Auto major Maruti Suzuki on Wednesday reported a consolidated loss of Rs 268.3 crore for the June quarter of FY21 (Q1FY21) as compared to profit of Rs 1,376.8 crore reported in the corresponding quarter last year.
This was the company's first quarterly loss since becoming public 17 years ago. The numbers, according to the company, were 'adversely impacted' by the outbreak of Covid-19 pandemic and the consequent lockdown announced to contain its spread. Although, the company's losses were partially off-set by lower operating expenses and higher fair-value gain on the invested surplus.
Maruti's revenue also dipped 78.67 per cent on a year-on-year (YoY) basis to Rs 4,110.6 crore, down from Rs 19,273.2 crore reported in Q1FY20.
Analysts at ICICI Securities had expected loss of Rs 383.6 crore and revenues at Rs 3,626.3 crore for Maruti in Q1. READ WHAT BROKERAGES HAD EXPECTED
In the April-June quarter, Maruti Suzuki India sold a total of 76,599 vehicles, down 81 per cent from 4,02,600 units sold in Q1FY20. Sales in the domestic market stood at 67,027 units while exports were at 9,572 units, down 82 per cent and 66 per cent, respectively, on a YoY basis.
In its result update, Maruti said Q1FY21 was an "unprecedented quarter" owing to the global pandemic of Covid-19 "wherein a large part of the quarter had zero production and zero sales in compliance with a lockdown stipulated by the government. Production and sales started in a very small way in the month of May....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."
The company's other income grew 57.6 per cent on YoY basis to Rs 1,318.3 crore during the quarter while total expenses dipped 69 per cent to Rs 5,770.5 crore.
On the operational front, Maruti reported Ebitda (earnings before interest, tax, depreciation, and ammortisation) loss of Rs 863.4 crore as compared to Rs 2,047.8 crore in the corresponding quarter last year. Ebitda margin stood at -21.05 per cent after declining 31.44 per cent on a YoY basis.
Maruti's stock slipped as much as 2.65 per cent to Rs 6,120 on the BSE after the announcement of the results as compared to 1.24 per cent decline in the S&P BSE Sensex.
(with PTI nputs)