Skoda Auto Volkswagen India net profit up 49% in FY23 at Rs 309.5 cr

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Skoda Auto Volkswagen India posted a 48.6 per cent rise in its standalone net profit at Rs 309.5 crore in the fiscal ended March 31, 2023 riding on strong revenue growth, according to financial data accessed by business intelligence platform Tofler.

The company had posted a net profit of Rs 208.34 crore in the fiscal ended March 31, 2022.

Revenue from operations was at Rs 17,041.72 crore in FY23, highest in the last five financial years, according to the data.

In its regulatory filing, the company said the rise in revenue was due to increase in sales volumes in the domestic market. This was mainly due to the launch of new models under the India 2.0 project.

In FY22, the company's revenue from operations was at Rs 12,410.48 crore; Rs 6,796.52 crore in FY21; Rs 9,300.06 crore in FY20 and Rs 7,062.71 crore in FY19.

In terms of net profit, in the last five fiscals the company posted its highest in FY21 at Rs 756.97 crore. It was at Rs 261.39 crore in FY20 and Rs 198.06 crore in FY19.

Skoda Auto Volkswagen India manages the Indian operations of five Volkswagen Group four-wheeler brands -- Skoda, Volkswagen, Audi, Porsche and Lamborghini.

The VW group in 2018 announced an investment of 1 billion euro between 2019 and 2021, as part of its strategy to enhance presence in the country under its 'India 2.0' project.