New Delhi: The country’s largest carmaker Wednesday missed street estimates to report a 65 per cent decline in standalone net profit at Rs 475.30 crore for the second quarter ended Sept 30, 2021 on the back of lower volumes with the global shortage of semi-conductors severely disrupting production operations.
The company had posted a net profit of Rs 1371.6 crore in the corresponding period of the last financial year.
Brokerage firm Motilal Oswal had estimated profit after tax to decline 45.2 per cent to Rs 751 crore, and net revenues to grow marginally by 3 per cent to Rs 19,312 crore due to price hikes taken by the company.
Revenues from the sale of products rose 9 per cent to Rs 19297.8 crore in the quarter under review. The company undertook price hikes last quarter to partially offset the impact of high input costs which helped increase revenues despite lower volumes.
Total expenses last quarter rose 16.3 per cent to Rs 20462.6 crore.
