Maruti’s Q3 net down 48 percent

Maruti Suzuki’s third quarter consolidated net profit fell 48 percent  to Rs 1,011 crore. The company, in a regulatory filing,  attributed this to constraints in  semiconductor supplies, high commodity prices and lower non-operating income. In comparison, the company had registered net profit of  Rs 1,941 crore in Q3 FY2021 and Rs 487 crore in Q2 FY2022. 

Maruti said a  total of 430,668 units (including exports) were sold during Q3 as against  495,897 units in the year-earlier quarter.  In terms of revenues, the company  registered net sales drop  of Rs  22,187 crore compared to Rs 22,237 crore in the same period previous year.

Maruti’s management said there was  no lack of demand as the company had more than 240,000 pending customer orders at the end of the quarter. Though still unpredictable, the electronics supply situation is improving gradually. The company said that the chips shortage affected the production of 90,000 vehicles.

The company hopes to increase Q4 production, though it will not reach full capacity, the company said. However, exports provided some solace as the company managed to register 64,995 units during Q3 as compared to 28,528 units in Q3 FY21. 

Maruti’s  sales grew by 20.5 percent to  1,163,823 units in the first nine months of the fiscal as compared to 965,626 units in the year-earlier period.