New Delhi. After the stock market closed, the country’s largest auto company Maruti Suzuki India has released its first quarter results. The company has presented better results than the market’s estimates. In the first quarter (April-June) of the current financial year, the net profit of the auto company has increased by 46.9 percent. During this period, the company has recorded a net profit of Rs 3,650 crore. In the same quarter last year, the company’s profit was Rs 2,485.1 crore.
After the announcement of the first quarter results, the company’s shares have risen by 3.67 percent. The stock closed at Rs 13,346.05 on NSE. With this rise, the company’s market cap has increased to Rs 4.20 lakh crore.
The company’s results were better than expected
The company’s April-June revenue grew 10 percent to Rs 35,531 crore, from Rs 32,327 crore in the same quarter a year ago. A Moneycontrol poll of 8 brokerage companies had estimated the auto company’s first quarter net profit to be Rs 3,235 crore and revenue to be Rs 34,566 crore.
The company’s operating margin was at 11.1 per cent
The company’s operating margin in the first quarter increased by 350 basis points to 12.5 per cent compared to a year ago, mainly due to softening of commodity prices. Apart from this, cost reduction efforts, favourable operating leverage and favourable foreign exchange movement also helped in margins, the Delhi-headquartered company said in an investor presentation.
Vehicle sales increased
In a filing to exchanges, Maruti Suzuki India said the company sold 5.22 lakh vehicles during April-June, up 5 per cent year-on-year.
Tags: Auto News, Car Bike News, Maruti Suzuki
FIRST PUBLISHED : July 31, 2024, 19:11 IST