Maruti Suzuki rises on strong Q1 performance

27 Jul 2022 , 03:15 PM

The auto major said that the performance in Q1 FY22 was affected by Covid related shutdowns and disruptions and hence a comparison of Q1 FY23 with Q1 FY22 is not on a like to like basis. Profit before tax surged 134.6% year on year to Rs 1,321.8 crore in the quarter ended 30 June 2022. Operating EBIT zoomed to Rs 1,260.7 crore in Q1 FY23 from Rs 77.9 crore in Q1 FY22. Operating EBIT margin improved to 5% as on 30 June 2022 as against 0.5% as of 30 June 2021. The passenger cars manufacturer said that the increase in prices of commodities adversely impacted the operating profit in Q1 FY23. The company was forced to increase prices of vehicles to partially offset this impact. The profit before tax was also impacted by the non-operating income being lower in this quarter due to mark-to-market loss. The company continued to work on cost reduction efforts to minimize the impact on customers. The company sold a total of 467,931 vehicles during the quarter. Sales in the domestic market stood at 398,494 units. Exports were at 69,437 units, the highest ever in any quarter. During the same period previous year, the company sold a total of 353,614 units including sales of 308,095 units in domestic market and 45,519 units in export markets. Shortage of electronic components in this quarter resulted in about 51,000 vehicles not being produced. Pending customer orders stood at about 280,000 vehicles at the end of the quarter and the company is making efforts to serve these orders fast, said the company. Maruti Suzuki India is engaged in the manufacture, purchase and sale of motor vehicles, components, and spare parts (automobiles). Powered by Capital Market – Live News