Maruti Suzuki spurts after Q2 PAT soars to Rs 2,061 cr

Maruti Suzuki India rallied 3.50% to Rs 9,363 after the auto major reported a standalone net profit of Rs 2,061.5 crore in Q2 FY23, steeply higher than Rs 475.3 crore recorded in Q2 FY22.

Net sales jumped 47.91% to Rs 28,543.5 crore in quarter ended 30 September 2022, as against Rs 19,297.8 crore posted in the same period last year.

The company's profit before tax surged to Rs 2,628.3 crore in Q2 FY23 from Rs 599 crore posted in the corresponding quarter previous year.

Operating EBIT zoomed to Rs 2,046.3 crore in Q2 FY23 from Rs 98.8 crore reported in Q2 FY22. Operating EBIT margin improved to 7.2% as on 30 September 2022 as against 0.5% as of 30 September 2021.

The auto major said that 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 Q2 FY2021-22. The company has been making simultaneous efforts in securing electronic components availability, cost reduction and improving realization from the market to better its margins, it added.

Maruti Suzuki India 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. 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 markets.

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, the company said.

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

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