The country’s largest car maker, Maruti Suzuki, beat Street estimates to post a nearly fourfold increase in net profit to Rs 2061.5 crore for the second quarter ended Sep 30 on the back of healthy double-digit growth in sales.
The company had reported net profit of Rs 475.30 crore in the corresponding period of the last financial year.
had expected net profit to rise 297% to Rs 1,900 crore in the quarter under review.
Revenues from operations in the period under review rose 46% to Rs 29,930.80 crore , from Rs 20,538.90 crore in the year-ago period.
The company sold a total of 517,395 vehicles during the quarter, the highest ever in any quarter. While sales in the domestic market stood at 454,200 units, exports were at 63,195 units.
“Shortage of electronic components impacted production by about 35,000 vehicles in this quarter”, the company said in a statement, adding the same period previous year was marked by “acute shortage of electronic components”. Maruti Suzuki consequently could sell a total of 379,541 units in Q2FY22.
The company had pending orders for 4,12,000 vehicles at the end of last quarter. Nearly a third of the bookings are for the newly launched models. Operating profit in the last quarter stood at Rs 2046.3 crore, as against Rs 98.8 crore registered in the same period last fiscal. Maruti Suzuki said the company’s operating profit last year had dipped sharply owing to steep commodity price increases and electronic component supply constraints and hence results of Q2 FY2022-23 are not strictly comparable with those of Q2 FY2021-22.
The company said it has been making simultaneous efforts in securing electronic components availability, cost reduction and improving realisation from the market to better its margins.
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