Maruti Suzuki Q1 Results: Profit more than doubles to Rs 1,013 crore; revenue jumps 51%

NEW DELHI: Maruti Suzuki on Wednesday reported a 129.76 per cent year-on-year (YoY) surge in net profit at Rs 1,012.80 crore in the June quarter compared with Rs 440.80 crore in the same quarter last year.

Revenue for the quarter rose 50.52 per cent YoY to Rs 25,286.30 crore compared with Rs 16,798.70 crore in the corresponding quarter last year.

The base quarter was affected by Covid-related shutdowns and disruptions and, thus, the year-on-year comparison is not comparable.

Sales volume for the quarter stod at 4,67,931 units as against 3,53,614 units in the year-ago quarter.

Ebit margin for the quarter improved to 5 per cent, an improvement of 450 basis points over 0.5 per cent in the year-ago quarter.

The quarter saw a relatively better sales volume, leading to improved capacity utilisation. The selling price for vehicles were increased during the quarter. The company also undertook cost reduction efforts.

On the flipside, the auto make faced adverse impact of commodity prices. It was lower non-operating income and higher advertisement expenses.

“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,”

said.

The increase in prices of commodities adversely impacted the operating profit and that the auto maker was forced to increase prices of vehicles to partially offset this impact, Maruti Suzuki said.

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 added.

Source link

Recent Posts

Scan to Download
ios&Android APP

Open trading account and start trading!

Join our happy customers