Maruti Suzuki and Indian Bank have announced their quarterly results, showcasing impressive earnings for both organizations.
Maruti Suzuki, one of India’s leading automobile manufacturer, reported a 13% rise in consolidated profit to Rupees 26,000 (approximately USD $345 million). This significant boost can be attributed to the solid sales performance from both domestic as well as foreign markets. Overall revenue increased to Rupees 235, 500 crores (approximately $3.19 billion), depicting a 26% growth y-o-y from Q2 ’19. Exports also shot up by an impressive 53%, contributing remarkably to the gross sales.
Rival car players Honda and Suzuki both reported muted numbers, struggling amidst the turbulent industry conditions with COVID-19 being a driving factor. India is one such key market globally and the scenario does not stand exceptional. Still, Maruti’s resilience highlights a strong portfolio mix, well-engineered, diverse product offerings within and outside four-wheelers plus aggressive marketing which, in such trying times made its mark even though the challenges and uncertainties existed for the domestic sector.
Speaking on the impressive profit growth reported during the Quarter (Q), Masatosi Itoji, Managing, General Manager Executive Board, in the company conference emphasized the factors mentioned above contributed heavily to making Q3 outstandingly successful which Maruti and it’s strong dealer network network as well along the way its marketing efforts of customer-centric that worked well while adding to consumer buying confidence amidst prevailing market issues which were as usual.
One must also, without a bias note, pay some attention over and above his overall performance this company’s manufacturing operation, by increasing the quality standard, keeping low costs due to the increased cost of localization &’, they have added &jurisdiction’. For instance if I am writing down the ‘company’s growth.