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Maruti Suzuki India posts first quarterly loss after 15 years.

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Due to Covid-19 global pandemic, Maruti Suzuki  India (MSIL), the country’s largest car maker, on Wednesday reported a consolidated net loss of 249 crore for the first quarter ended June 30, as compared to net profit of 1,435 crore in the corresponding period last year.

This is the first ever quarterly loss after the company got listed in July 2003.

Revenue from operations declined by 80 per cent year-on-year (YoY) to 3,677 crore for the quarter, against  18,738 crore in the April-June quarter last year.

“Owing to the global pandemic of Covid-19, it was an unprecedented quarter in the company’s history wherein a large part of the quarter had zero production and zero sales in compliance with a lockdown stipulated by the government,” the company said in a statement.

Production and sales started in a small way in May, it said.

“The company’s first priority was the health, safety and well-being of all employees and associates across the value chain including its customers. Hence with carefully designed safety protocols, which went far beyond compliance levels, the production in the whole quarter was equivalent to just about two weeks of regular working. The results have to be viewed in this context,” MSIL said.

The company sold a total of 76,599 vehicles during the quarter. Sales in the domestic market stood at 67,027 units and exports were at 9,572 units, the company added.

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Virtual bilateral summit between Mahinda Rajapaksa and PM Modi will hold on Saturday.

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Prime Minister Narendra Modi and his Sri Lankan counterpart Mahinda Rajapaksa will hold a virtual bilateral summit on September 26, the Ministry of External Affairs said on Wednesday.

The ministry said the summit will give an opportunity to the two leaders to comprehensively review the broad framework of the bilateral relationship. The two leaders are expected to deliberate on a host of issues like ways to further deepen anti-terror cooperation, boost overall defence and trade ties as well as implementation of India’s development projects in Sri Lanka.

The long-pending Tamil issue in Sri Lanka is also likely to figure in the talks.India has been pitching for fulfilling the aspirations of the Tamil community in the island nation.

“The virtual bilateral summit will give an opportunity to the two leaders to comprehensively review the broad framework of the bilateral relationship soon after the Parliamentary elections in Sri Lanka and in the context of the time-tested friendly ties between the two countries,” the MEA said in a statement.

Last month, Rajapaksa was sworn in as Sri Lankan prime minister for a fresh term after his party, Sri Lanka People’s Front, secured a two-thirds majority in the parliamentary polls.

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