Maruti Suzuki skids as production declines in Feb'23

Maruti Suzuki India fell 1.79% to Rs 8,607.15 after the car major said its total production skid 5.79% to 1,59,873 units in February 2023 compared with 1,69,692 units in February 2022.

However, the company's total production declined 14.07% as against 1,86,044 units produced in January 2022.

While the production of passenger vehicles slipped 5.57% to 156,438 units, production of light commercial vehicles fell 14.55% to 3,435 units in February 2023 over February 2022.

The shortage of electronic components had a minor impact on the production of vehicles during February 2023. It is expected that the shortage of electronic components may have an impact on March 2023 production more than that in the recent months. The company is taking all possible measures to minimise the impact, Maruti Suzuki said in a statement.

Meanwhile, the auto maker said that its total sales rose 5.04% to 172,321 units in February 2023 as compared with 164,056 units in February 2022. Total domestic sales advanced 10.77% to 155,114 units, while total exports contracted 28.37% to 17,207 units in February 2023 over February 2022.

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

The company's consolidated net profit surged 129.6% to Rs 2,391.50 crore on 25.5% jump in net sales to Rs 27,852.60 crore in Q3 FY23 over Q3 FY22.

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