New Delhi: The country’s largest car manufacturer Maruti Suzuki India on Wednesday announced the financial results for the second quarter of the current financial year (2021-22). The company said that its consolidated net profit declined by 66 percent to Rs 487 crore during the second quarter ended September 30, 2021.
Huge loss to Maruti due to chip shortage
The company said that manufacturing was affected due to a semiconductor shortage during the period under review. Apart from this, the profit of Maruti was also affected due to an increase in commodity cost. Maruti Suzuki India said in a statement that the company had posted a cumulative net profit of Rs 1,420 crore in the second quarter of the last financial year.
Cumulative income from operations stood at Rs 20,551 crore during the quarter under review as against Rs 18,756 crore in the same period a year ago. Total vehicle sales in the second quarter declined by three percent to 3,79,541 units as against 3,93,130 units in the same period last fiscal.
Maruti Suzuki will launch electric vehicles only after 2025: Bhargava
It is worth noting that Maruti Suzuki India will launch Electric Vehicles (EV) in the country only after 2025. The company says that the demand for such vehicles is low at this time and would like to sell around 10,000 units every month whenever its forays into the electric vehicle segment. The company’s chairman RC Bhargava gave this information.
