Maruti Suzuki Q2 net profit dips 18 pc to Rs 3 102 crore revenue at Rs 37 449 cr

    New Delhi, Oct 29 (PTI) Maruti Suzuki India on Tuesday reported an 18 per cent year-on-year dip in consolidated net profit to Rs 3,102 crore for the second quarter ended September, mainly on account of higher provisioning following the withdrawal of indexation benefit and changes in the long-term capital gains taxation.
    The country's largest carmaker posted a net profit of Rs 3,786 crore in the July-September quarter of the last fiscal.
    Its total revenue from operations increased to Rs 37,449 crore for the second quarter against Rs 37,339 crore in the year-ago period, Maruti Suzuki India (MSI) said in a regulatory filing.
    "Our turnover (in the second quarter) is the highest-ever which we have had in a quarter," Maruti Suzuki India Chairman RC Bhargava told reporters in an earnings conference call.
    The final PAT is a little bit lower than last year because of the impact of a change, which was made in the Budget in terms of the indexation benefits, which were available to long-term debt mutual funds, and now have been taken away, he added.
    "There is a taxation change, so that has resulted in our having to make a provision -- not an actual expenditure -- of Rs 800-odd crore, as a result of which, while the PBT has been higher, the PAT has come down to that extent," he added.
    On a standalone basis, the company reported a net profit of Rs 3,069 crore for the September quarter, down 17 per cent compared to Rs 3,716 crore in the same period of the last year.
    The net sales of the company stood at Rs 35,589 crore against Rs 35,535 crore in the same quarter last year.
    MSI said it has sold a total of 5,41,550 vehicles during the July-September quarter, of which the domestic market volume stood at 4,63,834 vehicles and the export volume was 77,716 units.
    While the domestic volume declined by 4 per cent, the export volume grew by 12 per cent compared to the same period of the previous year.
    Bhargava said the company is on track to cross over the 3 lakh unit export mark this fiscal.
    The company said its board has, in principle, approved the amalgamation of Suzuki Motor Gujarat Pvt Ltd, a wholly-owned subsidiary, with the automaker.
    Shares of the company ended 4.11 per cent down at Rs 11,010 apiece on BSE.

(This story has not been edited by THE WEEK and is auto-generated from PTI)