Maruti Suzuki reported a significant jump in its Q3 profit. The passenger vehicle market leader’s Q3FY2023 profit more than doubled YoY to 2,391.5 crore from 1,041.8 crore same quarter last year.
Higher sales and and some correction in raw material costs helped the Q3 performance. Improved realisation, favorable foreign exchange variation and higher non-operating income also gave a filip to the profit numbers.
Q3FY2023 revenue from operations came in at 29,057.5 crore, up 24.9 percent from 23,252.3 crore in Q3FY2022. EBIT margins in this quarter improved by 350 bps YoY.
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, previous year.
Pending customer orders stood at about 363,000 vehicles at the end of this quarter out of which about 119,000 orders were for newly launched models.
The company’s domestic sales in 9MFY2023 is at 1,179,292 vehicles up 26.2 percent from 9,34,825 units sold in 9MFY2022. This was also the period when Maruti Suzuki clocked its highest ever net sales and profit for 9M period.
