By Malvika Gurung
Investing.com -- The Indian automaker has reported a grim earnings report for the quarter ending September. It’s net profit declined by 63.35% year-on-year to Rs 475.3 crore, missing Street estimates of Rs 767 crore.
However, the automaker’s net profit grew by 7% sequentially, from Rs 441 crore recorded for the quarter ending June.
Additionally, the auto major’s standalone revenue grew to Rs 20,539 crore, up by 10% compared to the figure reported in the same period last year, while sequentially, this figure was up 16%.
However, in terms of sales, net sales for Maruti Suzuki (NS: MRTI ) plunged 9.09% to Rs 9,297.80 crore QoQ and the EBITDA margin fell to 4.2% for the said quarter, down 6.1% YoY.
Maruti Suzuki’s grim performance is largely a result of adverse commodity prices and global shortages in chip components, leading to lower volumes and sales figures.
The automaker, in a BSE filing, stated that nearly 1,16,000 vehicles could not be produced due to shortage incurred in electronic chip supplies, while over 2,00,000 orders were pending at the end of September.
However, contrary to the result, Maruti Suzuki’s scrip was trading 0.7% higher at Rs 7,354.50 apiece at 3:25 pm on Wednesday.
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But why did all motor stocks raise after the news? If nifty didn't fell, then definitely all motor stocks were ready to fire up. It was confusion. Any reason why stocks shot up after the results?Like 2
Gap downLike 0
2MOROW GAPE UP R GAPE DOWN MARUTI ANY VIEWLike 1