Maruti Suzuki Q4 profit misses forecasts
Maruti Suzuki, India’s largest carmaker by sales, reported a smaller-than-expected quarterly profit on Wednesday, weighed down by slower export growth and a one-time charge linked to new labour regulations.
The company posted a profit of 37.94 billion rupees ($413.5 million) for the October–December quarter, up from 35.25 billion rupees a year earlier. However, the result fell short of analysts’ expectations of 42.61 billion rupees, according to LSEG data, News.Az reports, citing Reuters.
Lower export proceeds partly offset strong domestic performance, as local car sales rose during the quarter. Maruti Suzuki also recorded a one-time charge of 5.94 billion rupees related to India’s newly enacted labour codes, which further pressured earnings.
The results mark the beginning of the earnings season for Indian automakers, following a quarter in which national car sales reached record highs, supported by tax cuts that made vehicles more affordable for consumers.
By Aysel Mammadzada
Similar news
