Q1 Results: Maruti Suzuki Net Profit Zooms 130% YoY To Rs 1,012 Cr
Maruti Suzuki India on Wednesday released its financial results for the quarter ended June 30, 2022 and reported a 129.76 per cent year-on-year (YoY) rise in its net profit at Rs 1012.8 crore compared to Rs 441 crore in the same quarter last year.
The largest domestic car manufacturer increased its net sales by 50.52 per cent YoY to Rs 25,286.3 crore compared to Rs 16,987 crore in the corresponding quarter a year ago.
“Shortage of electronic components in this quarter resulted in about 51,000 vehicles not being produced. Pending customer orders stood at about 280,000 vehicles at the end of the quarter and the Company is making efforts to serve these orders fast,” the company said in an exchange filing.
The Company sold a total of 467,931 vehicles during the quarter. Sales in the domestic market stood at 398,494 units.
During the same period previous year, the Company sold a total of 353,614 units including sales of 308,095 units in domestic market and 45,519 units in export markets.
Exports were at 69,437 units, the highest ever in any quarter.
The company's operating profit for the June 2022 quarter stood at Rs 1,260.7 crore, showing a significant growth compared to Rs 77.9 crore in the year-ago period. Sequentially, the operating profit declined 29.2 percent on high commodity prices and higher sales promotion expenses, partially offset by the hike in vehicle prices and a favourable foreign exchange variation.
"The increase in prices of commodities adversely impacted the operating profit in Q1 FY2022-23. The company was forced to increase prices of vehicles to partially offset this impact," Maruti said.
The company said it continued to work on cost reduction efforts to minimise the impact on customers.
Maruti Suzuki shares ended 1.62 per cent higher on Wednesday at Rs 8,660.05 apiece on the BSE.
