Country’s top car maker Maruti Suzuki India Ltd posted a 48 per cent fall in its third quarter net profit on Tuesday, as global chip shortage has slowed production and high material costs have squeezed margins.
The company reported a profit of Rs 1,011 crore in October-December quarter of the current fiscal, down 47.90 per cent year-on-year (YoY) against a profit of Rs 1,941.4 crore recorded during the corresponding period of last year.
Maruti said that despite cost reduction efforts, due to lower sales volume, high commodity prices and lesser non-operating income on account of mark-to-market impact, its profits were comparatively on the lower side.
The revenue from the sale of products was at Rs 22,187 crore against Rs 22,236 crore in the corresponding quarter last year.
Operating EBITDA margin was 4.1 per cent in the third quarter of the current fiscal against 6.7 per cent recorded in the corresponding period of last year. The profit margin was at 4.6 per cent against 8.7 per cent in the same quarter last year.