Maruti Suzuki India’s net profit surged 80.3 per cent to Rs 3,716.5 crore in the July-September quarter, driven by better sales, softening commodity prices, cost reduction efforts and higher non-operating income.

The company had delivered a net profit of Rs 2,061.5 crore in the second quarter
of the fiscal year ended March 31.

Maruti said it is expecting the affordability of small cars in the domestic market to come back in the next two to three years in the face of rising income levels of people and a growing economy, among others.

During the quarter under review, the company registered net sales of Rs 35,535.1 crore against Rs 28,543.50 crore recorded in the same quarter of the previous fiscal, owing to higher sales volume and product mix.

The company sold 5,52,055 vehicles during the quarter compared with 5,17,395 units
in the second quarter of last year.

Of the vehicles sold in the July-September period this year, 4,82,731 units were sold in the domestic market, while the remaining 69,324 cars were exported, the company said.

The car maker also said that it recorded its highest-ever quarterly sales volume, net sales and net profit in this quarter.

“And given this kind of growth (rising income levels and growing economy), I expect that the affordability factor, which was in the past the reason for small cars (sales) going down, that factor is going to gradually get eroded and in the next, maybe two or two years, we will find that people once again, will be able to afford a small car and the market should gradually come back,” Maruti Suzuki India chairman R.C. Bhargava said at the post-earnings virtual media conference.

Cipla PAT up 45%

Pharmaceuticals firm Cipla Ltd on Friday reported a 44.9 per cent rise in consolidated profit after tax at Rs 1,155.37 crore in the second quarter ended September 2023.

The company had posted a consolidated profit after tax of Rs 797.41 crore in the July-September quarter last fiscal.

Consolidated total revenue from the sale of products in the quarter under review stood at Rs 6,589.22 crore, up 14.41 per cent against Rs 5,759.28 crore in the year-ago period.

DRL profit rises 33%

Dr Reddy’s Laboratories on Friday reported a 33.02 per cent increase in consolidated profit after tax at Rs 1,482.2 crore in the second quarter ended September 30, led by the US generics market.

The company had posted a consolidated profit after tax of Rs 1,114.2 crore in the same quarter a year ago.

The consolidated total revenue from operations was at Rs 6,902.6 crore, up 9 per cent, compared with Rs 6,331.8 crore in the year-ago period.

PTI