Top India Carmaker’s Profit Misses as Chip Shortage Hurts

Maruti Suzuki India Ltd. Alto vehicle at one of the automaker's showrooms in New Delhi, India, on Sunday, April 4, 2021. The economic downturn from the coranavirus has been particularly visible in India's automobile sector, which is the world's fourth-largest and accounts for half of the country's entire manufacturing output, as it saw a fall in vehicle sales of more than 18% in the 12 months through February. , Bloomberg

Ragini Saxena, Bloomberg News

Oct 27, 2021

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(Bloomberg) -- Maruti Suzuki India Ltd.’s profit missed estimates as the global semiconductor shortage continued to hurt margins but the automaker showed a surge in revenue.

Net income fell 65% to 4.75 billion rupees ($63.4 million) in the three months ended Sept. 30, the unit of Japan’s Suzuki Motor Corp. said in a statement Wednesday. That’s less than the average analyst estimate of 6.9 billion rupees, according to data compiled by Bloomberg. 

Revenue, however, rose 9.6% to 205.4 billion rupees and beat estimates, buoyed by strong demand rebound in the broader Indian economy as new Covid-19 infections ebb.

 

 

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