Maruti Suzuki India (MSI) reported its June-ended quarter consolidated net profit at Rs 1,036 crore, increasing more than twice from Rs 475 crore posted in the April-June quarter of last fiscal.
The automobile company had sales of Rs 26,512 crore in the quarter under review, up almost 50% from Rs 17,776 crore in the year-ago period. Notably, comparing year-on-year numbers would not give a clear picture as last fiscal’s first quarter was affected by Covid-induced restrictions, and the business environment was unfavorable.
Maruti Suzuki sold 4,67,931 vehicles in Q1FY23, up from 3,53,614 units in Q1FY22. Sales in the domestic market were 3,98,494 units, while exports stood at a record of 69,437 units, MSI said. Last year, the company sold 3,08,095 units in the domestic market and exported 45,519 units.
On a standalone basis, the automobile company recorded a net profit of Rs 1,013 crore, more than two times from Rs 440 crore in the first quarter of 2021-22. The net sales came in at Rs 25,286 crore against Rs 16,799 crore a year ago.
Maruti Suzuki India stated that the shortage of electronic components in the first quarter led to the non-production of about 51,000 vehicles.
Orders for 2,80,000 units were still pending at the end of the quarter, and the company is making efforts to fulfill orders fast, it added.
The automobile major noted that the rise in prices of commodities hit its operating profit in the April-June quarter, and to offset its effect partially, the company had to increase the rates of vehicles.