Maruti Suzuki profit drops 66%

New Delhi, October 27

The country’s largest carmaker, Maruti Suzuki India, on Wednesday reported a 66% decline in consolidated net profit at Rs 487 crore in the second quarter ended September 30, impacted by the ongoing semiconductor shortage and increase in commodity prices.

The company had posted a consolidated net profit of Rs 1,420 crore in the second quarter of last fiscal, Maruti Suzuki India said.

Electric vehicles after ’25: Bhargava

Maruti Suzuki India will launch electric vehicles in the country only after 2025 as demand for such vehicles at the moment is less and it would like to sell around 10,000 units a month whenever it enters the electric mobility space, company Chairman RC Bhargava said on Wednesday.

Consolidated revenue from operations stood at Rs 20,551 crore in the second quarter, as compared to Rs 18,756 crore in the year-ago period, it added. Total vehicle sales were down 3% at 3,79,541 units in the second quarter, as against 3,93,130 units in the corresponding period last fiscal, it said.

An estimated 1.16 lakh vehicles could not be produced owing to the electronics component shortage, the company said. — PTI