New Delhi [India], July 27 (ANI): India's largest car manufacturer Maruti Suzuki India Limited on Wednesday reported a standalone net profit of Rs 1,012.8 crore for the first quarter of the current financial year, registering a year-on-year growth of 130 per cent, partly due to low base.
In April-June 2021 quarter Maruti Suzuki posted a consolidated net profit of Rs 440.80 crore. In the first quarter of the last financial year, the company's earnings were badly hit due to the second wave of the COVID pandemic.
Maruti Suzuki's revenue surged by 50.52 per cent YoY to Rs 25,286.30 crore for the quarter ended June 30, 2022 as compared to Rs 16,798.70 crore recorded in the corresponding quarter of the last year.
The Board of Directors of Maruti Suzuki India Limited approved the financial results for the April-June 2022 quarter.
Performance in quarter 1 of FY2021-22 was affected by COVID-related shutdowns and disruptions and hence a comparison of Q1 FY2022-23 with Q1 FY2021-22 is not on a like to like basis, Maruti Suzuki said in a statement.
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 the previous year, the company sold a total of 353,614 units including sales of 308,095 units in the domestic market and 45,519 units in export markets.
The 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.
The increase in prices of commodities adversely impacted the Operating Profit in Q1 FY2022-23.
Maruti Suzuki said it 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, it said.
The share price of Maruti Suzuki rose 1.52 per cent to Rs 8652 at the BSE. (ANI)