Shares of Maruti Suzuki declined over 2% to Rs 13,903 on the BSE on Monday after the country's largest carmaker reported an 11% year-on-year (YoY) decline in standalone net profit for the April–June quarter. Profit came in at Rs 3,352 crore, compared with Rs 3,758 crore in the corresponding quarter last year, broadly in line with Street expectations.
Revenue from operations, however, rose 36% YoY to Rs 52,456 crore. The company said rising material costs weighed on profitability during the quarter. While input costs had already begun increasing, the situation worsened significantly during the war, offsetting the benefits of strong sales growth.
