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Maruti’s Sale declined by 36% in July, highest in two Decades

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Mumbai: Maruti Suzuki’s net profit for the quarter ended June 30 witnessed the steepest decline in the last five years. The continue slowdown in the economy tightened the credit norms of the financial institutions.

Domestic wholesales of country’s largest passenger vehicle decline by 36.3% year on year July to 98,210 units. This is the sharpest decline in wholesales that the company has witnessed in the last two decades. In the corresponding month last year, the company sold 154,150 units.

Domestic vehicle manufacturers are expected to report sharp decline in sales in July due to the overall slowdown and because of the high base effect of the first half of last fiscal.

For Maruti, sales in the compact segment, which includes best sellers like the Swift, Baleno, Dzire, and Wagon R, declined nearly 23%, while utility vehicle sales fell a shade above 38%. The decline in utility vehicle sales can also be attributed to the company’s announcement to withdraw its diesel offerings from April, 2020.

The company’s domestic vehicle sales fell more than 19% to 374,481 units in the June quarter, the sharpest drop since the third quarter of 2000-01. This has taken a toll on its financials as well as stock performance. The sharpest decline in last five years resulted in operating margin of 455 basis points due to increased expenses and sharp fall in volumes. Net profit fell 27.3% year-on-year to 1,435.5 crore, while the company’s net sales during the period fell 14.1% to Rs18,735.2 crore.

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Jobseekers fear that a layoff is imminent, 50% Focus On Self-Development

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Jobseekers from the IT, pharma, medical/healthcare and BFSI industries were less impacted by layoffs and salary cuts as compared to their counterparts from other industries.

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“The survey gives a broad direction of maintaining caution towards the future outlook of the job market. While 10 per cent jobseekers confirmed that they have been laid-off as per the survey, almost 34 per cent fear that a layoff is imminent,” said Pawan Goyal, Chief Business Officer, Naukri.com.

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“On the positive side it is heartening to see that more than 50 per cent of jobseekers are focusing on upskilling for better career opportunities and that is a sure shot way of long term career growth,” Goyal added.

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Majority of jobseekers are utilising the time at hand due to the lockdown for self-development and career advancement.

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Data science and analytics courses (22 per cent), followed by digital marketing (20 per cent), and finance and risk management (16 per cent) were among the top courses being picked up by jobseekers to up-skill themselves.

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There is a mixed feeling around layoffs and salary cuts among jobseekers.

Nearly 41 per cent of the jobseekers were positive that layoffs are not likely to happen in their organization. These jobseekers were mostly from the BFSI, IT and Pharma industries suggesting a relatively higher job security sentiment in these industries.

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“On the other hand, 59 per cent of the jobseekers, mostly from the airlines, hospitality, ecommerce and BPO/ITES industries, confirmed that the layoffs are either already announced or most likely to happen in the coming days,” the findings showed.

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In the most impacted sectors such as airlines, hospitality and e-commerce, almost half of the jobseekers indicated that salary cuts have been announced in their companies.

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Chinese President Xi Jinping orders the army to speed up preparations for war

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