Due to Covid-19 global pandemic, Maruti Suzuki India (MSIL), the country’s largest car maker, on Wednesday reported a consolidated net loss of ₹249 crore for the first quarter ended June 30, as compared to net profit of ₹1,435 crore in the corresponding period last year.
This is the first ever quarterly loss after the company got listed in July 2003.
Revenue from operations declined by 80 per cent year-on-year (YoY) to ₹3,677 crore for the quarter, against ₹18,738 crore in the April-June quarter last year.
“Owing to the global pandemic of Covid-19, it was an unprecedented quarter in the company’s history wherein a large part of the quarter had zero production and zero sales in compliance with a lockdown stipulated by the government,” the company said in a statement.
Production and sales started in a small way in May, it said.
“The company’s first priority was the health, safety and well-being of all employees and associates across the value chain including its customers. Hence with carefully designed safety protocols, which went far beyond compliance levels, the production in the whole quarter was equivalent to just about two weeks of regular working. The results have to be viewed in this context,” MSIL said.
The company sold a total of 76,599 vehicles during the quarter. Sales in the domestic market stood at 67,027 units and exports were at 9,572 units, the company added.
