Maruti Suzuki shares soar more than 3% on better-than-expected Apr-Jun results
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Shares of auto major Maruti Suzuki surged more than 3% after the company beat street estimates. Today on BSE, Maruti Suzuki’s shares ended at Rs 5,823.90 per share, up 63.55 or 1.10 per cent higher than the previous settlement. The auto company’s shares opened lower in the early morning at Rs 5,737 per share. Maruti Suzuki reported a 27.3 per cent fall in its quarterly net profits on Friday. For Apr-Jun the company posted a profit of Rs 14,355 crore as against Rs 19,753 crore in the same period of last year.
During the first quarter of fiscal year 2019-20, Maruti Suzuki reported net sales of Rs 18,735.2 crore, down 14.1% as compared with the same period of the previous year. Maruti Suzuki sold a total of 402,594 vehicles during Apr-Jun, down 17.9 per cent as against the same period of the last year. Sales in the domestic market stood at 374,481 units, lower by 19.3%, while exports were at 28,113 units during the quarter. Maruti Suzuki’s EBITDA fell 39% year-on-year to Rs 2,048 crore. The comparable figure in the last year was Rs 3,330 crore.
The Apr-Jun margins improved on cost reduction efforts and higher fair value gain on invested surplus, while the negative factors for the Q1FY20 numbers are higher depreciation expense, lower capacity utilisation, adverse commodity prices and higher sales promotion expense. Among the key positives going forward is a strong product portfolio, and modest commodity prices. However, the firm said that there is uncertainty over interest rate moves, fuel prices, foreign exchange and demand environment. Higher fair value gain on invested surplus and cost reduction efforts were also among the key positives in the quarter. Higher depreciation expense, lower capacity utilisation, adverse commodity prices and higher sales promotion expenses were the biggest dampeners.
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