192. Maruti Suzuki India (MSI), the country's largest carmaker, on Wednesday reported a consolidated net loss of Rs 268.3 crore for the first quarter ended June 30, hit hard by the coronavirus pandemic.

The auto major, which got listed in July 2003, had posted a consolidated net profit of Rs 1,376.8 crore in April-June quarter of 2019-20. Net sales declined to Rs 3,679 crore in the first quarter as against Rs 18,738.8 crore in the year-ago period, MSI said in a statement.

On a standalone basis, the company reported a net loss of Rs 249.4 crore for the first quarter ended June 30. It had posted a net profit of Rs 1,435.5 crore on a standalone basis in April-June of 2019-20.

The auto major's net sales during the period under review declined to Rs 3,677.5 crore as compared to Rs 18,735.2 crore in the year-ago period. "Owing to the global pandemic of COVID-19, it was an unprecedented quarter in the company's history wherein a large part of the quarter had zero production and zero sales in compliance with a lockdown stipulated by the government," MSI said.