Maruti Suzuki Q2 Earnings: Net Rises Over 4-Fold To Rs 2,112 Crore On Record Sales

Maruti Suzuki Q2 Earnings: Net Rises Over 4-Fold To Rs 2,112 Crore On Record Sales

India’s largest automaker, Maruti Suzuki, on Friday logged an over fourfold increase in consolidated net profit to Rs 2,112.5 crore in the second quarter ended on September 30, 2022, riding on record sales.

Maruti Suzuki India in a regulatory filing said that the carmaker had posted a consolidated net profit of Rs 486.9 crore in the same period last fiscal year. Total revenue from operations was at Rs 29,942.5 crore as against Rs 20,550.9 crore in the year-ago period.

According to Maruti Suzuki, the company sold a total of 5,17,395 vehicles during the quarter, its highest ever in any quarter.

“Sales in the domestic market stood at 4,54,200 units. Exports were at 63,195 units. Shortage of electronic components impacted production by about 35,000 vehicles in this quarter,” it added.

The same period previous year was marked by acute shortage of electronic components and consequently it could sell a total of 3,79,541 units, out of which 320,133 units were in the domestic market and 59,408 units were in export markets, Maruti Suzuki India said.

The company it has been making simultaneous efforts in securing electronic components availability, cost reduction, and improving realisation from the market to better its margins.

Maruti said that the shortage of electronic components impacted production by about 35,000 vehicles during the quarter, while it added that pending customer orders stood at about 4.12 lakh vehicles at the end of the September FY23 quarter, out of which about 1.3 lakh vehicle pre-bookings were for recently launched models.

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In September, Maruti Suzuki India revealed that total wholesale sales increased by two times to 1,76,306 units in September. Despite a severe lack of electronic parts, the business was still able to ship 86,380 units in September 2021.

According to a statement from Maruti, the company’s domestic sales last month more than doubled to 1,54,903 units from 68,815 units in September 2021. Sales of micro cars, which include the Alto and S-Presso, increased from 14,936 in the same month last year to 29,574 this month.

In a similar vein, sales in the compact segment—which includes the Swift, Celerio, Ignis, Baleno, and Dzire models—rose from 20,891 vehicles in September 2021 to 72,176 in September 2022. Sales of the Ciaz, a mid-sized vehicle, increased from 981 to 1,359 units in September 2021. Sales of utility cars, such as the Vitara Brezza, S-Cross, and Ertiga, increased to 32,574 units from 18,459 in the same month last year, as per MSI.

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