Maruti Suzuki posts Q1 profit at Rs 440.8 cr; revenue jumps to Rs 16,798 cr

Auto giant Maruti Suzuki reported a net profit of Rs 4,40.8 crore in the April-June quarter, compared to a loss of Rs 2,49.4 crore during the same quarter last year. The company said profit for Q1 was impacted due to lower sale volumes. Commodity prices increased steeply during the said quarter but Maruti said it continued to make efforts to reduce costs.

During Q1 FY22, the company registered net sales of Rs 16,798 crore, compared to Rs 3,677.5 crore in Q1FY21. It sold a total of 353,614 units during the quarter, including 308,095 units in the domestic market and 45,519 units were exported. It's profit before tax stood at Rs 5,63.5 crore in Q1, while operational EBIT was Rs 77.9 crore.

Maruti had sold 76,599 units during the same period last year, including 67,027 units in domestic and 9,572 in overseas markets. The total sales in Q1 FY19 stood at 490,479 units.

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Maruti, in a statement to stock exchanges, said the second Covid-19 wave adversely impacted the Q1 production and sales. "While all parameters this quarter were substantially better than Q1 of FY2020-21, a comparison is not meaningful because Q1 last year had a much higher degree of disruption due to the pandemic. Sales in Q1 remain far below the previous high in Q1 of FY2018-19."

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The company board today unanimously decided to confer Osamu Suzuki, who retired from the Suzuki Motor Corporation board in June 2021, the title of “Honorary Chairman” for his "deep commitment to Maruti" over the last 40 years.

Meanwhile, Maruti Suzuki stock today closed 1.32 per cent down at Rs 7,145 on the NSE, compared to its previous session close of Rs 7,240.25.

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