Maruti Suzuki posted its quarterly results ending June with total sales down 81pc and production declining by 87pc owing to COVID-19 and subsequent lockdown. The company registered a net loss on lower sales for the quarter.
The automaker’s production fell to 54,438units in Q1, down by 87pc from the prior year and sales for the quarter stood at 76,599 units and slipped by 81pc from the prior year. In March the company produced zero units as all production units were shuttered in compliance with the government’s strict lockdown restriction to curb COVID-19. Sales also took a hit for the same reasons as dealerships opened towards the end of May after lockdown was announced on March 24.
Despite the COVID-19 disruptions, there were some positives, the company said, including lower operating costs and higher fair value gains on invested surplus. May was the worst month for the company as it registered very small amount of production and sales which affected the quarter’s consolidated performance.
The company registered a net loss of Rs2,494mn ($33.35mn) which was partially off-set by lower operating costs. The company’s net sales stood at Rs36,775mn down by 79pc from Rs171,857mn the prior quarter.
($1= Rs 74.77)