Maruti Suzuki Reports Better-Than-Expected Q3 Profit On Strong Passenger Car Demand
Published On: Tuesday, January 24, 2023 | By: Team KnowMyStock
On the back of strong demand for its passenger cars, Maruti Suzuki India reported a better-than-expected 129.55 percent jump in the quarterly consolidated net profit in the third quarter (Q3FY23) on Tuesday. It reported a significant rise in its net profit at ₹ 2,391.5 crores for the third quarter ended December 2022 (Q3 FY23), which more than doubled as compared to ₹1,041.8 crore in the year-ago quarter. The total revenue from operations came in at Rs 29,057.5 crore, rising 24.96 percent from Rs 23,253.3 crore year-on-year (YoY). Profit growth was driven by higher sales and a fall in raw material costs. The EBIT margin of the company also improved 350 basis points year on year (YoY) to 7.6 percent. Profit margin improved 380 basis points YoY to 8.4 percent
The company sold a total of 465,911 vehicles during the quarter. Sales in the domestic market were 403,929 units and exports were 61,982 units. Shortage of electronic components impacted production by about 46,000 vehicles in this quarter. This was against total sales of 430,668 units comprising 365,673 units in domestic and 64,995 units in export markets in the same period, the previous year. During the quarter, the company registered net sales of Rs 27,849.2 crore. During the same period the previous year, the net sales were at Rs 22,187.6 crore.
Moreover, Maruti Suzuki registered its highest ever net sales of Rs 81,679 crore in the period April to December 2022 as against Rs 58,284.1 crore in the same period last year. The net profit for the first nine months of the year rose to Rs 5,425.6 crore as against Rs 1,927.4 crore in first nine months of FY22.
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