Maruti Suzuki on Wednesday reported a standalone net profit of Rs 475.3 crore for the quarter ended September 30, missing Street estimates. The net profit was down 65.3 percent on a year-on-year basis. The country's largest carmaker posted standalone revenue of Rs 20,538.9 crore for the three-month period, up 9.6 percent on year.

Analysts in a CNBC-TV18 poll had predicted the auto major's net profit at Rs 767 crore over revenue of Rs 19,335 crore.

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Maruti Suzuki's earnings before interest, taxes, depreciation and ammortisation (EBITDA) fell 55.8 percent to Rs 854.8 crore in the July-September period. Its EBITDA margin dropped to 4.2 percent in the three months to September 30, from 10.3 percent in the corresponding period a year ago.

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Analysts had estimated the company's EBITDA in Q2 at Rs 1,091 crore, and its EBITDA margin at 5.6 percent.

Maruti Suzuki said adverse commodity prices and the shortage of electronic components were key negative factors in the quarter, with low non-operating income and capacity utilisation hurting its margins.

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Maruti Suzuki shares recovered intraday losses to move higher after the earnings announcement. At 2:20 pm, the stock traded 1.7 percent higher at Rs 7423.2 apiece on BSE. The headline Sensex index was flat amid choppy trade.

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(Edited by : Sandeep Singh)

First Published:Oct 27, 2021 2:23 PM IST