Maruti Suzuki has released its financial results of the first quarter (Q1) of FY2020-21. As per the results, the company has reported a net loss of Rs 2,494 million (249.4 crore) from 1st April to 30 June 2020. The suffered profit was primarily due to less number of sales plagued by nationwide implemented lockdown to control the expansion of COVID-19.
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Maruti Suzuki's Sales Figure in the first quarter of FY 2020-21
During the starting three months of Financial Year 2020-21, the company sold a total of 76,599 vehicles, including 67,027 unit sales in the domestic market and 9,572 units exported to other countries.
In the Q1, Maruti Suzuki has registered a net sales of Rs 36,775 million, whereas the total loss stand at Rs. 2,494 million. The company stated that the loss was partially compensated by lower operating expenses and higher fair-value gain on the invested surplus.
The company further stated that Q1 was an odd quarter in the Company’s entire history wherein an extensive part of the quarter had zero production and zero sales in compliance with a lockdown stipulated by the Indian government. However, the production and sales re-started in a very small extent in May 2020. The production in Q1 was equivalent to just about two weeks’ of regular working.
