Maruti Suzuki India posted a sequential as well as year-on-year improvement in its Q3 financial performance. The Q3 FY2021 net sales was up 13.2 percent YoY at Rs 22,236.70 crore (Q3 FY2020 net sales: Rs 19,649.10 crore) and Q3 net profit was up 24.1 percent at Rs 1941.4 crore (Q3 FY2020 PAT: Rs 1564.8 crore) on account of higher sales volume.
The company sold a total of 495,897 vehicles during Q3, up 13.4 percent compared to the same period previous year. Its sales in the domestic market stood at 467,369 units in Q3 FY2021, up 13 percent from Q3FY2020. Exports were at 28,528 units, higher by 20.6 percent compared to Q3FY2020.
Higher non-operating income also boosted the quarterly performance for India’s largest carmaker by market share. The Q3 operating profit grew 19.3 percent year-on-year at Rs 1484.80 crore. The cost reduction initiatives undertaken by the company was partially offset by increase in commodity prices and adverse foreign exchange movement.
For the 9 months in FY2021, Maruti Suzuki’s total sale of 965,626 vehicles is down 18 percent compared to same period previous year. However, this also includes a washout April when sales were impacted due to the lockdown to contain spread of Covid-19 in the country.