Maruti Suzuki

25 Jan 2022 , 08:30 PM

For the quarter ending Dec 2021, consolidated Net sales (including other operating income) of Maruti Suzuki India has declined 0.93% to Rs 23253.3 crore compared to quarter ended Dec 2020.

Operating profit margin has declined from 9.49% to 6.72%, leading to 29.88% decline in operating profit to Rs 1,562.20 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 47.50% to 43.91%.   Purchase of finished goods cost rose from 24.76% to 30.96%.   Employee cost increased from 4.10% to 4.27%.   Other expenses fell from 14.06% to 14.03%.   Preoperation capitalised expenses rose from 0.10% to 0.12%.   

Other income fell 67.01% to Rs 327.9 crore.  PBIDT fell 41.33% to Rs 1890.1 crore.  Provision for interest fell 12.76% to Rs 25.3 crore.  

PBDT fell 41.59% to Rs 1864.8 crore.  Provision for depreciation fell 13.67% to Rs 640.6 crore.  

Profit before tax down 50.04% to Rs 1,224.20 crore.  Share of profit/loss was 53.94% lower at Rs 27.5 crore.  Provision for tax was expense of Rs 209.9 crore, compared to Rs 513.6 crore.  Effective tax rate was 16.77% compared to 20.46%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company decreased 47.82% to Rs 1,041.80 crore.  

Promoters stake was 56.37% as of 31 December 2021 ,compared to 56.37% as of 31 December 2020 .  

For year-to-date (YTD) results analysis.

Net sales (including other operating income) of Maruti Suzuki India has increased 32.90% to Rs 61580.6 crore.  

Operating profit margin has declined from 7.24% to 5.28%, leading to 3.17% decline in operating profit to Rs 3,250.50 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 46.46% to 45.18%.   Purchase of finished goods cost rose from 24.51% to 30.11%.   Employee cost decreased from 5.53% to 4.91%.   Other expenses fell from 16.15% to 14.52%.   Preoperation capitalised expenses rose from 0.12% to 0.18%.   

Other income fell 53.32% to Rs 1328.7 crore.  PBIDT fell 26.18% to Rs 4579.2 crore.  Provision for interest rose 1.73% to Rs 70.4 crore.  

PBDT fell 26.50% to Rs 4508.8 crore.  Provision for depreciation fell 6.60% to Rs 2141.2 crore.  

Profit before tax down 38.37% to Rs 2,367.60 crore.  Share of profit/loss was 5.54% lower at Rs 90.3 crore.  Provision for tax was expense of Rs 454.2 crore, compared to Rs 789.4 crore.  Effective tax rate was 18.48% compared to 20.05%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company decreased 36.35% to Rs 2,003.70 crore.  

Promoters stake was 56.37% as of 31 December 2021 ,compared to 56.37% as of 31 December 2020 .  

Full year results analysis.

Net sales (including other operating income) of Maruti Suzuki India has declined 6.99% to Rs 70372 crore.  

Operating profit margin has declined from 9.67% to 7.60%, leading to 26.82% decline in operating profit to Rs 5,351.60 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 45.63% to 47.50%.   Purchase of finished goods cost fell from 24.73% to 24.61%.   Employee cost increased from 4.50% to 4.90%.   Other expenses fell from 15.50% to 15.36%.   Preoperation capitalised expenses fell from 0.16% to 0.10%.   

Other income fell 11.94% to Rs 2936.3 crore.  PBIDT fell 22.16% to Rs 8287.9 crore.  Provision for interest fell 24.14% to Rs 101.8 crore.  Loan funds rose to Rs 538.20 crore as of 31 March 2021 from Rs 181.80 crore as of 31 March 2020.  Inventories declined from Rs 3,213.90 crore as of 31 March 2020 to Rs 3,049.00 crore as of 31 March 2021.  Sundry debtors were lower at Rs 1,279.90 crore as of 31 March 2021 compared to Rs 2,129.80 crore as of 31 March 2020.  Cash and bank balance rose to Rs 3,047.10 crore as of 31 March 2021 from Rs 29.00 crore as of 31 March 2020.  Investments rose to Rs 42,944.80 crore as of 31 March 2021 from Rs 37,488.00 crore as of 31 March 2020 .  

PBDT fell 22.13% to Rs 8186.1 crore.  Provision for depreciation fell 14.01% to Rs 3034.1 crore.  Fixed assets declined from Rs 16,752.90 crore as of 31 March 2020 to Rs 15,963.80 crore as of 31 March 2021.  Intangible assets increased from Rs 406.70 crore to Rs 521.70 crore.  

