Maruti Suzuki Q2 net profit jumps 333 per cent YoY to Rs 2,061 crore
Published On: Friday, October 28, 2022 | By: Team KnowMyStock
The Shares of the country's largest car maker Maruti Suzuki India gained 5 percent and touched 1 year high of Rs 9492.55 today after its net profit jumped by 333 percent to Rs 2061.5 crore in Q2 of FY23 compared to the corresponding period of last year on the back of the resolution of chip supply issues, favorable foreign exchange rates, and highest-ever unit sales. Standalone revenue from operations surged 46 percent YoY to Rs 29,931 crore. The company's market cap is nearly ₹2.87 lakh crore. The company 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,” its statement said. Therefore, the company also posted the highest-ever sales revenue of Rs 28,545 crore in Q2 of FY23. Shortage of electronic components impacted production by about 35,000 vehicles during the quarter, the company said.
Pending customer orders stood at about 412,000 vehicles at the end of Q2, out of which about 130,000 vehicle pre-bookings are for recently launched models.
Meanwhile, the company's operating profit rose by a breathtaking 1,971.15% to ₹2,046.3 crores in Q2FY23 against ₹98.8 crores in Q2FY22.On the operating profit, Maruti said, "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.
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