Due to the removal of indexation benefits and a change in the tax rate on long-term capital gains on debt mutual funds, Maruti Suzuki India reported an 18% year-over-year decline in consolidated net profit for the second quarter that ended in September, at Rs 3,102 crore.
In the July-September quarter of the previous fiscal year, the biggest automobile manufacturer in the nation reported a net profit of Rs 3,786 crore.
According to a regulatory filing from Maruti Suzuki India (MSI), total revenue from operations climbed to Rs 37,449 crore for the second quarter, up from Rs 37,339 crore for the same period last year.
Separately, the business reported a net profit of Rs 3,069 crore for the September quarter, which was 17% less than the Rs 3,716 crore it made during the same time last year.
Net sales of the company stood at Rs 35,589 crore against Rs 35,535 crore in the same quarter last year.
During the July–September quarter, MSI sold 5,41,550 vehicles, of which 4,63,834 were sold on the domestic market and 77,716 were exported.
In comparison to the same period last year, the export volume increased by 12% while the domestic volume decreased by 4%.
According to the company, the merger of Suzuki Motor Gujarat Pvt Ltd, a wholly-owned subsidiary, with the automaker has been approved in principle by the board.
The relevant provisions of the Companies Act of 2013 and its implementing rules, the Income Tax Act of 1961, and other applicable laws, as amended from time to time, will govern the implementation of the amalgamation.
The relevant provisions of the Companies Act, 2013, the related regulations, the Income Tax Act, 1961, and other applicable laws, as amended from time to time, will all be followed in the execution of the merger.
On the BSE, the company’s shares were down 5.94 percent at Rs 10,800.60 each.