Maruti Suzuki on January 24 reported 129.55 per cent jump in consolidated net profit for quarter ended December 2022 at Rs 2,391.5 crore. The profit was Rs 1,041.8 crore in the same quarter last year.
The total revenue from operations came in at Rs 29,057.5 crore, rising 24.96 percent from Rs 23,253.3 crore in the corresponding quarter a year ago, the largest carmaker of the country said in an exchange filing.
Profit growth was driven by higher sales and fall in raw material cost. EBIT margin of the company also improved 350 basis points year on year (YoY) to 7.6 percent. Profit margin improved 380 basis points YoY to 8.4 percent
The company sold a total of 4,65,911 vehicles during the quarter, up 8.2 percent YoY. Sales in the domestic market were 4,03,929 units and exports were 61,982 units. This was against total sales of 430,668 units comprising 365,673 units in domestic and 64,995 units in export markets in the same period, previous year.
"Shortage of electronic components impacted production by about 46,000
vehicles in this quarter," the carmaker said in a statement.
Pending customer orders stood at about 3,63,000 vehicles at the end of this quarter out of which about 1,19,000 orders were for newly launched models Maruti Suzuki added.
The stock of Maruru Suzuki traded up over 1 percent at Rs 8528.65 following the earnings announcement.