Auto major Maruti Suzuki on Wednesday reported a 28 per cent decline in net profit to Rs 1,292 crore for the quarter ended March 31. An already sluggish automobile market faced further distress due to the nationwide lockdown imposed in late March to arrest the spread of the coronavirus pandemic. The company had reported a net profit of Rs 1,796 crore for the corresponding period a year ago.
Revenue from operations fell 15 per cent to Rs 18,198 crore, said the company, which is the country's top-selling carmaker.
The company's shares reacted negatively to the March-quarter results, trimming most of their intraday gains after the announcement.
The Maruti Suzuki stock ended the day at Rs 5,035.25 apiece on the BSE, up 1.72 per cent compared to its previous close.