Maruti Suzuki sells 517,395 units, posts profit of Rs 2,061 crore in Q2 FY2023
Improved chip supplies, better capacity utilisation, recovery of PV market, cost optimisation strategies, softening of commodity prices and improved margins boost net profit.
Maruti Suzuki India today announced the financial results for second quarter (July-September 2022) of FY2023 and the numbers point to robust year-on-year growth, albeit the year-ago base was a lower pandemic-impacted one.
The company, which is India’s passenger vehicle market leader with a share of 41% sold a total of 517,395 vehicles during the second quarter, the highest ever in any quarter. Sales in the domestic market, comprising its PVs, the Super Carry LCV and ‘sales to other OEM’ (Toyota Glanza and Toyota Urban Cruiser for Toyota Kirloskar Motor) stood at 454,200 units, which is a 42% YoY increase (Q2 FY2022: 320,133) as detailed in the data table below.
On the exports front in the second quarter, Maruti Suzuki shipped a total of 63,195 units, up 6% YoY (Q2 FY2022: 59,408). In the first six months of the ongoing fiscal, the company has exported a total of 131,070 units, up 26% YoY (H1 FY2022: 103,622) and is poised to maintain the No. 1 PV exporter title, which is wrested from Hyundai Motor India in FY2022.
The carmaker’s Q2 FY2023 numbers would have been higher if it weren’t for the continuing shortage of chips and resultantly electronic components which impacted production by about 35,000 vehicles in this quarter.
According to the company, pending customer orders currently stand at 412,000 vehicles at the end of September 2022, of which about 130,000 vehicle pre-bookings are for recently launched models like the Grand Vitara and the new Brezza.
Improved chip supplies, cost optimisation boost net profit
Given the strong double-digit sales growth in Q2, Maruti Suzuki has registered its highest-ever quarterly revenue of Rs 29,931 crore, up 46% YoY (Q2 FY2022: Rs 20,538 crore). Operating profit in Q2 shot up to Rs 2,046 crore, up 1966% on a low year-ago base (Q2 FY2022: Rs 98.8 crore). Operating profit in Q2 FY2022 had dipped sharply due to steep commodity price increases and electronic component supply constraints and hence results of Q2 FY2022-23 are not strictly comparable with those of Q2 FY2021-22.
Maruti Suzuki says it “has been making simultaneous efforts in securing electronic components availability, cost reduction and improving realisation from the market to better its margins. With this, the net profit for the quarter rose to Rs 2,061.5 crore from Rs 475 crore in Q2 FY2022.”
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