Maruti Suzuki Q2 profit up 4x to Rs 2,062 cr; logs record quarterly sales

Maruti Suzuki India, the country's biggest car marker, reported a standalone net profit of Rs 2,061.5 crore for the July-September quarter of fiscal 2022-23 (Q2FY23) as sales improved sharply on easing chip shortage. The profit jumped over four-fold, or 333 per cent, from last year's profit of Rs 475.3 crore.  

The company sold a total of 517,395 vehicles during the quarter, the highest ever in any quarter. Sales in the domestic market stood at 454,200 units, while exports were at 63,195 units. Shortage of electronic components impacted production by about 35,000 vehicles in this quarter. 

"The same period previous year was marked by acute shortage of electronic components and consequently the company could sell a total of 379,541 units comprising 320,133 units in domestic, and 59,408 units in export market," it said.

Maruti Suzuki said pending customer orders stood at about 412,000 vehicles at the end of this quarter, out of which about 130,000 vehicle pre-bookings are for recently launched models.

This lifted the company's sales to Rs 28,543.5 crore, up from Rs 19,297.8 crore. Including other operating revenues, total revenue stood at Rs 29,930.8 crore during Q2FY23. In comparison, total revenu was Rs 20,538.9 crore last year, and Rs 26,499.8 crore in Q1FY23.

The operating profit in Q2FY23 stood at Rs 2,046.3 crore as against Rs 98.8 crore last year. "The Operating Profit in Q2 of 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 Q2FY22. The Company has been making simultaneous efforts in securing electronic components availability, cost reduction and improving realization from the market to better its margins," Maruti Suzuki India. 

The Company registered net sales of Rs 53,829.8 crore in H1FY23, which is the highest-ever half-yearly net sales. The net sales in H1FY22 were at Rs 36,096.5 crore. The company made a net profit of Rs 3,074.3 crore in H1FY23 as against Rs 916.1 crore in H1FY22.

Ebitda (earnings before interest, tax, depreciation, and amortisation) came in at Rs 2,769 crore, while margin stood at 9.2 per cent. The margin was 4.2 per cent in the corresponding quarter of the previous year.

Post the announcement, shares of the company were ruling 3.5 per cent higher at Rs 9,363 apiece, as against a 0.2 per cent rise S&P BSE Sensex.