Maruti Suzuki Q1 Results: PAT increases 2.5x year on year to Rs 2,485 crore; sales increases 22%

1 Aug 2023 , 01:46 AM

Maruti Suzuki India’s net profit for the quarter ended June 2023 more than doubled year on year (YoY) to Rs 2,485 crore, slightly higher than the ET Now Poll of Rs 2,444 crore.

Revenue from operations increased 22% year on year to Rs 32,327 crore, exceeding the projected Rs 31,778 crore.

The country’s largest automaker sold 498,030 cars in the third quarter, a 6.4% increase over the previous year. Domestic sales increased 9% year on year to 4,34,812 units, while exports decreased 9% year on year to 63,218 units.

‘Shortages of electronic components in the fourth quarter resulted in over 28,000 vehicles not being produced,’ the business stated in a statement.

At the conclusion of the quarter, the business’s pending client orders totaled around 3,55,000 automobiles, and the company is working hard to fulfill these orders as soon as possible.

The sharp increase in net profit during the quarter was due to increasing sales volume, improved realization, cost-cutting efforts, and higher non-operating income.

The company’s revenue, excluding other operating income, was Rs 30,845 crore, its highest-ever quarterly revenues.

The tax outgo for the quarter was much higher at Rs 705 crore, up from Rs 309 crore the previous year.

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