Maruti Suzuki India Q2 PAT drop 65% YoY to Rs 475 crore

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 19,297.80 crore during the quarter.

Operating EBIT declined by 91.5% to Rs 98.8 crore in Q2 FY22 from Rs 1,167.7 crore in Q2 FY21. Operating EBIT margin was 0.5% as on 30 September 2021 as against 6.6% as on 30 September 2020.

Profit before tax in Q2 FY22 stood at Rs 599 crore, down by 65.7% from Rs 1,747.8 crore in Q2 FY21.

The company sold a total of 379,541 units during the quarter constrained by a global shortage in the supply of electronic components. Sales in the domestic market stood at 320,133 units. Exports were at 59,408 units, the highest ever in any quarter.

During the same period previous year (Q2 FY 2020-21), the company clocked a total sale of 393,130 units including 370,619 units in domestic market and 22,511 units in the export market.

The most notable aspect this year was a record growth in exports. Export sales were the highest ever in the company's history and the figures of the first half this year exceeded the full year sales of last year, the auto maker added.

The company further said that an estimated 116,000 vehicles could not be produced owing to the electronics component shortage mostly corresponding to the domestic models. The company had more than 200,000 pending customer orders at the end of the quarter for which the company is making all efforts to expedite deliveries.

Maruti Suzuki said that the quarter was also marked by an unprecedented increase in the prices of commodities like steel, aluminium and precious metals within a span of one year. The company made maximum efforts to absorb input cost increases offsetting them through cost reduction and passed on minimum impact to customers by way of car price increase.

While the company's net profit has increased by 7.8%, net sales have risen by 14.9% in Q2 FY22 as compared with Q1 FY22.

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

The scrip advanced 0.97% to currently trade at Rs 7366.70 on the BSE.

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