In the midst of the financial crisis, Honda Atlas, a top automaker, reported a staggering 90% fall in earnings. According to the figures, the company’s revenue would decline from Rs. 108.047 billion in 2022 to Rs. 95.087 billion in 2023.
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The earnings/share decreased from Rs 17.58 in 2022 to Rs 1.82 in 2023 as a result of rising costs. Additionally, a net profit of Rs 260.141 million, down from Rs 2.5 billion, was disclosed in the stock filing. In addition, the cost of sales remained stable at Rs 87.9 billion from Rs 102.515 billion the previous year.
Sources claim that the company’s spending increased from Rs 984.045 million to Rs 4.929 billion, negatively impacting sales margins. The bad state of the nation’s economy, rising costs, and decreased volumetric sales have all been blamed for the loss in earnings. The firm also declared a lengthy shutdown due to a significant loss in profits. However, the business began operating again on May 16 and is making improvements.