Profit before tax down 26.24% to Rs 5,152.00 crore.  Share of profit/loss was 42.74% higher at Rs 169 crore.  Provision for tax was expense of Rs 931.9 crore, compared to Rs 1425.2 crore.  Effective tax rate was 17.51% compared to 20.07%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company decreased 22.67% to Rs 4,389.10 crore.  

Equity capital stood at Rs 151.00 crore as of 31 March 2021 to Rs 151.00 crore as of 31 March 2020.  Per share face Value remained same at Rs 5.00.  

Promoters stake was 56.37% as of 31 March 2021 ,compared to 56.28% as of 31 March 2020 .  

Cash flow from operating activities increased to Rs 8,856.20 crore for year ended March 2021 from Rs 3,495.80 crore for year ended March 2020.  Cash flow used in acquiring fixed assets during the year ended March 2021 stood at Rs 2,370.30 crore, compared to Rs 3,437.00 crore during the year ended March 2020.  

Other Highlights

In Q3 FY22, company sold a total of 430,668 units compared to 495,897 units in Q3 FY21. Production was constrained by a global shortage in the supply of electronic components because of which an estimated 90,000 units could not be produced.

In Q3 FY22, domestic market sales stood at 365,673 units against 467,369 units in Q3 FY21. The Company hopes to increase production in Q4, though it would not reach full capacity.

In Q3 FY22, Company clocked its highest ever exports at 64,995 units as compared to 28,528 units in Q3 FY21.

For 9M FY22, The total vehicle sales were 1,163,823 units, this includes domestic market sales of 993,901 units and exports of 169,922 units compared to sale of 965,626 units in 9M FY21. Comprising 905,015 units in domestic market and 60,611 units in the export market.

Maruti : Consolidated Results

 

	2112 (3)	2012(3)	Var (%)		2112 (9)	2012(9)	Var (%)		2103 (12)	2003 (12)	Var (%)
Sales	23253.3	23471.30	-0.93%		61580.6	46337.50	32.90%		70372	75660	-6.99%
OPM (%)	6.72%	9.49%	-277 bps		5.28%	7.24%	-196 bps		7.60%	9.67%	– 206 bps
OP	1562.2	2227.8	-29.88%		3250.5	3356.9	-3.17%		5351.6	7312.6	-26.82%
Other inc.	327.90	993.80	-67.01%		1328.70	2846.60	-53.32%		2936.3	3334.4	-11.94%
PBIDT	1890.10	3221.60	-41.33%		4579.20	6203.50	-26.18%		8287.9	10647	-22.16%
Interest	25.30	29.00	-12.76%		70.40	69.20	1.73%		101.8	134.2	-24.14%
PBDT	1864.80	3192.60	-41.59%		4508.80	6134.30	-26.50%		8186.1	10512.8	-22.13%
Dep.	640.60	742.00	-13.67%		2141.20	2292.50	-6.60%		3034.1	3528.4	-14.01%
PBT	1224.20	2450.60	-50.04%		2367.60	3841.80	-38.37%		5152	6984.4	-26.24%
Share of profit/loss from JV	27.50	59.70	-53.94%		90.30	95.60	-5.54%		169	118.4	42.74%
PBT Befor EO	1251.70	2510.30	-50.14%		2457.90	3937.40	-37.58%		5321	7102.8	-25.09%
Execptional items	0.00	0.00	0.00%		0.00	0.00	0.00%		0	0	0.00%
PBT After EO	1251.70	2510.30	-50.14%		2457.90	3937.40	-37.58%		5321	7102.8	-25.09%
Total Tax	209.90	513.60	-59.13%		454.20	789.40	-42.46%		931.9	1425.2	-34.61%
PAT	1041.80	1996.70	-47.82%		2003.70	3148.00	-36.35%		4389.1	5677.60	-22.69%
Minority Interest	0.00	0.00	0.00%		0.00	0.00	0.00%		0	1.6	PL
Net Profit	1041.80	1996.70	-47.82%		2003.70	3148.00	-36.35%		4389.10	5676.00	-22.67%
EPS (Rs)*	#	#			#	#			145.30	187.90
* EPS is on current equity of Rs 151.04 crore, Face value of Rs 5 Each # EPS is not annualised due to seasonality of business EO: Extraordinary items. EPS is calculated after excluding EO and relevant tax BPS- Basis points LP: Loss to profit PL: Profit to Loss Figures in Rs crore Source: Capitaline Corporate Database

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