Maruti Suzuki India has reported its financial results for Q1 FY2023. The OEM’s net profit stood at Rs 1,013 crore, registering a 130 per cent YoY growth against its Rs 440 crore a year ago, which was majorly affected by Covid related shutdowns and disruptions.
The revenue stood at Rs 25,286 crore, up by 50 per cent on YoY basis as against Rs 16,798 crore in the corresponding quarter in FY2022.
During the first quarter the company registered a total wholesales of 467,931 vehicle sales during the quarter. In the domestic market, Maruti Suzuki sold 398,494 units. On the other hand, the company had its best ever quarter in terms of exports as it sold 69,437 units. During the same period last year, the OEM sold 353,614 units in total, including 308,095 units sold in the domestic market and 45,519 exports.
The carmaker said that the semiconductor shortage has affected its production as it fell short of 51,000 vehicles because of it. The OEM has also reported a backlog of 280,000 vehicles at the end of the quarter.
“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 minimize the impact on customers.” said the carmaker.
Maruti said that it had to increase the prices of its vehicles to countervail the surging operational costs.
The Delhi-based carmaker recently unveiled its first-ever mid-size SUV, the Grand Vitara. Having registered a fruitful quarter in terms of exports, the OEM has announced its plans to export the Grand Vitara after the production commences in August at the Toyota plant in Bidadi.
The company has plans to first export the car to South Africa, which will be followed by countries in the South American and the Gulf region, where both Toyota and Maruti Suzuki have strong presence.