Maruti Suzuki logs Q1 profit of Rs 1,013 cr; clocks highest-ever exports

Maruti Suzuki Q1FY23 result: Maruti Suzuki India, the country's biggest car maker, reported a standalone net profit of Rs 1,012.8 crore for April-June quarter (Q1FY23), as against profit of Rs 1,838.9 crore in the last quarter of the previous fiscal (Q4FY22), on the back of higher sales. On a consolidated basis, net profit was Rs 1,036.2 crore. 

The profit isn't comparable with last year's bottomline as Q1FY22 was marred by lockdown due to the Delta wave of Covid-19. PAT was Rs 441 crore in the year-ago period.  

Maruti Suzuki sold 467,931 units of vehicles during the quarter ending on June 30, 2022, as against 353,616 units sold last year. This led to a standalone revenue of Rs 26,499.8 crore, up 49.1 per cent year-on-year (YoY), but down 0.8 per cent quarter-on-quarter (QoQ). 

Sales in the domestic market stood at 398,494 units. Exports were at 69,437 units, the highest-ever in any quarter. Last year, the Company had sold 308,095 units in domestic market and 45,519 units in export markets.

"Shortage of electronic components in this quarter resulted in about 51,000 vehicles not being produced. Pending customer orders stood at about 280,000 vehicles at the end of the quarter and the Company is making efforts to serve these orders fast," said Maruti's management in an exchange filing.

The company's Q1 numbers missed Street estimates as far as net profit is concerned. Analysts had pegged PAT growth between 200 and 300 per cent on year. Revenue growth, meanwhile, was seen at 46 per cent YoY. READ HERE

The Operating Profit in Q1FY23 stood at Rs 1,260.7 crore. During the same period previous year, the operating profit was at Rs 77.9 crore.

"The increase in prices of commodities adversely impacted the Operating Profit in Q1FY23. The Company was forced to increase prices of vehicles to partially offset this impact. The Profit Before Tax was also impacted by the non-operating income being lower in this quarter due to mark-to-market loss. The Company continued to work on cost reduction efforts to minimize the impact on customer," it said.

The company's Ebitda stood at Rs 1,912 crore, up from Rs 821 crore YoY. Ebitda margin expanded 260 basis points on year to 7.2 per cent.

Shares of the company climbed nearly 2 per cent to Rs 8,683 apiece at 3:00 PM as against 1 per cent rise in the benchmark Sensex index.