Maruti Suzuki on Tuesday reported a net profit of Rs 1,011 crore for the quarter ended December, beating Street estimates. However, the quarterly net profit of the country's largest carmaker was down 47.9 percent on a year-on-year basis.

Maruti Suzuki's revenue for the December quarter was at Rs 23,246 crore, down 0.9 percent compared with the corresponding period a year ago.

Analysts in a CNBC-TV18 poll had predicted the company's quarterly profit at Rs 860 crore and revenue at Rs 23,051 crore.

The auto major reported Rs 1,559 crore in earnings before interest, taxes, depreciation and amortisation (EBITDA) for the third quarter of the current financial year. The EBITDA saw a decline of 30 percent on year.

Its margin came in at 6.7 percent in the December quarter as against 9.5 percent in the year-ago period.

Analysts had estimated Maruti Suzuki's EBITDA at Rs 1,261 crore and the EBITDA margin at 5.4 percent.

Maruti Suzuki shares rose as much as 7.6 percent to Rs 8,661.6 apiece on BSE after the earnings announcement. It closed at Rs 8,600.6 apiece for the day, up 6.7 percent.

Market expert Prakash Diwan said Maruti Suzuki's quarterly numbers are definitely a big big relief. "It is a great recovery process that seems to have begun... The raw material input side has been fairly benign for the second half of the quarter in terms of some of the costs on the metal and commodities side coming down," he said.

He said the current valuation multiple enjoyed by Maruti Suzuki is fairly high.

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First Published:Jan 25, 2022 2:02 PM IST