Maruti Suzuki climbs after Oct sales jump 60% MoM

Maruti Suzuki India rose 1% to Rs 7556.05 after the car major said its total sales surged 60.15% to 138,335 units in October 2021 from 86,380 units sold in September 2021.

Total sales in the month include domestic sales of 112,788 units (up 69.82% MoM), sales to other OEM of 4,225 units (up 76.04% MoM) and its highest ever monthly exports of 21,322 units (up 21.39% MoM).

The company's total sales declined 24.18% year-on-year last month. Total domestic sales fell 32.39%, while exports surged 122.43% in October 2021 over October 2020.

"While the shortage of electronic components continued to affect the production of vehicles during the month, the company took all possible measures to minimise the impact. Accordingly, the company sold more vehicles than the sales volume expected at the start of the month," the company said in a statement.

Separately, Maruti Suzuki India informed on 30 October 2021 that owing to a supply constraint of electronic components due to the semiconductor shortage situation, the company is expecting an adverse impact on vehicle production in the month of November 2021 in both Haryana and its contract manufacturing company, Suzuki Motor Gujarat (SMG) in Gujarat.

Though the situation is quite dynamic, it is currently estimated that the total vehicle production volume across both locations could be around 85% of normal production, it added.

Maruti Suzuki India's net profit dropped 65.3% to Rs 475.3 crore in Q2 FY22 from Rs 1,371.6 crore in Q2 FY21. Net sales rose by 9.1% YoY to Rs 1,929.78 crore during the quarter.

Maruti Suzuki India is engaged in the manufacture, purchase and sale of motor vehicles, components and spare parts (automobiles).

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