Maruti Suzuki Q1 net profit jumps 118% to Rs 1,036 crore

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NEW DELHI: India’s top carmaker Maruti Suzuki on Wednesday reported 118% jump in its consolidated net profit for the first quarter of financial year 2022-23.
The company’s net profit came in at Rs 1,036 crore in Q1 as compared to Rs 475 crore posted in the same quarter last fiscal.
Its total revenue from operations also jumped 49% to Rs 26,500 crore as against a revenue of Rs 17,771 crore a year ago.
Maruti’s net sales rose to Rs 26,512 crore in the June quarter compared to Rs 17,776 crore in the same period of 2021-22.
Performance in the first quarter of the last year was affected by Covid-related shutdowns and disruptions, and hence comparison with the first quarter this year is not on a like-to-like basis, MSI said in a statement.
It sold 4,67,931 vehicles during the June quarter against 3,53,614 units in the year-ago period.
Sales in the domestic market stood at 3,98,494 units, while exports were 69,437 units, the highest ever in any quarter, MSI said.
In Q1 of last fiscal, the company had sold 3,08,095 units in the domestic market and 45,519 units in the export markets, it added.
MSI stated that the shortage of electronic components in the first quarter resulted in the non-production of about 51,000 vehicles.
Pending customer orders stood at about 2,80,000 units at the end of the quarter, and the company is making efforts to serve these orders fast, it added.
The auto major noted that the increase in prices of commodities adversely impacted its operating profit in the April-June quarter.
(With PTI inputs)


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