Maruti Suzuki records first quarterly loss since 2003

Maruti Suzuki has reported a loss of Rs. 249.4 crore for the quarter ending June 2020. This is the first time since 2003 that the Indian carmaker has reported a loss.

Despite the loss, the company beat the loss estimates projected by analysts. Domestic sales stood at 67,027 units while 9,572 units were exported. Net sales of Rs. 3677.4 crore were accounted in the quarter. In the same period last year, the company had sold 4,02,594 units and recorded a profit of Rs. 1,435.5 crore.

The numbers reflect the effects of the Covid-19 pandemic as well as the lockdowns imposed to contain the spread of the virus. Operations were paused for a large part of the quarter and slowly resumed towards the month of June. Total production during the whole quarter was equivalent to about 2 weeks of regular production.