Maruti Suzuki India, the largest passenger car manufacturer in the country, reported a 145% jump in its standalone net profit of Rs 2,485.1 crore in the quarter ended June 2023 (Q1 FY24). This was on account of larger sales volumes, improved realization, cost reduction efforts, and higher non-operating income.
The company posted a net profit of Rs 1,012.8 crore in the same quarter last year. Meanwhile, the automaker reported standalone revenue also grew 22% to Rs 32,326.9 crore in Q1 FY24 from Rs 26,499 crore YoY.
The company sold a total of 498,030 vehicles during the quarter, up 6.4% compared to the same period last year. During the quarter under review, sales in the domestic market stood at 434,812 units, up by 9.1% over that in Q1 FY23. Export sales were at 63,218 units as compared to 69,437 units in Q1 FY23. A shortage of electronic components in the last quarter resulted in over 28,000 vehicles not being produced, the company said.
By the end of the June quarter, Maruti Suzuki's pending customer orders stood at about 355,000 vehicles and the company is making efforts to serve these orders quickly.
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