Shares of Maruti Suzuki India plunged despite the automaker posting a rise in third-quarter profit on Tuesday. Maruti Suzuki India Ltd (MSIL) shares were trading at Rs 7,059.15, down 89.65 points, or 1.25 per cent on NSE. The country’s largest auto manufacturer reported a 5.1 per cent rise in Q3 FY20 net profit at Rs 1,565 crore as against Rs 1,489.3 crore in the corresponding period of last year as the carmaker sold more vehicles. However, net profit was short of street estimates. A CNBC-TV18 poll had estimated the profit of Rs 1,676 crore in the third quarter of FY20. Maruti posted a 5.3 per cent rise in revenue of Rs 20,707 crore in the third quarter as against Rs 19,668 in the year-ago period. Maruti posted an 8.9 per cent rise in EBITDA at Rs 2,101 crore as against Rs 1,931 crore.
Maruti Suzuki sold a total of 437,361 vehicles during the quarter, higher by 2 per cent compared to the same period previous year. Sales in the domestic market stood at 413,698 units, higher by 2 per cent. Exports were at 23,663 units. During the quarter, the company registered net sales of Rs 196,491 million, higher by 3.8 per cent compared to the same period the previous year.
Meanwhile, the stock market benchmark Sensex fell just over 80 points on Tuesday. Starting on a highly volatile note, the 30-share BSE index swung nearly 200 points in early trade before quoting 97.09 points or 0.24 per cent higher at 41,252.21. Similarly, the broader NSE was trading 29.20 points, or 0.24 per cent, up at 12,148.20. In the previous session, Sensex settled 458.07 points, or 1.10 per cent, lower at 41,155.12, and Nifty closed 129.25 points, or 1.06 per cent, down at 12,119.
- To know more about us or our services,
- kindly visit www.buildcaps.com
- Best Investment adviser in India & Genuine Stock advisory company.
