India's largest automaker Maruti Suzuki India, on Wednesday, posted a 129.7 per cent year-on-year surge (YoY) in its net profit at Rs 1,013 crore for the quarter ended 30 June, 2022, benefitting from price hikes and higher sales.
The company had reported a net profit of Rs 441 crore for the year-ago period.
The carmaker also stated that its performance in Q1FY22 was affected by COVID-related shutdowns and disruptions, and hence a comparison of Q1FY23 with Q1FY22 is not on a like to like basis.
During the quarter, Maruti registered net sales of Rs 25,286 crore, an increase of 50.5 per cent compared to the same period of the previous year. It sold a total of 467,931 vehicles during the quarter.
Sales in the domestic market stood at 398,494 units. Exports were at 69,437 units, the highest ever in any quarter. During the same period previous year, the company sold a total of 353,614 units including sales of 308,095 units in domestic market and 45,519 units in export markets, the carmaker said in a regulatory filing.
Highlighting the impact of the pandemic, it also said that 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, it said.
Furthermore, the operating profit in the said quarter increased to Rs 1,260.7 crore from Rs 77.9 crore in the same quarter last fiscal.
"The increase in prices of commodities adversely impacted the Operating Profit in Q1 FY2022-23," said Maruti, adding that 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 minimise the impact on customers," it said.
Shares of Maruti Suzuki on Wednesday traded 1.63 per cent higher at Rs 8,661.35 apiece on BSE post declaration of financial results during late trading hours.