Hit by lower sales due to the COVID-19 pandemic, Maruti Suzuki India on Tuesday reported a 25.1 per cent year-on-year (YoY) decline in its net profit at Rs 4,229.7 crore for the fiscal year 2020-21.
The carmaker attributed the decline in net profit to lower sales volume, increase in commodity prices, adverse foreign exchange movements, and lower non-operating income, partially offset by lower operating expenses and cost reduction efforts.
The automaker’s sales declined 6.7 per cent YoY to 14,57,861 vehicles during FY21 on account of the pandemic and related disruptions. Sales were lower by 21.7 per cent compared to the fiscal year 2018-19.
While domestic sales declined 6.8 per cent to 13,61,722 units, exports fell 5.9 per cent YoY to 96,139 units in FY21. Net sales stood at Rs 66,562.10 crore during the year, 7.2 per cent lower than the previous year.
News Source: businesstoday