Maruti Suzuki Q2 Profit Dips 18% to Rs 3,102 Cr

New Delhi, Oct 29 (PTI) Maruti Suzuki India on Tuesday reported an 18 per cent year-on-year dip in consolidated net profit at Rs 3,102 crore for the second quarter ended September hit by the withdrawal of indexation benefit and change in the tax rate on long term capital gains on debt mutual funds.

The country's largest carmaker had posted a net profit of Rs 3,786 crore in the July-September quarter of last fiscal.

Total revenue from operations increased to Rs 37,449 crore for the second quarter as against Rs 37,339 crore in the year-ago period, Maruti Suzuki India (MSI) said in a regulatory filing.

On a standalone basis, the company reported a net profit of Rs 3,069 crore for the September quarter, down 17 per cent as compared with Rs 3,716 crore in the same period last year.

Net sales of the company stood at Rs 35,589 crore against Rs 35,535 crore in the same quarter last year.

MSI said it sold a total of 5,41,550 vehicles during the July-September quarter, of which the domestic market volume stood at 4,63,834 vehicles and the export volume was at 77,716 vehicles.

While the domestic volume declined by 4 per cent, the export volume grew by 12 per cent as compared to the same period of the previous year.

The company said its board has, in principle, approved the amalgamation of Suzuki Motor Gujarat Pvt Ltd, a wholly-owned subsidiary, with the automaker.

The amalgamation will be implemented in terms of the relevant provisions of the Companies Act, 2013 read with the rules made thereunder, Income Tax Act, 1961, and other applicable laws, as amended from time to time.

The amalgamation will be carried out in accordance with the relevant provisions of the Companies Act, 2013, along with the associated rules, the Income Tax Act, 1961, and other applicable laws, as amended from time to time.

Shares of the company were trading 5.94 per cent down at Rs 10,800.60 apiece on BSE.