During the quarter, Maruti Suzuki registered net sales income of ₹35589 crore against ₹ 35535 crore in the same period of the previous year.
| Photo Credit: Reuters

Maruti Suzuki India Ltd. (MSIL) for the second quarter ended September 30, 2024 reported 17% drop in net profit to ₹3,069 crore as compared with ₹3,716.5 crore in the year ago period.

The decline in profit was due to a provision of ₹837.6 crore resulting from the withdrawal of indexation benefit and change in tax rate on long term capital gains on debt mutual funds as per the Finance Act 2024, the company said in a filing.

This impact was intimated earlier to the stock exchanges on August 17, 2024, it said.

The Profit Before Tax (PBT) for the quarter grew by 6.3% year-on-year to 5,100.5 crore, being its highest ever for the company.

During the quarter, the company registered net sales income of ₹35,589 crore against ₹ 35,535 crore in the same period of the previous year.

The company sold a total of 5,41,550 vehicles during the quarter, of which the domestic market volume was 4,63,834 vehicles and the export volume was 77,716 vehicles.

While the domestic volume declined by 3.9%, the export volume grew by 12.1% compared to the same period of the previous year.

Last year, Suzuki Motor Gujarat Private Ltd. (SMG) was acquired to become a 100% subsidiary of MSIL.

The Board, at its meeting on Tuesday (October 29, 2024), considered the structure after the acquisition and gave an in-principle approval for the amalgamation of SMG with MSIL.

The appointed date for the amalgamation is April 1, 2025, subject to all legal and regulatory compliances, the company said.