Maruti Suzuki India's Q1 profit soars 145% to Rs 2,485 crore; revenue up 22%

India's largest carmaker Maruti Suzuki India Ltd on Monday reported a 145.31 per cent jump in its first quarter profit for financial year 2023-24 (Q1 FY24). The company posted a net profit of Rs 2,485 crore for the that quarter ended on June 30, compared with Rs 1,013 crore last year.

Revenue from operations jumped 21.99 per cent to Rs 32,327 crore in Q1 FY24 as against Rs 26,500 crore in the year-ago period, Maruti stated in an exchange filing.

"In the June 2023 quarter, the sales in the domestic market stood at 4,34,812 units, up by 9.1 per cent over that in Q1 FY23. The export sales were at 63,218 units as compared to 69,437 units in Q1 FY23. Shortage of electronic components in this quarter resulted in over 28,000 vehicles not being produced. Pending customer orders stood at about 3,55,000 vehicles at the end of the quarter and the company is making efforts to serve these orders fast," Maruti said.

The company sold a total of 4,98,030 vehicles during the quarter, higher by 6.4 per cent compared to the same period previous year. During the Quarter, the company registered highest-ever quarterly net sales of Rs 30,845.2 crore as against Rs 25,286.3 crore in Q1 FY23.

In a separate filing today, the automaker said its board has approved termination of the contract manufacturing agreement and exercising the option to acquire the shares of Suzuki Motor Gujarat Pvt Ltd (SMG) from Suzuki Motor Corporation (SMC). The decision is subject to all legal and regulatory compliances including minority shareholders' approval.

In terms of actual production, logistics, sales and the cost thereof, there will be no change as the cars earlier supplied by SMG as a contract manufacturer, will now continue to be supplied as before, Maruti mentioned.

Further, the carmaker informed exchanges that Shigetoshi Torii has resigned from the post of non-executive director. And, Yukihiro Yamashita has been appointed as director and whole-time director designated as joint managing director (Engineering and Quality Assurance) with effect from August 1, 2023 for a period of three years.

Shares of the carmaker settled 1.42 per cent higher at Rs 9,806.25 today. The results were announced after market hours today.

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