On the outlook for the rest of the fiscal, Bhargava noted: ''Predicting what the future will hold is very difficult because both these areas of commodity pricing and electronic component supplies are not that easy to predict.
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We have some support there now from the dealerships of Toyota and as a result, we expect the export volume from MSI to be at a different level from what we have been witnessing till now,'' he added. ''The increase is coming from the African market. On increase in exports, Bhargava said the company is looking to sustain the level going ahead. He added MSI had a large impact during the period because one of its vendors could not supply units due to the COVID-19 situation in Malaysia, where its plant is situated. MSI Chairman R C Bhargava, in an online press conference, noted that the second quarter turned out to be ''very difficult, unexpected and something which the company had not foreseen when the year started.'' ''The COVID situation in the second quarter was not bad at all but the shortage of semiconductors and electronic components and increase in the price of commodities at a pretty unprecedented type of scale has upset all the earlier estimates and expectations,'' he stated.
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''The company made maximum efforts to absorb input cost increases offsetting them through cost reduction and passed on minimum impact to customers by way of car price increase,'' it said, adding, as a result, there was a drop in its net profit. ''This quarter was also marked by an unprecedented increase in the prices of commodities like steel, aluminum, and precious metals within one year. Maruti Suzuki India further said it had more than 2 lakh pending customer orders at the end of the quarter for which it is making all efforts to expedite deliveries. An estimated 1.16 lakh vehicles could not be produced owing to the electronics component shortage mostly corresponding to the domestic models, the company said. Exports were, however, the highest-ever for any quarter at 59,408 units, as against 22,511 units in the same period last fiscal. Domestic sales were at 3,20,133 units, compared to 3,70,619 units earlier. Total vehicle sales were down 3 percent at 3,79,541 units in the second quarter, as against 3,93,130 units in the corresponding period last fiscal. Consolidated revenue from operations stood at Rs 20,551 crore in the second quarter, as compared to Rs 18,756 crore in the year-ago period. The company had posted a consolidated net profit of Rs 1,420 crore in the second quarter of last fiscal, Maruti Suzuki India (MSI) said in a statement. The country's largest carmaker Maruti Suzuki India on Wednesday reported a 66 percent decline in consolidated net profit at Rs 487 crore for the second quarter ended September 2021, impacted by the ongoing semiconductor shortage and increase in commodity prices.
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PTI | New Delhi | Updated: 27-10-2021 18:41 IST | Created: 27-10-2021 18:17 IST Representative image Image Credit: Country: