The objectives of the policy are to provide a boost to the economy through increased sales, reduce pollution because older vehicles are presumed to emit more toxic fumes and improve the fuel-efficiency of vehicles allowed on the roads.
Automobile major Maruti Suzuki on Tuesday reported a net profit of Rs 440.8 crore for Q1FY22.
The automobile major had reported a net loss of Rs 249.4 crore in Q1FY21.
“The profit for the Quarter 1 FY 2021-22 was primarily impacted due to lower sale volumes. Commodity prices increased steeply but the company continued to make efforts to reduce costs,” the company said in a statement.
The company, during Q1FY22, registered a net sales of Rs 16,798.7 crore from Rs 3,677.5 crore during the corresponding period of previous fiscal.
Furthermore, during Q1FY22, it sold a total of 353,614 units, whereas the off-take stood at 76,599 units during the first quarter of previous fiscal and 490,479 units in Q1FY19.
The sales in the domestic market stood at 308,095 units, while exports were at 45,519 units.
“The second wave of the pandemic adversely impacted on the Q1 production and sales.”
“While all parameters this quarter were substantially better than Q1 of FY2020-21, a comparison is not meaningful because Q1 last year had a much higher degree of disruption due to the pandemic. Sales in Q1 remain far below the previous high in Q1 of FY2018-19.”