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Automobiles

Indian automakers make profits surpassing pre-COVID levels

Sales recover sharply while chip shortage and higher input price cast shadow

The automobile sector's vast value chain contributes nearly 40% to India's manufacturing gross domestic product, according to a research company. (Photo courtesy of Maruti Suzuki)

MUMBAI -- Indian auto companies witnessed a sharp recovery in earnings in the last quarter of 2020, as the festival season boosted sales despite an economic slowdown and rising cases of COVID-19.

The top three auto manufacturers -- Maruti Suzuki India, Tata Motors and Mahindra & Mahindra -- all posted profits for the first time since the pandemic hit in early 2020. It was also the best financial performance by the automakers in seven quarters in terms of both revenue and net profit.

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